Document:

Exhibit 4.2

 

 

EXECUTION VERSION

 

J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES
CORP.,

as Depositor

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC
BANK, NATIONAL ASSOCIATION,

as Master Servicer

 

MIDLAND
LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

as Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 

and

 

PENTALPHA
SURVEILLANCE LLC,

as Senior Trust Advisor

 

POOLING AND SERVICING AGREEMENT

 

Dated as of

 

August 1, 2015

 

JPMBB Commercial Mortgage Securities Trust
2015-C31

Commercial Mortgage Pass-Through Certificates

 

Series 2015-C31

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

Page

 

	Article I 

DEFINITIONS
	 
	Section 1.01   Defined Terms	6
	Section 1.02   Certain Calculations	110
	Article II 

CONVEYANCE OF MORTGAGE LOANS; 

ORIGINAL ISSUANCE OF CERTIFICATES
	Section 2.01   Conveyance of Mortgage Loans and the BWP Trust Subordinate Companion Loan	112
	Section 2.02   Acceptance by Trustee	118
	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	123
	Section 2.04   Execution of Certificates; Issuance of Uncertificated Lower-Tier Interests	130
	Section 2.05   Creation of the Grantor Trust	131
	Article III

                                                                                 

                                                                                ADMINISTRATION AND 

SERVICING OF THE TRUST FUND

	Section 3.01   Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans, the Serviced Companion Loans, the BWP Trust Subordinate Companion Loan and REO Properties	131
	Section 3.02   Collection of Mortgage Loan Payments	140
	Section 3.03   Collection of Taxes, Assessments and Similar Items; Servicing Accounts	144
	Section 3.04   The Certificate 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, the Gain-on-Sale Reserve Account, the Class EC Distribution Account and the BWP REMIC Distribution Account	148
	Section 3.05   Permitted Withdrawals from the Certificate Account, the Distribution Accounts and the Companion Distribution Account	155

 

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	Section 3.06   Investment of Funds in the Certificate Account and the REO Account	166
	Section 3.07   Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage	168
	Section 3.08   Enforcement of Due-on-Sale Clauses; Assumption Agreements	173
	Section 3.09   Realization Upon Defaulted Mortgage Loans, Companion Loans and the BWP Trust Subordinate Companion Loan	179
	Section 3.10   Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files	183
	Section 3.11   Servicing Compensation	185
	Section 3.12   Inspections; Collection of Financial Statements	190
	Section 3.13   [Reserved.]	195
	Section 3.14   [Reserved.]	195
	Section 3.15   Access to Certain Information	195
	Section 3.16   Title to REO Property; REO Account	207
	Section 3.17   Management of REO Property	209
	Section 3.18   Sale of Defaulted Mortgage Loans and REO Properties	211
	Section 3.19   Additional Obligations of Master Servicer and Special Servicer	218
	Section 3.20   Modifications, Waivers, Amendments and Consents	221
	Section 3.21   Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report	230
	Section 3.22   Sub-Servicing Agreements	236
	Section 3.23   Representations, Warranties and Covenants of the Master Servicer	239
	Section 3.24   Representations, Warranties and Covenants of the Special Servicer	241
	Section 3.25   Interest Reserve Account	242
	Section 3.26   [Reserved.]	243
	Section 3.27   Directing Certificateholder and Senior Trust Advisor Contact with Master Servicer and Special Servicer	243
	Section 3.28   Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder	243
	Section 3.29   Intercreditor Agreements	248
	Section 3.30   Rating Agency Confirmation	250
	Section 3.31   The Senior Trust Advisor	252
	Section 3.32   Companion Paying Agent	259
	Section 3.33   Companion Register	260
	Section 3.34   Certain Matters Relating to the Non-Serviced Mortgage Loan	260
	Section 3.35   BWP Trust Subordinate Companion Loan	261
	Section 3.36   Subordinate Loan-Specific Directing Certificateholder	263
	Section 3.37   Delivery of Excluded Information to the Certificate Administrator	264
	Article IV

                                                                                 

                                                                                distributions TO CERTIFICATEHOLDERS

	Section 4.01   Distributions	264
	Section 4.02   Statements to Certificateholders; CREFC® Investor Reporting Packages; Grant of Power of Attorney	276

 

    	-ii-

    	 

    

 

	Section 4.03   P&I Advances	282
	Section 4.04   Allocation of Collateral Support Deficit	284
	Section 4.05   Appraisal Reductions	286
	Section 4.06   Certificate Deferred Interest	289
	Section 4.07   Grantor Trust Reporting	291
	Section 4.08   Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool	292
	Article V

                                                                                 

                                                                                THE CERTIFICATES

	Section 5.01   The Certificates	295
	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	305
	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	307
	Section 5.09   Exchangeable Certificates and the Class EC Certificates	308
	Article VI

                                                                                 

                                                                                THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Senior 

Trust Advisor AND THE DIRECTING CERTIFICATEHOLDER

	Section 6.01   Liability of the Depositor, the Master Servicer, the Senior Trust Advisor and the Special Servicer	309
	Section 6.02   Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Senior Trust Advisor or the Special Servicer	309
	Section 6.03   Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Senior Trust Advisor and Others	311
	Section 6.04   Depositor, Master Servicer and Special Servicer Not to Resign	315
	Section 6.05   Rights of the Depositor in Respect of the Master Servicer and the Special Servicer	316
	Section 6.06   The Master Servicer and the Special Servicer as Certificate Owner	316
	Section 6.07   The Directing Certificateholder	317
	Article VII

                                                                                 

                                                                                SERVICER TERMINATION EVENTS

	Section 7.01   Servicer Termination Events; Master Servicer and Special Servicer Termination	322

 

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	Section 7.02   Trustee to Act; Appointment of Successor	329
	Section 7.03   Notification to Certificateholders	331
	Section 7.04   Waiver of Servicer Termination Events	332
	Section 7.05   Trustee as Maker of Advances	332
	Article VIII

                                                                                 

                                                                                CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

	Section 8.01   Duties of the Trustee and the Certificate Administrator	333
	Section 8.02   Certain Matters Affecting the Trustee and the Certificate Administrator	334
	Section 8.03   Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans or BWP Trust Subordinate Companion Loan	336
	Section 8.04   Trustee or Certificate Administrator May Own Certificates	336
	Section 8.05   Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator	337
	Section 8.06   Eligibility Requirements for Trustee and Certificate Administrator	338
	Section 8.07   Resignation and Removal of the Trustee and Certificate Administrator	339
	Section 8.08   Successor Trustee or Certificate Administrator	341
	Section 8.09   Merger or Consolidation of Trustee or Certificate Administrator	342
	Section 8.10   Appointment of Co-Trustee or Separate Trustee	342
	Section 8.11   Appointment of Custodians	343
	Section 8.12   Representations and Warranties of the Trustee	344
	Section 8.13   Provision of Information to Certificate Administrator, Master Servicer and Special Servicer	345
	Section 8.14   Representations and Warranties of the Certificate Administrator	345
	Section 8.15   Compliance with the Patriot Act	347
	Article IX

                                                                                 

                                                                                TERMINATION

	Section 9.01   Termination upon Repurchase or Liquidation of All Mortgage Loans	347
	Section 9.02   Additional Termination Requirements	352
	Article X

                                                                                 

                                                                                ADDITIONAL REMIC PROVISIONS

	Section 10.01   REMIC Administration	353
	Section 10.02   Use of Agents	357
	Section 10.03   Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator	357
	Section 10.04   Appointment of REMIC Administrators	357

 

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	Article XI

                                                                                 

                                                                                EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

	Section 11.01   Intent of the Parties; Reasonableness	358
	Section 11.02   Succession; Subcontractors	359
	Section 11.03   Filing Obligations	361
	Section 11.04   Form 10-D Filings	362
	Section 11.05   Form 10-K Filings	365
	Section 11.06   Sarbanes-Oxley Certification	368
	Section 11.07   Form 8-K Filings	369
	Section 11.08   Form 15 Filing	371
	Section 11.09   Annual Compliance Statements	371
	Section 11.10   Annual Reports on Assessment of Compliance with Servicing Criteria	373
	Section 11.11   Annual Independent Public Accountants’ Attestation Report	375
	Section 11.12   Indemnification	376
	Section 11.13   Amendments	379
	Section 11.14   Regulation AB Notices	379
	Section 11.15   Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	379
	Section 11.16   Certain Matters Regarding Significant Obligors	384
	Section 11.17   Impact of Cure Period	385
	Article XII

                                                                                 

                                                                                MISCELLANEOUS PROVISIONS

	Section 12.01   Amendment	385
	Section 12.02   Recordation of Agreement; Counterparts	389
	Section 12.03   Limitation on Rights of Certificateholders	390
	Section 12.04   Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	391
	Section 12.05   Notices	392
	Section 12.06   Severability of Provisions	397
	Section 12.07   Grant of a Security Interest	397
	Section 12.08   Successors and Assigns; Third Party Beneficiaries	398
	Section 12.09   Article and Section Headings	398
	Section 12.10   Notices to the Rating Agencies	398

 

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EXHIBITS

 

		Exhibit A-1	Form of Class A-1 Certificate

		Exhibit A-2	Form of Class A-2 Certificate

		Exhibit A-3	Form of Class A-3 Certificate

		Exhibit A-4	Form of Class A-SB Certificate

		Exhibit A-5	Form of Class X-A Certificate

		Exhibit A-6	Form of Class X-B Certificate

		Exhibit A-7	Form of Class X-C Certificate

		Exhibit A-8	Form of Class X-D Certificate

		Exhibit A-9	Form of Class A-S Certificate

		Exhibit A-10	Form of Class B Certificate

		Exhibit A-11	Form of Class C Certificate

		Exhibit A-12	Form of Class D Certificate

		Exhibit A-13	Form of Class E Certificate

		Exhibit A-14	Form of Class F Certificate

		Exhibit A-15	Form of Class EC Certificate

		Exhibit A-16	Form of Class NR Certificate

		Exhibit A-17	Form of Class R Certificate

		Exhibit A-18	Form of Class Z Certificate

		Exhibit A-19	Form of Class BWP Certificate

		Exhibit B	Mortgage Loan Schedule

		Exhibit C	Form of Investment Representation Letter

		Exhibit D-1	Form of Transferee Affidavit

		Exhibit D-2	Form of Transferor Letter

		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 Z Certificates

		Exhibit G	Form of Statement to Certificateholders

		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

 

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		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 the Directing Certificateholder

		Exhibit P-2	Form of Certification for NRSROs

		Exhibit P-3	Online Market Data Provider Certification

		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 and Initial Class BWP Directing
Certificateholder

		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 Senior Trust Advisor Annual Report

		Exhibit W	Form of Notice from Senior Trust 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 Senior Trust Advisor

		Exhibit Z-6	Form of Certification to be Provided to Depositor
by Custodian

		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

 

    	-vii-

    	 

    

 

		Exhibit LL	Form of Notice of Exchangeable Certificates for
the Class EC Certificates

		Exhibit MM	Additional Disclosure Notification (Accounts)

		Exhibit NN	Form of Notice of Purchase of Controlling Class
Certificate

		Exhibit OO	[Reserved]

		Exhibit PP	Form of Transferee Notice pursuant to Section 3.36(c)

 

    	-viii-

    	 

    

  

SCHEDULES

 

		Schedule 1	Mortgage Loans With Additional Debt

		Schedule 2	Class A-SB Planned Principal Balance Schedule

		Schedule 3	Mortgage Loans With “Performance”, “Earn-out”
or “Holdback” Escrows or Reserves

  

    	-ix-

    	 

    

 

This Pooling and Servicing
Agreement is dated and effective as of August 1, 2015, among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor.

 

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 fund (the “Trust Fund”) to be created hereunder, the primary assets of which will be a
pool of commercial mortgage loans and a separate trust companion loan interest in one commercial mortgage loan. As provided herein,
the Certificate Administrator shall elect or shall cause an election to be made to treat designated portions of the Trust Fund
(exclusive of the Excess Interest, the proceeds thereof in the Excess Interest Distribution Account, any Exchangeable Certificates
that have been exchanged for the Class EC Certificates and the proceeds thereof in the Class EC Distribution Account) for federal
income tax purposes as three separate real estate mortgage investment conduits (the “Upper-Tier REMIC”, the
“Lower-Tier REMIC” and the “BWP Trust Subordinate Companion Loan REMIC”, and each a “Trust
REMIC” as described herein).

 

In addition, the parties
intend that the portions of the Trust Fund consisting of (i) any Exchangeable Certificates that have been exchanged for the Class
EC Certificates and the Class EC Distribution Account, and (ii) the Excess Interest, the Excess Interest Distribution Account and
the proceeds thereof, 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 EC Certificates shall represent undivided
beneficial interests in the portion of the Grantor Trust consisting of the exchanged Exchangeable Certificates and the Class EC
Distribution Account. The Class EC Certificates do not represent an interest in an entity other than the Trust and, for the avoidance
of doubt, the Grantor Trust is not a separate legal entity. The Class Z Certificates shall represent undivided beneficial interests
in the portion of the Grantor Trust consisting of the Excess Interest and proceeds thereof in the Excess Interest Distribution
Account. 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 the Trust REMICs.

 

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

 

    	 

    	 

    

 

BWP TRUST SUBORDINATE COMPANION LOAN REMIC

 

The BWP Trust Subordinate
Companion Loan REMIC will hold the BWP Trust Subordinate Companion Loan and the proceeds of such BWP Trust Subordinate Companion
Loan, together with its allocable share of any related property acquired by foreclosure or deed-in-lieu of foreclosure and will
issue the Class BWP Certificates as the “regular interests” in the BWP Trust Subordinate Companion Loan REMIC and an
uncertificated Class BWP-R Interest represented by the Class R Certificates, as the sole class of residual interests in the BWP
Trust Subordinate Companion Loan REMIC. Any Class BWP Available Distribution Amount remaining in the BWP REMIC Distribution Account
after all required distributions under this Agreement have been made to the Class BWP Certificates will be deemed distributed to
the Class BWP-R Interest and shall be payable to the Holders of the Class R Certificates.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC will
hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LA3, Class LASB, Class LAS,
Class LB, Class LC, Class LD, Class LE, Class LF and Class LNR Uncertificated Interests (the “Uncertificated Lower-Tier
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 interest” in the Lower-Tier
REMIC 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 Uncertificated Lower-Tier Interests
and the Class LR Interest:

 

	Class Designation	 	Interest
                                         Rate 
 or Pass-

Through Rate 

	 	Original Lower-Tier
 Principal Amount 

	Class LA1	 	 	(1	)	 	$	59,309,000	 
	Class LA2	 	 	(1	)	 	$	48,541,000	 
	Class LA3	 	 	(1	)	 	$	515,534,000	 
	Class LASB	 	 	(1	)	 	$	95,737,000	 
	Class LAS	 	 	(1	)	 	$	53,934,000	 
	Class LB	 	 	(1	)	 	$	84,753,000	 
	Class LC	 	 	(1	)	 	$	47,513,000	 
	Class LD	 	 	(1	)	 	$	42,377,000	 
	Class LE	 	 	(1	)	 	$	26,967,000	 
	Class LF	 	 	(1	)	 	$	16,694,000	 
	Class LNR	 	 	(1	)	 	$	35,956,082	 
	Class LR	 	 	None	(2)	 	 	None	 

 

 

 

		(1)	The
                                         interest rate for such Class of Uncertificated Lower-Tier 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 Yield Maintenance Charges. Any Available Distribution Amount remaining in the Lower-Tier
                                         REMIC Distribution Account after distributing the 

 

    	-2-

    	 

    

 

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 Uncertificated Lower-Tier Interests and will issue the Class A-1, Class A-2, Class A-3, Class A-SB, Class X-A, Class X-B,
Class X-C, Class X-D, Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates which will evidence the
“regular interests” 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 interest” in the Upper-Tier REMIC for purposes of the REMIC
Provisions and is represented by the Class R Certificates.

 

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:

 

	Class Designation	 	 	Initial Pass-Through 

Rate

	 	Original
 Certificate
 Balance or
 Notional Amount 

	Class A-1 Certificates	 	 	1.6658% 	 	$	59,309,000	 
	Class A-2 Certificates	 	 	3.0079% 	 	$	48,541,000	 
	Class A-3 Certificates	 	 	3.8014% 	 	$	515,534,000	 
	Class A-SB Certificates	 	 	3.5395% 	 	$	95,737,000	 
	Class X-A Certificates	 	 	1.196189%(1)	 	$	773,055,000	(2)
	Class X-B Certificates	 	 	0.0000%(1)(3)	 	$	84,753,000	(2)
	Class X-C Certificates	 	 	0.0000%(1)(3)	 	$	47,513,000	(2)
	Class X-D Certificates	 	 	0.500000%(1)	 	$	42,377,000	(2)
	Class A-S Certificates	 	 	4.1058% 	 	$	53,934,000	 
	Class B Certificates	 	 	4.772724% 	 	$	84,753,000	 
	Class C Certificates	 	 	4.772724% 	 	$	47,513,000	 
	Class D Certificates	 	 	4.272724% 	 	$	42,377,000	 
	Class E Certificates	 	 	4.772724% 	 	$	26,967,000	 
	Class F Certificates	 	 	4.772724% 	 	$	16,694,000	 
	Class NR Certificates	 	 	4.772724% 	 	$	35,956,082	 
	Class BWP Certificates(4)	 	 	10.9780% 	 	$	4,990,079	 
	Class R Certificates	 	 	None(5)	 	 	N/A	 
	Class Z Certificates(6)	 	 	None(5)	 	 	N/A	 
		 	 		 	 	 		 

 

 

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

 

    	-3-

    	 

    

 

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

 

		(3)	Neither
                                         the Class X-B Certificates nor the Class X-C Certificates will be entitled to receive
                                         distributions of principal other than a payment of $100 on the first Distribution Date
                                         which will be deemed a payment of principal on the principal balance of the REMIC regular
                                         interest represented by the Class X-B Certificates or the Class X-C Certificates, as
                                         applicable, for federal income tax purposes.

 

		(4)	The
                                         Class BWP Certificates are issued by the BWP Trust Subordinate Companion Loan REMIC.

 

		(5)	Neither
                                         the Class R nor the Class Z Certificates will have a Certificate Balance or a Notional
                                         Amount, bear interest or be entitled to distributions of Yield Maintenance Charges. Any
                                         Available Distribution Amount 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.

 

		(6)	The
                                         Class Z Certificates are issued by the Grantor Trust.

 

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 $1,027,315,082. The principal balance of the BWP Trust Subordinate Companion
Loan as of the Cut-off Date was approximately $4,990,080.

 

The initial Certificate
Balance of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange
and conversion for Class EC Certificates. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate
of the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of the Class
EC Certificates that could be issued in an exchange and conversion. The Class EC Certificates will not have a Pass-Through Rate,
but will receive distributions of principal and interest that would otherwise be distributable to the Exchangeable Certificates
that were converted in an exchange for such Class EC Certificates. For the initial Distribution Date, the effective Pass-Through
Rate of the Class EC Certificates is 4.579545%.

 

The Civic Opera Building
Pari Passu Companion Loan, The Roosevelt New Orleans Waldorf Astoria Pari Passu Companion Loans, the Sunbelt Portfolio Pari Passu
Companion Loan and the Brunswick Portfolio Pari Passu Companion Loans (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 assets 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 Civic Opera Building
Whole Loan consists of the Civic Opera Building Mortgage Loan and the Civic Opera Building Pari Passu Companion Loan. The Civic
Opera Building Mortgage Loan and the Civic Opera Building Pari Passu Companion Loan are pari passu with each other. The
Civic Opera Building Mortgage Loan is part of the Trust Fund. The Civic Opera Building Pari Passu Companion Loan is not part of
the Trust Fund. The Civic Opera Building Mortgage Loan and the Civic Opera Building Pari Passu Companion Loan will 

 

    	-4-

    	 

    

 

be serviced
and administered in accordance with this Agreement and the Civic Opera Building Intercreditor Agreement.

 

The Roosevelt New Orleans
Waldorf Astoria Whole Loan consists of The Roosevelt New Orleans Waldorf Astoria Mortgage Loan and The Roosevelt New Orleans Waldorf
Astoria Pari Passu Companion Loans. The Roosevelt New Orleans Waldorf Astoria Mortgage Loan and The Roosevelt New Orleans Waldorf
Astoria Pari Passu Companion Loans are pari passu with each other. The Roosevelt New Orleans Waldorf Astoria Mortgage Loan
is part of the Trust Fund. The Roosevelt New Orleans Waldorf Astoria Pari Passu Companion Loans are not part of the Trust Fund.
The Roosevelt New Orleans Waldorf Astoria Mortgage Loan and The Roosevelt New Orleans Waldorf Astoria Pari Passu Companion Loans
will be serviced and administered in accordance with this Agreement and The Roosevelt New Orleans Waldorf Astoria Intercreditor
Agreement.

 

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

 

The Brunswick Portfolio
Whole Loan consists of the Brunswick Portfolio Mortgage Loan and the Brunswick Portfolio Pari Passu Companion Loans. The Brunswick
Portfolio Mortgage Loan and the Brunswick Portfolio Pari Passu Companion Loans are pari passu with each other. The Brunswick
Portfolio Mortgage Loan is part of the Trust Fund. The Brunswick Portfolio Pari Passu Companion Loans are not part of the Trust
Fund. The Brunswick Portfolio Mortgage Loan and the Brunswick Portfolio Pari Passu Companion Loans will be serviced and administered
in accordance with the JPMBB Commercial Mortgage Securities Trust 2015-C30 Pooling and Servicing Agreement and the Brunswick Portfolio
Intercreditor Agreement.

 

The Bridgewater Place
Whole Loan consists of the Bridgewater Place Mortgage Loan and the BWP Trust Subordinate Companion Loan. The BWP Trust Subordinate
Companion Loan is subordinate to the Bridgewater Place Mortgage Loan, is part of the Trust Fund and will be evidenced by the Class
BWP Certificates. The Bridgewater Place Mortgage Loan and the BWP Trust Subordinate Companion Loan will be serviced and administered
in accordance with this Agreement and the Bridgewater Place Intercreditor Agreement.

 

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

 

    	-5-

    	 

    

 

Article
I

DEFINITIONS

 

Section
1.01Defined 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).

 

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

 

“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 (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 (i) any AB Whole Loan, the period during which the holder of any AB Subordinate Companion Loan
is the AB Whole Loan Controlling Holder and (ii) the Bridgewater Place Whole Loan, the Bridgewater Place Control Appraisal Period.

 

“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 related to the
Trust.

 

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

 

“AB Mortgaged
Property”: The Mortgaged Property which secures the related AB Whole Loan. For the avoidance of doubt, there is no AB
Mortgaged Property related to the Trust.

 

“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 related to the Trust.

 

    	-6-

    	 

    

 

“AB Whole Loan”:
A Whole Loan, which consists of such Mortgage Loan, Pari Passu Companion Loans (if any) and the related AB Subordinate Companion
Loan. For the avoidance of doubt, there is no AB Whole Loan related to the Trust.

 

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

 

“Acceptable Insurance
Default”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced Whole Loan or Trust
AB 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 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 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 6.07 hereof)) (or, with respect to the Trust AB Whole Loan, and prior to the occurrence and continuance of any related
AB Control Appraisal Period, with the consent of the related Subordinate Loan-Specific Directing Certificateholder to the extent
required under the related Intercreditor Agreement) (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 the Trust AB Whole Loan, and prior to any related AB
Control Appraisal Period, with the consent of the related Subordinate Loan-Specific Directing Certificateholder to the extent required
under the related Intercreditor Agreement) (or, with respect to a Serviced AB Whole Loan, the related 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, the related Subordinate Loan-Specific 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.

 

    	-7-

    	 

    

 

“Acceptance Notice”:
As defined in Section 3.35(g).

 

“Accrued Certificate
Interest”: With respect to each Distribution Date and each Class of Regular Certificates, an amount equal to interest
for the related Interest Accrual Period at the Pass-Through Rate of such Class of Certificates for such Distribution Date, accrued
on the related Certificate Balance (or with respect to the Class X Certificates, the related Notional Amount of such Class) outstanding
immediately prior to such Distribution Date (provided that for interest accrual purposes any distributions in reduction
of Certificate Balance or Notional Amount or reductions in Certificate Balance or Notional Amount as a result of allocations of
Collateral Support Deficit on the Distribution Date occurring in an Interest Accrual Period shall be deemed to have been made on
the first day of such Interest Accrual Period). Accrued Certificate Interest shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months. With respect to each Class of Exchangeable Certificates and the Class EC Certificates, for
purposes of determining allocations and distributions under Section 4.01(a) of this Agreement as between the Exchangeable
Certificates and the Class EC Certificates, all amounts of Accrued Certificate Interest of each Class of Exchangeable Certificates
for any Distribution Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates for
Class EC Certificates; provided, however, that all amounts of Accrued Certificate Interest that are allocable to
Exchangeable Certificates that have been exchanged and converted for Class EC Certificates shall be deemed allocable to such Class
EC Certificates, without duplication.

 

“Accrued Interest
From Recoveries”: With respect to each Distribution Date and any Class of Principal Balance Certificates that had an
increase to its Certificate Balance as a result of the Trust Fund’s recovery of Nonrecoverable Advances that were previously
reimbursed to the Master Servicer or Trustee, as applicable, from the general principal collections, is an amount equal to interest
at the Pass-Through Rate applicable to that Class for the applicable Interest Accrual Periods on the amount of such increase to
its Certificate Balance accrued from the Distribution Date on which the related Collateral Support Deficit was allocated to such
Class as a result of the reimbursement of Nonrecoverable Advances from the Trust (whether such Collateral Support Deficit was allocated
as a result of the initial allocation of such Collateral Support Deficit or as a result of further allocations of Collateral Support
Deficits unrelated to such initial allocations) to, but not including, the Distribution Date on which the Certificate Balance was
so increased. With respect to each Class of Exchangeable Certificates and the Class EC Certificates, for purposes of determining
allocations and distributions under Section 4.01(a) of this Agreement as between the Exchangeable Certificates and the Class
EC Certificates, all amounts of Accrued Interest From Recoveries of each Class of Exchangeable Certificates for any Distribution
Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates for Class EC Certificates;
provided, however, that all amounts of Accrued Interest From Recoveries that would otherwise be allocable to Exchangeable
Certificates that have been exchanged and converted for Class EC Certificates shall be deemed allocable to such Class EC Certificates,
without duplication.

 

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

 

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

 

    	-8-

    	 

    

 

“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).

 

“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 or BWP Trust Subordinate Companion
Loan, as applicable, a per annum rate equal to the sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate
(which such fee rate accounts for the Trustee Fee), the Senior Trust Advisor Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate, in each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan
or BWP Trust Subordinate Companion Loan, as applicable, and in the same manner as interest is calculated on such Mortgage Loan
or BWP Trust Subordinate Companion Loan, as applicable.

 

“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.

 

    	-9-

    	 

    

 

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

 

“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 Independent MAI appraiser with at least five (5) years’ experience in properties of like kind
and in the same area, prepared in accordance with 12 C.F.R. 225.64, or, in connection with an Appraisal Reduction, a valuation
meeting the requirements of clause (b)(i)(A)(2) in the definition of Appraisal Reduction.

 

“Appraisal Reduced
Interest”: With respect to any Mortgage Loan, accrued and unpaid interest at the related Mortgage Rate that is not advanced
by the Master Servicer or Trustee solely due to the reduction of the interest portion of the related P&I Advance pursuant to
Section 4.03(e) hereof.

 

“Appraisal Reduction”:
For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan, Serviced
Whole Loan, BWP Trust Subordinate Companion Loan or Trust AB Whole Loan as to which any Appraisal Reduction Event has occurred,
will be an amount, calculated by the Special Servicer ((i) prior to the occurrence of a Consultation Termination Event and (ii)
other than with respect to any Excluded Loan, in consultation with the Directing Certificateholder, and, after the occurrence and
during the continuance of a Control Event, in consultation with the Senior Trust 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, the Stated Principal Balance of
the applicable Serviced Whole Loan or the Stated Principal Balance of the Trust AB Whole Loan, as the case may be, 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), Serviced Whole Loan or Trust AB 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), Serviced Whole Loan or Trust AB 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

 

    	-10-

    	 

    

 

the Appraisal and any other information it deems relevant and
(B) all escrows, letters of credit and reserves in respect of such Mortgage Loan, Serviced Whole Loan or Trust AB 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,
Serviced Whole Loan or Trust AB Whole Loan, as the case may be, at a per annum rate equal to its Mortgage Rate (and, with
respect to the Trust AB Whole Loan or any AB Whole Loan, any accrued and unpaid interest on the related BWP Trust Subordinate Companion
Loan or Subordinate Companion Loan, as applicable), (B) all P&I Advances on the related Mortgage Loan and all Servicing Advances
on the related Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan, as applicable, not reimbursed from proceeds of such Mortgage
Loan, Serviced Whole Loan or Trust AB Whole Loan, as applicable, and interest thereon at the Reimbursement Rate in respect of such
Mortgage Loan, Serviced Whole Loan or Trust AB 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 with respect
to such Mortgage Loan, Serviced Whole Loan or Trust AB 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 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, 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 amount of the Appraisal Reduction shall be deemed to be an amount equal to 25% of the current
Stated Principal Balance of the related Mortgage Loan, Serviced Whole Loan or Trust AB 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 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, the Master Servicer shall provide the Special Servicer with the information as set forth in Section
4.05(c). The Master Servicer will not calculate Appraisal Reductions.

 

    	-11-

    	 

    

 

With respect to any Appraisal
Reduction 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 related to a Mortgage Loan or BWP Trust Subordinate Companion Loan, as
the case may be, or the related REO Property will be reduced to zero as of the date on which such Mortgage Loan or BWP Trust Subordinate
Companion Loan, as the case may be, is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund or as otherwise
set forth in Section 4.05(d).

 

Any Appraisal Reduction
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 Pooling Agreement.

 

“Appraisal Reduction
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Pari Passu
Companion Loan, Serviced Whole Loan, BWP Trust Subordinate Companion Loan and Trust AB 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 BWP Trust Subordinate Companion Loan,
as applicable, (ii) the date on which a reduction in the amount of Monthly Payments on such Mortgage Loan, Companion Loan or BWP
Trust Subordinate Companion Loan, as applicable, or a change in any other material economic term of such Mortgage Loan, Companion
Loan or BWP Trust Subordinate Companion Loan, as applicable, (other than an extension of the Maturity Date), becomes effective
as a result of a modification of such Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, by
the Special Servicer, (iii) the date on which a receiver has been appointed for the Mortgaged Property, (iv) the date on which
a Mortgagor declares bankruptcy, (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, Companion Loan or BWP Trust Subordinate Companion Loan, as applicable,
except where a refinancing is anticipated within one hundred-twenty (120) days after the Maturity Date of the Mortgage Loan, Companion
Loan or BWP Trust Subordinate Companion Loan, as applicable, in which case one hundred-twenty (120) days after such uncured delinquency,
and (vii) immediately after such Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, becomes
an REO Loan; provided, however, that an Appraisal Reduction Event shall not occur at any time when the aggregate
Certificate Balances of all Classes of Regular Certificates (other than the Class A-1, Class A-2, Class A-3 and Class A-SB Certificates)
have been reduced to zero. The Special Servicer shall notify the Master Servicer, the Directing Certificateholder, the related
Subordinate Loan-Specific Directing Certificateholder (in the case of a Trust AB Whole Loan) and the Senior Trust Advisor, or the
Master Servicer shall notify the Special Servicer and the Senior Trust Advisor, as applicable, promptly upon such Person having
notice or knowledge of the occurrence

 

    	-12-

    	 

    

 

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 Value”:
With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised value thereof as determined
by an Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced Whole Loan or Trust 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 Pooling Agreement.

 

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

 

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

 

“Asset Status
Report”: As defined in Section 3.21(d).

 

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

 

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

 

“Assumed Scheduled
Payment”: For any Due Period and with respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan, as the case
may be, 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 or BWP Trust Subordinate Companion Loan), an amount equal
to the sum of (a) the principal portion of the Monthly Payment that would have been due on such Mortgage Loan, BWP Trust Subordinate
Companion 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 or BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion Loan, as the
case may be, in connection with a default or bankruptcy (or similar proceeding), and (b) interest on

 

    	-13-

    	 

    

 

the Stated Principal Balance
of such Mortgage Loan, BWP Trust Subordinate Companion Loan or REO Loan (excluding, for purposes of determining P&I Advances,
the portion allocable to any related Companion Loan or BWP Trust Subordinate Companion Loan, if applicable) at the applicable Mortgage
Rate (net of interest at the Servicing Fee Rate).

 

“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 Distribution
Amount”: 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 the Non-Serviced Mortgage Loan, only to the extent
received by the Trust pursuant to the related Non-Serviced Pooling Agreement and/or the related Non-Serviced Intercreditor 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 3.19(a)) on deposit in the Certificate Account (in each case, exclusive of any amount
on deposit in or credited to any portion of the Certificate Account that is held for the benefit of the Companion Holders or the
holders of the Class BWP Certificates), the Distribution Accounts (other than the BWP REMIC Distribution Account) and, without
duplication, the REO Account, in each case, exclusive of any amount on deposit in or credited to any portion of the REO Account
that is held for the benefit of the Companion Holders or the holders of the Class BWP Certificates, as of the close of business
on the related P&I Advance Date, exclusive of (without duplication):

 

(i)          all
Monthly Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Due 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 Certificate 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;

 

    	-14-

    	 

    

 

(iv)         with
respect to the Interest Reserve 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 Net Mortgage Rate to the extent
such amounts are Withheld Amounts;

 

(v)          all
Excess Interest allocable to the Mortgage Loans;

 

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

 

(vii)        all
amounts deposited in the Certificate Account, the Lower-Tier REMIC Distribution Account and, without duplication, the REO 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 Certificate Account for such Distribution Date pursuant to Section 3.16(c);

 

(c)         the
aggregate amount of any 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 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)         for
the 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 3.25(b).

 

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

 

“Balloon Mortgage
Loan”: Any Mortgage Loan, Companion Loan or BWP Trust Subordinate 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, Companion
Loan or BWP Trust Subordinate Companion Loan extending beyond its Maturity Date.

 

“Balloon Payment”:
With respect to any Balloon Mortgage Loan, as of any date of determination, the Monthly 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).

 

    	-15-

    	 

    

 

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-S, Class B, Class C and Class D Certificates, a fraction (a) whose numerator is the greater of (x)
zero and (y) the difference between (i) the Pass-Through Rate on such Class of Certificates, and (ii) the discount rate used in
accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal
Prepayment and (b) whose denominator is the greater of zero and the difference between (i) the Mortgage Rate on such Mortgage Loan
(or with respect to any Mortgage Loan that is part of a Serviced Whole Loan or Trust AB Whole Loan, the Mortgage Rate of such Serviced
Whole Loan or Trust AB Whole Loan, as applicable), and (ii) the discount rate used in accordance with the related Mortgage Loan
documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment. However, (1) under no circumstances
shall the Base Interest Fraction be greater than one or less than zero, (2) if such discount rate is greater than or equal to the
Mortgage Rate on the related Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan, as applicable, and is greater than or equal
to the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will equal zero and (3) if the discount
rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan, as applicable,
and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will be one (1). The Master
Servicer shall provide to the Certificate Administrator the discount rate referenced above for purposes of calculating the Base
Interest Fraction.

 

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

 

“Borrower Party”:
(i) A borrower, a Mortgagor, a manager of a Mortgaged Property or any Affiliate thereof or (ii) the holder of a mezzanine loan
that is secured by a pledge of the direct (or indirect) equity interests in the borrower(s) under a Mortgage Loan or Whole Loan,
which holder has commenced foreclosure or enforcement proceedings with respect to the pledge of such equity interests.

 

“Breach”:
As defined in Section 2.03(b).

 

“Bridgewater
Place Whole Loan”: Collectively, the whole mortgage loan that is subject to the Bridgewater Place Intercreditor Agreement,
which is evidenced by the Bridgewater Place Mortgage Notes and secured by a single Mortgage on the Bridgewater Place Mortgaged
Property. References herein to the Bridgewater Place Whole Loan shall be construed to refer to the aggregate indebtedness under
the Bridgewater Place Mortgage Loan and the related BWP Trust Subordinate Companion Loan.

 

“Bridgewater
Place Control Appraisal Period”: The “Control Appraisal Period” identified in the Bridgewater Place Intercreditor
Agreement; provided, however, a Bridgewater Place Control Appraisal Period shall not be deemed to have occurred in
the event that the Subordinate Loan-Specific Directing Certificateholder exercises a “Threshold Event Cure” on behalf
of the “Controlling Noteholder” (each as defined therein) within thirty (30) days of a “Control Appraisal Period”
occurring thereunder.

 

    	-16-

    	 

    

 

“Bridgewater
Place Intercreditor Agreement”: That certain Agreement Between Noteholders, dated as of June 30, 2015, by and between
the holder of the BWP Trust Subordinate Companion Loan and the holder of the Bridgewater Place Mortgage Loan, relating to the relative
rights of such holders of the Bridgewater Place Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Bridgewater
Place Mortgage Loan”: With respect to the Bridgewater Place Whole Loan, the senior interest that is included in the Trust
(identified as Mortgage Loan No. 11 on the Mortgage Loan Schedule), which is evidenced by the related promissory note A, and is
senior in right of payment to the BWP Trust Subordinate Companion Loan to the extent set forth in the Bridgewater Place Intercreditor
Agreement.

 

“Bridgewater
Place Mortgage Notes”: Either of the promissory notes evidencing the Bridgewater Place Whole Loan made by the related
mortgagor and secured by the mortgage on the Bridgewater Place Mortgaged Property, as the context requires.

 

“Bridgewater
Place Mortgaged Property”: The Mortgaged Property that secures the Bridgewater Place Whole Loan.

 

“Brunswick Portfolio
Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of July 28, 2015, by and between the holders of
the Brunswick Portfolio Pari Passu Companion Loans and the holder of the Brunswick Portfolio Mortgage Loan, relating to the relative
rights of such holders of the Brunswick Portfolio Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Brunswick Portfolio
Mortgage Loan”: With respect to the Brunswick 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 Brunswick Portfolio Pari Passu Companion Loans to the extent set forth in the Brunswick Portfolio Intercreditor
Agreement.

 

“Brunswick Portfolio
Mortgaged Property”: The Mortgaged Property which secures the Brunswick Portfolio Whole Loan.

 

“Brunswick Portfolio
Pari Passu Companion Loans”: With respect to the Brunswick Portfolio Whole Loan, the Companion Loans evidenced by promissory
notes A-1 and A-2-II made by the related Mortgagor and secured by the Mortgage on the Brunswick Portfolio Mortgaged Property, which
are not included in the Trust and which are pari passu in right of payment to the Brunswick Portfolio Mortgage Loan to the
extent set forth in the related Mortgage Loan documents and as provided in the Brunswick Portfolio Intercreditor Agreement.

 

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

 

    	-17-

    	 

    

 

“Business Day”:
Any day other than a Saturday, a Sunday or a day on which banking institutions in Charlotte, North Carolina, Oakland, California,
Overland Park, Kansas, Minneapolis, Minnesota, New York, New York, Pittsburgh, Pennsylvania, San Francisco, 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.

 

“BWP REMIC Distribution
Account”: With respect to the BWP Trust Subordinate Companion Loan, the segregated trust account or accounts created
and maintained as a separate account or accounts by the Certificate Administrator (on behalf of the Trustee) pursuant to Section
3.04(h) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator,
for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the holders of JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass Through Certificates, BWP REMIC Distribution Account,” and which must
be an Eligible Account or a subaccount of an Eligible Account. The BWP REMIC Distribution Account shall not be an asset of Lower-Tier
REMIC or the Upper-Tier REMIC formed hereunder, but rather shall be an asset of the BWP Trust Subordinate Companion Loan REMIC.

 

“BWP Trust Subordinate
Companion Loan”: The subordinate interest in the Bridgewater Place Whole Loan made by the related mortgagor and secured
by the mortgage on the Bridgewater Place Mortgaged Property and designated as promissory note B, which is included in the Trust,
which is subordinate in right of payment to the Bridgewater Place Mortgage Loan to the extent set forth in the Bridgewater Place
Intercreditor Agreement, and which is evidenced by a separate Class of Certificates, the Class BWP Certificates.

 

“BWP Trust Subordinate
Companion Loan REMIC”: One of three separate REMICs comprising a portion of the Trust Fund, the assets of which consist
of the BWP Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of REO Property with respect thereto,
the related portions of the REO Account, and the BWP REMIC Distribution Account.

 

“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-C31, as executed and delivered by the
Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
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 Certificateholders, which shall be entitled “Midland Loan Services, a Division
of PNC Bank, National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the
benefit of the registered holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31, Certificate

 

    	-18-

    	 

    

 

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 Certificate 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 Fund or any Trust REMIC formed hereunder.

 

“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 will 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.

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.00440%
per annum and the Stated Principal Balance of the related Mortgage Loan (including any Non-Serviced Mortgage Loan) (calculated
in the same manner as interest is calculated on the related Mortgage Loan), REO Loan (other than the portion of an REO Loan related
to any Companion Loan) or BWP Trust Subordinate Companion Loan (calculated in the same manner as interest is calculated on the
related BWP Trust Subordinate 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 or Class BWP Certificates, as applicable, (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 or Class BWP Certificates, as applicable, on the Distribution Date immediately
prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii). The initial Certificate Balance
of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange and
conversion for Class EC Certificates. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate of
the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of such Class that
could be issued in an exchange and conversion. In the event that no Exchangeable Certificates are converted to Class EC Certificates,
the Class EC Certificate Balance would be equal to zero. For purposes of distributions to the Certificates pursuant to this Agreement,
other than for federal income tax purposes, any exchange of (i) a portion of the Exchangeable Certificates will result in a

 

    	-19-

    	 

    

 

conversion
and reduction, on a dollar-for-dollar basis, of a proportionate share of each related component Class of the Exchangeable Certificates,
and a conversion and increase, on a dollar-for-dollar basis, of the Certificate Balance of the Class EC Certificates, and (ii)
any amount of the Class EC Certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of the Certificate
Balance of the Class EC Certificates converted, and a conversion and increase, on a dollar-for-dollar basis, of a proportionate
share of the related Certificate Balances of each Class of Certificates that are components of the Exchangeable Certificates.

 

“Certificate
Deferred Interest”: For any Distribution Date, with respect to any Class of Principal Balance Certificates, an amount equal to the Mortgage Deferred Interest allocated to such Class of Principal Balance Certificates, pursuant to Section 4.06(a). With respect to each Class of Exchangeable Certificates and
the Class EC Certificates, for purposes of determining allocations under Section 4.06(a) of this Agreement as between the
Exchangeable Certificates and the Class EC Certificates, all amounts of Certificate Deferred Interest of each Class of Exchangeable
Certificates for any Distribution Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates
for Class EC Certificates; provided, however, that all amounts of Certificate Deferred Interest that would otherwise
be allocable to Exchangeable Certificates that have been exchanged and converted for Class EC Certificates shall be deemed allocable
to such Class EC Certificates, without duplication.

 

“Certificate
Factor”: With respect to any Class of Certificates (other than the Class R and Class Z 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; 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, the Trustee, the
Certificate Administrator, the Depositor, any Mortgage Loan Seller, a manager of a Mortgaged Property, a Mortgagor or any Affiliate
of any of such Persons 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, waiver
or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply in
the case of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage
Loan Seller or any Affiliate

 

    	-20-

    	 

    

 

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;
provided, further, however, that so long as there is no Servicer Termination Event with respect to the Master
Servicer or the Special Servicer, the Master Servicer and the Special Servicer or such Affiliate of either shall be entitled to
exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party’s
compensation or increase its obligations or liabilities hereunder; and provided, further, however, that such
restrictions shall not apply to 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 as a Subordinate Loan-Specific
Directing Certificateholder. The Trustee and the Certificate Administrator shall each be entitled to request and rely upon a certificate
of the Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate is registered in the name of
an Affiliate of such Person. All references herein to “Holders” or “Certificateholders” shall
reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository
Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required
to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate
is registered in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 7.01(d) hereof, the Holders of Certificates evidencing at least 75% of the aggregate Voting Rights (taking into
account the application of Collateral Support Deficits and the application of any Appraisal Reductions to notionally reduce the
Certificate Balance of the Certificates) of all Principal Balance Certificates and the Class EC Certificates on an aggregate basis.

 

“Certification
Parties”: As defined in Section 11.06. “Certification Party” shall mean any one of the Certification
Parties.

 

“Certifying Person”:
As defined in Section 11.06.

 

“Certifying Servicer”:
As defined in Section 11.09.

 

“Civic Opera
Building Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of August 28, 2015, by and between the
holder of the Civic Opera Building Pari Passu Companion Loan and the holder of the Civic Opera Building Mortgage Loan, relating
to the relative rights of such holders of the Civic Opera Building Whole Loan, as the same may be further amended in accordance
with the terms thereof.

 

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

 

“Civic Opera
Building Mortgaged Property”: The Mortgaged Property which secures the Civic Opera Building Whole Loan.

 

    	-21-

    	 

    

 

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

 

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

 

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

 

“Class A Certificate”:
Any Class A-1, Class A-2, Class A-3, 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 1.6658%.

 

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

 

“Class A-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.0079%.

 

“Class A-3 Certificate”:
A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit A-3 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 3.8014%.

 

“Class A-S Certificate”:
A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit A-9 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-S Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 4.1058%.

 

    	-22-

    	 

    

 

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

 

“Class A-SB Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.5395%.

 

“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-10 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class B 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 BWP Accrued
Certificate Interest”: With respect to each Distribution
Date and the Class BWP Certificates, an amount equal to interest for the related Interest Accrual Period at the Class BWP Pass-Through
Rate for such Distribution Date, accrued on the Certificate Balance outstanding immediately prior to such Distribution Date (provided
that for interest accrual purposes any distributions in reduction of the Certificate Balance or reductions in the Certificate Balance
as a result of allocations of Class BWP Collateral Support Deficit on the Distribution Date occurring in an Interest Accrual Period
shall be deemed to have been made on the first day of such Interest Accrual Period). Class BWP Accrued Certificate Interest shall
be calculated on the basis of the actual number of days in a month, assuming that each year has three hundred-sixty (360) days.

 

“Class BWP Accrued
Interest From Recoveries”: With respect to each Distribution Date and the Class BWP Certificates if such Certificates
had an increase in Certificate Balance as a result of the Trust Fund’s recovery of Nonrecoverable Advances that were previously
reimbursed to the Master Servicer or Trustee, as applicable, from principal collections allocable to the related BWP Trust Subordinate
Companion Loan, is an amount equal to interest at the Class BWP Pass-Through Rate of the Class BWP Certificates for the applicable
Interest Accrual Periods on the amount of such increase in its Certificate Balance accrued from the Distribution Date on which
the related Class BWP Collateral Support Deficit was allocated to the Class BWP Certificates as a result of the reimbursement of
Nonrecoverable Advances from the Trust to, but not including, the Distribution Date on which the Certificate Balance was so increased.

 

“Class BWP Available
Distribution Amount”: With respect to the Class BWP Certificates, the BWP Trust Subordinate Companion Loan and any Distribution
Date, the aggregate amount to the extent on deposit in the Certificate Account on such Distribution Date, of all cash received
on or in respect of the BWP Trust Subordinate Companion Loan (including Liquidation Proceeds and any Purchase Price proceeds received
as a result of a purchase of the related BWP Trust Subordinate Companion Loan pursuant to Section 3.18 ) and that was paid
to

 

    	-23-

    	 

    

 

the Trust as the holder of the related BWP Trust Subordinate Companion Loan in accordance with the terms of the related Intercreditor
Agreement and this Agreement or otherwise, in each case, as of the related Master Servicer Remittance Date, exclusive of (without
duplication):

 

(a)          all
Monthly Payments paid by the Mortgagors on the BWP Trust Subordinate Companion Loan collected but due on a Due Date subsequent
to the related Due Period, excluding interest relating to periods prior to, but due after, the Cut-off Date;

 

(b)          all
unscheduled Principal Prepayments (together with any related payments of interest allocable to the period following the related
Due Date for the BWP Trust Subordinate Companion Loan), Liquidation Proceeds, Insurance and Condemnation Proceeds and other unscheduled
recoveries received with respect to the Trust AB Whole Loan allocable to the BWP Trust Subordinate Companion Loan in accordance
with the terms of the related Intercreditor Agreement subsequent to the related Determination Date;

 

(c)          all
amounts in the Certificate Account that are due or reimbursable to any person other than the Holders of the Class BWP Certificates;

 

(d)          all
Yield Maintenance Charges in respect of the BWP Trust Subordinate Companion Loan;

 

(e)          all
amounts deposited in the Certificate Account and, without duplication, the BWP REMIC Distribution Account in respect of the BWP
Trust Subordinate Companion Loan in error; and

 

(f)          any
Penalty Charges allocable to the BWP Trust Subordinate Companion Loan.

 

“Class BWP Certificate”:
A Certificate designated as “Class BWP” on the face thereof, in the form of Exhibit A-19 hereto, and evidencing
a “regular interest” in the BWP Trust Subordinate Companion Loan REMIC for purposes of the REMIC provisions, which
relates solely to the BWP Trust Subordinate Companion Loan.

 

“Class BWP Certificate
Deferred Interest”: With respect to each Distribution Date, the amount of Mortgage Deferred Interest for the Trust AB
Whole Loan that is allocated in respect of the BWP Trust Subordinate Companion Loan.

 

“Class BWP Class
Unpaid Interest Shortfall”: As to any Distribution Date and the Class BWP Certificates, the excess, if any, of (a) the
sum of (i) the Class BWP Distributable Certificate Interest for the immediately preceding Distribution Date and (ii) any outstanding
Class BWP Class Unpaid Interest Shortfall on such preceding Distribution Date over (b) the aggregate amount in respect of interest
actually distributed to the Class BWP Certificates on such immediately preceding Distribution Date. The Class BWP Class Unpaid
Interest Shortfall as of the initial Distribution Date is zero. No interest shall accrue on Class BWP Class Unpaid Interest Shortfalls
for such Distribution Date.

 

“Class BWP Collateral
Support Deficit”: As defined in Section 4.04(a).

 

    	-24-

    	 

    

 

“Class BWP Distributable
Certificate Interest”: With respect to any Distribution Date and the Class BWP Certificates, the Class BWP Accrued Certificate
Interest for such Distribution Date, reduced (to not less than zero) by (i) any Prepayment Interest Shortfalls resulting from any
principal prepayments made on the BWP Trust Subordinate Companion Loan during the related Due Period that are not covered by the
Master Servicer’s Compensating Interest Payment in respect of such BWP Trust Subordinate Companion Loan for the related Distribution
Date and (ii) and any Class BWP Certificate Deferred Interest for such Distribution Date.

 

“Class BWP Interest
Distribution Amount”: With respect to the Class BWP Certificates for any Distribution Date, an amount equal to the sum
of (a) the Class BWP Distributable Certificate Interest, (b) the Class BWP Class Unpaid Interest Shortfall with respect to such
Class of Certificates for such Distribution Date and (c) any Class BWP Accrued Interest From Recoveries to the extent not previously
paid for all prior Distribution Dates.

 

“Class BWP Directing
Certificateholder”: The Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the
Class BWP Certificates. The name and contact information for the initial Class BWP Directing Certificateholder is set forth on
Exhibit S hereto.

 

“Class BWP Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 10.9780%.

 

“Class BWP Principal
Distribution Amount”: With respect to the Class BWP Certificates and any Distribution Date, an amount equal to the sum
of (a) the Class BWP Principal Shortfall for such Distribution Date and (b) the amount of principal distributable on such Distribution
Date in respect of the BWP Trust Subordinate Companion Loan (i) in accordance with the related Intercreditor Agreement, or (ii)
as a result of the sale of the BWP Trust Subordinate Companion Loan in accordance with the terms hereof.

 

“Class BWP Principal
Shortfall”: With respect to any Distribution Date after the initial Distribution Date and the Class BWP Certificates,
the amount, if any, by which (a) the Class BWP Principal Distribution Amount for the preceding Distribution Date exceeds (b) the
aggregate amount actually distributed in respect of principal on the Class BWP Certificates for such preceding Distribution Date.
The Class BWP Principal Shortfall for the Class BWP Certificates for the initial Distribution Date will be zero.

 

“Class BWP-R
Interest”: The uncertificated residual interest in the BWP Trust Subordinate Companion Loan REMIC, represented by the
Class R Certificates.

 

“Class C Certificate”:
A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-11 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.

 

    	-25-

    	 

    

 

“Class D Certificate”:
A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-12 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 the Weighted Average Net Mortgage Rate
for such Distribution Date minus 0.500000%.

 

“Class E Certificate”:
A Certificate designated as “Class E” on the face thereof, in the form of Exhibit A-13 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 EC Certificate”:
Any one of the Certificates with a “Class EC” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-15 to this Agreement.
For federal income tax purposes, the Class EC Certificates represent undivided beneficial interests in the related portion of the
Grantor Trust in respect of the Exchangeable Certificates that have been exchanged and converted for Class EC Certificates. Upon
any such exchange and conversion, the Exchangeable Certificates so exchanged and converted shall cease to be outstanding, but the
regular interests in the Upper-Tier REMIC represented by such Exchangeable Certificates shall continue to be outstanding in uncertificated
form in the Grantor Trust and shall henceforth be represented by the Class EC Certificates.

 

“Class EC Distribution
Account”: The segregated trust account or accounts created and maintained as a separate account or accounts by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(g) of this Agreement, which shall be entitled “Wells
Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee,
for the benefit of the holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Class EC Distribution Account,” and which must be an Eligible Account or a subaccount of an Eligible Account. The Class EC
Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the Grantor Trust.

 

“Class F Certificate”:
A Certificate designated as “Class F” on the face thereof, in the form of Exhibit A-14 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“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 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.

 

    	-26-

    	 

    

 

“Class LA2 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 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 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 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 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 LNR 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

 

    	-27-

    	 

    

 

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 NR Certificate”:
A Certificate designated as “Class NR” on the face thereof, in the form of Exhibit A-16 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class NR 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 R Certificate”:
A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-17 hereto, and evidencing
the sole class of “residual interest” in each Trust REMIC for purposes of the REMIC Provisions.

 

“Class Unpaid
Interest Shortfall”: As to any Distribution Date and any Class of Regular Certificates, the excess, if any, of (a) the
sum of (i) the Distributable Certificate Interest in respect of such Class of Certificates for the immediately preceding Distribution
Date and (ii) any outstanding Class Unpaid Interest Shortfall payable to such Class of Certificates on such preceding Distribution
Date over (b) the aggregate amount in respect of interest actually distributed to such Class of Certificates on such immediately
preceding Distribution Date. The Class Unpaid Interest Shortfall with respect to any Class of Certificates as of the initial Distribution
Date is zero. No interest shall accrue on Class Unpaid Interest Shortfalls. With respect to each Class of Exchangeable Certificates
and the Class EC Certificates, for purposes of determining allocations and distributions under Section 4.01(a) of this Agreement
as between the Exchangeable Certificates and the Class EC Certificates, all amounts of Class Unpaid Interest Shortfalls of each
Class of Exchangeable Certificates for any Distribution Date shall be determined without regard to any exchange and conversion
of such Exchangeable Certificates for Class EC Certificates; provided, however, that all amounts of Class Unpaid
Interest Shortfalls that are allocable to Exchangeable Certificates that have been exchanged and converted for Class EC Certificates
shall be deemed allocable to such Class EC Certificates, without duplication.

 

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

 

“Class X Certificates”:
The Class X-A Certificates, Class X-B Certificates, Class X-C Certificates and Class X-D Certificates or any of the Class X-A Certificates,
Class X-B Certificates, Class X-C Certificates or 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-5 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC provisions.

 

    	-28-

    	 

    

 

“Class X-A Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A Certificates (determined
without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC 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 (calculated
without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC Certificates) 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-6 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 Certificate Balance of the Class B Certificates (determined without giving
effect to any exchange and conversion of any Class B Certificates for Class EC Certificates).

 

“Class X-B Pass-Through
Rate”: The Pass-Through Rate for the Class X-B Certificates for any Distribution Date shall equal the excess, if any
of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class B
Certificates for such Distribution Date. 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. For purposes of the REMIC Provisions, the Class X-B Certificates
shall not have a Pass-Through Rate and shall not be entitled to interest.

 

“Class X-C Certificate”:
A Certificate designated as “Class X-C” on the face thereof, in the form of Exhibit A-7 hereto, and evidencing
a “regular interest” in the Lower-Tier REMIC for purposes of the REMIC provisions.

 

“Class X-C Notional
Amount”: As of any date of determination, the Certificate Balance of the Class C Certificates (determined without giving
effect to any exchange and conversion of any Class C Certificates for Class EC Certificates).

 

“Class X-C Pass-Through
Rate”: The Pass-Through Rate for the Class X-C Certificates for any Distribution Date shall equal the excess, if any
of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class C
Certificates for such Distribution Date. The Pass-Through Rate applicable to the Class X-C Certificates for the initial Distribution
Date shall be the rate set forth in the Preliminary Statement hereto. For purposes of the REMIC Provisions, the Class X-C Certificates
shall not have a Pass-Through Rate and shall not be entitled to interest.

 

“Class X-D Certificate”:
A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit A-8 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC provisions.

 

    	-29-

    	 

    

 

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

 

“Class X-D Pass-Through
Rate”: The Pass-Through Rate for the Class X-D Certificates for any Distribution Date shall equal the excess, if any
of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class D
Certificates for such Distribution Date. 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.

 

“Class Z Certificate”:
Each of the Certificates executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit
A-18 and designated as a Class Z Certificate, and evidencing an undivided beneficial interest in the portion of the Grantor
Trust that is described in Section 2.05.

 

“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.

 

“Closing Date”:
August 28, 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.

 

“Collateral Support
Deficit”: As defined in Section 4.04(a).

 

“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 Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “Midland Loan
Services, a Division of PNC Bank, National Association, as Companion Paying Agent for the benefit of the Companion Holders of the
Companion Loans, relating to the JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31.” The Companion Distribution Account shall not be an asset of the Trust Fund, 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 Holder”:
Each of the holders of record of any Companion Loan.

 

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

 

    	-30-

    	 

    

 

“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 3.32.

 

“Companion Register”:
The register maintained by the Companion Paying Agent pursuant to Section 3.33.

 

“Compensating
Interest Payments”: With respect to (1) each Mortgage Loan (other than the Non-Serviced Mortgage Loan) and any related
Serviced Pari Passu Companion Loan, an amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage Loans and any
related Serviced Pari Passu Companion Loan (in each case other than a Specially Serviced Mortgage Loan or a Mortgage Loan, or any
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, Serviced Pari Passu Companion Loan and REO Loan for
which such Servicing Fees are being paid for such Due Period, calculated at a rate of 0.0025% per annum, (B) all Prepayment
Interest Excesses received by the Master Servicer during such Due Period with respect to the Mortgage Loans (and, so long as a
Serviced Whole Loan is serviced hereunder, any related Serviced Pari Passu Companion Loan(s)) subject to such prepayment and (C)
to the extent earned on principal prepayments, net investment earnings payable to the Master Servicer for such Due Period received
by the Master Servicer during such Due Period with respect to the Mortgage Loan or any related Serviced Pari Passu Companion Loan,
as applicable, subject to such prepayment and (2) the BWP Trust Subordinate Companion Loan, an amount equal to the lesser of: (i)
the amount of Prepayment Interest Shortfall incurred in connection with voluntary principal prepayments received in respect of
such BWP Trust Subordinate Companion Loan (so long as (x) it is not a Specially Serviced Mortgage Loan, or (y) the Special Servicer
did not allow a prepayment on a date other than the applicable Due Date) for the related Distribution Date, and (ii) the Servicing
Fee for such BWP Trust Subordinate Companion Loan for the related Distribution Date (calculated at 0.0025% per annum). 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 of the related Mortgage Loan documents
regarding Principal Prepayments (other than (V) the Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage
Loan documents or if the Mortgage Loan is a Specially Serviced Mortgage 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 a Control Event has not occurred
and is not continuing and with respect to the Mortgage Loans other than any Excluded Loan, 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 (1)(ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (1)(i) above
in connection with such Prohibited Prepayments.

 

    	-31-

    	 

    

 

For the avoidance of doubt,
Compensating Interest Payments with respect to each Serviced Pari Passu Whole Loan shall be allocated among the related Mortgage
Loan and related Serviced Pari Passu Companion Loan, pro rata, in accordance with their respective outstanding 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 Reductions 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
3.28(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.

 

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

 

“Control Event”:
The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application of any Appraisal
Reductions 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 3.28(l).

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance as notionally reduced by any Appraisal Reductions allocable to such Class in accordance
with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of that Class. The Controlling Class as
of the Closing Date will be the Class NR 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 Senior Trust 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, Senior Trust
Advisor or Special Servicer, as applicable. The Trustee, Master Servicer, the Special Servicer and the Senior Trust Advisor shall
be entitled to rely on any such list so provided.

 

“Corporate Trust
Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate trust
business shall be principally

 

    	-32-

    	 

    

 

administered. At the date of this Agreement, the corporate trust office of the Trustee and Certificate
Administrator is located at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services – JPMBB
2015-C31, provided that, for certificate transfer purposes, it is located at Sixth Street and Marquette Avenue, Minneapolis,
Minnesota 55479-0113, Attention: JPMBB 2015-C31.

 

“Corrected Mortgage
Loan”: Any Specially Serviced Mortgage Loan that has become current and remained current for three (3) consecutive Monthly
Payments (for such purposes taking into account any modification or amendment of the related Mortgage Loan, Companion Loan or BWP
Trust Subordinate 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 additional default is foreseeable in the reasonable
judgment of the Special Servicer and no other event or circumstance exists that causes such Mortgage Loan, Companion Loan or BWP
Trust Subordinate Companion Loan, as applicable, to otherwise constitute a Specially Serviced Mortgage Loan) the servicing of which
the Special Servicer has returned to the Master Servicer pursuant to Section 3.21(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 Event, the Directing
Certificateholder.

 

“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

 

    	-33-

    	 

    

 

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.

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification
and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein
for the Mortgage Loans, or 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, REO Loan (other than the portion of an
REO Loan related to any Companion Loan) and the BWP Trust Subordinate Companion Loan and for any Distribution Date, an amount accrued
during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated
Principal Balance of such Mortgage Loan, REO Loan or BWP Trust Subordinate Companion 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, REO Loan or BWP Trust
Subordinate Companion 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 BWP Trust Subordinate Companion
Loan REMIC, the Lower-Tier REMIC or Grantor Trust, as applicable.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and BWP Trust Subordinate Companion
Loan, a rate equal to 0.00050% per annum.

 

    	-34-

    	 

    

 

“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
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 or BWP Trust Subordinate 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 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.

 

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“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 and the BWP Trust Subordinate
Companion Loan, or such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally.

 

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

 

“CREFC®
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

 

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

 

“CREFC®
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 (calculated without giving effect to any
exchange of Exchangeable Certificates for Class EC Certificates) have all been reduced to zero as a result of the allocation of
Collateral Support Deficits to those Certificates.

 

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“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.
For the avoidance of doubt, there are no Crossed Mortgage Loan Groups as of the Closing Date.

 

“Crossed Underlying
Loan”: With respect to any Crossed Mortgage Loan Group, (i) a Mortgage Loan that is cross-collateralized and cross-defaulted
with one or more other Mortgage Loans within such Crossed Mortgage Loan Group or (ii) 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 Defect or a Breach (the Crossed Underlying Loan(s) in such Crossed Mortgage
Loan Group affected by such Defect or Breach, 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 weighted average 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
greater of (a) the weighted average Debt Service Coverage Ratio for the entire such Crossed Mortgage Loan Group, including the
affected Crossed Underlying Loan(s), for the four most recently reported calendar quarters preceding the repurchase or substitution,
and (b) 1.25x, (ii) the weighted average LTV 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 least of (a) the weighted average LTV Ratio for the entire such Crossed Mortgage Loan Group, including
the affected Crossed Underlying Loan(s), 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, (b) the weighted average LTV Ratio for the entire such
Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), as of the Cut-off Date 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 Fund
(while the Trust forbears from exercising enforcement rights against the Primary Collateral for the Mortgage Loan removed from
the Trust Fund) and (v) (other than with respect to any Excluded Loan) unless a Control 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.

  

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

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“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, either of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate Administrator
shall be the initial Custodian.

 

“Cut-off Date”:
With respect to each Mortgage Loan and BWP Trust Subordinate Companion Loan, as applicable, the related Due Date of such Mortgage
Loan and BWP Trust Subordinate Companion Loan, as applicable in August 2015, or with respect to any Mortgage Loan that has its
first Due Date in September 2015, the date that would have otherwise been the related Due Date in August 2015.

 

“Cut-off Date
Principal Balance”: With respect to any Mortgage Loan and BWP Trust Subordinate Companion Loan, the outstanding principal
balance of such Mortgage Loan or BWP Trust Subordinate Companion 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.

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan, for any twelve-month period covered by an annual operating statement
for the related Mortgaged Property, the ratio of (i) Net Operating Income produced by the related Mortgaged Property during such
period to (ii) the aggregate amount of Monthly Payments (other than any Balloon Payment) due under such Mortgage Loan during such
period; provided that with respect to the Mortgage Loans identified on Annex A-1 to the Prospectus Supplement as paying
interest only for a specified period of time set forth in the related Mortgage Loan documents and then paying principal and interest,
the related Monthly Payment will be calculated (for purposes of this definition only) to include interest and principal (based
on the remaining amortization term indicated in the Mortgage Loan Schedule).

 

“Default Interest”:
With respect to any Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan, all interest accrued in respect of such
Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan during such Due 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, Companion Loan or BWP Trust Subordinate Companion Loan outstanding
from time to time.

 

“Defaulted Mortgage
Loan”: A Mortgage Loan (i) that is delinquent at least sixty (60) days in respect of its Monthly Payments or more than
thirty (30) days (or sixty (60) days with respect to the circumstances described in clause (ii) of the definition of Servicing
Transfer Event) delinquent in respect of its Balloon Payment, if any, in either case such delinquency to be

 

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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 Master Servicer or 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 Mortgage Loan”.

 

“Defeasance Accounts”:
As defined in Section 3.20(k).

 

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

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Senior Trust Advisor, the Custodian,
the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer retained by it, 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, Serviced Whole Loan or Trust AB Whole Loan (or BWP Trust Subordinate Companion Loan), as applicable,
a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding principal
balance of such Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan (or BWP Trust Subordinate Companion 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 Z Certificates
and any Certificate issued pursuant to Sections 5.02(c) and (d) shall be Definitive Certificates.

 

“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 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”:
J.P. Morgan Chase Commercial Mortgage Securities Corp., a Delaware 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.

 

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“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.

 

“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 Business Day immediately succeeding such eleventh (11th) calendar day).

 

“Directing Certificateholder”:
The initial Directing Certificateholder shall be KKR Real Estate Finance Holdings L.P. 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, subject to the terms of Section 3.28(b) hereof, 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 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 Certificateholder until such time as a Controlling Class Certificateholder is reinstated pursuant to Section 3.28(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, 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 Fund or on behalf of a Companion Holder or the performance of any construction work on the REO Property (other than
the completion of a building or improvement, where more than 10% of

 

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the construction of such building or improvement was completed
before default became imminent), 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, BWP Trust Subordinate Companion Loan or REO Property (other
than any Non-Serviced Mortgage Loan or 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 and any purchaser of any Mortgage Loan or REO Property)
in connection with the disposition, workout or foreclosure of any Mortgage Loan or BWP Trust Subordinate 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 expressly entitled pursuant to Section 3.11 of this Agreement.

 

“Disclosure Parties”:
As defined in Section 3.15(f).

 

“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 (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 any 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.

 

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“Distributable
Certificate Interest”: With respect to any Distribution Date, as to any Class of Regular Certificates, the Accrued Certificate
Interest in respect of such Class of Regular Certificates for such Distribution Date, reduced (to not less than zero) by (i) any
allocations to such Class of Regular Certificates (other than the Class X Certificates) of the product of (a) any Net Aggregate
Prepayment Interest Shortfall for such Distribution Date, multiplied by (b) a fraction, expressed as a decimal, the numerator of
which is the Interest Distribution Amount (without regard to the allocation of Prepayment Interest Shortfalls for such Distribution
Date) in respect of such Class of Certificates for such Distribution Date, and the denominator of which is the aggregate Interest
Distribution Amount (without regard to the allocation of Prepayment Interest Shortfalls for such Distribution Date) in respect
of all the Classes of Regular Certificates (other than the Class X Certificates) for such Distribution Date and (ii) any Certificate
Deferred Interest for such Distribution Date allocated to such Class of Regular Certificates pursuant to Section 4.06(a).
With respect to each Class of Exchangeable Certificates and the Class EC Certificates, for purposes of determining allocations
and distributions under Section 4.01(a) of this Agreement as between the Exchangeable Certificates and the Class EC Certificates,
all amounts of Distributable Certificate Interest of each Class of Exchangeable Certificates for any Distribution Date shall be
determined without regard to any exchange and conversion of such Exchangeable Certificates for Class EC Certificates; provided,
however, that all amounts of Distributable Certificate Interest that would otherwise be allocable to such converted Exchangeable
Certificates shall be deemed allocable to such Class EC Certificates, without duplication.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account, the Class EC Distribution Account, the BWP 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 4th Business Day following each Determination Date, beginning in September 2015. The initial Distribution
Date shall be September 17, 2015.

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Senior Trust Advisor, 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 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, Companion Loan or BWP Trust Subordinate 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 Monthly Payment thereon is scheduled to
be first due, (ii) any Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, after the Maturity
Date therefor, the day of the month set forth in the related Mortgage Note on which each Monthly Payment on such Mortgage Loan,
Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, had been

 

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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 Monthly Payment on the related Mortgage Loan, Companion
Loan or BWP Trust Subordinate Companion Loan, as applicable, had been scheduled to be first due.

 

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

 

“EDGAR”:
As defined in Section 11.03.

 

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

 

“Election Notice”:
As defined in Section 3.35(g).

 

“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 “Aa3” 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 DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher)
by at least two (2) NRSROs (which may include Moody’s and KBRA) or such other rating confirmed in a Rating Agency Confirmation),
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 “R-1 (middle)” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent
rating (or higher) by at least two (2) NRSROs (which may include Moody’s and KBRA) or such other rating confirmed in a Rating
Agency Confirmation), 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 (if the deposits are to be held in the account for more than
thirty (30) days) and “A” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher)
by at least two (2) NRSROs (which may include Moody’s and KBRA) or such other rating confirmed in a Rating Agency Confirmation)
or Wells Fargo Bank, National Association’s short-term deposit or short-term unsecured debt rating shall

 

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be at least “P-1”
from Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and “R-1 (middle)”
from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating by at least two (2) NRSROs (which may include Moody’s
and KBRA) or such other rating confirmed in a Rating Agency Confirmation); (iii) an account or accounts maintained with PNC Bank,
National Association so long as PNC Bank, National Association’s long term unsecured debt or deposit account rating shall
be at least “A2” from Moody’s (if the deposits are to be held in the account for more than thirty (30) days)
and “A” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher) by at least two
(2) NRSROs (which may include Moody’s and KBRA) or such other rating confirmed in a Rating Agency Confirmation) or PNC Bank,
National Association’s short-term deposit account or short-term unsecured debt rating shall be at least “P-1”
from Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and “R-1 (middle)”
from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating by at least two (2) NRSROs (which may include Moody’s
and KBRA) or such other rating confirmed in a Rating Agency Confirmation); or (iv) such other account or accounts that, but for
the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i)
– (iii) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which
the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, which account may be an account
maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; (v) any other account
or accounts not listed in clauses (i) – (iii) 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 with respect to the Certificates pursuant to Section 3.30), which account may be
an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, or (vi)
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.

 

“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 or BWP Trust Subordinate Companion Loan, any agreement between
the Mortgagor (or a guarantor thereof) and the originator of such Mortgage Loan or BWP Trust Subordinate Companion Loan relating
to the Mortgagor’s obligation to remediate or monitor or indemnify for any environmental problems relating to the related
Mortgaged Property.

 

    	-45-

    	 

    

 

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

 

“ERISA Restricted
Certificate”: Any Certificate (other than a Class R or Class Z Certificate) that does not meet the requirements of Prohibited
Transaction Exemption 2013-08 (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 BWP, Class E, Class F and Class NR 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 any 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, for the benefit of Wells Fargo Bank, National Association,
as Trustee, for the benefit of the registered holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage
Pass-Through Certificates, Series 2015-C31, Class Z, 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 Z Certificates. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC,
but rather shall be an asset of the Grantor Trust.

 

“Excess Modification
Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Mortgage Loan and any
particular modification, waiver, extension or amendment with respect to such Corrected Mortgage 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 Companion Loan or BWP Trust Subordinate 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), Serviced Whole Loan or Trust AB
Whole Loan, the sum of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver,

 

    	-46-

    	 

    

 

extension
or amendment of any of the terms of such Mortgage Loan, Serviced Whole Loan or Trust AB 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, Serviced Whole Loan
or Trust AB 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, Serviced Whole Loan or
Trust AB 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, Serviced Whole Loan or Trust AB
Whole Loan, as applicable.

 

“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.

 

“Exchange”:
As defined in Section 3.35(g).

 

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

 

“Exchange Date”:
As defined in Section 5.09(b).

 

“Exchange Proportion”:
With respect to Exchangeable Certificates and the Class EC Certificates, the following percentages based on the initial Certificate
Balances of the Classes (rather than the outstanding Certificate Balances):

 

	
        Exchange Proportion

        

	Class A-S:            28.96562835660580%	Class EC               100.00000000000000%
	Class B:               45.51718582169710%	 
	Class C:               25.51718582169710%	 

 

“Exchangeable
Certificates”: The Class A-S, Class B and Class C Certificates.

 

“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. Immediately
upon obtaining actual knowledge of the Directing Certificateholder or any Controlling Class Certificateholder becoming an “Excluded
Controlling Class Holder”, such

 

    	-47-

    	 

    

 

Directing Certificateholder or Controlling Class Certificateholder, as applicable, shall
provide notice in the form of Exhibit P-1E hereto to the Master Servicer, the Special Servicer, the Senior Trust Advisor,
the Trustee and the Certificate Administrator, which such 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 P-1F hereto, which such notice shall provide each of the CTSLink User ID’s 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 and to the extent provided in this
Agreement.

 

“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. 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 and/or
the related Mortgaged Properties, which may include the Asset Status Reports, Final Asset Status Reports (or summaries thereof),
any Senior Trust Advisor reports to the Certificate Administrator regarding a Special Servicer’s net present value determination,
any Appraisal Reduction calculations delivered pursuant to Section 3.31(d) and Section 3.31(e), and any Officer’s
Certificates delivered by 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 Senior Trust 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 Controlling Class Loan) shall not be considered “Excluded Information”. Each of the Master Servicer, the
Special Servicer, or the Senior Trust Advisor shall deliver any Excluded Information to the Certificate Administrator in accordance
with Section 3.37 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 3.37 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. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“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.

 

    	-48-

    	 

    

 

“Final Asset
Status Report”: With respect to any Specially Serviced Mortgage Loan, each related Asset Status Report, together with
such other data or supporting information provided by the Special Servicer to the Directing Certificateholder, holder of an AB
Subordinate Companion Loan or Subordinate Loan-Specific Directing Certificateholder, as applicable, in each case, which does not
include any communication (other than the related Asset Status Report) between the Special Servicer and the Directing Certificateholder,
holder of an AB Subordinate Companion Loan or Subordinate Loan-Specific Directing Certificateholder, as applicable, with respect
to such Specially Serviced Mortgage Loan; provided that, with respect to any Mortgage Loan other than an Excluded Loan,
prior to a Control Event or an AB Control Appraisal Period, as applicable, no Asset Status Report shall be considered to be a Final
Asset Status Report unless the Directing Certificateholder, holder of an AB Subordinate Companion Loan or Subordinate Loan-Specific
Directing Certificateholder, as applicable, has either finally approved of and consented to the actions proposed to be taken in
connection therewith, or has exhausted all of its rights of approval and consent pursuant to Section 3.21 in respect of
such workout or liquidation, 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 Recovery
Determination”: A reasonable determination by the Special Servicer, in consultation with the Directing Certificateholder
if related to a Mortgage Loan other than any Excluded Loan and made prior to the occurrence of a Consultation Termination Event,
with respect to any Defaulted Mortgage Loan (and, if applicable, any defaulted Companion Loan or defaulted BWP Trust Subordinate
Companion Loan) or Corrected Mortgage Loan or REO Property (other than a Mortgage Loan, REO Property or BWP Trust Subordinate Companion
Loan, as the case may be, that was purchased by (i) any of the Mortgage Loan Sellers pursuant to Section 6 of the applicable Mortgage
Loan Purchase Agreement, (ii) the Special Servicer or other person pursuant to Section 3.18(b), any Companion Holder, any
related Subordinate Loan-Specific Directing Certificateholder or any mezzanine lender pursuant to Section 3.18 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 any Excluded Loan, prior to the occurrence and continuance of any
Control 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.

 

    	-49-

    	 

    

 

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

 

“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) and, in the case of the Trust
AB Whole Loan, the BWP Trust Subordinate Companion 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 Mortgage Loan (and, in the case of the Trust AB
Whole Loan, the BWP Trust Subordinate Companion Loan) pursuant to the related Intercreditor Agreement) over (ii) the Purchase Price
for such Mortgage Loan (and, in the case of the Trust AB Whole Loan, the BWP Trust Subordinate Companion Loan) on the date on which
such 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, for the benefit
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of JPMBB Commercial Mortgage Securities
Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Gain-on-Sale Reserve Account.” Any such account
shall be an Eligible Account or a subaccount of an Eligible Account.

 

“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 (i) the uncertificated regular interests in the Upper-Tier REMIC represented by any Exchangeable Certificates
that have been exchanged and converted to the Class EC Certificates and the Class EC Distribution Account, beneficial ownership
of which is represented by the Class EC Certificates as further described in Section 5.09 and (ii) the Excess Interest and
amounts held from time to time in the Excess Interest Distribution Account, beneficial ownership of which is represented by the
Class Z Certificates, as further described in Section 2.05.

 

“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.

 

“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.

 

“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

 

    	-50-

    	 

    

 

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 Subordinate Loan-Specific Directing Certificateholder (insofar as the relevant matter involves the Trust AB Whole
Loan (whether alone or together with one or more other Mortgage Loans)), the Senior Trust Advisor 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 Subordinate Loan-Specific Directing Certificateholders (insofar as the relevant matter involves the Trust AB Whole Loan (whether
alone or together with one or more other Mortgage Loans)), the Senior Trust Advisor or any Affiliate thereof and (iii) is not connected
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 Subordinate Loan-Specific Directing Certificateholders (insofar as the relevant matter involves the Trust AB Whole
Loan (whether alone or together with one or more other Mortgage Loans)), the Senior Trust Advisor 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, the Subordinate Loan-Specific Directing Certificateholder,
the Senior Trust Advisor 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
Senior Trust Advisor, the Directing Certificateholder, the Companion Holders, the Subordinate Loan-Specific Directing Certificateholder
or any Affiliate thereof, as the case may be, provided such ownership constitutes less than 1% of the total assets of such
Person.

 

“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, the Subordinate Loan-Specific
Directing Certificateholders or the Trust, delivered to the Trustee, any Companion Holder, the Subordinate Loan-Specific Directing
Certificateholder, 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 the Master Servicer or the Special Servicer shall
not 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 Senior Trust

 

    	-51-

    	 

    

 

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 Senior Trust Advisor or the Trust Fund, 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 Notice”:
As defined in Section 3.28(b).

 

“Initial Purchasers”:
J.P. Morgan Securities LLC, Barclays Capital Inc. and Wells Fargo Securities, LLC.

 

“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 4.08(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 (i) 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 (ii) in the case of the Trust AB Whole Loan, to the extent any portion of such proceeds
are received by the Master Servicer or Certificate Administrator in connection with such Trust AB Whole Loan and are allocable
to the related Mortgage Loan and BWP Trust Subordinate Companion Loan, as applicable, pursuant to the related Intercreditor Agreement)
and the REMIC Provisions.

 

“Insurance Policy”:
With respect to any Mortgage Loan or BWP Trust Subordinate Companion 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, BWP Trust Subordinate
Companion Loan or the related Mortgaged Property.

 

    	-52-

    	 

    

 

“Intercreditor
Agreement”: Each of the Bridgewater Place Intercreditor Agreement, the Civic Opera Building Intercreditor Agreement,
The Roosevelt New Orleans Waldorf Astoria Intercreditor Agreement, the Sunbelt Portfolio Intercreditor Agreement, the Brunswick
Portfolio 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.

 

“Interest Accrual
Period”: With respect to any Class of Regular Certificates, the Class BWP Certificates or the Uncertificated Lower-Tier
Interests and any Distribution Date, the period beginning on the first day of the calendar month preceding the calendar month in
which the related Distribution Date occurs and ending on the last day of the calendar month preceding the calendar month in which
such Distribution Date occurs, and (other than with respect to the Class BWP Certificates) calculated assuming that each month
has thirty (30) days and each year has three hundred-sixty (360) days. Interest on the Class BWP Certificates shall be calculated
on the basis of the actual number of days in a month, assuming that each year has three hundred-sixty (360) days.

 

“Interest Distribution
Amount”: With respect to any Class of Regular Certificates for any Distribution Date, an amount equal to the sum of (a)
the Distributable Certificate Interest and the Class Unpaid Interest Shortfall with respect to such Class of Certificates for such
Distribution Date, and (b) any Accrued Interest From Recoveries allocated to such Class of Certificates to the extent not previously
paid for all prior Distribution Dates. With respect to each Class of Exchangeable Certificates and the Class EC Certificates, for
purposes of determining allocations and distributions under Section 4.01(a) of this Agreement as between the Exchangeable
Certificates and the Class EC Certificates, all Interest Distribution Amounts of each Class of Exchangeable Certificates for any
Distribution Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates for Class
EC Certificates; provided, however, that all Interest Distribution Amounts that would otherwise be allocable to Exchangeable
Certificates that have been exchanged and converted to Class EC Certificates shall be deemed allocable to and shall be distributable
to such Class EC Certificates, without duplication.

 

“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,
for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of JPMBB Commercial
Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Interest Reserve Account”,
into which the amounts set forth in Section 3.25 shall be deposited directly and which must be an Eligible Account or subaccount
of an Eligible Account.

 

“Interest Reserve
Loan”: Each Actual/360 Mortgage Loan (other than the BWP Trust Subordinate Companion Loan).

 

“Interested Person”:
As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Senior Trust

 

    	-53-

    	 

    

 

Advisor, any Independent Contractor engaged by the Special Servicer, each Companion Holder (but only
with respect to the related Serviced Whole Loan), a Holder of Class BWP Certificates (but only with respect to the Trust AB Whole
Loan), a holder of a related mezzanine loan (but only with respect to the related Mortgage Loan), any Mortgagor under the related
Mortgage Loan documents or BWP Trust Subordinate Companion Loan documents, any related property manager or any known Affiliate
of any such Person.

 

“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
Companion Holder or a prospective purchaser of a Certificate (or any investment advisor or manager or other representative of the
foregoing), (ii) that either (a) such Person is not a Borrower Party, in
which case such Person shall have access to all the reports and information made available to Certificateholders 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 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) except in the case of a Companion Holder or its representative, that such Person has received a copy of the
final Prospectus Supplement and the Prospectus and (iv) such Person agrees to keep any information that such Person has had access
to on the Certificate Administrator’s Website confidential and will not violate any securities laws.

 

“Investor Q&A
Forum”: As defined in Section 4.08(a).

 

“Investor Registry”:
As defined in Section 4.08(b).

 

“JPMBB Commercial
Mortgage Securities Trust 2015-C30 Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of
July 1, 2015, among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National

 

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Association, as special servicer, Wells Fargo Bank,
National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance
LLC, as senior trust advisor, as from time to time amended, supplemented or modified relating to the issuance of the JPMBB Commercial
Mortgage Securities Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30.

 

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

 

“Late Collections”:
With respect to any Mortgage Loan, Whole Loan, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate 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, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate 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, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate Companion Loan, as applicable (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan, Whole Loan, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate 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. With respect
to the Trust AB 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 BWP Trust Subordinate Companion Loan, as applicable, pursuant to the terms of
the related Intercreditor Agreement.

 

“Liquidation
Event”: With respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan or with respect to any REO Property
(and the related REO Loan), any of the following events: (i) such Mortgage Loan or BWP Trust Subordinate Companion Loan is paid
in full; (ii) a Final Recovery Determination is made with respect to such Mortgage Loan or BWP Trust Subordinate Companion Loan;
(iii) such Mortgage Loan or BWP Trust Subordinate Companion Loan is repurchased by the applicable Mortgage Loan Seller pursuant
to Section 6 of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan or BWP Trust Subordinate Companion Loan is
purchased by the Special Servicer, or by any Companion

 

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Holder, Subordinate Loan-Specific Directing Certificateholder or any mezzanine
lender (as applicable) pursuant to Section 3.18 (and the related Intercreditor Agreement, as applicable); (v) such Mortgage
Loan or BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion
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 Mortgage Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.18 (including, without limitation, legal fees and expenses, committee or referee
fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to each Specially Serviced Mortgage 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 with respect thereto from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds
with respect to the related Mortgage Loan (including the related Companion Loan or BWP Trust Subordinate 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 Mortgage 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 Mortgage 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 Event, if the Directing Certificateholder or an Affiliate thereof, purchases
any Specially Serviced Mortgage 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 Mortgage 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 clause (v) and clause (vi) 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 following the date of such holder’s purchase option first becoming exercisable during that period
prior to such Mortgage Loan becoming a Corrected Mortgage Loan pursuant to the related Intercreditor Agreement, (d) with respect
to a Serviced Pari Passu Companion Loan, (x) a repurchase of such Serviced Pari Passu 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

 

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repurchase occurs
prior to the termination of the extended resolution period provided therein or (y) a purchase of such Serviced Pari Passu 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 BWP Trust Subordinate Companion Loan, if applicable) or Serviced Whole
Loan becomes a Specially Serviced Mortgage 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 BWP Trust Subordinate Companion Loan, if applicable)
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 Mortgage 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 or BWP Trust Subordinate 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; provided, however, that no Liquidation Fee will be less than $25,000.

 

“Liquidation
Fee Rate”: A rate equal to 1.0% with respect to any Specially Serviced Mortgage Loan (and each related Serviced Companion
Loan or BWP Trust Subordinate Companion Loan) and REO Property.

 

“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 Mortgage
Loan or defaulted Companion Loan or defaulted BWP Trust Subordinate 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 Mortgage Loan pursuant to
Section 3.18(a) or (B) any REO Property pursuant to Section 3.18(b); (iv) the repurchase of a Mortgage Loan or BWP
Trust Subordinate Companion Loan by the applicable Mortgage Loan Seller pursuant to Section 6 of the related Mortgage Loan Purchase
Agreement; (v) the purchase of a Mortgage 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; or (vi) the purchase
of a Mortgage Loan or an REO Property by (a) the applicable AB Subordinate Companion Holder or the related Subordinate Loan-Specific
Directing Certificateholder or (b) the related mezzanine lender pursuant to Section 3.18 and the related Intercreditor Agreement.
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. With respect to the Trust AB Whole Loan, as used in this Agreement, Liquidation Proceeds shall be allocated
between the Trust Mortgage Loan and the BWP Trust Subordinate Companion Loan pursuant to the terms of the related Intercreditor
Agreement.

 

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

 

“Lower-Tier Principal
Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary Statement hereto,
and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of the Class
of Related Certificates on the 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(d)).

 

“Lower-Tier REMIC”:
One of three separate REMICs comprising a portion of the Trust Fund, the assets of which consist of the Mortgage Loans (exclusive
of Excess Interest) and the BWP Trust Subordinate Companion Loan 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 Fund’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 Certificate
Account (other than with respect to any Companion Loan or BWP Trust Subordinate 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 REMICs or the Grantor Trust.

 

“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, for the benefit of Wells Fargo Bank, National Association,
as Trustee, for the benefit of the registered holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage
Pass-Through Certificates, Series 2015-C31, 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 6.07(a).

 

“Master Servicer”:
With respect to each of the Mortgage Loans, Midland Loan Services, a Division of PNC Bank, National Association, and its successors
in interest and assigns, or any successor appointed as allowed herein.

 

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

 

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 “Maturity
Date”: With respect to any Mortgage Loan, Whole Loan, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate 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, Trust AB Whole Loan, Companion Loan or BWP Trust Subordinate
Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

“Merger Notice”:
As defined in Section 6.02(b).

 

“Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced Whole Loan or BWP Trust
Subordinate Companion 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 Companion Loan documents or BWP Trust Subordinate 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).

 

“Monthly Payment”:
With respect to any Mortgage Loan, the related Companion Loan or BWP Trust Subordinate Companion Loan, the scheduled monthly payment
of principal and/or interest (other than Excess Interest) on such Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion
Loan, including any Balloon Payment, which is payable (as the terms of the applicable Mortgage Loan, Companion Loan or BWP Trust
Subordinate 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, Companion Loan or BWP Trust Subordinate Companion Loan by reason of default thereunder and without regard
to any Excess Interest.

 

“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.

 

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“Mortgage”:
With respect to any Mortgage Loan, Companion Loan or BWP Trust Subordinate 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 Deferred
Interest”: With respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan as of any Due Date that has been
modified (or with respect to the BWP Trust Subordinate Companion Loan that has been effectively modified through the application
of the provisions of the related Intercreditor Agreement (including, without limitation, provisions requiring such BWP Trust Subordinate
Companion Loan to bear the economic effects of any modification of the related Mortgage Note)) to (i) reduce the rate at which
interest is paid currently below the Mortgage Rate and (ii) capitalize the amount of such interest reduction, the excess, if any,
of (a) interest accrued on the Stated Principal Balance of the related Mortgage Loan or BWP Trust Subordinate Companion Loan during
the one-month interest accrual period set forth in the related Mortgage Note at the related Mortgage Rate over (b) the interest
portion of the related Monthly Payment, as so modified or reduced, or, if applicable, the interest portion of the Assumed Scheduled
Payment due on such Due Date. For the avoidance of doubt, with respect to any Whole Loan or Trust AB Whole Loan, any Mortgage Deferred
Interest will be determined after giving effect to the application of the terms of the related Intercreditor Agreement and any
applicable waterfall provisions allocating distributions between the Mortgage Loan and the related Companion Loan or BWP Trust
Subordinate Companion Loan, as applicable. Any amounts of Mortgage Deferred Interest accrued in respect of the BWP Trust Subordinate
Companion Loan shall be allocated to the Class BWP Certificates.

 

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

 

(i)          the
original executed Mortgage Note bearing, or accompanied by, all prior and intervening endorsements, assignments or allonges showing
a complete chain of endorsement or assignment from the originator of the related Mortgage Loan or BWP Trust Subordinate Companion
Loan to the most recent endorsee, and further endorsed (at the direction of the Depositor given pursuant to the applicable Mortgage
Loan Purchase Agreement), on its face or by allonge attached thereto, without recourse, representation or warranty, express or
implied to the order of the Trustee in the following form: “Pay to the order of Wells Fargo Bank, National Association, as
trustee for the benefit of the registered holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through
Certificates, Series 2015-C31” or in blank; provided that the requirements of this clause (i) will be satisfied
by delivery of a signed lost note affidavit and indemnity properly assigned or endorsed to the Trustee as described above, with
a copy of the Mortgage Note attached to it;

 

(ii)          the
original Mortgage (or a copy thereof certified from the applicable recording office) and originals (or copies thereof certified
from the applicable recording office) of any intervening assignments thereof showing a

 

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complete chain of assignment from the originator
of the related Mortgage Loan or BWP Trust Subordinate Companion Loan to the most recent mortgagee of record, in each case with
evidence of recording indicated thereon (except for recording information not yet available if the Mortgage or an assignment thereof
has not been returned from the applicable recording office);

 

(iii)          an
original Assignment of Mortgage, in complete and recordable form (except for the name of the assignee, if delivered in blank, and
except for recording information not yet available, if the Mortgage or an assignment thereof has not been returned from the applicable
recording office), executed by the most recent assignee of record thereof prior to the Trustee, or if none, by the originator to
“Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31” or in blank and, 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;

 

(iv)          an
original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage) and the originals
or copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the related Mortgage
Loan or BWP Trust Subordinate Companion Loan to the most recent assignee of record, in each case with evidence of recording thereon
(except for recording information not yet available, if the Assignment of Leases or an assignment thereof has not been returned
from the applicable recording office);

 

(v)          an
original assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage and to the extent
not already assigned as part of the Assignment of Mortgage referred to in clause (iii) of this definition), in recordable
form (except for the name of the assignee, if delivered in blank, and except for recording information not yet available, if the
instrument being assigned has not been returned from the applicable recording office), executed by the applicable assignee of record
to “Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31” or in blank and, 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;

 

(vi)          an
original or copy of any related Security Agreement (if such item is a document separate from the Mortgage) and the originals or
copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the related Mortgage
Loan or BWP Trust Subordinate Companion Loan to the applicable Mortgage Loan Seller;

 

    	-61-

    	 

    

 

(vii)        an
original assignment of any related Security Agreement (if such item is a document separate from the Mortgage), in complete form
(except for the name of the assignee, if delivered in blank, and except for recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), executed by the applicable Mortgage Loan Seller to
“Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31” or in blank and, 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;

 

(viii)        originals
or copies of all consolidation, assumption, modification, written assurance and substitution agreements, with evidence of recording
thereon, where appropriate, in those instances where the terms or provisions of the Mortgage, Mortgage Note or any related security
document have been consolidated or modified or the Mortgage Loan or BWP Trust Subordinate Companion Loan has been assumed;

 

(ix)          the
original lender’s title insurance policy issued on the date of the origination of the Mortgage Loan or BWP Trust Subordinate
Companion Loan or a copy thereof, together with all endorsements or riders that were issued with or subsequent to the issuance
of such policy, insuring the priority of the Mortgage as a first lien on the Mortgagor’s fee or leasehold interest in the
Mortgaged Property, subject to the exceptions set forth therein, or if the policy has not yet been issued, an original or copy
of a “marked-up” written commitment (marked as binding and in all cases countersigned by the title insurer or its authorized
agent) or the pro forma or specimen title insurance policy (accepted or approved in writing by the title insurer or its authorized
agent) or an agreement to provide the same pursuant to lender’s escrow trust instructions executed by an authorized representative
of the title insurance company; provided the policy is issued within eighteen (18) months from the Closing Date, in connection
with the related Mortgage Loan or BWP Trust Subordinate Companion Loan;

 

(x)          the
original or copy of any guaranty of the obligations of the Mortgagor under the related Mortgage Loan or BWP Trust Subordinate Companion
Loan and any intervening assignments;

 

(xi)          all
UCC Financing Statements, assignments and continuation statements or copies thereof, as filed or recorded, or in form that is complete
and suitable for filing or recording, as appropriate, or other evidence of filing or recording sufficient to perfect (and maintain
the perfection of) the security interest held by the originator of the related Mortgage Loan or BWP Trust Subordinate Companion
Loan (and each assignee of record prior to the Trustee) in and to the personalty of the Mortgagor at the Mortgaged Property (in
each case with evidence of filing or recording thereon, with the exception of filing or recording information not yet available
because the UCC Financing Statement, assignment

 

    	-62-

    	 

    

 

or continuation statement, as the case may be, has not yet been returned from the
applicable filing or recording office), and to transfer such security interest to the Trustee;

 

(xii)          the
original power of attorney or a copy thereof (with evidence of recording thereon) granted by the Mortgagor if the Mortgage, Mortgage
Note or other document or instrument referred to above was not signed by the Mortgagor;

 

(xiii)          with
respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan with Additional Debt secured by a lien on the related Mortgaged
Property, a co-lender agreement, a subordination agreement or other intercreditor agreement, pursuant to which such Additional
Debt will be subordinated to, or pari passu with, such Mortgage Loan or BWP Trust Subordinate Companion Loan as set forth
in such agreement;

 

(xiv)          any
additional documents required to be added to the Mortgage File pursuant to Article II of this Agreement;

 

(xv)          with
respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan secured by a Ground Lease, the related Ground Lease or a copy
thereof and any related ground lessor estoppels;

 

(xvi)          an
original of any letter of credit securing such Mortgage Loan or BWP Trust Subordinate Companion Loan and, within sixty (60) days
of the Closing Date or such earlier date as required by the issuer of the letter of credit, a copy of the appropriate transfer
or assignment documents (which may be in the form of an amendment) for such letter of credit;

 

(xvii)          a
copy of any Environmental Indemnity Agreement, together with a copy of any environmental insurance policy;

 

(xviii)        a
copy of any loan agreement(s);

 

(xix)          a
copy of any escrow agreement(s);

 

(xx)          a
copy of any property management agreement(s);

 

(xxi)         a
copy of any franchise agreements and comfort letters or similar agreements related thereto and, with respect to any franchise agreement
or comfort letter or similar agreement related thereto, any assignments thereof or any notice to the franchisor of the transfer
of such Mortgage Loan or BWP Trust Subordinate Companion Loan and a request for the issuance of a new comfort letter in favor of
the Trust;

 

(xxii)         a
copy of any lock-box or cash management agreement(s);

 

(xxiii)        a
list related to such Mortgage Loan or BWP Trust Subordinate Companion Loan indicating the related Mortgage Loan documents or BWP
Trust

 

    	-63-

    	 

    

 

Subordinate Companion Loan documents, as applicable, included in the related Mortgage File as of the Closing Date (the “Mortgage
Loan Checklist”);

 

(xxiv)          a
copy of all environmental reports that were received by the applicable Mortgage Loan Seller relating to the relevant Mortgaged
Property;

 

(xxv)          an
original assignment of all unrecorded documents relating to the Mortgage Loan or BWP Trust Subordinate Companion Loan if not already
otherwise assigned;

 

(xxvi)          a
copy of any Intercreditor Agreement entered in connection with any Whole Loan, the Trust AB Whole Loan or any existing mezzanine
indebtedness;

 

(xxvii)          with
respect to each Mortgage Loan that has a Companion Loan, a copy of the Mortgage Note related to such Companion Loan, rather than
the original; and

 

(xxviii)          with
respect to a Non-Serviced Mortgage Loan, a copy of the related Non-Serviced Pooling Agreement;

 

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 of Mortgage, any separate
assignment of Assignment of Leases and any assignment of any UCC Financing Statement in the name of the Trustee shall not be construed
to limit the beneficial interest of the related Companion Holder 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 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 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 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

 

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Loan and the related Intercreditor Agreement,
with respect to each of which the original shall be required) including a copy of the Mortgage securing the applicable Mortgage
Loan and any assignments or other transfer documents referred to in clauses (iii), (v), (vii), (xi) and (xxv) above as being in
favor of the Trustee shall instead 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 as regards the related Mortgage File (or any portion thereof) set forth herein or in
the related Mortgage Loan Purchase Agreement will also be satisfied by the delivery, in compliance with the terms of the related
Non-Serviced Pooling Agreement, by the applicable Mortgage Loan Seller of the documents specified above (other than the Mortgage
Note and intervening endorsements evidencing such Mortgage Loan) to Wells Fargo Bank, National Association, as custodian under
the related Non-Serviced Pooling Agreement (in such form as was delivered to Wells Fargo Bank, National Association, in such capacity).

 

“Mortgage Loan”:
Each of the mortgage loans (other than the Crossed Underlying Loans of a Crossed Mortgage Loan Group, it being understood that
for the purposes of this Agreement each Crossed Mortgage Loan Group shall be treated as one Mortgage Loan) transferred and assigned
to the Trustee pursuant to Section 2.01 and from time to time held in the Trust Fund. 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. As used in this Agreement, the term “Mortgage Loan” does include the Mortgage Loan associated with any
Whole Loan or Trust AB Whole Loan, but does not include any related Companion Loan or BWP Trust Subordinate Companion Loan.

 

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

 

“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 and BWP Trust Subordinate
Companion Loan, if applicable.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans and the BWP Trust Subordinate Companion Loan transferred on the Closing Date to
the Trustee as part of the Trust Fund, attached hereto as Exhibit B, which list sets forth the following information with
respect to each Mortgage Loan and BWP Trust Subordinate Companion Loan so transferred:

 

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

 

(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;

 

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(vi)          the
original principal balance;

 

(vii)         the
Cut-off Date Principal 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 Monthly Payment due on the first Due Date following the Cut-off Date;

 

(xi)          the
applicable Servicing Fee Rate;

 

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

 

(xiii)          [Reserved];

 

(xiv)          whether
such Mortgage Loan or BWP Trust Subordinate Companion Loan is secured by the related Mortgagor’s interest in a ground lease;

 

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

 

(xvi)          the
originator of the related Mortgage Loan or BWP Trust Subordinate Companion Loan and the Mortgage Loan Seller;

 

(xvii)         whether
the related Mortgage Loan or BWP Trust Subordinate Companion Loan has a guarantor;

 

(xviii)        whether
the related Mortgage Loan or BWP Trust Subordinate Companion Loan is secured by a letter of credit;

 

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

 

(xx)          number
of grace days;

 

(xxi)          whether
a cash management agreement or lock-box agreement is in place;

 

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

 

(xxiii)          whether
the related Mortgage Loan or BWP Trust Subordinate Companion Loan permits defeasance;

 

(xxiv)          the
interest accrual period;

 

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(xxv)          Anticipated
Repayment Date, if applicable;

 

(xxvi)          the
Revised Rate of such Mortgage Loan or BWP Trust Subordinate Companion Loan, if any; and

 

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

 

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) JPMorgan Chase Bank, National Association, a national banking association, or its successor in interest,
(ii) Barclays Bank PLC, a public limited company registered in England and Wales, or its successor in interest, (iii) RAIT, a Delaware
limited liability company, or its successor in interest, (iv) RCMC, a Delaware corporation, or its successor in interest and (v)
SMF II, a Delaware limited liability company, or its successor in interest. For the avoidance of doubt, any reference herein to
the “Mortgage Loan Seller” as it relates to RAIT in connection with any repurchase obligations thereof shall also be
a reference to RAIT Financial Trust to the extent that RAIT Financial Trust has, in accordance with the RAIT Financial Trust Guaranty,
agreed to guaranty such repurchase obligations. For the avoidance of doubt, any reference herein to the “Mortgage Loan Seller”
as it relates to RCMC in connection with any obligations thereof shall also be a reference to RTI to the extent that RTI has, in
accordance with the related Mortgage Loan Purchase Agreement, agreed to cause RCMC to take any actions thereunder or, to the extent
assigned to the Trustee, RTI otherwise has obligations under the related Mortgage Loan Purchase Agreement. For the avoidance of
doubt, any reference herein to the “Mortgage Loan Seller” as it relates to SMF II in connection with any obligations
thereof shall also be a reference to Starwood to the extent that Starwood has, in accordance with the related Mortgage Loan Purchase
Agreement, agreed to cause SMF II to take any actions thereunder or, to the extent assigned to the Trustee, Starwood otherwise
has obligations under the related Mortgage Loan Purchase Agreement.

 

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

 

“Mortgage Rate”:
With respect to: (i) any Mortgage Loan, related Serviced Pari Passu Companion Loan or BWP Trust Subordinate 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 Mortgage
Loan, related Serviced Pari Passu Companion Loan or BWP Trust Subordinate Companion Loan from time to time in accordance with the
related Mortgage Note and applicable law; or (ii) any Mortgage Loan, related Serviced Pari Passu Companion Loan or BWP Trust Subordinate
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.

 

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“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 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 on the Mortgage Loans during
the related Due Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution
Date pursuant to Section 3.19 in connection with such Prepayment Interest Shortfalls.

 

“Net Investment
Earnings”: With respect to the Certificate 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 Fund 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 Certificate 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 Fund 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 any Mortgage Loan, any REO Loan (other than the portion of an REO Loan related to any Companion
Loan) or BWP Trust Subordinate 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, the Net Mortgage Rate for any Mortgage Loan or BWP Trust Subordinate Companion Loan will be determined without regard to
any modification, waiver or amendment of the terms of the related Mortgage Loan or BWP Trust Subordinate Companion Loan, whether
agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving
the 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 on the Regular Certificates,
and the interest rate on the Uncertificated Lower-Tier Interests, 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

 

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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; provided, further,
that, with respect to each Interest Reserve 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 or BWP Trust Subordinate Companion 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.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Loan
which, in the reasonable judgment of the Master Servicer or the Trustee, as applicable, 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 Mortgage 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 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 Senior Trust 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

 

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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 P&I Advance
with respect to the related Non-Serviced Companion Loan, if made, would be a Nonrecoverable P&I Advance, 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 or the Special
Servicer 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. 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, Companion Loan or BWP Trust Subordinate Companion
Loan 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 change with respect to such Mortgaged Properties, (b) to estimate and consider
(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 Advance or Workout-Delayed Reimbursement
Amount with respect to other Mortgage Loans which, at the time of such consideration, the reimbursement of which is being deferred
or delayed by the Master Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light
of the fact that proceeds on the related Mortgage Loan are a source of reimbursement 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, promptly upon request, from the Special Servicer any reasonably required analysis, Appraisals
or market value estimates or other information in the Special Servicer’s possession for making a recoverability determination.
Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s determination as to

 

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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 applicable, that the Master Servicer or the Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, 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),
the Senior Trust Advisor (but only in the case of the Special Servicer) and the Depositor (and, in the case of a Serviced Mortgage
Loan, any Other Servicer) or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Senior Trust 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, 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), Whole Loan, REO Property or Trust AB Whole 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, Whole Loan, REO Property or Trust AB Whole Loan. 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, Whole Loan
or Trust AB Whole Loan 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 change 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 and (c) to estimate and consider (among other things) the timing of recoveries. 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 that, at the time of such
consideration, the reimbursement of which is being deferred or delayed by the Master Servicer,

 

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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, may obtain, promptly upon request, from the Special Servicer any reasonably required analysis, Appraisals
or market value estimates or other information in the Special Servicer’s possession for making a recoverability determination.
The determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that it has made a Nonrecoverable
Servicing Advance 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), the Senior Trust Advisor (but only in the case of the Special Servicer) and the Depositor (and in the case of a
Serviced Mortgage Loan, any Other Servicer), or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the
Senior Trust 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 and, prior to the occurrence of a Consultation Termination Event and
only with respect to any Mortgage Loan other than an 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 Nonrecoverable Servicing Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any
Other Servicer), the Trustee, the Certificate Administrator 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, the Special 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 and
property inspections, and shall include any existing Appraisal with respect to the related Mortgage Loan, Serviced Companion Loan
or BWP Trust Subordinate Companion Loan, as applicable, 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
Mortgage Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making

 

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recoverability determinations. The Trustee shall be entitled to conclusively rely on the Master Servicer’s or Special Servicer’s,
as the case may be, 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 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 Pooling Agreement.
For the avoidance of doubt, the Special Servicer shall not make any Servicing Advances.

 

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

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Companion Loan”: The Brunswick Portfolio Pari Passu Companion Loans.

 

“Non-Serviced
Depositor”: The “Depositor” under the Non-Serviced Pooling Agreement.

 

“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 Pooling Agreement.

 

“Non-Serviced
Intercreditor Agreement”: The Brunswick Portfolio Intercreditor Agreement.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Mortgage Loan”: The Brunswick Portfolio Mortgage Loan.

 

“Non-Serviced
Mortgaged Property”: The Brunswick Portfolio Mortgaged Property.

 

“Non-Serviced
Paying Agent”: The “Paying Agent” under the Non-Serviced Pooling Agreement.

 

 

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“Non-Serviced
Pooling Agreement”: With respect to the Brunswick Portfolio Whole Loan, the JPMBB Commercial Mortgage Securities Trust
2015-C30 Pooling and Servicing Agreement.

 

“Non-Serviced
Senior Trust Advisor”: The “Senior Trust Advisor” under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Special Servicer”: The “Special Servicer” under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Trust”: The “Trust” formed under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Trustee”: The “Trustee” under the Non-Serviced Pooling Agreement.

 

“Non-Serviced
Whole Loan”: The Brunswick Portfolio Whole Loan.

 

“Non-Serviced
Whole Loan Controlling Holder”: The “directing certificateholder” or similarly defined party under the Non-Serviced
Pooling Agreement.

 

“Non-Specially
Serviced Mortgage Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan or BWP
Trust Subordinate Companion Loan that is not a Specially Serviced Mortgage 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, unless, with respect to the Transfer of a Class R Certificate, (i)
such person holds such Class R Certificate in connection with the conduct of a trade or business within the United States and furnishes
the Transferor and the Certificate Registrar with an effective Internal Revenue Service Form W-8ECI (or successor form) or (ii)
the Transferee delivers to both the Transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel
to the effect that such Transfer is in accordance with the requirements of the Code and the regulations promulgated thereunder
and that such Transfer of the Class R Certificate will not be disregarded for federal income tax purposes. A Person shall be treated
as a Non-U.S. Tax Person, (A) notwithstanding clause (i) of the preceding sentence, if it is a partnership (including any
entity treated as a partnership for U.S. federal income tax purposes) any interest in which is owned (or may be owned pursuant
to the applicable partnership agreement), directly or indirectly (other than through a U.S. corporation), by a Non-U.S. Tax Person
or (B) if such Person is a U.S. Tax Person with respect to whom income from a Class R Certificate is attributable to a foreign
permanent establishment of fixed base, within the meaning of an applicable income treaty, of such Person or any other U.S. Tax
Person.

 

“Non-Waiving
Successor”: As defined in Section 3.28(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; in

 

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the case of the Class X-C Certificates, the Class X-C 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 been engaged to rate any securities backed, in whole or in part, by a Serviced Pari Passu Companion Loan, or that such
NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act,
such NRSRO has access to the Depositor’s 17g-5 website and such NRSRO will keep such information confidential, except to
the extent such information has been made available to the general public.

 

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

 

“Offered Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class EC, Class D, 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.

 

“Opinion of Counsel”:
A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, the Master Servicer, the Special
Servicer or the Senior Trust Advisor, 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 6.04, must be an opinion of counsel who is in fact Independent of the Depositor, the
Master Servicer, the Special Servicer and the Senior Trust Advisor.

 

“Original Certificate
Balance”: With respect to any Class of Principal Balance Certificates or Class BWP Certificates, as applicable, 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 Uncertificated Lower-Tier Interest, the initial principal amount thereof
as of the Closing Date, in each case as specified in the Preliminary Statement.

 

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“Original Notional
Amount”: With respect to the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-C 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 Certificate
Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

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

 

“Other Pooling
and Servicing Agreement”: Any pooling and servicing agreement that creates a trust fund whose assets include any Serviced
Companion Loan.

 

“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 or BWP Trust Subordinate 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-2 Pass Through Rate, the Class A-3 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 NR Pass Through Rate, the Class
X-A Pass Through Rate, the Class X-B Pass Through Rate, the Class X-C Pass Through Rate, the Class X-D Pass Through Rate or the
Class BWP Pass-Through Rate.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loan), Serviced Companion Loan or BWP Trust Subordinate
Companion Loan (or any successor REO Loan), any amounts actually collected thereon (or, in the case of a

 

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Serviced Companion Loan
or BWP Trust Subordinate Companion Loan (or any successor REO Loan thereto) that is part of a Serviced Whole Loan or Trust AB Whole
Loan, as applicable, actually collected on such Serviced Whole Loan or Trust AB Whole Loan, as applicable, and allocated and paid
on such Serviced Companion Loan or BWP Trust Subordinate Companion Loan, as applicable (or any successor REO Loan) in accordance
with the related Intercreditor Agreement) that represent late payment charges or Default Interest, other than a Yield Maintenance
Charge or any Excess Interest.

 

“Percentage Interest”:
As to any Certificate (other than the Class R and Class Z 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 Z Certificates),
the percentage interest is equal to the Denomination 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, in the case of the Exchangeable Certificates,
in each case, after giving effect to any exchange and conversion for Class EC Certificates. With respect to a Class R Certificate
or a Class Z Certificate, the percentage interest is set forth on the face thereof. With respect to the Class EC Certificates,
the percentage interest is equal to the Denomination of such Certificate divided by the Original Certificate Balance as of the
Closing Date of the Exchangeable Certificates exchanged and converted for such Class EC Certificates.

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing Party”:
As defined in Section 11.12.

 

“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

 

    	-77-

    	 

    

 

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 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) for maturities of less than three (3) months, a short-term
rating of “R-1 (high)” by DBRS (if then rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s
and KBRA)), (F) for maturities greater than three (3) months, a long-term rating of “AAA” by DBRS (if then rated by
DBRS and, if not so rated, by two other NRSROs (which may be Moody’s and KBRA)) and (G) 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; and in the case of DBRS, if then
rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s and KBRA)), if the obligations mature within
60 days; provided,

 

    	-78-

    	 

    

 

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
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; and in the case of DBRS, if then rated by DBRS and, if not so rated, by two other NRSROs (which
may be Moody’s and KBRA));

 

(vi)          money
market funds, 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) hereof 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 3.30); and

 

(viii)          any
other demand, money market or time depositor, 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

 

    	-79-

    	 

    

 

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 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, the BWP Trust Subordinate Companion Loan, any Serviced
Whole Loan or 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 the Trust Fund
to fail to qualify as one or more REMICs at any time that the Certificates are outstanding, (c) a Person that is a Non-U.S. Tax
Person (other than (i) a Non-U.S. Tax Person in whose hands the income from such Class R Certificate is effectively connected with
the conduct of a trade or business within the United States and that has furnished the transferor and the Certificate Registrar
with an effective Internal Revenue Service Form W-8ECI or other prescribed form or (ii) a Non-U.S. Tax Person, if in connection
with the proposed transfer of such Class R Certificate, the transferor provides an Opinion of Counsel to the Certificate Registrar
to the effect that such transfer will not be disregarded for federal income tax purposes under Treasury Regulations Section 1.860G-3),
(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 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).

 

    	-80-

    	 

    

 

“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, any Serviced Pari Passu Companion Loan
or BWP Trust Subordinate Companion Loan that was subject to a Principal Prepayment in full or in part during the related
Due Period, which Principal Prepayment was applied to such Mortgage Loan, Serviced Pari Passu Companion Loan
or BWP Trust Subordinate Companion 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 the sum of (x) the related Net Mortgage Rate for such Mortgage Loan or BWP Trust Subordinate Companion
Loan, as applicable, and (y) the Certificate Administrator Fee Rate and Senior Trust Advisor Fee Rate, 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
Shortfall”: For any Distribution Date and with respect to any Mortgage Loan, any Serviced Pari Passu Companion Loan or
BWP Trust Subordinate Companion Loan that was subject to a Principal Prepayment in full or in part during the related Due Period,
which Principal Prepayment was applied to such Mortgage Loan, Serviced Pari Passu Companion Loan or BWP Trust Subordinate Companion
Loan, as applicable, after the related Determination Date (or, with respect to each Mortgage Loan, Serviced Pari Passu Companion
Loan or BWP Trust Subordinate 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 the sum of (x) the related Net Mortgage
Rate for such Mortgage Loan or BWP Trust Subordinate Companion Loan, as applicable and (y) the Certificate Administrator Fee Rate
and the Senior Trust Advisor Fee Rate, 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 BWP Trust Subordinate Companion Loan, as applicable, and ending
on such following Due Date. With respect to the Trust AB Whole Loan, any Prepayment Interest Shortfall for any Distribution Date
shall be allocated first to the BWP Trust Subordinate Companion Loan (and, correspondingly, the Class BWP Certificates)
and then to the Trust AB Mortgage Loan. Shortfalls allocable to the BWP Trust Subordinate Companion Loan as a result of Prepayment
Interest Shortfalls not covered by Compensating Interest Payments shall be allocated to the Class BWP Certificates.

 

“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.

 

    	-81-

    	 

    

 

“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-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D, Class E,
Class F and Class NR 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, with interest on such Nonrecoverable Advances at the Reimbursement Rate that are paid or reimbursed
from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been
included in the Principal Distribution Amount for such Distribution Date and (B) Workout-Delayed Reimbursement Amounts paid or
reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise
been included in the Principal Distribution Amount for such Distribution Date (provided that, in the case of clauses
(A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans are subsequently
recovered on the related Mortgage Loan, such recovery will increase the Principal Distribution Amount for the Distribution Date
related to the period in which such recovery occurs). With respect to each Class of Exchangeable Certificates and the Class EC
Certificates, for purposes of determining allocations and distributions under Section 4.01(a) of this Agreement as between
the Exchangeable Certificates and the Class EC Certificates, all allocations of principal to each Class of Exchangeable Certificates
for any Distribution Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates for
Class EC Certificates; provided, however, that all amounts of principal that are allocable to Exchangeable Certificates
that have been exchanged and converted to Class EC Certificates shall be deemed allocable to and shall be distributable to such
Class EC Certificates, without duplication.

 

“Principal Prepayment”:
Any payment of principal made by the Mortgagor on a Mortgage Loan or BWP Trust Subordinate Companion 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

 

    	-82-

    	 

    

 

distributed
in respect of principal on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class
F and Class NR Certificates for such preceding Distribution Date pursuant to Section 4.01(a). The Principal Shortfall for
the initial Distribution Date will be zero. With respect to each Class of Exchangeable Certificates and the Class EC Certificates,
for purposes of determining allocations and distributions under Section 4.01(a) of this Agreement as between the Exchangeable
Certificates and the Class EC Certificates, all Principal Shortfalls of each Class of Exchangeable Certificates for any Distribution
Date shall be determined without regard to any exchange and conversion of such Exchangeable Certificates for Class EC Certificates;
provided, however, that all Principal Shortfalls that are allocable to Exchangeable Certificates that have been exchanged
and converted for Class EC Certificates shall be deemed allocable to such Class EC Certificates, without duplication.

 

“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 Mortgage
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 Fund’s position in any ongoing or future negotiations with the related Mortgagor or other interested
party and (iii) information subject to attorney-client privilege. Both the Master Servicer and the Special Servicer shall be entitled
to rely on any identification of materials as “attorney-client privileged” without liability for any such reliance
hereunder.

 

“Privileged Person”:
The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator, any Additional Servicer designated by the Master Servicer or the
Special Servicer, the Senior Trust Advisor, any affiliate of the Senior Trust Advisor designated by the Senior Trust Advisor, any
Companion Holder (or representative thereof) who provides an Investor Certification, 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 be entitled to receive (i) if such party is the Directing Certificateholder
or any Controlling Class Certificateholder, any Excluded Information, and (ii) if such party is not the Directing Certificateholder
or any Controlling Class Certificateholder, any information other than the Statement to Certificateholders. In determining whether
any Person is an Additional Servicer or an Affiliate of the Senior Trust Advisor, the Certificate Administrator may rely on direction
by the Master Servicer, the Special Servicer, each Mortgage Loan Seller or the Senior Trust Advisor, as the case may be.

 

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

 

    	-83-

    	 

    

 

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

 

“Prospectus”:
The Prospectus, dated May 29, 2015, as supplemented by the Prospectus Supplement.

 

“Prospectus Supplement”:
The Prospectus Supplement, dated August 14, 2015, relating to the offering of the Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Purchase Price”:
With respect to any Mortgage Loan or BWP Trust Subordinate Companion 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 6 of the related Mortgage
Loan Purchase Agreement by the related Mortgage Loan Seller, (B) Section 3.18, or (C) Section 9.01, a price, without
duplication, equal to:

 

(i)          the
outstanding principal balance of such Mortgage Loan or BWP Trust Subordinate Companion 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

 

(ii)          all
accrued and unpaid interest on such Mortgage Loan or BWP Trust Subordinate Companion 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 (exclusive of Default Interest and Excess Interest) to, but not including, the Due Date immediately
preceding the Determination Date for the related Distribution Date in which such Purchase Price is included in the Available Distribution
Amount or Class BWP Available Distribution Amount; plus

 

(iii)          all
related Servicing Advances that have not been reimbursed out of collections from such Mortgage Loan or BWP Trust Subordinate Companion
Loan (or any related REO Loan) and accrued and unpaid interest on related Advances at the Reimbursement Rate, and any Special Servicing
Fees (whether paid or unpaid), and all additional Trust Fund expenses (except for Liquidation Fees) in respect of such Mortgage
Loan or BWP Trust Subordinate Companion Loan (or any related REO Loan (including for such purpose, to the extent required pursuant
to the final paragraph hereof, the related Companion Loan)); plus

 

(iv)          if
such Mortgage Loan or BWP Trust Subordinate Companion Loan (or any related REO Loan) is being repurchased or substituted by the
related Mortgage Loan Seller, pursuant to Section 6 of the applicable Mortgage Loan Purchase Agreement, all reasonable out-of-pocket
expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee in respect of the Breach or Defect giving rise to the repurchase or substitution obligation, including any expenses
arising out of the enforcement of the repurchase or substitution obligation,

 

    	-84-

    	 

    

 

including, without limitation, legal fees and expenses
and any expenses of the Trust Fund relating to such Mortgage Loan or BWP Trust Subordinate Companion Loan (or any related REO Loan);
plus

 

(v)          Liquidation
Fees, if any, payable with respect to such Mortgage Loan or BWP Trust Subordinate Companion Loan (or any related REO 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 or Trust AB Whole Loan to be sold pursuant to Section 3.18(a)(iii), “Purchase Price” shall mean the amount
calculated in accordance with the preceding sentence in respect of the related Whole Loan or Trust AB Whole Loan, including, for
such purposes, the Mortgage Loan and the related Companion Loan or BWP Trust Subordinate Companion Loan, as applicable. With respect
to any REO Property to be sold pursuant to Section 3.18(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 or BWP
Trust Subordinate Companion Loan). With respect to any sale pursuant to Section 3.18(a)(ii) or Section 3.18(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 or BWP Trust Subordinate Companion Loan, as 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, BWP Trust Subordinate Companion 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, at least “A-“
(or its equivalent) by one other nationally recognized insurance rating organization (which may include DBRS or KBRA) and (b) “A(low)”
by DBRS (or, if not rated by DBRS, at least an equivalent rating as that listed above 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 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 an Affiliate of the Senior Trust Advisor, (iii) is not obligated to
pay the

 

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Senior Trust Advisor (x) any fees or otherwise compensate the Senior Trust Advisor in respect of its obligations under
this Agreement, and (y) for the appointment of the successor special servicer or the recommendation by the Senior Trust Advisor
for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled to receive any compensation from the
Senior Trust Advisor other than compensation that is not material and is unrelated to the Senior Trust Advisor’s recommendation
that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Senior Trust
Advisor for its appointment as successor special servicer, in each case, unless expressly approved by 100% of the Certificateholders,
(vi) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination
and (vii) is not a special servicer that has been cited by KBRA or DBRS 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.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Civic Opera Building Mortgage Loan, The Roosevelt
New Orleans Waldorf Astoria Mortgage Loan, the Sunbelt Portfolio Mortgage Loan, the Brunswick Portfolio Mortgage Loan or the BWP
Trust Subordinate Companion Loan, as applicable, for which no substitution will be permitted) replacing a deleted Mortgage Loan
that must, on the date of substitution: (i) have an outstanding principal balance, after application of all scheduled payments
of principal and interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated
Principal Balance of the deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii)
have a Mortgage Rate not less than the Mortgage Rate of the deleted Mortgage Loan; (iii) have the same Due Date as and grace period
no longer than that of the deleted Mortgage Loan; (iv) accrue interest on the same basis as the deleted Mortgage Loan (for example,
on the basis of a 360 day year consisting of twelve 30-day months); (v) have a remaining term to stated maturity not greater than,
and not more than two (2) years less than, the remaining term to stated maturity of the deleted Mortgage Loan; (vi) have a then-current
loan-to-value ratio equal to or less than the lesser of the loan-to-value ratio for the deleted Mortgage Loan as of the Closing
Date and 75%, in each case using the “value” for the Mortgaged Property as determined using an MAI appraisal; (vii)
comply (except in a manner that would not be adverse to the interests of the Certificateholders) as of the date of substitution
in all material respects with all of the representations and warranties set forth in the applicable 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 deleted 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 two (2) years prior to the Rated Final Distribution Date; (xii)
have comparable prepayment restrictions to those of the deleted Mortgage Loan; (xiii) not be substituted for a deleted Mortgage
Loan unless

 

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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 Event has not occurred and is not continuing, by the Directing Certificateholder; (xv) prohibit
defeasance within two (2) years of the Closing Date; (xvi) not be substituted for a deleted Mortgage Loan if it would result in
the termination of the REMIC status of any of the Trust REMICs established under this Agreement or the imposition of tax on any
of such Trust REMICs other than a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement,
as determined by an Opinion of Counsel; (xvii) have an engineering report with respect to the related Mortgaged Property that will
be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal
and interest then due. In the event that more than one mortgage loan is substituted for a deleted Mortgage Loan, 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 Senior Trust 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 deleted Mortgage Loan, the applicable 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 3.30(a).

 

“RAIT”:
RAIT Funding, LLC, and its successors in interest.

 

“RAIT Financial
Trust Guaranty”: That certain letter agreement dated as of August 28, 2015, by RAIT Financial Trust in favor of the Depositor
related to the Mortgage Loan Purchase Agreement entered into by RAIT.

 

“Rated Final
Distribution Date”: As to each Class of Certificates, the Distribution Date in August 2048.

 

“Rating Agency”:
Each of Moody’s, KBRA and DBRS 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, KBRA and DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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“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 4.08(c).

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 4.08(c).

 

“RCMC”:
Redwood Commercial Mortgage Corporation, and its successors in interest.

 

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

 

“Regular Certificates”:
Any of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class NR, Class
X-A, Class X-B, Class X-C 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 rules may be amended
and are in effect from time to time, but only to the extent compliance is required as of the applicable date of determination,
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.

 

“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, BWP Trust Subordinate Companion Loan 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.

 

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

 

	
        Related Certificates

        
	 	
        Related Uncertificated

        Lower-Tier Interest

        

	Class A-1 Certificates	 	Class LA1 Uncertificated Interest
	Class A-2 Certificates	 	Class LA2 Uncertificated Interest
	Class A-3 Certificates	 	Class LA3 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 NR Certificates	 	Class LNR Uncertificated Interest

 

“Relevant Servicing
Criteria” means 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

 

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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.

 

“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 3.16(b) on
behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan or Holders of the Class
BWP Certificates, as applicable, for the benefit of the related Serviced Companion Noteholder or Trust AB Whole Loan, which shall
initially be entitled “Midland Loan Services, a Division of PNC Bank, National Association, or the applicable successor special
servicer, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of registered holders
of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, 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 3.18.

 

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

 

“REO Loan”:
Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan or the Trust AB Whole Loan, the related Companion Loan
or BWP Trust Subordinate 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 interest therein, in the case of the 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,
Companion Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate 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, Companion
Loan or BWP Trust Subordinate 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 Senior Trust Advisor, the Certificate Administrator or the Trustee, as applicable,
in respect of the predecessor Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan, if applicable, as of the date
of the related REO 

 

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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 Senior Trust Advisor, 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 or Trust AB Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to the related Serviced
Pari Passu Companion Loan or BWP Trust Subordinate 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 or Trust AB 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 or
BWP Trust 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 Uncertificated
Lower-Tier Interests) (and also including, if applicable, the Trust Fund’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 Reductions and Final Recovery Determinations with respect to an “REO Property”, shall
not include the Trust Fund’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 Senior Trust Advisor, the Custodian
or any Servicing Function Participant engaged by such parties, as the case may be.

 

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

 

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

 

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

 

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

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee 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 (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 0.0025% per annum with respect to each Mortgage Loan.

 

“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.

 

“RTI”:
Redwood Trust, Inc., and its successors in interest.

 

“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.

 

“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

 

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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” means 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 Monthly 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 Due Period, and all Assumed Scheduled Payments with respect
to the Mortgage Loans for the related Due 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.

 

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

 

“Security Agreement”:
With respect to any Mortgage Loan or BWP Trust Subordinate Companion 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.

 

“Senior Trust
Advisor”: Pentalpha Surveillance LLC, and its successors in interest and assigns, or any successor senior trust advisor
appointed as herein provided.

 

“Senior Trust
Advisor Annual Report”: As defined in Section 3.31(c).

 

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“Senior Trust
Advisor Consulting Fee”: A fee for each Major Decision on which the Senior Trust Advisor has consulting obligations and
performed its duties with respect to such Major Decision equal to $10,000 with respect to any Mortgage Loan or such lesser amount
as the related Mortgagor agrees to pay, 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 Senior Trust Advisor may in its sole discretion reduce the Senior Trust Advisor Consulting Fee with respect
to any Major Decision; provided, further, that the Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Senior Trust 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 Senior Trust Advisor prior to any such waiver or reduction).

 

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

 

“Senior Trust
Advisor Fee”: With respect to each Mortgage Loan, REO Loan (other than the portion of an REO Loan related to any Serviced
Companion Loan) and BWP Trust Subordinate Companion Loan, the fee payable to the Senior Trust Advisor pursuant to Section 3.31(h).

 

“Senior Trust
Advisor Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per
annum rate of 0.00210%.

 

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

 

“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 Civic Opera Building Pari Passu Companion Loan, (b) The Roosevelt New Orleans Waldorf Astoria
Pari Passu Companion Loans, (c) the Sunbelt Portfolio Pari Passu Companion Loan and (d) 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 Civic Opera Building Pari Passu Companion Loan, (b) The Roosevelt New Orleans
Waldorf Astoria Pari Passu Companion Loans, (c) the Sunbelt Portfolio Pari Passu Companion Loan and (d) any AB Subordinate Companion
Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced Mortgage
Loan”: Each of (a) the Civic Opera Building Mortgage Loan, (b) The Roosevelt New Orleans Waldorf Astoria Mortgage Loan,
(c) the Sunbelt Portfolio

 

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Mortgage Loan and (d) any AB Mortgage Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced Pari
Passu Companion Loan”: Each of (a) the Civic Opera Building Pari Passu Companion Loan, (b) The Roosevelt New Orleans
Waldorf Astoria Pari Passu Companion Loans and (c) the Sunbelt Portfolio Pari Passu Companion Loan.

 

“Serviced Pari
Passu Mortgage Loan”: Each of (a) the Civic Opera Building Mortgage Loan, (b) The Roosevelt New Orleans Waldorf Astoria
Mortgage Loan and (c) the Sunbelt Portfolio Mortgage Loan.

 

“Serviced Pari
Passu Whole Loan”: Each of (a) the Civic Opera Building Whole Loan, (b) The Roosevelt New Orleans Waldorf Astoria Whole
Loan and (c) the Sunbelt Portfolio Whole Loan.

 

“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 Civic Opera Building Whole Loan, (b) The Roosevelt New Orleans Waldorf Astoria Whole Loan, (c)
the Sunbelt Portfolio Whole Loan and (d) any Serviced AB Whole Loan, as applicable.

 

“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, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement and (y) following contribution of such
Serviced Companion Loan to an Other Securitization, the Business Day following the determination date set forth in the related
Other Pooling and Servicing Agreement; provided, however, that no remittance is required to be made until one (1)
Business Day after receipt of the related Monthly Payment with respect to the related Serviced Whole Loan.

 

“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 or the Trust AB Mortgage Loan, the related Serviced Companion Loan or BWP Trust Subordinate 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) an REO Property,

 

    	-95-

    	 

    

 

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, (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 nor 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 or BWP Trust Subordinate 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 the Non-Serviced Mortgage Loan), Serviced Companion Loan, BWP Trust Subordinate 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, BWP Trust Subordinate Companion 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”, in each case computed
on the basis of the Stated Principal Balance of the related Mortgage Loan, BWP Trust Subordinate Companion Loan or REO Loan in
the same manner in which interest is calculated in respect of such loans. With respect to the Civic Opera Building Pari Passu Companion
Loan, the “Servicing Fee Rate” shall be a per annum rate equal to 0.0025%. With respect to The Roosevelt New
Orleans Waldorf Astoria Pari Passu Companion Loans, the “Servicing Fee Rate” shall be a per annum rate equal
to 0.0025%. With respect to the Sunbelt Portfolio Pari Passu Companion Loan, the “Servicing Fee Rate” shall be a per
annum rate equal to 0.0025%.

 

“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 BWP Trust Subordinate Companion
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

 

    	-96-

    	 

    

 

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 Senior Trust 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, Serviced Companion Loans or BWP Trust Subordinate Companion Loan,
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 Senior Trust 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), related Companion Loan or BWP Trust
Subordinate Companion Loan, the occurrence of any of the following events:

 

(i)          with
respect to a Mortgage Loan, Companion Loan or BWP Trust Subordinate 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, Companion
Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate Companion Loan that is a Balloon Mortgage Loan, the Balloon

 

    	-97-

    	 

    

 

Payment is delinquent and the related Mortgagor has not provided the Master Servicer, within sixty (60) days after the related
Maturity Date, with a written and fully executed or otherwise binding commitment (subject only to customary final closing conditions)
for refinancing, from an acceptable lender, reasonably satisfactory in form and substance to the Master Servicer (and the Master
Servicer shall promptly forward such commitment to the Special Servicer), 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 Companion Loan
or BWP Trust Subordinate Companion Loan, as applicable, will become a Specially Serviced Mortgage Loan immediately if the related
Mortgagor fails to diligently pursue such financing or to pay any Assumed Scheduled Payment on the related Due Date (subject to
any applicable grace period) at any time before the refinancing or, if such refinancing does not occur, the related Mortgage Loan
and any related Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, will become a Specially Serviced Mortgage
Loan at the end of such 120-day period (or for such shorter period beyond the date on which that Balloon Payment was due within
which the refinancing is scheduled to occur pursuant to the commitment for refinancing or on which such commitment terminates);
or

 

(iii)          any
Monthly Payment (other than a Balloon Payment) that is more than sixty (60) days delinquent (unless, in the case of a Serviced
Whole Loan, Trust AB Whole Loan or Mortgage Loan with mezzanine debt, prior to such Monthly Payment becoming more than sixty (60)
days delinquent the holders of the related Companion Loan, the related Subordinate Loan-Specific Directing Certificateholder 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 makes a judgment, or receives from the Special Servicer a written determination of the Special Servicer (with respect
to any Mortgage Loan other than an Excluded Loan, with the consent, prior to the occurrence and continuance of any Control Event,
of the Directing Certificateholder, in the case of the Special Servicer), 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 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 Companion
Loan or BWP Trust

 

    	-98-

    	 

    

 

Subordinate Companion Loan, as applicable), shall no longer be a Specially Serviced Mortgage 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 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) (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 Companion Loans or BWP Trust Subordinate Companion Loan, 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 or BWP Trust Subordinate 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

 

(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 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, related Companion Loan or BWP Trust
Subordinate 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 Companion Loan or BWP Trust Subordinate Companion Loan (if any)
or otherwise materially adversely

 

    	-99-

    	 

    

 

affect the interests of Certificateholders (including, with respect to the Trust AB Whole Loan,
the Holders of the Class BWP Certificates) (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 Companion
Loans or BWP Trust Subordinate Companion Loan, as the case may be), and (iii) the default will continue unremedied for the applicable
cure period under the terms of the Mortgage Loan, related Companion Loan or BWP Trust Subordinate Companion Loan, as applicable,
or, if no cure period is specified and the default is capable of being cured, for thirty (30) days (provided that such 30-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, related Companion Loan or BWP Trust Subordinate 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,
related Companion Loan or BWP Trust Subordinate 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 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 Mortgage Loan shall be a Specially Serviced
Mortgage Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Mortgage Loan. If any Serviced Companion
Loan or BWP Trust Subordinate Companion Loan becomes a Specially Serviced Mortgage Loan, the related Serviced Mortgage Loan or
related Trust AB Mortgage Loan, as applicable, shall also become a Specially Serviced Mortgage Loan. If any Serviced Mortgage Loan
or Trust AB Mortgage Loan becomes a Specially Serviced Mortgage Loan, the related Serviced Companion Loan or BWP Trust Subordinate
Companion Loan, as applicable, shall also become a Specially Serviced Mortgage Loan. With respect to a Non-Serviced Mortgage Loan,
the occurrence of a “Servicing Transfer Event” shall be as defined in the related Non-Serviced Pooling Agreement.

 

“Significant
Obligor”: As defined in Section 11.16.

 

“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
45th day after the end of such calendar quarter.

 

“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).

 

    	-100-

    	 

    

 

“SMF II”:
Starwood Mortgage Funding II LLC, a Delaware limited liability company, and its successors in interest.

 

“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 NR Certificates; provided, however, that the Certificate
Balances of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class EC and Class D Certificates have
been retired.

 

“Special Notice”:
As defined in Section 5.06.

 

“Special Servicer”:
With respect to each of the Mortgage Loans (other than the Non-Serviced Mortgage Loan) and the Serviced Companion Loans or the
BWP Trust Subordinate Companion Loan (if any), Midland Loan Services, a Division of PNC Bank, National Association, and its successors
in interest and assigns, or any successor special servicer appointed as herein provided.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Mortgage 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 Mortgage Loan and each REO Loan on a loan-by-loan basis (other than
a Non-Serviced Mortgage Loan), 0.25000% per annum computed on the basis of the Stated Principal Balance of the related Mortgage
Loan, Companion Loan and the BWP Trust Subordinate Companion Loan (in each case, including any REO Loan), as applicable, in the
same manner as interest is calculated on the Specially Serviced Mortgage Loans.

 

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

 

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

 

“Starwood”:
Starwood Mortgage Capital LLC, a Delaware limited liability company, or its successors in interest.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan, as of any date of determination,
an amount equal to (x) the Cut-off Date Principal Balance of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage
Loan, the unpaid principal balance of such Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution, whether or not received) or BWP Trust Subordinate Companion Loan, plus
(y) any Mortgage Deferred Interest added to the principal balance of such Mortgage Loan or BWP Trust Subordinate Companion Loan
on or before the end of the immediately preceding Due Period minus (z) the sum of:

 

(i)          the
principal portion of each Monthly Payment due on such Mortgage Loan or BWP Trust Subordinate Companion Loan after the Cut-off Date
(or in the case of a Qualified Substitute Mortgage Loan, the Due Date in the

 

    	-101-

    	 

    

 

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 or BWP Trust Subordinate Companion Loan after the Cut-off Date
(or in the case of a Qualified Substitute Mortgage Loan, 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 or BWP
Trust Subordinate Companion Loan and Liquidation Proceeds received with respect to such Mortgage Loan or BWP Trust Subordinate
Companion Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage Loan, the Due Date in the related month
of substitution); and

 

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

 

With respect to any REO
Loan that is a successor to a Mortgage Loan or BWP Trust Subordinate Companion Loan, as of any date of determination, an amount
equal to (x) the Stated Principal Balance of the predecessor Mortgage Loan or BWP Trust Subordinate Companion 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
or BWP Trust Subordinate Companion Loan, as applicable), Liquidation Proceeds and REO Revenues received with respect to such REO
Loan.

 

A Mortgage Loan, BWP Trust
Subordinate Companion Loan or an REO Loan that is a successor to a Mortgage Loan or BWP Trust Subordinate Companion 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 or Trust AB Whole Loan shall be
the sum of the Stated Principal Balances of the related Mortgage Loan

 

    	-102-

    	 

    

 

and the related Companion Loan or BWP Trust Subordinate 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.

 

“Statement to
Certificateholders”: As defined in Section 4.02(a).

 

“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 Senior Trust 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 NR Certificate.

 

“Subordinate
Loan-Specific Directing Certificateholder”: With respect to the Class BWP Certificates and the BWP Trust Subordinate
Companion Loan, the initial Subordinate Loan-Specific Directing Certificateholder shall be the Class BWP Directing Certificateholder.
Thereafter, the Subordinate Loan-Specific Directing Certificateholder shall be the Person appointed by the Certificateholder(s)
holding more than fifty percent (50%) of the Certificate Balance of the Class BWP Certificates.

 

“Sub-Servicer”:
Any Person that services Mortgage Loans or the BWP Trust Subordinate Companion Loan 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 or the BWP Trust Subordinate
Companion Loan 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 and the BWP Trust Subordinate Companion Loan as provided in Section
3.22.

 

“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 deleted Mortgage Loans, the Substitution Shortfall

 

    	-103-

    	 

    

 

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).

 

“Sunbelt Portfolio
Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of June 5, 2015, by and between the holder of the
Sunbelt Portfolio Pari Passu Companion Loan and the holder of the Sunbelt Portfolio Mortgage Loan, relating to the relative rights
of such holders of the Sunbelt Portfolio Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Sunbelt Portfolio
Mortgage Loan”: With respect to the Sunbelt Portfolio Whole Loan, the Mortgage Loan that is included in the Trust (identified
as Mortgage Loan No. 3 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and is pari passu in
right of payment with the Sunbelt Portfolio Pari Passu Companion Loan to the extent set forth in the Sunbelt Portfolio Intercreditor
Agreement.

 

“Sunbelt Portfolio
Mortgaged Property”: The Mortgaged Property which secures the Sunbelt Portfolio Whole Loan.

 

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

 

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

 

“Surviving Entity”:
As defined in Section 6.02(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, 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).

 

    	-104-

    	 

    

 

“The Roosevelt
New Orleans Waldorf Astoria Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of July 17, 2015, by
and between the holders of The Roosevelt New Orleans Waldorf Astoria Pari Passu Companion Loans and the holder of The Roosevelt
New Orleans Waldorf Astoria Mortgage Loan, relating to the relative rights of such holders of The Roosevelt New Orleans Waldorf
Astoria Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“The Roosevelt
New Orleans Waldorf Astoria Mortgage Loan”: With respect to The Roosevelt New Orleans Waldorf Astoria 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-1, and is pari passu in right of payment with The Roosevelt New Orleans Waldorf Astoria Pari Passu
Companion Loans to the extent set forth in The Roosevelt New Orleans Waldorf Astoria Intercreditor Agreement.

 

“The Roosevelt
New Orleans Waldorf Astoria Mortgaged Property”: The Mortgaged Property which secures The Roosevelt New Orleans Waldorf
Astoria Whole Loan.

 

“The Roosevelt
New Orleans Waldorf Astoria Pari Passu Companion Loans”: With respect to The Roosevelt New Orleans Waldorf Astoria Whole
Loan, the two (2) Companion Loans evidenced by promissory notes A-2 and A-3 made by the related Mortgagor and secured by the Mortgage
on The Roosevelt New Orleans Waldorf Astoria Mortgaged Property, which are not included in the Trust and which are pari passu
in right of payment to The Roosevelt New Orleans Waldorf Astoria Mortgage Loan to the extent set forth in the related Mortgage
Loan documents and as provided in The Roosevelt New Orleans Waldorf Astoria Intercreditor Agreement.

 

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

 

“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).

 

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“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: “JPMBB Commercial Mortgage Securities
Trust 2015-C31”.

 

“Trustee”:
Wells Fargo Bank, 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 paid by the Certificate Administrator to the Trustee
from the Certificate Administrator Fee.

 

“Trust AB Mortgage
Loan”: The Bridgewater Place Mortgage Loan.

 

“Trust AB Whole
Loan”: The Bridgewater Place Whole Loan.

 

“Trust Fund”:
The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans and the BWP Trust
Subordinate Companion Loan as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan
replacing a deleted 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 and the BWP Trust Subordinate Companion Loan 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 Fund’s interest therein) or the Trust Fund’s beneficial interest in the Mortgaged Property
securing a Non-Serviced Whole Loan acquired under the related Non-Serviced Pooling Agreement; (iv) all revenues received in respect
of any REO Property (to the extent of the Trust Fund’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 and the BWP Trust Subordinate Companion Loan required to be maintained pursuant to this Agreement and any proceeds thereof
(to the extent of the Trust Fund’s interest therein); (vi) any Assignment of Leases and any security agreements (to the extent
of the Trust Fund’s interest therein); (vii) any letters of credit, indemnities, guaranties or lease enhancement policies
given as additional security for any related Mortgage Loans and the BWP Trust Subordinate Companion Loan (to the extent of the
Trust Fund’s interest therein); (viii) all assets deposited in the Servicing Accounts (to the extent of the Trust Fund’s
interest therein), amounts on deposit in the Certificate Account (to the extent of the Trust Fund’s interest therein), the
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Class EC Distribution Account, the BWP REMIC
Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account
(to the extent of the Trust Fund’s 

 

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interest in such Gain-on-Sale Reserve Account) and any REO Account (to the extent of the
Trust Fund’s interest in such REO Account), including any reinvestment income, as applicable; (ix) any Environmental Indemnity
Agreements (to the extent of the Trust Fund’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) $200 to be deposited by the Depositor into the
Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-B Certificates and the Class X-C Certificates;
(xii) the Uncertificated Lower-Tier Interests; and (xiii) 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 REMIC”:
As defined in the Preliminary Statement.

 

“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.

 

“Uncertificated
Lower-Tier Interests”: Any of the Class LA1, Class LA2, Class LA3, Class LASB, Class LAS, Class LB, Class LC, Class LD,
Class LE, Class LF and Class LNR Uncertificated Interests.

 

“Underwriters”:
J.P. Morgan Securities LLC, Barclays Capital Inc. and Drexel Hamilton, LLC.

 

“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 Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
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 Trust Fund expenses 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

 

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represents a recovery of principal for which no advance was previously
made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Upper-Tier REMIC”:
One of the three separate REMICs comprising the Trust Fund, the assets of which consist of the Uncertificated Lower-Tier Interests,
$200 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date with respect to the Class
X-B Certificates and the Class X-C Certificates 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, for the benefit
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of JPMBB Commercial Mortgage Securities
Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, 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 of the date of determination)
and (ii) in the case of any other Class of Regular Certificates (other than the Class X 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) or the Senior Trust Advisor
pursuant to Section 3.31(i), taking into account any notional reduction in the Certificate Balance for Appraisal Reductions
allocated to the Certificates pursuant to Section 4.05(a) hereof) of such Class (without giving effect to any exchange of
the Exchangeable Certificates to Class EC Certificates), 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) or the Senior Trust Advisor pursuant
to Section 3.31(i), taking into account any notional reduction in the 

 

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Certificate
Balance for Appraisal Reductions allocated to the Certificates pursuant to Section 4.05(a) hereof) of the Certificates
(other than the Class R, Class Z and Class X Certificates) (and without giving effect to any exchange of the Exchangeable Certificates
to Class EC Certificates), each determined as of the Distribution Date immediately preceding such time. None of the Class R, Class
BWP or Class Z Certificates will be entitled to any Voting Rights. Voting Rights allocated to a Class of Certificateholders shall
be allocated among such Certificateholders in proportion to the Percentage Interests evidenced by their respective Certificates.
In addition, if Exchangeable Certificates are exchanged for Class EC Certificates, Certificateholders of such Class EC Certificates
will be entitled to exercise the Voting Rights that would otherwise be allocated to the Exchangeable Certificates converted for
such Class EC Certificates. Appraisal Reductions shall not result in a change in the Class Voting Rights of any Class of Regular
Certificates.

 

“Weighted Average
Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage Rates
of the Mortgage Loans as of the first day of the related Due Period, weighted on the basis of their respective Stated Principal
Balances as of the first day of such Due Period (after giving effect to any payments received during any applicable grace period).

 

“WHFIT”:
shall mean 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”:
shall mean 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 Civic Opera Building Whole Loan, (ii) The Roosevelt New Orleans Waldorf Astoria Whole Loan, (iii) the Sunbelt Portfolio
Whole Loan, (iv) the Brunswick Portfolio Whole Loan or (v) any AB Whole Loan, as applicable.

 

“Withheld Amounts”:
As defined in Section 3.25(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 Monthly Payments under its modified terms,
would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to
the extent that (i) such Advance (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 such Mortgage Loan becomes a Corrected Mortgage 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 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.

 

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“Workout Fee”:
The fee paid to the Special Servicer with respect to each Corrected Mortgage Loan in accordance with Section 3.11(c).

 

“Workout Fee
Rate”: With respect to each Corrected Mortgage Loan, a fee of 1.0% 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) Monthly
Payments, (ii) Balloon Payments and (iii) payments (other than those included in clause (i) or (ii) of this definition)
at maturity, received on each Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan, REO Loan or BWP Trust Subordinate Companion Loan, the yield maintenance charge
or prepayment premium set forth in the related Mortgage Loan documents or BWP Trust Subordinate Companion Loan documents; provided
that no amounts shall be considered Yield Maintenance Charges until there has been a full recovery of all principal, interest and
other amounts then due under such Mortgage Loan, BWP Trust Subordinate Companion Loan or REO Loan.

 

“YM Group”:
YM Group A, YM Group B, YM Group C or YM Group D, as applicable.

 

“YM Group A”:
Collectively, the Class A Certificates and the Class X-A Certificates.

 

“YM Group B”:
Collectively, the Class B Certificates and the Class X-B Certificates.

 

“YM Group C”:
Collectively, the Class C Certificates and the Class X-C Certificates.

 

“YM Group D”:
Collectively, the Class D Certificates and the Class X-D Certificates.

 

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 or with respect to the Class BWP Certificates)
provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)          Any
Mortgage Loan, Companion Loan or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan,
as applicable, 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

 

    	-110-

    	 

    

 

to reduce the outstanding principal balance of such Mortgage Loan or BWP Trust
Subordinate Companion Loan, as applicable, on which interest accrues.

 

(iii)          Any
reference to the Certificate Balance of any Class of Principal Balance Certificates or Class BWP Certificates on or as of a Distribution
Date shall refer to the Certificate Balance of such Class of Principal Balance Certificates or Class BWP Certificates on such Distribution
Date after giving effect to (a) any distributions made on such Distribution Date pursuant to Section 4.01(a), (b)
and (d), (b) any Collateral Support Deficit allocated to such Class of Principal Balance Certificates or any Class BWP Collateral
Support Deficit allocated to the Class BWP Certificates, as applicable, on that Distribution Date pursuant to Section 4.04,
(c) the addition of any Certificate Deferred Interest allocated to such Class of Principal Balance Certificates or of any Class
BWP Certificate Deferred Interest allocated to the Class BWP Certificates and added to such Certificate Balance pursuant to Section
4.06, and (d) any recoveries on the related Mortgage Loans or the BWP Trust Subordinate Companion Loan, as applicable, of Nonrecoverable
Advances (plus interest thereon) that were previously reimbursed from principal collections on the related Mortgage Loans, that
resulted in a 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)          All
net present value calculations and determinations made with respect to a Mortgage Loan, Serviced Companion Loan, BWP Trust Subordinate
Companion Loan, Mortgaged Property or REO Property (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, Serviced Companion Loan or BWP
Trust Subordinate Companion Loan, as applicable, or sale of a Mortgage Loan or BWP Trust Subordinate Companion Loan, by the Special
Servicer, the higher 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 Mortgagor on similar non-defaulted debt of such Mortgagor as of such date of determination
and (y) the Mortgage Rate on the applicable Mortgage Loan, Serviced Companion Loan or BWP Trust Subordinate Companion Loan, as
applicable, based on its outstanding principal balance, 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 words of similar import shall be construed to mean, for any Serviced Mortgage
Loan or Trust AB Whole 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 expenses or such Intercreditor Agreement does not prohibit the following application of
trust expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu, to the Trust Fund
and Serviced Pari Passu Companion Loan in accordance with the respective outstanding principal balances of the related Serviced
Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, (ii) with respect to any AB Whole Loan, first, to the related
AB Subordinate Companion Loan and then, to the Trust Fund or (iii)

 

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with respect to the Trust AB Whole Loan, first,
to the related BWP Trust Subordinate Companion Loan and then, to the related Trust AB Mortgage Loan.

 

[End of Article I]

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section
2.01          Conveyance of Mortgage Loans and the BWP Trust Subordinate
Companion Loan. (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 Uncertificated Lower-Tier 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 and the BWP Trust
Subordinate Companion Loan identified on the Mortgage Loan Schedule, (ii) Sections 1, 2, 3, 4, 5 (excluding Section 5(d),
5(g) and 5(h)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15,
17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, Sections 20 and 21 of the Mortgage Loan Purchase Agreement
among the Depositor, SMF II and Starwood and Sections 20 and 21 of the Mortgage Loan Purchase Agreement among the Depositor,
RTI and RCMC; (iii) the RAIT Financial Trust Guaranty; (iv) the Intercreditor Agreements, (v) $200 to be deposited by the
Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date with respect to the Class X-B Certificates and
the Class X-C Certificates; and (vi) 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 and the BWP Trust Subordinate
Companion Loan (in each case, other than (i) payments of principal and interest due and payable on the Mortgage Loans and the
BWP Trust Subordinate Companion Loan on or before the Cut-off Date; (ii) prepayments of principal collected on or before the
Cut-off Date; and (iii) with respect to those Mortgage Loans that were closed in August 2015 but have their first Due Date in
September 2015, any interest amounts relating to the period prior to the Cut-off Date). The transfer of the Mortgage Loans
and the BWP Trust Subordinate Companion Loan and the related rights and property accomplished hereby is absolute and,
notwithstanding Section 12.07, is intended by the parties to constitute a sale. In connection with the assignment to
the Trustee of (A) Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(g) and 5(h)), 6(a) (excluding clauses (viii) and (xii)
of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase
Agreements, (B) Sections 20 and 21 of the Mortgage Loan Purchase Agreement among the Depositor, SMF II and Starwood, (C)
Sections 20 and 21 of the Mortgage Loan Purchase Agreement among the Depositor, RTI and RCMC, and (D) the RAIT Financial
Trust Guaranty, it is intended that the Trustee get the benefit of Sections 10, 11 and 14 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, 11 and 14 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

 

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Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement to deliver
to and deposit with, or cause to be delivered to and deposited with, the Custodian (or with respect to letters of credit, the Master
Servicer), on or before the Closing Date, the Mortgage File for each Mortgage Loan and BWP Trust Subordinate Companion Loan so
assigned, with copies to the Master Servicer (except, in the case of Serviced Mortgage Loans, for letters of credit); provided
that, with respect to the BWP Trust Subordinate Companion Loan, only the documents and instruments specifically described in the
definition of “Mortgage File” for the BWP Trust Subordinate Companion Loan shall be delivered to the Custodian and
the remaining documents and instruments in the related Mortgage File shall be delivered in connection with the related Mortgage
Loan. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan or BWP Trust Subordinate
Companion 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 or BWP Trust Subordinate Companion Loan, any of the documents and/or instruments referred to in clauses (ii),
(iv), (viii), (xi) and (xii) 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 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 Closing Date, 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 or BWP Trust Subordinate Companion Loan, any of the documents and/or instruments referred to in clauses (ii), (iv),
(viii), (xi) and (xii) (or, if applicable, a copy thereof) of the definition of “Mortgage File,”
with evidence of filing or recording thereon, 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

 

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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 Closing Date. 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 or BWP Trust Subordinate Companion 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) (to the extent not already assigned pursuant to clause (iii)), clause (vii) (to the
extent not already assigned pursuant to clause (iii)) or clause (xi) 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 or BWP Trust Subordinate Companion
Loan on the Closing Date an omnibus assignment of such Mortgage Loan or BWP Trust Subordinate Companion Loan substantially in the
form of Exhibit H; provided that all required original assignments with respect to such Mortgage Loan or BWP Trust
Subordinate Companion Loan, as applicable, (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 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) and/or
clause (f) of the final proviso to the definition of “Mortgage File” herein. If, in accordance with the related
Mortgage Loan Purchase Agreement and consistent with Section 2.01(c) of this Agreement, as to any Mortgage Loan or BWP Trust
Subordinate Companion 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) (to the extent not already
assigned pursuant to clause (iii)) or clause (xi) of the definition of “Mortgage File”, 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 or BWP Trust Subordinate
Companion 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

 

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to letters of credit referred
to in clause (xvi) of the definition of “Mortgage File” and relating to a Serviced Mortgage Loan, 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, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells
Fargo Bank, National Association, as Trustee, for the benefit of registered holders of JPMBB Commercial Mortgage Securities Trust
2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31”), 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 or BWP Trust Subordinate Companion Loan documents, as applicable) and
the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase
Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof to the Custodian
together with an officer’s certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered
to the 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 on 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 or
BWP Trust Subordinate Companion Loan documents, as applicable, 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 thirty (30) days
of the Closing Date. 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)          Pursuant to each
Mortgage Loan Purchase Agreement, 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 (and the BWP Trust Subordinate Companion Loan, if applicable) 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 and the BWP Trust Subordinate
Companion Loan 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

 

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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 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 (xi) 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 and/or BWP Trust Subordinate Companion Loan, as applicable, 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 and the
BWP Trust Subordinate Companion Loan (including, in each case, financial statements, operating statements and any

 

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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 and BWP Trust Subordinate Companion 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 (including, with respect to the BWP Trust Subordinate Companion Loan, the Holders
of the Class BWP Certificates) (and as holder of the Uncertificated Lower-Tier 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.

 

(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 and the BWP Trust Subordinate Companion Loan 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 “The Roosevelt New Orleans Waldorf Astoria”, “Comfort
Suites and Fairfield Inn Woodbridge”, “Doubletree Racine”, “Holiday Inn Express & Suites – Chicago
West”, “Hampton Inn Cleveland Airport” and “Ramada Houston Airport” on the Mortgage Loan Schedule,
which are each subject to a franchise or management agreement with a related comfort letter in favor of the respective Mortgage
Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to the
Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage Loan Seller or its designee
will be required to provide any such required notice or make any such required request to the related franchisor (with a copy of
such notice or request to the Master Servicer) within 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).

 

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Section
2.02          Acceptance by Trustee. (a) The Trustee, by the
execution and delivery of this Agreement (1) acknowledges receipt by it or a 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 BWP
Trust Subordinate Companion Loan and of all other assets included in the Trust Fund and (2) declares (a) that it or a
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, 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, with respect
to any original document in the Mortgage File for a Serviced Whole Loan, for any present or future Companion Holder (and for
the benefit of the Trustee as holder of the Uncertificated Lower-Tier 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 of the Closing Date, the Custodian, shall review the Mortgage Loan documents and the BWP Trust Subordinate Companion 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 each of the Rating Agencies, the Depositor, the Master Servicer, the Special Servicer, the Directing
Certificateholder and the applicable Mortgage Loan Seller (as to each Mortgage Loan and BWP Trust Subordinate Companion Loan listed
in the Mortgage Loan Schedule (other than any Mortgage Loan or BWP Trust Subordinate Companion 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), (ix) through (xiii), (xv) and (xvi) (or, with respect
to clause (xvi), a copy of such letter of credit and the required Officer’s Certificate), 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 or BWP Trust Subordinate Companion 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 and BWP Trust Subordinate Companion Loan listed on the Custodial Exception Report, the Custodian shall specifically
identify such Mortgage Loan or BWP Trust Subordinate Companion 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 and the BWP Trust Subordinate Companion Loan documents received subsequent to the Closing Date;
and, on

 

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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 and BWP Trust Subordinate Companion
Loan listed on the Mortgage Loan Schedule (other than any related Mortgage Loan or BWP Trust Subordinate Companion Loan as to which
a Liquidation Event has occurred) or any related Mortgage Loan or BWP Trust Subordinate Companion Loan specifically identified
in any exception report annexed to such writing) that, (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), (ix) through (xiii),
(xv) and (xvi), 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 or BWP Trust Subordinate Companion 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 Defect in any of the
documents specified in clauses (ii) through (v), (viii), (ix), (xi) and (xii) in the
definition of “Mortgage File”, which 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 only prior to the occurrence and
continuance of a Control Event), and the Special Servicer may, in accordance with the Servicing Standard, after the occurrence
and during the continuance of a Control 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 Certificate 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 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 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

 

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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
6 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 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
Certificate 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 Certificate 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 BWP Trust Subordinate Companion Loan REMIC
or 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), (viii), (xiv) and (xvii) through (xxv) 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 (or the BWP Trust Subordinate Companion Loan, as applicable) 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 (ix) 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 (or BWP Trust Subordinate Companion Loan, as applicable)

 

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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 (or BWP Trust Subordinate
Companion Loan, as applicable) 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 new 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 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, commencing with the quarter ending September 30, 2015 until
all Defects are corrected) by providing a Custodial Exception Report setting forth for each affected Mortgage Loan (or affected
BWP Trust Subordinate Companion Loan, as applicable), 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 any request or demand for repurchase or replacement of a Mortgage Loan because of a breach
of or alleged breach of a representation or warranty or a Defect (any such request or demand for repurchase or replacement, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); or (ii) receives any withdrawal
of a Repurchase Request by the Person making such Repurchase Request or any rejection of a Repurchase Request (or such a 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 Repurchase Request or withdrawal or rejection of a 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 Repurchase Request is received by the Repurchase Request
Recipient or the date any withdrawal of the Repurchase Request is received by the Repurchase Request Recipient, as applicable,
(iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) a statement from the Repurchase
Request Recipient as to whether it currently plans to pursue such Repurchase Request.

 

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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 Request Recipient may have with respect to the related Mortgage Loan Purchase Agreement, including with respect
to any Repurchase Request that is the subject of a 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Certificate Registrar or the Custodian receives a Repurchase Request,
such party shall promptly forward or otherwise provide written notice of such Repurchase Request to the Master Servicer, if relating
to a Non-Specially Serviced Mortgage Loan, or to the Special Servicer, if relating to a Specially Serviced Mortgage Loan or REO
Property, and include the following statement in the related correspondence: “This is a “Repurchase Request”
under Section 2.02 of the Pooling and Servicing Agreement relating to the JPMBB Commercial Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates Series 2015-C31 requiring action by you as the “Repurchase Request Recipient” thereunder.”
Upon receipt of such 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 Repurchase Request, and such party shall comply with the procedures set
forth in this Section 2.02(g) with respect to such 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 Certificate Registrar or the Custodian receives notice or has knowledge of a withdrawal
or a rejection of a 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 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 (or BWP Trust Subordinate Companion Loan, as applicable) is repurchased or replaced pursuant to Section 2.03 of this
Agreement, the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or Special Servicer (with respect to Specially
Serviced Mortgage Loans) shall promptly notify the Depositor of such repurchase or replacement.

 

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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 Delaware, 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 and the BWP Trust Subordinate Companion
Loan in accordance with this Agreement;

 

(ii)          Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar 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 BWP Trust Subordinate Companion Loan 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 and the BWP Trust Subordinate Companion Loan with the full right to transfer
the Mortgage Loans and the BWP Trust Subordinate Companion Loan to the Trust, and the Mortgage Loans and the BWP Trust Subordinate
Companion Loan have been validly transferred to the Trust.

 

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(b)          If any Certificateholder,
the Directing Certificateholder, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee discovers
(without implying any duty of such person to make, or to attempt to make, such a discovery) or receives notice alleging a Defect
in any Mortgage File or a breach of any representation or warranty with respect to a Mortgage Loan set forth in Section 6(c) of
the related Mortgage Loan Purchase Agreement (with respect to such Mortgage Loan, 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, such Certificateholder, the Directing Certificateholder,
the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, shall give prompt written
notice of such Defect or Breach, as the case may be, to the Depositor, the Master Servicer, the Special Servicer, the applicable
Mortgage Loan Seller, the Trustee, the Certificate Administrator, the Senior Trust Advisor and, prior to the occurrence of a Consultation
Termination Event, the Directing Certificateholder, and the Master Servicer (if the related Mortgage Loan is a Non-Specially Serviced
Mortgage Loan) or Special Servicer (if the related Mortgage Loan is a Specially Serviced Mortgage Loan), as applicable, 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 or (ii) in the case of a Defect or Breach
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 applicable Mortgage Loan Seller’s discovery of such Defect or Breach or (y)
discovery of such Breach of Defect by any other party, provided that the related Mortgage Loan Seller receives prompt written
notice thereof (such ninety (90) day period, the “Initial Cure Period”), (A) cure such Defect or Breach, as
the case may be, in all material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related
reasonable additional Trust Fund expenses reasonably incurred by any party to this Agreement, (B) repurchase the affected Mortgage
Loan or BWP Trust Subordinate Companion Loan (or any related REO Loan (excluding any related Serviced Companion Loan, if applicable)),
at the applicable Purchase Price and in conformity with the applicable Mortgage Loan Purchase Agreement and this Agreement or (C)
substitute a Qualified Substitute Mortgage Loan (other than with respect to the Civic Opera Building Mortgage Loan, The Roosevelt
New Orleans Waldorf Astoria Mortgage Loan, the Sunbelt Portfolio Mortgage Loan, the Brunswick Portfolio Mortgage Loan or the BWP
Trust Subordinate Companion Loan, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan or
REO Loan (excluding any related Serviced Companion Loan, if applicable) (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 Certificate 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 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 (ix) of the definition of “Mortgage File” by a date not later than eighteen (18) months following the Closing
Date, if such Breach or 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 Breach or Defect within the Initial Cure Period, the
applicable Mortgage Loan Seller shall

 

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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 Civic Opera Building Mortgage Loan, The Roosevelt
New Orleans Waldorf Astoria Mortgage Loan, the Sunbelt Portfolio Mortgage Loan, the Brunswick Portfolio Mortgage Loan or the BWP
Trust Subordinate Companion Loan, as applicable, 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 Senior Trust 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 Breach or 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 Breach or 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 Certificate Account. If any Breach
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 shall cure such Breach within the applicable cure period (as the same may be extended) by
reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses
incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are the
basis of such Breach and have not been reimbursed by the related Mortgagor; provided, however, that in the event
any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute
for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately
preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its making such
remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees
or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related 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. Monthly Payments due with respect to each Qualified Substitute
Mortgage Loan (if any) after the related Due Date in the month of substitution, and

 

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Monthly Payments due with respect to each Mortgage
Loan being repurchased or replaced after the related Cut-off Date and received by the Master Servicer or the Special Servicer on
behalf of the Trust on or prior to the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly Payments
due with respect to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution,
and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or
the Special Servicer on behalf of the Trust after the related date of repurchase or substitution, shall not be part of the Trust
Fund and are to be remitted by the Master Servicer to the 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 either the discovery of a Defect or Breach 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 Breach or 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 Defect or Breach (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 Defect or Breach. Notwithstanding the foregoing, with respect to any Defect or other
matter relating to the BWP Trust Subordinate Companion Loan which (i) causes the BWP Trust Subordinate Companion 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 BWP Trust Subordinate Companion Loan to be treated as a qualified mortgage)
or (ii) would otherwise cause any Trust REMIC to fail to qualify as a REMIC, or result in the imposition of any tax on any Trust
REMIC, following 90 days after (x) the applicable Mortgage Loan Seller’s discovery of such Defect or Breach or (y) discovery
of such Breach of Defect by any other party, provided that the related Mortgage Loan Seller receives prompt written notice
thereof, if the same is not cured, then (i) the Custodian shall, upon receipt of a Request for Release substantially in the form
of Exhibit E from the Master Servicer, release or cause to be released to the Subordinate Loan-Specific Directing Certificateholder
or any designee thereof, the Mortgage Note for the BWP Trust Subordinate Companion Loan and the Custodian or the Trustee shall
execute all assignments, endorsements and other instruments furnished to it by the Subordinate Loan-Specific Directing Certificateholder
as shall be necessary to effectuate transfer of such Mortgage Note, (ii) the BWP Trust Subordinate Companion Loan REMIC shall be
liquidated in accordance with the procedures set forth in Section 9.02 and (iii) neither of the Master Servicer nor the
Special Servicer shall have any further obligation to service the BWP Trust Subordinate Companion Loan hereunder.

 

(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 will cause a document in the Mortgage File to be deemed
to have a “Defect” and to be conclusively presumed to materially and adversely affect the interests of Certificateholders
in a Mortgage Loan or BWP Trust Subordinate Companion Loan (but solely with respect to clause (a)) and to be deemed to materially
and adversely affect the interest of the Certificateholders in and the value of a Mortgage Loan or BWP Trust Subordinate Companion
Loan: (a) the absence from the Mortgage File of the original signed Mortgage Note,

 

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unless the Mortgage File contains a signed lost
note affidavit and indemnity with 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 (ix) 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 (except as permitted
under Section 2.01(b)); 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. 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 (ix) 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 Defect or Breach 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 Defect against a Mortgage
Loan Seller pursuant to Section 6(e) 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 or a repurchase of the BWP Trust
Subordinate Companion Loan contemplated by this Section 2.03, the Trustee, 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 or BWP Trust Subordinate Companion Loan possessed by each of the Trustee, the Certificate
Administrator, the Custodian, the Master Servicer and the Special Servicer (other than attorney-client

 

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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 6 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 or BWP Trust Subordinate Companion Loan (including property acquired in respect thereof and proceeds of any insurance policy
with respect thereto) and the related Mortgage Loan documents.

 

(e)          Section 6(e) 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 Defect in a Mortgage File or any Breach of any representation or warranty with respect
to a Mortgage Loan or BWP Trust Subordinate Companion Loan set forth in or required to be made pursuant to Section 6 of any of
the Mortgage Loan Purchase Agreements; 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 Starwood or RTI, to the extent provided for pursuant
to the related Mortgage Loan Purchase Agreement, including, without limitation, pursuant to Sections 20 and 21 thereof or RAIT
Financial Trust to the extent provided for pursuant to the RAIT Financial Trust Guaranty.

 

(f)          The Master Servicer
(in the case of Non-Specially Serviced Mortgage Loans) or the Special Servicer (in the case of Specially Serviced Mortgage Loans)
shall, for the benefit of the Certificateholders and the Trustee (as holder of the Uncertificated Lower-Tier 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 Master Servicer or the Special Servicer would require were it, in its individual capacity, the owner of the affected
Mortgage Loan(s) or BWP Trust Subordinate Companion Loan. Any costs incurred by the Master Servicer or 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 Master Servicer or the Special Servicer, as applicable, 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 Certificate 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, which also constitutes a default under the related Mortgage
Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have a right, and shall be subrogated

 

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to the rights of the
Trustee and the Trust Fund 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 Fund, 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 Fund, the Master
Servicer or the Special Servicer allocable to such Mortgage Loan. The Master Servicer or, with respect to a Specially Serviced
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 Master Servicer or, with respect to a Specially Serviced Mortgage
Loan, 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 Master Servicer’s and/or 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 Master Servicer or, with respect to a Specially Serviced Mortgage Loan, 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 Defect or Breach does not constitute a Defect or Breach, as the case may be, as to any other Crossed Underlying Loan
in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Defect or Breach, as the case
may be, will be deemed to constitute a Defect or Breach, as the case may be, 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 will be required to 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 aforementioned 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 Breach
or 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 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

 

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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 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 any Trust REMIC to fail to qualify as a REMIC, or result in
the imposition of any tax on any Trust REMIC 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(g) 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 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.

 

Section
2.04          Execution of Certificates; Issuance of Uncertificated
Lower-Tier Interests. The Trustee hereby acknowledges the assignment to it of the Mortgage Loans and the BWP Trust
Subordinate Companion Loan and, subject to Section 2.01 and 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 BWP Trust Subordinate Companion Loan REMIC, 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), the BWP Trust Subordinate Companion Loan and the other assets comprising the BWP Trust
Subordinate Companion Loan REMIC and the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee (i)
acknowledges the issuance of the Class BWP Certificates and the Class BWP-R Interest to the Depositor in exchange for the
assets comprising the BWP Trust Subordinate Companion Loan REMIC; (ii) acknowledges the issuance of the Uncertificated
Lower-Tier Interests and the Class LR Interest to the Depositor; (iii) acknowledges the creation of the Grantor Trust (as
described in Section 2.05 below); (iv) acknowledges the contribution by the Depositor of the Uncertificated Lower-Tier
Interests to the Upper-Tier REMIC; and (v) immediately thereafter, in exchange for the Uncertificated Lower-Tier Interests
and $200 deposit by the Depositor in respect of the Class

 

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X-B Certificates and the Class X-C Certificates (and together with, in the case of the Class BWP Certificates, the Depositor’s
interest in the BWP Trust Subordinate Companion Loan REMIC and, in the case of the Class Z Certificates, the Depositor’s
interest in the Grantor Trust), 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, the Class Z Certificates, the Class BWP 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 additionally, (x) in the case of the Class BWP Certificates
(and the Class BWP-R Interest), the beneficial ownership of the BWP Trust Subordinate Companion Loan REMIC, (y) in the case of
the Class Z Certificates, the beneficial ownership of the respective portion of the Grantor Trust, and (z) in the case of the Class
R Certificates, the Class BWP-R Interest, the Class LR Interest and the Class UR Interest); and (vi) the Trustee acknowledges that
it has caused the Certificate Administrator to issue the Class EC Certificates 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 authorized denominations, evidencing beneficial ownership
of the respective portion of the Grantor Trust.

 

Section 2.05          Creation
of the Grantor Trust. The Class Z Certificates
are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the
Excess Interest Distribution Account and proceeds thereof and the Class EC Certificates are hereby designated as undivided beneficial
interests in the portion of the Trust Fund consisting of the uncertificated regular interests in the Upper-Tier REMIC represented
by any Exchangeable Certificates that have been exchanged and converted for the Class EC Certificates and the Class EC Distribution
Account, which portions shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.
For federal income tax purposes, the regular interests in the Upper-Tier REMIC represented by the classes of Exchangeable Certificates
(or portions thereof) that have been exchanged for Class EC Certificates shall be deemed to continue to be outstanding and represented
by the Class EC Certificates, and upon a reconversion of Class EC Certificates for Exchangeable Certificates, shall again be deemed
to be represented by such Exchangeable Certificates.

 

[End of Article II]

 

Article
III

ADMINISTRATION AND

SERVICING OF THE TRUST FUND

 

Section
3.01          Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the
Mortgage Loans, the Serviced Companion Loans, the BWP Trust Subordinate Companion Loan 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), the Serviced Whole Loans, the BWP Trust Subordinate Companion Loan and the REO Properties (other
than any REO Property related to a
Non-

 

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Serviced Mortgage Loan) it is obligated to service pursuant to 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, (i) in
the case of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Uncertificated Lower-Tier
Interests) and (ii) in the case of the BWP Trust Subordinate Companion Loan, the Holders of the Class BWP Certificates and
the Trustee, in each case, as a collective whole, taking into account the subordinate or pari passu nature of such
Companion Loans or BWP Trust Subordinate Companion Loan, as the case may be (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, BWP Trust Subordinate Companion Loan, Trust AB 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 or BWP Trust Subordinate Companion Loan, as the case may be, taking into account the
subordinate or pari passu nature of such Companion Loan or BWP Trust Subordinate Companion Loan, as the case may be.
With respect to each Serviced Whole Loan or Trust AB 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), the Serviced
Companion Loans and the BWP Trust Subordinate Companion Loan 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 maximization of timely recovery of principal and interest on a net present value basis on such Mortgage
Loans or such Specially Serviced Mortgage Loans and any related Serviced Companion Loan or BWP Trust Subordinate
Companion Loan, as applicable, and the best interests of the Trust and the Certificateholders (and in the case of a Serviced
Whole Loan and Trust AB Whole Loan, any related Companion Holder or BWP Trust Subordinate Companion Loan, taking into account
the subordinate or pari passu nature of the related Companion Loan or BWP Trust Subordinate Companion Loan, as
applicable), 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, multifamily
and commercial 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 or any Affiliate of such Mortgagor, any Mortgage Loan Seller or any other parties to this Agreement; (ii) the
ownership of any Certificate, Companion Loan, or mezzanine loan by the Master Servicer, the Special Servicer or any Affiliate
of the Master Servicer or the Special Servicer, as applicable; (iii) any obligation to make Advances; (iv) the adequacy of
the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive

 

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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 any other mortgage loans, subordinate interests, subordinate debt, mezzanine loans or
mortgaged properties by the Master Servicer or the Special Servicer; (vi) any option to purchase any Mortgage Loan, the
related Companion Loan or BWP Trust Subordinate Companion Loan it may have; and (vii) any other debt the Master Servicer or
the Special Servicer or any of its Affiliates has extended to any Mortgagor or any of its Affiliates (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 Loan pursuant to their obligations under this Agreement.

 

Without limiting the foregoing,
subject to Section 3.21, the Special Servicer shall be obligated to service and administer (i) any Mortgage Loans (other
than the Non-Serviced Mortgage Loan), any related Serviced Companion Loans and BWP Trust Subordinate Companion Loan as to which
a Servicing Transfer Event has occurred and is continuing (each, a “Specially Serviced Mortgage Loan”) or as
otherwise provided herein with respect to Non-Specially Serviced Mortgage 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 Mortgage 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 Mortgage Loans and REO Properties as are specifically
provided for 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, will 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,
will 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, any related Serviced Companion Loan or BWP Trust Subordinate Companion Loan, as applicable,
that becomes a Specially Serviced Mortgage Loan shall continue as such until satisfaction of the conditions specified in Section
3.21(a). Without limiting the foregoing, subject to Section 3.21, the Master Servicer shall be obligated to service
and administer any Non-Specially Serviced Mortgage Loan, any related Serviced Companion Loan or BWP Trust Subordinate 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 Mortgage Loans in accordance with Section 3.12. After notification to the
Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced Mortgage 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

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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, any related Serviced Companion Loan or BWP Trust Subordinate Companion Loan or shall 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, any related Serviced Companion Loans or BWP Trust Subordinate Companion Loan. 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 6.07 hereof) and of the respective
Mortgage Loans, any related Serviced Companion Loans or BWP Trust Subordinate Companion Loan 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, in the case of the Master Servicer, subject to Section 3.22, 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 (including, in the case of the BWP Trust
Subordinate Companion Loan, the Holders of the Class BWP Certificates) (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, any related Serviced Companion
Loan or BWP Trust Subordinate 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, 3.20 and 6.07, 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 Mortgage Loans) and the Special Servicer
(with respect to Specially Serviced Mortgage Loans) shall provide to the Mortgagor related to such Mortgage Loans or BWP Trust
Subordinate Companion Loan that it is servicing any reports required to be provided to them pursuant to the related Mortgage Loan

 

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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, Companion Loan documents or BWP Trust
Subordinate Companion Loan documents (including any related Intercreditor Agreement) to exercise its discretion with respect to
any action which requires 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) or the Class BWP Certificates (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 3.30), 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, Companion Loan documents or BWP Trust Subordinate 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) or Class BWP Certificates (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 3.30), 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

 

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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) or Class BWP Certificates
(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 3.30), 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, any related Companion Loan documents or BWP Trust Subordinate
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, 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

 

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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 or BWP Trust Subordinate Companion Loan to the extent the related Serviced Mortgage Loan or Trust AB Mortgage
Loan, as applicable, has been paid in full or is no longer included in the Trust Fund.

 

(h)          Servicing and administration
of each Serviced Companion Loan and BWP Trust Subordinate Companion Loan shall continue hereunder and in accordance with the related
Intercreditor Agreement for so long as the corresponding Serviced Mortgage Loan or Trust AB Mortgage Loan, as applicable, 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
or the holder of the related BWP Trust Subordinate Companion Loan, as applicable, to or for the benefit of the Trust or any party
hereto, or payable to the related Companion Holder, 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, Serviced Whole Loan or BWP Trust
Subordinate Companion Loan, that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject
to Section 3.21, 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 Fund, 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,
(i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu, by the Trust Fund 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, (ii) with respect to the Trust AB Whole Loan, first, from proceeds in the Certificate
Account that are allocable to the related BWP Trust Subordinate Companion Loan and then, if such amounts are insufficient,
from the Certificate Account as a trust fund expense, or (iii) with respect to any AB Whole Loan, first, by the related
AB Subordinate Companion Loan and then, by the Trust Fund.

 

(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 6.03 (and, with respect to Section 6.03, 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

 

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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 Pooling Agreement. The Master Servicer (or, with respect to any Specially Serviced Mortgage 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 Pooling Agreement.

 

(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 Pooling Agreement, 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 Pooling Agreement and (B) the related 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 Pooling Agreement, 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.

 

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(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 Mortgage Loan, the Special Servicer) shall use reasonable efforts consistent
with the Servicing Standard to obtain the benefits of the rights of the Trust Fund (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 any of (a) the Civic Opera Building Pari Passu Companion Loan, (b) The Roosevelt New Orleans Waldorf Astoria
Pari Passu Companion Loans and (c) the Sunbelt Portfolio Pari Passu Companion Loan 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 (if such Serviced Companion Loan is a Specially Serviced Mortgage 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)          The parties hereto
acknowledge and agree that the servicing and administration of the BWP Trust Subordinate Companion Loan shall continue hereunder
by the Master Servicer and the Special Servicer even if the related Trust AB Mortgage Loan is no longer part of the Trust Fund.
The parties hereto acknowledge and agree that at any time a Trust AB Mortgage Loan is no longer an asset of the Trust, the Master
Servicer and Special Servicer shall have no obligation to service such Mortgage Loan or the related Mortgaged Property and shall
service only the related BWP Trust Subordinate Companion Loan pursuant to this Agreement, subject to the terms of the related Intercreditor
Agreement with respect to any obligation to service and administer such Mortgage Loan or the related Mortgaged Property on an interim
or temporary basis (taking into account such Mortgage Loan or related Mortgaged Property is no longer in the Trust and therefore
not subject to any Advancing under the terms of this Agreement) while a successor servicing agreement is executed. In such case,
in determining whether to incur and/or make, as applicable, any costs, expenses or liabilities with respect to the BWP Trust Subordinate
Companion Loan or follow any request from the Subordinate Loan-Specific Directing Certificateholder or with respect to any enforcement
action or other action solely regarding the BWP Trust Subordinate Companion Loan, the Master Servicer or Special Servicer, as applicable,
shall determine, before incurring any such costs, expenses or liability, if such amounts are available from current collections
on the BWP Trust Subordinate Companion Loan. The Master Servicer shall not make any Advances with respect to the BWP Trust Subordinate
Companion Loan if the Trust AB Mortgage Loan is no longer in the Trust. If such amounts are available, the Master Servicer or Special
Servicer shall pay such amounts only from collections on the BWP Trust Subordinate Companion Loan. If such amounts are not available
from current collections on the BWP Trust Subordinate Companion Loan, no such amounts shall be incurred unless paid by the Class
BWP Certificateholder. In any event, no losses, expenses,

 

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costs, fees or other amounts related solely to the BWP Trust Subordinate
Companion Loan shall be borne by the remainder of the Trust.

 

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, the Companion Loans and the BWP Trust Subordinate Companion Loan 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 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 Fund’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, Companion
Loan and BWP Trust Subordinate 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, Serviced Companion Loan and BWP Trust Subordinate 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, Companion Loan and BWP Trust Subordinate 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 Trust Fund expense has been incurred
and remains unreimbursed to the Trust with respect to such Mortgage Loan, Companion Loan or BWP Trust Subordinate 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
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 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 and any related Intercreditor Agreement; provided, however, that absent express provisions in the
related Mortgage Loan documents (including any

 

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related Intercreditor Agreement), other than with respect to the application of
Liquidation Proceeds, 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 or Insurance and Condemnation Proceeds under the Mortgage Loan or any proceeds (other than Liquidation
Proceeds) with respect to any REO Loan (exclusive of amounts payable to any applicable Companion Loan or BWP Trust Subordinate
Companion Loan pursuant to the terms of the related Intercreditor Agreement) will be applied in the following order of priority:

 

first, as a reimbursement
first, to the Trustee and second, to the Master Servicer for any outstanding Advances related to such Mortgage Loan
or REO Loan (including Workout-Delayed Reimbursement Amounts that have not been reimbursed to the Master Servicer) and interest
thereon as provided in this Agreement and unpaid servicing compensation and related additional Trust Fund expenses;

 

second, as a recovery
of accrued and unpaid interest on such Mortgage Loan or REO Loan, that has not been the subject of a P&I Advance, at the related
Mortgage Rate in effect from time to time through the end of the related Interest Accrual Period, less any Appraisal Reduced Interest;

 

third, as a recovery
of Unliquidated Advances, and, without duplication, principal of such Mortgage Loan or REO Loan then due and owing, in each case,
that were paid from collections on the 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”;

 

fourth, as a recovery
of Nonrecoverable Advances;

 

fifth, to the extent
not previously allocated pursuant to clause first above, as a recovery of principal of such Mortgage Loan then due and owing,
including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has been liquidated,
as a recovery of principal to the extent of its entire remaining unpaid principal balance); and

 

sixth, as a recovery
of Appraisal Reduced Interest; and

 

seventh, in accordance
with the Servicing Standard, as a recovery of any other amounts due and owing on such Mortgage Loan, including, without limitation,
late payment charges and Default Interest and Yield Maintenance Charges;

 

provided that payments or proceeds
received with respect to any partial release of a Mortgaged Property or any portion thereof (including pursuant to a condemnation)
at a time when the loan-to-value ratio of the related Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan, as applicable,
exceeds 125% (based solely on the value of the real property, and excluding the value of the personal property and going concern
value, if any) must be applied to reduce the principal balance of such Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan,
as applicable, in the manner permitted by the REMIC Provisions; provided, further, that if the Non-Serviced Mortgage
Loan and any related Non-Serviced Companion Loan(s) 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

 

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Non-Serviced Intercreditor
Agreement and Non-Serviced Pooling Agreement, in that order; provided, further, that with respect to each Mortgage
Loan related to a Serviced Whole Loan or Trust AB Whole Loan, as applicable, amounts collected with respect to the related Serviced
Whole Loan or Trust AB Whole Loan, as applicable, shall be allocated first pursuant to the terms of the related Intercreditor Agreement
and then, any amounts allocated to the related Serviced Mortgage Loan or Trust AB Mortgage Loan, as applicable, shall be subject
to application as described above.

 

(ii)          Liquidation
Proceeds in respect of each Mortgage Loan or REO Loan (in the case of an REO Loan, exclusive of amounts payable to any applicable
Companion Loan or BWP Trust Subordinate Companion Loan pursuant to the terms of the related Intercreditor Agreement) shall be applied
in the following order of priority:

 

first, as a reimbursement
first, to the Trustee and second, to the Master Servicer or the Special Servicer, as applicable for any outstanding
Advances related to such Mortgage Loan or REO Loan (including Workout-Delayed Reimbursement Amounts that have not been reimbursed
to the Master Servicer or the Special Servicer, as applicable) and interest thereon as provided in this Agreement and unpaid servicing
compensation, liquidation expenses and related additional Trust Fund expenses);

 

second, as a recovery
of accrued and unpaid interest on such Mortgage Loan or REO Loan that has not been the subject of a P&I Advance, at the related
Mortgage Rate in effect from time to time through the end of the related Interest Accrual Period, less any Appraisal Reduced Interest;

 

third, as a recovery
of Unliquidated Advances and, without duplication, principal of such Mortgage Loan or REO Loan then due and owing, in each case,
that were paid from collections on the 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”;

 

fourth, as a recovery
of Nonrecoverable Advances;

 

fifth, as a recovery
of principal of such Mortgage Loan to the extent of its entire unpaid principal balance;

 

sixth, as a recovery
of Appraisal Reduced Interest; and

 

seventh, in accordance
with the Servicing Standard, as a recovery of any other amounts due and owing on such Mortgage Loan including, without limitation,
late payment charges and Default Interest and Yield Maintenance Charges;

 

provided that if
the Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan(s) 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 Pooling Agreement, in that order; provided, further,
that with respect to each Mortgage Loan related to a Serviced Whole Loan or Trust AB Whole Loan, as applicable, amounts collected
with respect to the related Serviced Whole Loan or Trust AB Whole Loan, as applicable, shall be

 

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allocated first pursuant to the
terms of the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan or Trust AB
Mortgage Loan, as applicable, 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, Companion Loan or BWP
Trust Subordinate 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 or Trust AB Whole Loan, as applicable, the
related Serviced Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, and 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, Companion Loan or BWP Trust Subordinate Companion Loan as if
such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding the month in which such 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 Due 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 Due 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 (or BWP Trust Subordinate Companion Loan, as applicable) 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 or BWP Trust Subordinate Companion Loan documents, as applicable, 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, Serviced Companion Loan or BWP Trust Subordinate Companion Loan, unless
otherwise required to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)          Promptly following
the Closing Date, in the case of any Non-Serviced 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

 

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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 Pooling Agreement. The Master
Servicer shall, within two (2) Business Days of receipt of available and properly identified funds, deposit into the Certificate
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,
if applicable, the Companion Loan documents or BWP Trust Subordinate Companion Loan documents, as the case may be. Any Servicing
Account related to a Serviced Whole Loan or Trust AB Whole Loan, as the case may be, shall be held for the benefit of the Certificateholders
and the related Serviced Companion Noteholder (including, in the case of the BWP Trust Subordinate Companion Loan, the Holders
of the Class BWP Certificates) 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, Serviced Companion Loan documents and BWP Trust Subordinate Companion Loan
documents, as applicable, 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, Companion Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate Companion Loan, apply amounts to the indebtedness under the
applicable Mortgage Loan, Companion Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate 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.

 

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(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), each Serviced Companion Loan and the BWP Trust Subordinate
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), each
Serviced Companion Loan and BWP Trust Subordinate 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), Companion Loan and BWP Trust Subordinate 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 related Serviced Companion Loan or BWP Trust Subordinate
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 or BWP Trust Subordinate 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 Mortgage Loans, Companion Loan or BWP Trust
Subordinate 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 Loan) and each Serviced Whole Loan and
BWP Trust Subordinate Companion 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 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

 

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such item has not been paid or 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 Mortgage 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. In addition, in connection with any request by the Special Servicer for the disbursement of any
Servicing Advance pursuant to the above provisions, the Special Servicer shall provide the Master Servicer and the Trustee with
such information in its possession as the Master Servicer or the Trustee, as applicable, may reasonably request to enable the Master
Servicer or the Trustee, as applicable, to determine whether a requested Servicing Advance would constitute a Nonrecoverable Advance.

 

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 Mortgage 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 or BWP Trust Subordinate Companion Loan, if applicable,
notwithstanding that the terms of such Mortgage Loans, related Serviced Companion Loan or BWP Trust Subordinate 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 

 

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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 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 Mortgage Loans and REO Loans) to make a
payment from amounts on deposit in the Certificate 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 Mortgage 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, BWP Trust Subordinate Companion 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 (including, in the case of the BWP Trust Subordinate
Companion Loan, the Holders of the Class BWP Certificates) (and, if applicable, the Companion Holders), all as a collective whole
(taking into account the subordinate or pari passu nature of any Companion Loans or BWP Trust Subordinate Companion Loan,
as the case may be). The Master Servicer or Trustee may elect to obtain reimbursement of Nonrecoverable Servicing Advances from
the Trust Fund pursuant to the terms of Section 3.19(c). The parties acknowledge that pursuant to the applicable Non-Serviced
Pooling Agreement, 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 Pooling Agreement) in the manner set forth in the applicable Non-Serviced Pooling Agreement and
the applicable Non-Serviced Intercreditor Agreement.

 

(d)          In connection with
its recovery of any Servicing Advance out of the Certificate 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 Certificate 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 3.19(c), the Master Servicer
shall reimburse itself or the Trustee, as the case may be, for any outstanding Servicing Advance as soon as practically possible
after funds available for such

 

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purpose are deposited in the Certificate 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. 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, if any, 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 such 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
such 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 such actions or remediations are required to be or to have been taken
or completed.

 

Section
3.04          The Certificate 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, the Gain-on-Sale Reserve Account, the Class EC Distribution Account and the BWP REMIC
Distribution Account. (a) The Master Servicer shall establish and maintain, or cause to be established and maintained, a
Certificate 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, Companion Loans or BWP Trust Subordinate Companion Loan), 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, Companion Loans or BWP
Trust Subordinate Companion Loan 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 the BWP Trust Subordinate Companion
Loan or principal prepayments on Serviced Companion Loans;

 

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(ii)          all
payments on account of interest on the Mortgage Loans, the BWP Trust Subordinate Companion Loan or the Serviced Companion Loans,
including Excess Interest, 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 Trust Fund expenses
(other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

(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, BWP Trust Subordinate Companion 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 3.16(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 Certificate 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 Certificate 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 Certificate Account and then withdrawn.

 

The foregoing requirements
for deposit in the Certificate 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 Certificate Account. If the Master Servicer shall deposit in the Certificate
Account any amount not required to be deposited

 

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therein, it may at any time withdraw such amount from the Certificate Account,
any provision herein to the contrary notwithstanding. Assumption, extension and modification fees actually received from Mortgagors
on Specially Serviced Mortgage 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 Mortgage Loans, the
Special Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Certificate Account,
in 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 Certificate
Account, pursuant to Section 3.16(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 Certificate Account may only be invested in Permitted
Investments in accordance with the provisions of Section 3.06. As of the Closing Date, the Certificate Account for the Master
Servicer shall be located at the offices of PNC 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 Certificate Account prior to any
change thereof.

 

For purposes of determining
amounts to be deposited in the Certificate Account in respect of the BWP Trust Subordinate Companion Loan and the Trust AB Mortgage
Loan, the Master Servicer shall determine the allocation of such amounts in accordance with the related Intercreditor Agreement.
All amounts so allocable to the BWP Trust Subordinate Companion Loan shall be held separate and apart from other amounts deposited
in the Certificate Account (or in a subaccount of the Certificate Account) and may be withdrawn from the Certificate Account (pursuant
to Section 3.04 and otherwise) only to the extent set forth in this Agreement and not specifically prohibited under the
related Intercreditor Agreement.

 

(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 the Class BWP
and Class Z Certificateholders), (provided that any Gain-on-Sale Proceeds with respect to the BWP Trust Subordinate Companion
Loan shall be deemed distributed by the BWP Trust Subordinate Companion Loan REMIC in respect of the Class BWP-R Interest to the
Holders of the Class R Certificates and then re-contributed in respect of the Class LR Interest and held by the Certificate Administrator
as an asset of the Lower-Tier REMIC for the benefit of the Trustee as Holder of the Uncertificated Lower-Tier Interests and the
Certificateholders), (ii) the Upper-Tier REMIC Distribution Account for the benefit of the Certificateholders (other than the Class
BWP and Class Z Certificateholders) and the Trustee as holder of the Uncertificated Lower-Tier Interests, (iii) the Excess Interest
Distribution Account for the benefit of the Class Z Certificateholders, (iv) the Class EC Distribution Account for the benefit
of the Class EC Certificateholders and (v) the BWP REMIC Distribution Account for the benefit of the Class BWP Certificateholders.
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 Distribution Amount attributable to

 

 

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the
Mortgage Loans (in each case, calculated without regard to clauses (a)(iii)(B), (a)(iv), and (c) of the definition
of Available Distribution Amount) for the related Distribution Date, (y) in the Excess Interest Distribution Account all Excess
Interest for the related Distribution Date then on deposit in the Certificate Account after giving effect to withdrawals of funds
pursuant to Section 3.05(a)(ii), and (z) in the BWP REMIC Distribution Account, the Class BWP Available Distribution Amount
attributable to the BWP Trust Subordinate Companion Loan without regard to clause (c) or clause (e) of the definition
of the Class BWP Available Distribution Amount.

 

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 Certificate 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 available and 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 each Serviced Companion Loan that has been deposited into an Other Securitization: (1) on each Serviced
Whole Loan Remittance Date, the Master Servicer shall withdraw from the Certificate Account (or applicable portion thereof) an
aggregate amount equal to all payments and/or collections actually received on, and payable to, such Serviced Companion Loan 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; and (2) on each Serviced Whole Loan Remittance
Date, the Companion Paying Agent shall make the payments and remittance described in Section 4.01(m) of this Agreement,
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,
the Interest Reserve Account, the Companion Distribution Account, the Class EC Distribution Account and the BWP REMIC Distribution
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 or the BWP REMIC Distribution Account pursuant to this Section
3.04, the Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator

 

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for deposit in the
Lower-Tier REMIC Distribution Account or the BWP REMIC Distribution Account, as applicable:

 

(i)          any
amounts required to be deposited by the Master Servicer pursuant to Section 3.19(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 the BWP Trust Subordinate Companion Loan
and any REO Properties in the Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited
in the Certificate Account pursuant to Section 9.01);

 

(iv)          any
Yield Maintenance Charges with respect to the Mortgage Loans and the BWP Trust Subordinate Companion Loan, as applicable, actually
collected; and

 

(v)          any
other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account or the BWP REMIC Distribution
Account (in respect of the BWP Trust Subordinate Companion Loan) 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, the Excess Interest Distribution Account
or the BWP REMIC Distribution Account (in respect of the BWP Trust Subordinate Companion Loan), as applicable, the amounts required
to be deposited therein pursuant to the provisions of this Agreement (including any P&I Advance with 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 BWP REMIC Distribution Account (in respect of
the BWP Trust Subordinate Companion Loan) 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

 

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equal to the Lower-Tier Distribution Amount
and the amount of any Yield Maintenance Charges for such Distribution Date allocated in payment of the Uncertificated Lower-Tier
Interests as specified in Section 4.01(d) and Section 4.01(f), respectively.

 

Funds on deposit in the
Gain-on-Sale Reserve Account, the Interest Reserve Account, the Companion Distribution Account, the Excess Interest Distribution
Account, the Class EC Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account
or the BWP REMIC Distribution Account shall not be invested for so long as Wells Fargo Bank, National Association is the Certificate
Administrator.

 

As of the Closing Date,
the Interest Reserve Account, the Excess Interest Distribution Account, the Class EC Distribution Account, the Upper-Tier REMIC
Distribution Account, the Lower-Tier REMIC Distribution Account and the BWP 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 Class EC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the BWP REMIC Distribution
Account and, if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For the avoidance of doubt,
the Certificate Account (other than (i) any portion holding Excess Interest and (ii) the Companion Distribution Account, if it
is a sub-account of the Certificate 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 Certificate 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 Class Z Certificateholders; the Class EC Distribution Account (including interest, if any,
earned on the investment of funds in such account) will be owned by the Grantor Trust for the benefit of the Class EC Certificateholders;
the Companion Distribution Account (including interest, if any, earned on the investment of funds in such account) will be owned
by the Companion Holders, as applicable; the Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment
of funds in such account) will be owned by the Upper-Tier REMIC; and the BWP REMIC Distribution Account (including interest, if
any, earned on the investment of funds in such account) will be owned by the BWP Trust Subordinate Companion Loan REMIC, each for
federal income tax purposes.

 

(c)          Prior to any Determination
Date for the first Due 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 Class Z Certificateholders. 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

 

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Distribution Account an amount equal to the Excess Interest
received prior to the Determination Date for the applicable Due Period.

 

(d)          Following the distribution
of Excess Interest to Class Z Certificateholders on the first Distribution Date after which there are no longer any Mortgage Loans
outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest
Distribution Account.

 

(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.

 

Upon the disposition of
any REO Property, in accordance with Section 3.09 or Section 3.18, the Special Servicer will calculate the Gain-on-Sale
Proceeds, if any, realized that are allocable to the Mortgage Loan or BWP Trust Subordinate Companion Loan, as applicable, in connection
with such sale and remit such funds to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account. In the
case of the Bridgewater Place Whole Loan, any Gain-on-Sale Proceeds on such disposition that are allocable to the BWP Trust Subordinate
Companion Loan in accordance with the terms of the Bridgewater Place Intercreditor Agreement shall be remitted to the Certificate
Administrator for deposit into the BWP REMIC Distribution 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 Pooling Agreement
shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)          The Certificate
Administrator shall establish and maintain the Class EC Distribution Account, in its own name on behalf of the Trustee, in trust
for the benefit of the Holders of the Class EC Certificates, which shall be an asset of the Trust Fund and the Grantor Trust, but
shall not be an asset of any Trust REMIC. The Class EC Distribution Account shall be established and maintained as an Eligible
Account or a subaccount of an Eligible Account. The Certificate Administrator shall make or be deemed to have made deposits in
and withdrawals from the Class EC Distribution Account in accordance with Article IV of this Agreement.

 

(h)          The Certificate
Administrator shall establish and maintain the BWP REMIC Distribution Account, in its own name on behalf of the Trustee, in trust
for the benefit of the Holders of the Class BWP Certificates, which shall be an asset of the Trust Fund and the BWP Trust Subordinate
Companion Loan REMIC, but shall not be an asset of any other Trust REMICs. The BWP REMIC Distribution Account shall be established
and maintained as an Eligible Account or a subaccount of an Eligible Account. The Certificate Administrator shall make or be deemed
to have made deposits in and withdrawals from the BWP REMIC Distribution Account in accordance with Section 3.05 and Article
IV of this Agreement.

 

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Section 3.05     Permitted
Withdrawals from the Certificate Account, the Distribution Accounts and the Companion Distribution Account. (a) The Master
Servicer may, from time to time, make withdrawals from the Certificate Account (or the applicable subaccount thereof) 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 (or the BWP REMIC Distribution Account in respect of the BWP Trust Subordinate Companion
Loan) 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 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 Midland Loan Services, a Division of PNC Bank, National
Association if Midland Loan Services, a Division of PNC 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, BWP Trust Subordinate Companion Loan,
Companion Loan, Specially Serviced Mortgage 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, BWP Trust
Subordinate Companion Loan, Specially Serviced Mortgage Loan or REO Loan, as applicable, being limited to amounts received on or
in respect of such Mortgage Loan, BWP Trust Subordinate Companion 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 Mortgage
Loan or REO Loan or Corrected Mortgage 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 Mortgage Loan (provided
that, in the case of such payment relating to a Serviced Whole Loan or the Trust AB Whole Loan, as applicable, 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 outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan or Trust AB Whole Loan,
first, from the related AB Subordinate Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, and then,
from the related Serviced AB Mortgage Loan or Trust AB Mortgage Loan, as applicable) and then out of general collections
on the Mortgage Loans and REO Properties, and (C) to pay the Senior Trust Advisor any unpaid Senior Trust Advisor Fees or Senior
Trust Advisor Consulting Fees

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 in respect
of each Mortgage Loan, Specially Serviced Mortgage Loan (other than any related Companion Loan), REO Loan (other than any related
Companion Loan) or BWP Trust Subordinate Companion Loan, as applicable, the Senior Trust Advisor’s right to payment of the
Senior Trust Advisor Fee or Senior Trust Advisor Consulting Fee pursuant to this clause (ii)(C) with respect to any Mortgage
Loan, Specially Serviced Mortgage Loan (other than any related Companion Loan), REO Loan (other than any related Companion Loan)
or BWP Trust Subordinate Companion Loan, as applicable, being limited to amounts received on or in respect of such Mortgage Loan
or BWP Trust Subordinate Companion Loan (whether in the form of payments, P&I Advances (solely with respect to the Senior
Trust 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;

(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 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 Loan and REO Loans
with respect to which such 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 or BWP Trust 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 Serviced Whole Loan or Trust AB Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related Trust AB Mortgage Loan
and BWP Trust Subordinate Companion Loan) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit
in the Certificate 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 Certificate 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 and itself, as applicable (in that order), for unreimbursed Servicing Advances, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan
(other than a Non-Serviced Mortgage Loan), BWP Trust Subordinate Companion 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 or Trust AB Whole Loan, as applicable, such reimbursements
shall be made,

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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 outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, first,
from the related AB Subordinate Companion Loan (if any) or BWP Trust Subordinate Companion Loan, as applicable, and then,
from the related Serviced AB Mortgage Loan or the Trust AB Mortgage Loan, as applicable (provided that, with respect to
any AB Subordinate Companion Loan or BWP Trust 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 Serviced Whole
Loan or Trust AB Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related
Trust AB Mortgage Loan and BWP Trust Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced
Whole Loan on deposit in the Certificate 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 Certificate Account from time to time
that represent collections or recoveries of principal to the extent provided in clause (v) below; provided, further,
that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

(v)          to
reimburse the Trustee 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, BWP Trust Subordinate
Companion 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 (other than
to the extent that they relate to the Companion Loans) 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 3.19(c), out of general collections on the Mortgage Loans and (other than to the extent that
they relate to the Companion Loans) REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion
of the general collections on the Mortgage Loans and (other than to the extent that they relate to the Companion Loans) 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 or Trust AB Whole Loan, as applicable related thereto, 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 outstanding principal balances, or (ii) with respect
to a Serviced AB Whole Loan or Trust AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) or BWP
Trust Subordinate Companion Loan, as applicable, and then, from the related

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Serviced AB
Mortgage Loan or Trust 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 Certificate 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 AB Subordinate
Companion Loan or BWP Trust Subordinate 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 Serviced Whole Loan or Trust AB Whole Loan, as applicable, are allocated to the related
Serviced Mortgage Loan and AB Subordinate Companion Loan or to the related Trust AB Mortgage Loan and BWP Trust Subordinate Companion
Loan), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Certificate Account related
to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, BWP Trust Subordinate Companion Loan, any related
Serviced 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 Certificate 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 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 3.03(d), 3.11(d) and 4.03(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 Sections 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, and interest on Servicing Advances on any Serviced Whole Loan shall be paid (i) with respect to a Serviced Pari
Passu Whole Loan, pro rata and pari passu, out of collections on the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances,
or (ii) with respect to a Serviced AB Whole Loan, first, out of collections on the related AB Subordinate Companion Loan
and then, out of collections on the related 

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Serviced 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 Serviced
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 Breach or Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage
Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising
out of the enforcement of the repurchase or substitution obligation, each such Person’s right to reimbursement pursuant to
this clause (vii) with respect to any Mortgage Loan or the related BWP Trust Subordinate Companion Loan, as applicable,
being limited to that portion of the Purchase Price or Substitution Shortfall Amount paid with respect to such Mortgage Loan or
related BWP Trust Subordinate Companion Loan, as applicable, 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, BWP Trust Subordinate Companion
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 6 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 or Trust AB Whole Loan, as applicable,
such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari
Passu Whole Loan, solely from the related Serviced Pari Passu Mortgage Loan or (ii)
with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, first, from the related AB Subordinate Companion
Loan (if any) or BWP Trust Subordinate Companion Loan, as applicable, and then, from the related Serviced AB Mortgage Loan
or Trust AB Mortgage Loan, as applicable (provided that, with respect to any AB Subordinate Companion Loan or BWP Trust
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 Serviced Whole Loan or Trust AB Whole Loan are allocated to
the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related Trust AB Mortgage Loan and BWP Trust 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 Fund pursuant to Section 3.09(c) first, out of REO Revenues, Liquidation
Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, BWP Trust Subordinate Companion Loan,
Serviced Companion Loan or REO Loan and then out of

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general collections
on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement relating to a Serviced Whole Loan
or Trust AB Whole Loan, as applicable, 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 outstanding principal balances or (ii)
with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, first, from the related AB Subordinate Companion
Loan (if any) or BWP Trust Subordinate Companion Loan, as applicable, and then, from the related Serviced AB Mortgage Loan
or Trust AB Mortgage Loan, as applicable (provided that, with respect to any AB Subordinate Companion Loan or BWP Trust
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 Serviced Whole Loan or Trust AB Whole Loan are allocated to
the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related Trust AB Mortgage Loan and BWP Trust Subordinate
Companion Loan), in each case, prior to being payable out of general collections with respect to the related Mortgage Loans;

(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 Certificate 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 Certificate 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, BWP Trust Subordinate Companion Loan and any related Serviced Companion Loan is a Specially Serviced Mortgage 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, BWP Trust Subordinate Companion 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 Fund (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
Mortgage 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 Mortgage Loan have been paid and such Penalty Charges are not needed to pay interest
on Advances or costs and expenses incurred by the Trust Fund (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 Certificate Account in error;

(xii)        to
pay itself, the Special Servicer, the Depositor, the Senior Trust Advisor 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 6.03(a) or Section 6.03(b); provided

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that, in case
of such reimbursement (other than a reimbursement of any amounts payable to CREFC®) relating to a Serviced Whole
Loan or Trust AB Whole Loan, as applicable, 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 outstanding principal balances
or (ii) with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, first,
from the related AB Subordinate Companion Loan (if any) or BWP Trust Subordinate Companion Loan, as applicable, and then,
from the related Serviced AB Mortgage Loan or Trust AB Mortgage Loan, as applicable (provided that, with respect to any
AB Subordinate Companion Loan or BWP Trust 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 Serviced Whole Loan
or Trust AB Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related Trust
AB Mortgage Loan and BWP Trust 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 Section 3.09(b), 3.16(a), 3.17(b), 3.20(a),
3.20(b), 3.20(d), 3.20(j) and 10.01(f) to the extent payable out of the Trust Fund, (b) the cost of
any Opinion of Counsel contemplated by Sections 12.01(a) or Section 12.01(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 3.16(a); provided that, in case of such reimbursement
relating to a Serviced Whole Loan or Trust AB Whole Loan, as applicable, 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
outstanding principal balances or (ii) with respect to a Serviced AB Whole
Loan or Trust AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) or BWP Trust Subordinate Companion
Loan, as applicable, and then, from the related Serviced AB Mortgage Loan or Trust AB Mortgage Loan, as applicable (provided
that, with respect to any AB Subordinate Companion Loan or BWP Trust 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 Serviced Whole Loan or Trust AB Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion
Loan or the related Trust AB Mortgage Loan and BWP Trust 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);

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(xv)         to
reimburse the Certificate Administrator out of general collections on the Mortgage Loans, the BWP Trust Subordinate Companion
Loan and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund pursuant to Section 10.01(c);

(xvi)        to
pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any (or the related BWP Trust
Subordinate Companion Loan, if applicable), 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 Monthly 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 3.25;

(xviii)      to
reimburse the Senior Trust Advisor for any Senior Trust Advisor Expenses incurred by and reimbursable to it by the Trust Fund pursuant
to Section 3.31(h);

(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 Certificate 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 Fund pursuant to the third paragraph of Section 3.03(c).

Consistent with the
above, with respect to the Trust AB Whole Loan, subject to Section 3.05(h) and the terms of the related Intercreditor Agreement,
any withdrawals permitted pursuant to this Section 3.05(a), shall be paid or reimbursed (a) first, from amounts on
deposit allocated to the related BWP Trust Subordinate Companion Loan and then, from amounts on deposit allocated to the
related Trust AB Mortgage Loan and (b) then from general collections in respect of all other Mortgage Loans.

The Master Servicer
shall also be entitled to make withdrawals from time to time, from the Certificate 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 Certificate Administrator or any other applicable party
to the applicable Non-Serviced Pooling Agreement by the holder of a Non-Serviced Mortgage Loan pursuant to the

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applicable Non-Serviced
Intercreditor Agreement and the applicable Non-Serviced Pooling Agreement.

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 Certificate Account.

The Master Servicer
shall pay to the Special Servicer, the Trustee or the Certificate Administrator from the Certificate 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 Mortgage Loan and REO Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request
for withdrawal from the Certificate 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 Senior Trust Advisor, or for any other purpose, out of
general collections that do not specifically relate to a Serviced Whole Loan or Trust AB Whole Loan, as applicable may be reimbursable
from amounts that would otherwise be payable to the related Companion Loan or BWP Trust Subordinate Companion Loan, as applicable;
provided, however, that amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or the Senior Trust Advisor with regard to the Trust AB Whole Loan are reimbursable from general
collections on the Mortgage Loans.

(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(d) and the amount of any Yield
Maintenance Charges distributable pursuant to Section 4.01(f) 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(d);

(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;

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(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 3.20(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 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, in each case, to the extent not paid pursuant to Section 12.01(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);

(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(l).

(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 Certificateholders holding Regular Certificates (and on the Class UR Interest in the case of the Class R
Certificates) to the Class EC Distribution Account in respect of the uncertificated regular interests in the Upper-Tier REMIC represented
by any Exchangeable Certificates that have been exchanged for and converted to Class EC Certificates (for distribution to the Class
EC Certificates pursuant to Section 4.01(n)) on each Distribution Date pursuant to Section 4.01 or Section 9.01,
as applicable, subject to the next-to-last paragraph of Section 3.04(b); and

(ii)          to
clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

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(e)          The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Class EC Distribution Account for any of the
following purposes:

(i)          to
make distributions to Certificateholders holding Class EC Certificates pursuant to Section 4.01(n) or Section 9.01,
as applicable, subject to the next-to-last paragraph of Section 3.04(b); and

(ii)         to
clear and terminate the Class EC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

(f)          Notwithstanding
anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Certificate 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 Senior Trust 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 Senior Trust Advisor Fees payable under Section
3.05(a)(ii) and in the event that amounts on deposit in the Certificate 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 Certificate 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 Senior Trust Advisor.

(g)         The
Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions pursuant
to Section 4.01(m).

(h)         The
Certificate Administrator, on behalf of the Trustee, may, from time to time, make withdrawals from the BWP REMIC Distribution Account
for any of the following purposes:

(i)          to
make distributions to the Holders of Class BWP Certificates and the Class R Certificates (in respect of the Class BWP-R Interest)
on each Distribution Date pursuant to Section 4.01(b) or Section 9.01, as applicable;

(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 BWP Trust Subordinate Companion Loan pursuant to
Section 8.05(b);

(iii)        to
pay for the cost (without duplication) of the Opinions of Counsel sought by the Trustee or the Certificate Administrator (A) as
provided in clause (vi) of the definition of “Disqualified Organization,” (B) as contemplated by Sections
3.20(d), 5.08(c), 8.02(ii), 10.01(f) and 10.01(l) to the extent payable out of the Trust Fund,
or (C) 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,

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which amendment
is in furtherance of the rights and interests of Holders of the Class BWP Certificates, in each case, to the extent not paid pursuant
to Section 12.01(g);

(iv)        to
pay any and all federal, state and local taxes imposed on the BWP Trust Subordinate Companion Loan REMIC or on the assets or transactions
of 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)with
respect to the BWP Trust Subordinate Companion Loan REMIC;

(v)         to
pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the BWP Trust Subordinate
Companion Loan REMIC;

(vi)        to
pay to the Master Servicer any amounts deposited by the Master Servicer in the BWP REMIC Distribution Account not required to be
deposited therein;

(vii)       to
clear and terminate the BWP REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01; and

(viii)      consistent
with the above, with respect to the Trust AB Whole Loan, subject to Section 3.05(a)(i), any withdrawals permitted pursuant
to this Section 3.05(h), shall be paid or reimbursed (a) first, from amounts on deposit allocated to the related
BWP Trust Subordinate Companion Loan and then, from amounts on deposit allocated to the related Trust AB Mortgage Loan and
(b) then from general collections in respect of all other Mortgage Loans.

Section
3.06     Investment of Funds in the Certificate Account and the REO Account. (a) The Master
Servicer may direct any depository institution maintaining the Certificate 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 such 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 such 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 Certificate 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 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

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in the Certificate
Account, the Companion Distribution Account, the Servicing Accounts 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 Certificate 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 Certificate Account, the Companion Distribution Account or any Servicing
Account maintained 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 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 3.16(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 Certificate Account, the Companion Distribution Account, the Servicing Account or the REO Account, the Master Servicer
(in the case of the Certificate 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 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

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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 and the BWP Trust Subordinate Companion Loan (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
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), BWP Trust Subordinate Companion 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 and, if available, can be obtained at commercially reasonable rates,
as determined ((i) prior to the occurrence and continuance of any Control 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 or Trust
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 or the related Subordinate Loan-Specific Directing Certificateholder, as
applicable)) by the Master Servicer (with respect to the Mortgage Loans and the BWP Trust Subordinate Companion Loan (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

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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 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, 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 Event has occurred
and is continuing and (ii) other than with respect to any Excluded Loan) the consent of the Directing Certificateholder). 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 3.17(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 ((i) prior
to the occurrence and continuance of a Control Event and (ii) other than with respect to any Excluded Loan, with the consent of
the Directing Certificateholder) determines 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 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

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accordance with the
Servicing Standard and the provisions of the related Mortgage Loan documents) shall be deposited in the Certificate 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 Certificate 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, BWP Trust Subordinate Companion Loan and Serviced Companion Loan (if any), notwithstanding that
the terms of such Mortgage Loan, BWP Trust Subordinate Companion 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 3.16(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 Certificate Account). The
foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan or Trust AB 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 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 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 BWP Trust Subordinate Companion Loan or Serviced Companion
Loan) reasonably requires from time to time in order to protect its interests, the Master Servicer will be required to, 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, (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

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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 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 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 BWP Trust Subordinate Companion Loan or 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 Certificate Account from its own funds the amount of such loss or losses that
would have been 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 BWP Trust Subordinate Companion Loan or 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, BWP Trust Subordinate Companion Loan 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

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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 Certificate 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 BWP Trust Subordinate Companion Loan,
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 the Master Servicer’s and the Special Servicer’s, as applicable, officers and employees acting on behalf of
the Master Servicer and the Special Servicer in connection with its activities under this Agreement. 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, BWP Trust Subordinate Companion 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
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

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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
or BWP Trust Subordinate 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 (prior to the occurrence and continuance of a Control 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
3.16(c) or, if the amount on deposit therein is insufficient therefor, paid by the Master Servicer as a Servicing Advance.

(f)          Notwithstanding
the foregoing, so long as the long-term debt obligations or the deposit account 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
“A2” by Moody’s and “A(low)” by DBRS, the Master Servicer (or its public parent) or the Special Servicer
(or its public parent), as applicable, shall be allowed to provide self-insurance with respect to any of its obligations under
this Section 3.07.

Section
3.08     Enforcement of Due-on-Sale Clauses; Assumption Agreements. (a) As to each Mortgage
Loan, BWP Trust Subordinate Companion 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 or BWP Trust Subordinate 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 or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan is being serviced under this Agreement,
the Special Servicer or, with respect to all Non-Specially Serviced Mortgage Loans (other than the Non-Serviced Mortgage Loan),
the Master Servicer, on behalf of the Trustee as the mortgagee of

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record, shall
(a) exercise any right it may have with respect to such Mortgage Loan or related Companion Loan or BWP Trust Subordinate
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) with respect to all
Non-Specially Serviced Mortgage Loans or the BWP Trust Subordinate Companion Loan, the Master Servicer has made a written
analysis and recommendation and obtained the prior written consent (or deemed consent) of the Special Servicer, which consent
shall be deemed given five (5) Business Days after the fifteen (15) Business Day review period of the Directing
Certificateholder (or, with respect to such fifteen (15) Business Day period, such longer period as required by the related
Intercreditor Agreement for review by any related Companion Holder), after receipt (unless earlier objected to) by the
Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to
such waiver or exercise of such right together with such other information in the Master Servicer’s possession that is
reasonably requested by the Special Servicer, (ii) with respect to all Specially Serviced Mortgage Loans and Non-Specially
Serviced Mortgage Loans, and other than with respect to an Excluded Loan, the Special Servicer shall, prior to consenting to
such a proposed action of the Master Servicer, obtain, and, prior to itself taking such an action, the Special Servicer shall
obtain, prior to the occurrence and continuance of a Control Event, the prior written consent (or deemed consent) of the
Directing Certificateholder (or, with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, prior to the occurrence
and continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion Loan or the
related Subordinate Loan-Specific Directing Certificateholder, to the extent required under the Intercreditor Agreement) (or
(i) after the occurrence and during the continuance of a Control 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
6.07 hereof, which consent shall be deemed given ten (10) Business Days after receipt from the Special Servicer (unless
earlier objected to by the Directing Certificateholder) of the Master Servicer’s and/or the Special Servicer’s,
as applicable, written analysis and recommendation with respect to such waiver together with such other information in the
Master Servicer’s or Special Servicer’s possession that is reasonably requested by the Directing
Certificateholder (or, with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, prior to the occurrence and
continuance of an AB Control Appraisal Period, the prior consent of the related AB Whole Loan Controlling Holder or the
related Subordinate Loan-Specific Directing Certificateholder, to the extent required under the related Intercreditor
Agreement), and (iii) 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 aggregate 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 3.30), provided, however,

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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 Event has occurred and is continuing), the Special Servicer
shall consult with the Senior Trust Advisor, on a non-binding basis, in connection with the related transactions involving proposed
Major Decisions and consider alternative actions recommended by the Senior Trust Advisor, in respect thereof, in accordance with
the procedures set forth in Section 6.07 for consulting with the Senior Trust 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 3.30 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 3.30 of this Agreement.

If any Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan or BWP Trust Subordinate Companion Loan provides that
such Mortgage Loan or related Serviced Companion Loan or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan is being serviced under this Agreement, the Special Servicer,
with respect to all Specially Serviced Mortgage Loans (other than the Non-Serviced Mortgage Loan), related Serviced Companion Loans
or BWP Trust Subordinate Companion Loan, 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 Mortgage 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.

(b)          As
to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Companion Loan or BWP Trust Subordinate 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, BWP Trust Subordinate Companion 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;

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then, for so long
as such Mortgage Loan (and related BWP Trust Subordinate Companion Loan or Companion Loan, if applicable) is serviced under this
Agreement, the Special Servicer or, with respect to all Non-Specially Serviced Mortgage Loans (other than the Non-Serviced Mortgage
Loan), the Master Servicer, 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) with respect to all Non-Specially Serviced Mortgage Loans, the Master Servicer has made a
recommendation and obtained the prior written consent (or deemed consent) of the Special Servicer, which consent shall be deemed
given five (5) Business Days after the fifteen (15) Business Day review period of the Directing Certificateholder (or, with respect
to such fifteen (15) Business Day period, such longer period as required by the related Intercreditor Agreement for review by any
related Companion Holder), after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master
Servicer’s written analysis and recommendation with respect to such waiver or exercise of such right together with such other
information in the Master Servicer’s possession that is reasonably requested by the Special Servicer, (ii) with respect to
all Specially Serviced Mortgage Loans and Non-Specially Serviced Mortgage Loans, and other than with respect to an Excluded Loan,
the Special Servicer has obtained prior to the occurrence and continuance of a Control Event, the prior written consent (or deemed
consent) of the Directing Certificateholder (or, with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, prior to the
occurrence and continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion Loan or
the related Subordinate Loan-Specific Directing Certificateholder, to the extent required under the Intercreditor Agreement), which
consent shall be deemed given ten (10) Business Days after receipt by the Directing Certificateholder of the Special Servicer’s
written analysis and recommendation with respect to such waiver or exercise of such rights together with such other information
in the Master Servicer’s or Special Servicer’s possession that is reasonably requested by the Directing Certificateholder
(or, with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, prior to the occurrence and continuance of a related AB
Control Appraisal Period, the holder of the related AB Whole Loan Controlling Holder or the related Subordinate Loan-Specific Directing
Certificateholder, to the extent required under the Intercreditor Agreement), and (iii) 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
3.30) 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 BWP Trust Subordinate Companion Loan or Companion Loan, if any, and the principal amount
of the proposed additional loan) 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

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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 Event has occurred and is continuing), the
Special Servicer shall consult with the Senior Trust Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions and consider alternative actions recommended by the Senior Trust Advisor, in respect thereof,
in accordance with the procedures set forth in Section 6.07 for consulting with the Senior Trust 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 Master Servicer or the Special Servicer, as applicable,
shall (if not already provided in accordance with Section 3.30 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 3.30 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 Master Servicer or the Special Servicer, as applicable,
shall use reasonable efforts to make the related Mortgagor bear such costs and expenses. Unless determined to be non-recoverable
such costs not collected from the related Mortgagor shall be advanced as a Servicing Advance.

If any Mortgage Loan,
BWP Trust Subordinate Companion Loan or related Companion Loan provides that such Mortgage Loan, BWP Trust Subordinate Companion
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, BWP Trust Subordinate Companion Loan or related Companion Loan is being serviced under this Agreement, the Special Servicer,
with respect to all Specially Serviced Mortgage Loans (other than a Non-Serviced Mortgage Loan), on behalf of the Trustee as the
mortgagee of record, shall determine whether such conditions have been satisfied, or, with respect to all Non-Specially Serviced
Mortgage Loans which do not allow the mortgagee discretion in determining whether conditions are 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.

(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 3.20, neither the Master Servicer nor the
Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan, BWP Trust Subordinate Companion Loan and
related Serviced Companion Loan, as applicable, in connection with the taking of, or the failure to take,

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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 3.30)
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 3.20, but subject to any related Intercreditor Agreement, the Master Servicer
may with respect to Non-Specially Serviced Mortgage Loans, without any Directing Certificateholder approval, Rating Agency Confirmation
or Special Servicer approval (provided 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, 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) 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; (iii) 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 feet; (iv) 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;
(v) (other than with respect to hospitality properties) 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 (vi)
approve of annual operating budgets; provided that (w) any such modification, waiver or amendment would not in any way affect
a payment term of the Certificates, (x) any such modification, waiver or amendment 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 any
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 modification, waiver or amendment would be consistent with the Servicing Standard,
and (z) agreeing to such modification, waiver or amendment 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

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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 a Non-Specially
Serviced Mortgage Loan or relating to any Specially Serviced Mortgage Loan without ((i) prior to the occurrence and continuance
of a Control 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 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 6.07 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 (with respect to Non-Specially Serviced Mortgage Loans)
or the Special Servicer (with respect to Specially Serviced Mortgage Loans) makes a determination under Sections 3.08(a)
or 3.08(b) hereof that the applicable conditions in the related Mortgage Loan, BWP Trust Subordinate Companion 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 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 Mortgage Loans, Companion Loans and the BWP Trust Subordinate
Companion Loan. (a) Upon an event of default under the Mortgage Loan documents related to a Serviced Whole Loan, Trust AB
Whole Loan or a Mortgage Loan with mezzanine debt, the Master Servicer shall promptly provide written notice to the related
Companion Holder (or the related Subordinate Loan-Specific Directing Certificateholder, with respect to the Trust AB Whole
Loan) 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 and Section 3.29, subject to the
Directing Certificateholders’ rights pursuant to Section 6.07, and any Companion Holder, Subordinate
Loan-Specific Directing Certificateholder 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

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Mortgage Loan (other than any
Non-Serviced Mortgage Loan) and related BWP Trust Subordinate Companion Loan or 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 3.18(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 Mortgage Loan or any related defaulted
BWP Trust Subordinate Companion Loan or 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

(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 Fund (to the extent not allocable to the related
Companion Loan) will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to
fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding.

(c)          Notwithstanding
the foregoing provisions of this Section 3.09 and Section 3.29, 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 (including
the Holders of the Class BWP Certificates, if applicable)

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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)           the
Mortgaged Property is in compliance with applicable environmental laws and regulations or, if not, that taking such actions as
are necessary to bring the Mortgaged Property in compliance therewith is reasonably likely to produce a greater recovery on a net
present value basis than not taking such actions, for such purposes taking into account any insurance coverage provided pursuant
to any environmental insurance policies in effect and obtained on behalf of the mortgagee with respect to the related Mortgaged
Property; and

(ii)          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, if such circumstances or conditions are present for which any such action could be required, that taking
such actions with respect to such Mortgaged Property is reasonably likely to produce a greater recovery on a net present value
basis than not taking such actions.

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 Fund and, in the case of a Serviced Whole Loan or Trust AB Whole Loan, shall be withdrawn in accordance with the related
Intercreditor Agreement by the Master Servicer from the Certificate 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
or Trust AB Whole Loan, as applicable)); 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 testing at the expense of the Trust Fund 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 Mortgage Loans, the Master Servicer and, with respect to Specially Serviced Mortgage 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 Uncertificated Lower-Tier Interests).

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(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 Mortgage Loan and, in the case of a Serviced Mortgage Loan or a Trust AB Mortgage
Loan , any related Companion Loan or BWP Trust Subordinate 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 6 of each of the Mortgage Loan Purchase Agreements for which
the applicable Mortgage Loan Seller could be required to repurchase such Defaulted Mortgage Loan or defaulted BWP Trust Subordinate
Companion Loan pursuant to Section 6 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 Fund (other than proceeding to acquire title to the Mortgaged
Property) and is hereby authorized ((i) prior to the occurrence and continuance of a Control Event (or with respect to any Serviced
AB Mortgage Loan or Trust AB Whole Loan, after the occurrence and during the continuation of an AB Control Appraisal Period, but
prior to the occurrence and continuance of a Control Event) and (ii) 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 ((i) prior to the occurrence
of a Consultation Termination Event and (ii) 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 3.15(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 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 Mortgage Loan,
or defaulted Companion Loan or defaulted BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan by the applicable Mortgage Loan Seller or release
of the lien of the related Mortgage on such Mortgaged Property.

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(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 or BWP Trust Subordinate 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 BWP Trust Subordinate Companion Loan or 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 Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or
defaulted BWP Trust Subordinate 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 or BWP Trust Subordinate Companion 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 substantially in the form of Exhibit E 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 Certificate 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 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 the
BWP Trust Subordinate Companion Loan or 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 or Trust AB Whole Loan, as applicable, is paid
in full. No expenses

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incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable
to the Certificate 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 BWP Trust Subordinate Companion Loan or Companion Loan), the Master Servicer or the Special Servicer shall deliver
to the Custodian a Request for Release substantially in the form of Exhibit E 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 or the Trust AB Whole Loan, as applicable, the related
Companion Loan or BWP Trust Subordinate Companion Loan, as applicable), was liquidated and that all amounts received or to be received
in connection with such liquidation which are required to be deposited into the Certificate Account (including amounts related
to the related Companion Loan or BWP Trust Subordinate 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 substantially
in the form of Exhibit E 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 BWP Trust Subordinate Companion Loan, as applicable) 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
Pooling Agreement, 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, BWP Trust Subordinate Companion
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 Mortgage Loans and any Non-Serviced Mortgage Loan constituting a “specially
serviced mortgage loan” under any related Non-Serviced Pooling Agreement). As to each Mortgage Loan, Companion Loan,
REO Loan and BWP Trust Subordinate Companion 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, BWP Trust Subordinate Companion
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, REO Loan or BWP Trust Subordinate Companion 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,
Companion Loan or BWP Trust Subordinate Companion Loan or deemed to be due on such REO Loan is computed. The Servicing
Fee with respect to any Mortgage Loan, Companion Loan, REO Loan or BWP Trust Subordinate Companion 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, BWP Trust Subordinate 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, BWP Trust Subordinate 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). Except as set forth
in the next two sentences, the third paragraph of this Section 3.11(a), Section 6.02, Section 6.04 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 Certificate 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 Mortgage Loans (including any related Serviced Companion Loan or BWP Trust
Subordinate Companion Loan, as applicable, 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 received on Non-Specially Serviced Mortgage Loans (including any related Serviced

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Companion Loan or
BWP Trust Subordinate 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 (provided, that for the avoidance of doubt,
any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection
with a defeasance that the Special Servicer is entitled to under this Agreement); (iii) 100% of assumption, waiver, consent and
earnout fees, and other processing fees pursuant to Section 3.08 and Section 3.20 or other actions performed in
connection with this Agreement on the Non-Specially Serviced Mortgage Loans (including any related Serviced Companion Loan or
BWP Trust Subordinate Companion Loan, as applicable, to the extent not prohibited by the related Intercreditor Agreement), provided
the consent of the Special Servicer is not required to take such actions, (iv) 50% of all assumption, waiver, consent and
earnout fees, and other processing fees (other than assumption application fees and defeasance fees), pursuant to Section 3.08
and Section 3.20 on any Non-Specially Serviced Mortgage Loan (including any related Serviced Companion Loan or BWP
Trust Subordinate Companion Loan, as applicable, to the extent not prohibited by the related Intercreditor Agreement) for which
the Special Servicer’s consent or approval is required on the Non-Specially Serviced Mortgage Loans and in each of clauses
(i) through (iv), only to the extent that all amounts then due and payable with respect to the related Mortgage Loan
have been paid and (v) 50% of all fees related to Major Decisions with respect to the Non-Specially Serviced Mortgage Loans. In
addition, the Master Servicer shall be entitled to retain as additional servicing compensation (other than with respect to a Non-Serviced
Mortgage Loan) any charges for processing Mortgagor requests, beneficiary statements or demands, fees in connection with defeasance,
if any, and other customary charges, and amounts collected for checks returned for insufficient funds, in each case only to the
extent actually paid by the related Mortgagor and shall not be required to deposit such amounts in the Certificate Account or
the Companion Distribution Account pursuant to Section 3.04(a) or Section 3.04(b), respectively. Subject to 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 Certificate 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 Account 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 Excess and Prepayment Interest Shortfalls collected on the Mortgage
Loans, any Serviced Pari Passu Companion Loan and the Trust AB Subordinate Companion Loan, during the related Due 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 Certificate 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, the Master Servicer may, at its option, assign or pledge to any third party or retain for itself the Transferable
Servicing Interest;

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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 6.04 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 the 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 Mortgage 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 Mortgage 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 Mortgage Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced
Mortgage 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 Mortgage Loan or deemed to be due on such REO Loan
is computed. The Special Servicing Fee with respect to any Specially Serviced Mortgage 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 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 Mortgage Loans, (ii) 100% of all assumption application fees and assumption fees and other
related fees received on any Specially Serviced Mortgage Loans, (iii) 100% of waiver, consent and earnout fees, pursuant to Section
3.08 and Section 3.20 or other actions performed in connection with this Agreement on the Specially Serviced Mortgage
Loans or certain other similar fees paid by the related Mortgagor, (iv) 50% of all Excess Modification Fees and assumption and
consent fees pursuant to Section 3.08 or Section 3.20 and 50% of all earnout fees received with respect to all Non-Specially
Serviced Mortgage Loans (including any related Serviced Companion Loan or BWP Trust Subordinate 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, and in each of clauses (i) through (iv), only to the extent such fees are paid by the Mortgagor, (v)
50% of all fees related to Major Decisions with respect to the Non-Specially Serviced Mortgage Loans and (vi) 100% of all fees
payable related to Major Decisions with respect to the Specially Serviced Mortgage Loans, shall be promptly paid to the Special
Servicer by the Master Servicer (or directly from the related Mortgagor) and

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shall not be required to be deposited in the Certificate
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). The Special Servicer shall also
be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected Mortgage Loan at the
Workout Fee Rate on such Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan; provided, however,
that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Mortgage 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
Mortgage 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 Mortgage Loan (including any related Serviced Companion Loan) to be $25,000. The Workout
Fee shall be reduced (but not below zero) pursuant to the preceding sentence with respect to each collection on such Corrected
Mortgage Loan from which such fee would otherwise be payable until an amount equal to such Excess Modification Fee Amount has been
deducted in full. The Workout Fee with respect to any Corrected Mortgage Loan will cease to be payable if such loan again becomes
a Specially Serviced Mortgage Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced
Mortgage Loan again becomes a Corrected Mortgage 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 related Companion Loan or BWP Trust Subordinate
Companion Loan that became Corrected Mortgage Loans prior to the time of that termination or resignation except the Workout Fees
will no longer be payable if the Corrected Mortgage Loan subsequently becomes a Specially Serviced Mortgage Loan. If the Special
Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Mortgage
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 Mortgage Loan solely because the Mortgagor
had not had sufficient time to make three consecutive timely Monthly Payments and which subsequently becomes a Corrected Mortgage
Loan as a result of the Mortgagor making such three consecutive timely Monthly 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 Mortgage 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,

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Liquidation Proceeds
or Insurance and Condemnation Proceeds are received with respect to any Corrected Mortgage 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 Certificate 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), the
BWP Trust Subordinate Companion 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,
BWP Trust Subordinate Companion 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 the Servicing Advances made by any such party with respect to a Non-Serviced Whole Loan pursuant to the
applicable Non-Serviced Pooling Agreement, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement)
due on such Distribution Date, (ii) the Trust Fund 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 Pooling Agreement, which
resulted in an additional trust fund expense for the trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor
Agreement) with respect to such Mortgage Loan, BWP Trust Subordinate Companion Loan or related Companion Loan, if applicable and
(iii) the Trust Fund for costs of all additional Trust Fund expenses (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 Pooling Agreement) remaining thereafter shall be distributed
to the Master Servicer, if and to the extent accrued while such Mortgage Loan, BWP Trust Subordinate Companion Loan and any related
Companion Loan was a Non-Specially

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Serviced Mortgage
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 Mortgage 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
Trust Fund expenses 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 two
(2) Business Days 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 same day as the Master Servicer is required to deliver the CREFC® Investor
Reporting Package (IRP) for such Distribution 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.

(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 (2) 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 Certificate 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 Certificate Account.

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 Mortgage Loan) with a
Stated Principal

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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 and the Master Servicer has no knowledge of a material change in the Mortgaged Property
since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical
inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days delinquent on
the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon
as practicable after such Mortgage Loan becomes a Specially Serviced Mortgage Loan and annually thereafter for so long as
such Mortgage Loan remains a Specially Serviced Mortgage 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 Fund, 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 Certificate Account pursuant to Section 3.05(a)(ii), provided that, with respect to a Serviced
Whole Loan or Trust AB 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 Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their respective outstanding principal
balances, or (ii) with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, first, from the related AB
Subordinate Companion Loan or from amounts available to the Trust as holder of the related BWP Trust Subordinate Companion
Loan, as applicable and then, from the related Serviced AB Mortgage Loan or amounts available to the Trust as holder
of the related Trust AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan or BWP
Trust 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 Serviced Whole Loan or Trust AB Whole Loan are
allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan or the related Trust AB Mortgage Loan and
BWP Trust 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 in the Mortgaged Property that the preparer of such report has knowledge of and
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 preparer of such
report 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 deliver 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 Event and (ii) other than with respect to any Excluded Loan) and to the Trustee
within five (5) Business Days after completion of such report. Within five (5) Business Days after request for copies of such
reports by the Rating Agencies, the Special Servicer or the Master Servicer, as 

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applicable, shall deliver 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. Prior to the occurrence of a Consultation
Termination Event, the Master Servicer shall deliver a copy of each such report to the Directing Certificateholder and upon
request to each Holder of a Class E, Class F or Class NR Certificate (which such request may state that such items may be
delivered until further notice).

(b)          [Reserved]

(c)          The
Special Servicer, in the case of any Specially Serviced Mortgage Loan, and the Master Servicer, in the case of any Non-Specially
Serviced Mortgage Loan (other than any Non-Serviced Mortgage 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 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, each Companion
Holder (if they relate to the related Serviced Whole Loan or any portion thereof or any related REO Property) or Other Servicer
for a related securitization trust in respect of any Serviced Companion Loan 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 June 30, 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 3.15(c).

Within forty-five
(45) days after receipt by the Master Servicer, with respect to all Non-Specially Serviced Mortgage Loans it is responsible for
servicing hereunder, or the Special Servicer with respect to Specially Serviced Mortgage Loans and REO Properties (other than any
Non-Serviced Mortgaged Property), of any quarterly and annual operating statements or rent rolls beginning with the quarter ending
December 31, 2015 and the calendar year ending December 31, 2015 with respect to any Mortgaged Property or REO Property, or if
such date would be after June 30 of any year, then within thirty (30) days after receipt, such Master Servicer or Special Servicer,
as applicable, shall, based upon such operating statements or rent rolls received, prepare (or, if previously prepared, update)
the analysis of operations and the

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 CREFC®
NOI Adjustment Worksheet and the CREFC® Operating Statement Analysis Report; provided that any such
CREFC® Operating Statement Analysis Report and/or CREFC® NOI Adjustment Worksheet shall not be required
to be prepared or updated with respect to year-end or the first calendar quarter of each year to the extent provided by the then
current CREFC® IRP. Upon the occurrence and continuation of a Servicing Transfer Event, the Master Servicer shall
provide the Special Servicer with all prior CREFC® Operating Statement Analysis Reports and CREFC®
NOI Adjustment Worksheets for the related Mortgage Loan (including underwritten figures), and the Special Servicer’s obligations
hereunder shall be subject to its having received all such reports. The Master Servicer and Special Servicer shall forward to
the other and (prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder electronically monthly
all operating statements and rent rolls received from any Mortgagor from the prior month. All CREFC® Operating
Statement Analysis Reports and CREFC® NOI Adjustment Worksheets shall be maintained by the Master Servicer with
respect to each Mortgaged Property (other than a Non-Serviced Mortgaged Property) and REO Property (other than any Non-Serviced
Mortgaged Property), and the Master Servicer shall forward copies (in electronic format) thereof 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, and with respect to any Serviced Companion Loan, the related Companion Holder,
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. The Master Servicer shall maintain a CREFC® Operating Statement Analysis
Report and a CREFC® NOI Adjustment Worksheet with respect to each Mortgaged Property (other than a Non-Serviced
Mortgaged Property) or REO Property (other than a Non-Serviced Mortgaged Property).

(d)          At
or before 2:00 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, each Companion Holder (if they relate to the related Serviced Whole Loan or any portion thereof
or any related REO Property) 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 Mortgage
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 or other recipient 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 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.

(e)          Not
later than 5:00 p.m. (New York City time) on the P&I Advance Date beginning September 2015, 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 and,
to the extent related to a Serviced Whole Loan or any portion thereof or any related REO Property, the

    	-193-

    	 

    

related Companion Holder
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 and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC®
Loan Setup File (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(d) 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 City time) on the P&I Advance
Date beginning September 2015, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate
Administrator and, to the extent related to a Serviced Whole Loan or any portion thereof or any related REO Property, the related
Companion Holder 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 September 2015, the Master Servicer shall deliver or cause to be
delivered to the Certificate Administrator and, to the extent related to a Serviced Whole Loan or any portion thereof or any related
REO Property, the related Companion Holder 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.

(f)           The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to
Section 3.12(c) and Section 3.12(d), and the Master Servicer shall deliver to the Certificate Administrator the reports
and data files set forth in Section 3.12(e). 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(c) and Section 3.12(d). 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(e). In the case of information or reports to be furnished by the Master Servicer to the Certificate Administrator
pursuant to Section 3.12(e), 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(c) or Section 3.12(d) and to the extent that such
reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(c) or Section 3.12(d),
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(e) caused by the Special Servicer’s failure to timely
provide any information or report required under Section 3.12(c) or Section 3.12(d) of this Agreement.

(g)          Notwithstanding
the foregoing, however, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required
to be disclosed by this

 

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 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).

(h)          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) except with respect to information to be provided to the Certificate
Administrator or any Companion Holder and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder,
making such statement, report or information available on the Master Servicer’s or the Special Servicer’s Internet
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     [Reserved.]

Section 3.14     [Reserved.]

Section
3.15     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 Fund within
its control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer

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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 3.15 as a result of a confidentiality
obligation shall not constitute a breach of this Section 3.15. In connection with providing information pursuant to this
Section 3.15, 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 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
the Trust Fund or otherwise materially harm the Trust or the Trust Fund. 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.

(A) Upon the reasonable
request of any Certificateholder (or with respect to any AB Subordinate Companion Loan related to a Serviced AB Whole Loan, the
holder of such AB Subordinate Companion Loan) that is a Privileged Person identified to the Master Servicer’s reasonable
satisfaction, the Master Servicer may provide (or forward electronically) (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 Trust AB Whole Loan, if requested by the holder of an AB Subordinate
Companion Loan or a Holder of Class BWP Certificates) obtained by the Master Servicer or (B) upon the reasonable request of any
Controlling Class Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable satisfaction and
such information is in the Master Servicer’s possession, the Master

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Servicer shall provide
(or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded Information (not accessible
through the Certificate Administrator’s Website) relating to any Excluded Controlling Class Mortgage Loan with respect to
which such Controlling Class Certificateholder is not an Excluded Holder; provided that, in connection therewith, the Master
Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the Master Servicer, generally to the effect that such Person is a Holder of Certificates, a beneficial holder of
Book-Entry Certificates (or an investment advisor for a Certificateholder or beneficial holder of Book-Entry Certificates) or
holder of such AB Subordinate Companion Loan and a Privileged Person and 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 the Trust.

(b)         The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus Supplement, Statements
to Certificateholders and the SEC 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:

(i)          The
following documents, which will initially be made available under a tab or heading designated “deal documents”:

(A)         the
Prospectus Supplement and 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; and

(C)          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
Statements to Certificateholders prepared by the Certificate Administrator pursuant to Section 4.02;

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(B)          the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property 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
Senior Trust Advisor Annual Reports;

(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 the related Companion Loan or the related Subordinate Loan-Specific Directing Certificateholder, as applicable, and related
information delivered to the Certificate Administrator pursuant to Section 3.21(d);

(B)          all
property inspection reports delivered to the Certificate Administrator pursuant to Section 3.12(a); and

(C)          any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.21;

(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 or BWP Trust Subordinate Companion Loan
pursuant to Section 3.20(h);

(C)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(j);

(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 termination of the Sub-Servicer delivered pursuant to Section 3.22(g);

(F)          any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the

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successor trustee
or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

(G)          any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

(H)         any
notice of resignation or termination of the Master Servicer or Special Servicer pursuant to Section 7.03;

(I)           any
notice of termination pursuant to Section 9.01;

(J)           any
notice of resignation or termination of the Senior Trust Advisor and any notice of the acceptance of appointment by the successor
senior trust advisor pursuant to Section 3.31;

(K)          any
notice of recommendation of termination of the Special Servicer by the Senior Trust Advisor

(L)          any
notice that a Control Event has occurred or is terminated or that a Consultation Termination Event has occurred or is terminated;

(M)         any
assessments of compliance delivered to the Certificate Administrator; and

(N)          any
attestation reports delivered to the Certificate Administrator;

(vi)        the
“Investor Q&A Forum” pursuant to Section 4.08(a); and

(vii)       solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section
4.08(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 the related Excluded Controlling Class Holders.

Any Person that is
a Borrower Party shall only be entitled to access (a) the Statements to Certificateholders, and the following items made available
to the general public: the Prospectus Supplement, this Agreement, the Mortgage Loan Purchase Agreements and the

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SEC 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
Senior Trust Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially
in the forms of Exhibit P-1D and Exhibit P-1E 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’s
associated with such Excluded Controlling Class Holder, all information (other than 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 Senior Trust 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 Senior Trust Advisor, the Certificate Administrator and the Trustee
in writing substantially in the form of Exhibit P-1E that such party is an Excluded Controlling Class Holder and identify
the Excluded Controlling Class Loan(s) and thereafter shall not be entitled to any Excluded Information related 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 Loan(s)) made available on the Certificate
Administrator’s Website. With respect to any Excluded Information, each of the Master Servicer, the Special Servicer and
the Senior Trust 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, on loan-by-loan basis) from information relating to other Mortgage Loans, Whole Loans or the Trust
AB Whole Loan, as applicable. Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer,
the Senior Trust 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 Senior Trust Advisor or the Certificate Administrator, as applicable,
has received such notice 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 Senior Trust Advisor or the Certificate Administrator
shall be liable for any communication to the Directing

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Certificateholder
or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the
Senior Trust Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage
Loan is an Excluded Controlling Class Loan (including, in the case of an Asset Status Report or Final Asset Status Report delivered
to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any
such information provided to the Certificate Administrator).

Each of the Master
Servicer, the Special Servicer, the Senior Trust Advisor and the Certificate Administrator shall be entitled to conclusively rely
on any written notice from the Directing Certificateholder or a Controlling Class Certificateholder that it 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 representations or warranties 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, 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 3.15(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 “JPMBB

    	-201-

    	 

    

2015-C31” 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 3.21(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 3.21;

(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 3.30(a);

(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 3.30(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;

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(xv)       any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section
12.01(a)(ix);

(xvi)      any
Senior Trust Advisor Annual Report pursuant to Section 3.31;

(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 3.15(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 or BWP
Trust Subordinate 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 3.15(g);

(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 3.19(c), Section 3.20(h); 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 12.10.

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 2:00 p.m., New York City time,
or, if received after 2:00 p.m., New York City time, on the next Business Day by 12:00 p.m. New York City time; provided,
however, that any information delivered pursuant to Section 3.15(d) shall be posted in accordance with Section 3.15(d).
The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be. In the event that any information is delivered or posted in error, 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). If a Rating
Agency requests access to the 17g-5 Information Provider’s Website, access will be granted by the 17g-5 Information Provider
on the same Business Day provided such request is made prior to 2:00 p.m., New York City time on such Business Day, or, if received
after 2:00 p.m., New York City time, on the following Business Day. Questions regarding delivery of

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information to the
17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically referencing
“JPMBB 2015-C31” 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 3.15. 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.

Except as provided
in Section 3.15(d) below, 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 so long as such information report or notice (i) was previously
provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5 Information Provider.

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider will 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 and such notice shall specifically identify such document
in the subject line or otherwise in the body of the email. The 17g-5 Information Provider will send such notice to such Person’s
email address provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website,
including a general email address if such general email address has been provided to the 17g-5 Information Provider in connection
with a completed NRSRO Certification in the form of Exhibit P-2 hereto.

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 “JPMBB 2015-C31” 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.

Notwithstanding anything
to the contrary contained in this Agreement, none of the foregoing information which relates solely to Class BWP Certificates and
does not contain information related to the corresponding Trust AB Whole Loan or other Certificates shall be required to delivered
to the Rating Agencies or be posted to the 17g-5 Information Provider’s Website.

(d)         The
Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide bulk information that relates
to two or more transactions to the 17g-5 Information Provider. Any such information shall be posted by the 17g-5 Information Provider
and the 17g-5 Information Provider may, but shall not be obligated to post such information in accordance with the timeframe provided
in Section 3.15(c) above. The Master Servicer or the

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Special Servicer,
as applicable, shall not send such information directly to the Rating Agencies until the 17g-5 Information Provider notifies it
that such information has been posted to the 17g-5 Information Provider’s Website.

(e)         Certain
information concerning the Mortgage Loans and the Certificates (including the Statements to Certificateholders, CREFC®
reports and supplemental notices with respect to such Statements to Certificateholders and CREFC® reports) shall be provided
by the Certificate Administrator to third parties (including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial
Management Inc., Interactive Data Corporation, CMBS.com, Markit 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.

(f)          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, any related BWP Trust Subordinate 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 3.15 and the
Rating Agencies (collectively, the “Disclosure Parties”) (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 3.15(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 3.15(f) 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

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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 responsible or
have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant
to this Section 3.15 unless such information was produced by the Master Servicer or Special Servicer, as applicable.

(g)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted to (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
3.15(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 3.15(c).

(h)          The
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Senior Trust 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 Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders
generally, requested by the Senior Trust Advisor in support of the performance of its obligations under this Agreement in electronic
format.

(i)          None
of the foregoing restrictions in this Section 3.15 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Senior Trust Advisor 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 Senior Trust Advisor or the Special Servicer, as applicable, (ii) such Rating
Agency’s or NRSRO’s approval of the Master Servicer, the Senior Trust Advisor or the Special Servicer, as applicable,
as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s

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evaluation of the
Master Servicer’s, the Senior Trust Advisor or the Special Servicer’s, as applicable, servicing operations in general;
provided, that the Master Servicer, the Senior Trust Advisor or the Special Servicer, as applicable, shall not provide
any information relating to the Certificates, the Mortgage Loans, any Serviced Companion Loan or the BWP Trust Subordinate Companion
Loan, as applicable, 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; or (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 pursuant to the terms
hereof or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating
surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered
in reliance on the certification provided in this clause (z) for any purpose to the extent it is publicly available (unless the
availability results from a breach of this Agreement or any other confidentiality agreement to which such rating agency is subject)
or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or
another 17g-5 information provider’s website the such Rating Agency has access to) (in each case, subject to any agreement
governing the use of such information, including any engagement letter with the Depositor or any other applicable depositor).

(j)          The
costs and expenses of compliance with this Section 3.15 by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee and any other party hereto shall not be additional Trust Fund expenses, but shall be borne
by the applicable party hereto.

Section
3.16     Title to REO Property; REO Account. (a) If title to any Mortgaged Property is
acquired (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 Holders of the Class BWP
Certificates, in the case of the BWP Trust Subordinate Companion Loan, or 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
3.16. The Special Servicer, on behalf of the Trust Fund 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 Fund 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 an 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, the Certificate Administrator and the Master
Servicer an Opinion of Counsel, addressed to the Trustee, the Certificate Administrator and the Master Servicer, to
the effect that the holding by the Trust Fund of such REO Property subsequent to the close of the third calendar year
following the year in which such acquisition occurred will not cause the imposition of a tax on any Trust REMIC or cause any
Trust REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is
outstanding. If the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of

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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 Fund payable out of the Certificate 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
the Holders of the Class BWP Certificates, in the case of the BWP Trust Subordinate Companion Loan, or any related Companion Holder,
as applicable, as their interest shall appear, and the Trustee (as holder of the Uncertificated Lower-Tier 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 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 Certificate 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 Due 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 Certificate
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.

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(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 3.16(b) or Section 3.16(c).

(e)          With
respect to the BWP Trust Subordinate Companion Loan, references to actions being taken for the benefit of the BWP Trust Subordinate
Companion Loan in this Section 3.16 shall be deemed to be taken also for the benefit of the Holders of the Class BWP Certificates,
as beneficial owners of the BWP Trust Subordinate Companion Loan.

Section 3.17     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 (including,
in the case of the BWP Trust Subordinate Companion Loan, the Holders of the Class BWP Certificates) and the related Companion
Holders, as applicable, and the Trustee (as holder of the Uncertificated Lower-Tier 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 Fund 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 (including, in
the case of the BWP Trust Subordinate Companion Loan, the Holders of the Class BWP Certificates) (and, in the case of each Serviced
Whole Loan, the related Companion Holder) and the Trustee (as holder of the Uncertificated Lower-Tier Interests) all as a collective
whole (taking into account the subordinate or pari passu nature of any Companion Loan or BWP Trust Subordinate 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 with respect to a Non-Serviced Mortgage Loan is excluded for all
purposes of this Section 3.17(a). Subject to this Section 3.17(a), the Special Servicer may allow the Trust Fund
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
(including, in the case of the BWP Trust Subordinate Companion Loan, the Holders of the Class BWP Certificates) and, if applicable,
any related Companion Holder 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;

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(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 (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 Fund 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 or BWP Trust Subordinate Companion Loan, if applicable, became imminent, all within the meaning of Section 856(e)(4)(B) of
the Code; or

(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 Fund, 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;

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(ii)         the
fees of such Independent Contractor (which shall be an expense of the Trust Fund) 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 3.17(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 3.17(a) and 3.17(b).

Section
3.18     Sale of Defaulted Mortgage Loans and REO Properties. (a) (i) Within thirty (30) days
after a Defaulted Mortgage Loan or defaulted BWP Trust Subordinate Companion Loan has become a Specially Serviced Mortgage
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 Mortgage Loan or defaulted BWP Trust Subordinate
Companion 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; 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.

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(ii)         If
any Mortgage Loan, Serviced Companion Loan or BWP Trust Subordinate Companion Loan subject to an Intercreditor Agreement is a Specially
Serviced Mortgage 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 Mortgage Loan) or the Master Servicer (with respect to a Non-Specially Serviced
Mortgage Loan) shall promptly notify in writing the other, any related Companion Holder, the related Subordinate Loan-Specific
Directing Certificateholder (in the case of the BWP Trust Subordinate Companion Loan) 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, the related Subordinate Loan-Specific Directing Certificateholder (in the case of the BWP Trust Subordinate Companion
Loan) and related mezzanine lender, as applicable, will, notwithstanding anything in this Section 3.18 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 Mortgage Loan, or if the related Subordinate
Loan-Specific Directing Certificateholder (in the case of the Trust AB Mortgage Loan), 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 may offer to sell to any Person any Specially
Serviced Mortgage Loan (to the extent consistent with any related Intercreditor Agreement) or may offer to purchase any Specially
Serviced Mortgage Loan, 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 Fund (or, in the case of any Serviced Whole Loan or Trust AB Whole Loan, the
Trust Fund and the holder of the related Serviced Companion Loan(s) or BWP Trust Subordinate Companion Loan, as a collective whole,
taking into account the pari passu or subordinate nature of the related Serviced Companion Loan(s) or BWP Trust Subordinate
Companion Loan, as the case may be) on a net present value basis. The Special Servicer is required to give the Trustee not less
than five (5) days prior written notice of its intention to sell any Specially Serviced Mortgage Loan, in which case the Special
Servicer is required to accept the highest offer received from any person for such Specially Serviced Mortgage Loan in an amount
at least equal to the Purchase Price or, at its option, if it has received no offer at least equal to the Purchase Price therefor,
purchase such Specially Serviced Mortgage Loan at such Purchase Price.

(iv)        (A)
In the case of a Specially Serviced Mortgage 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, 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 Mortgage Loan, if the highest offeror is a Person other
than an Interested Person or any known Affiliate of any such Person. The Trustee (based upon

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updated Appraisals
ordered by the Special Servicer and received by the Trustee (or ordered by the Trustee if the Special Servicer or any of its Affiliates
is an Interested Person)) shall determine the fair price for the Specially Serviced Mortgage Loan if the highest offeror is an
Interested Person, and any such determination by the Trustee shall be binding upon all parties. The Trustee shall act in a commercially
reasonable manner in making such determination. The reasonable cost of such independent appraisal will be an expense of 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.
The Trustee 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. 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) designate an independent third party expert
in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing or investing in 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 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. Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an
offer for or purchase any Specially Serviced Mortgage Loan.

(B)          The
Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines, 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, with respect to a Serviced Whole Loan, the holder of the related Serviced
Companion Loan(s) or, with respect to the Trust AB Whole Loan, the holders of the Class BWP Certificates, as applicable, and in
either case, as a collective whole (taking into account the pari passu or subordinate nature of such Serviced Companion
Loan(s) or BWP Trust Subordinate Companion Loan, as the case may be). In addition, the Special Servicer may accept a lower offer
if it determines, in accordance with the Servicing Standard (and subject to the requirements of any related Intercreditor Agreement),
that the acceptance of such offer would be in the best interests of the Holders of Certificates and, with respect to a Serviced
Whole Loan, the holder of the related Serviced Companion Loan(s) or, with respect to the Trust AB Whole Loan, the holders of the
Class BWP Certificates, as

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applicable,
and in either case, as a collective whole (taking into account the pari passu or subordinate nature of such Serviced Companion
Loan(s) or BWP Trust Subordinate Companion Loan, as the case may be) (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 Specially Serviced Mortgage 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 3.18, on the basis of anything other than the related Appraisal.

(v)          Unless
and until any Specially Serviced Mortgage Loan is sold pursuant to this Section 3.18(a), the Special Servicer shall pursue
such other resolution strategies with respect to such Specially Serviced Mortgage 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 or
Trust AB Whole Loan, such purchase shall be a purchase of the entire REO Property, including the portion relating to the related
Companion Loan or BWP Trust Subordinate Companion Loan, as applicable). The Special Servicer may also offer to sell to any Person
any REO Property (in the case of a Serviced Whole Loan or Trust AB Whole Loan, such sale shall be a sale of the entire REO Property,
including the portion relating to the related Companion Loan or BWP Trust Subordinate Companion Loan, as applicable), 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 Fund and the related Companion Holders or the Holders of the Class BWP Certificates (in the case of the Trust AB Whole
Loan), as applicable. The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate
Administrator, the Subordinate Loan-Specific Directing Certificateholder (in the case of the Trust AB Whole Loan) and, prior to
the occurrence of a Consultation Termination Event, the Directing Certificateholder, not less than five (5) Business 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

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 bidder is an Interested Person. 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 or, with respect to the Trust
AB Whole Loan, the Holders of the Class BWP Certificates, as applicable, and in either case, as a collective whole (taking into
account the subordinate or pari passu nature of any Serviced Companion Loans or BWP Trust Subordinate Companion Loan, as
applicable). 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 or, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates, as applicable,
and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans or BWP Trust Subordinate Companion Loan, as applicable) (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.

(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 Fund’s obligation to comply with REMIC Provisions.

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(ii)        Subject
to the Servicing Standard, the Special Servicer shall act on behalf of the Trust Fund and the related Companion Holders or the
Holders of the Class BWP Certificates (with respect to the Trust AB Whole Loan), as applicable, 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 Senior Trust Advisor or the Trust
Fund (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 Fund) 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 Senior Trust Advisor nor the
Trustee shall have any liability to the Trust Fund 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 Mortgage Loan or defaulted BWP Trust Subordinate Companion 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 related
Mortgage Loan that has become a Defaulted Mortgage Loan in accordance with this Section 3.18, then the Special Servicer
will be required to sell the related Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and will be required
to require that all offers be submitted to the Certificate Administrator in writing and be accompanied by a refundable deposit
of cash in an amount equal to 5% of the offer amount (subject to a cap of $2,500,000). To the extent a determination is required
to be made hereunder as to whether any cash offer constitutes a fair price for the 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 if it becomes a defaulted
Whole Loan without the written consent of the holder of the related Pari Passu Companion Loan (provided that such consent
is not required if 50% or more of the related Pari Passu Companion Loan is held by the related Mortgagor or an affiliate of the
related Mortgagor) unless the Special Servicer has delivered to the holder of the related 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 Whole Loan, and any documents in the servicing file reasonably requested
by the holder of the related Pari Passu Companion Loan that are material to the sale price of the Serviced 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

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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 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 Pari Passu 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 or investing in 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.

(e)          (i)
Notwithstanding anything in this Section 3.18 to the contrary, (A) pursuant to the terms of the related Intercreditor Agreement,
the holder of the related AB Subordinate Companion Loan for each applicable Serviced Whole Loan and (B) pursuant to Section
3.35 herein, the Subordinate Loan-Specific Directing Certificateholder (with respect to the Trust AB 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 or the Subordinate Loan-Specific Directing Certificateholder shall be given priority over any provision described
in this Section 3.18 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, purchased by the Subordinate Loan-Specific
Directing Certificateholder, 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 3.18 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 3.18 will be on
a servicing released basis.

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(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.

(h)          In
the event the BWP Trust Subordinate Companion Loan becomes a Defaulted Mortgage Loan, the related Subordinate Loan-Specific Directing
Certificateholder shall be permitted upon irrevocable notice to the Master Servicer, Special Servicer, Trustee, Certificate Registrar,
Depositor, Directing Certificateholder and Senior Trust Advisor, to purchase such BWP Trust Subordinate Companion Loan from the
Trust in exchange for the Class BWP Certificates together with the payment of all fees, costs and expenses and other amounts arising
hereunder, including without limitation any amounts due to the Master Servicer, the Special Servicer, the Senior Trust Advisor
and the Trustee. After such election, the Certificate Registrar shall extinguish the Class BWP Certificates on any Distribution
Date within 45 days of receipt of such notice upon the tender of the Class BWP Certificates by such Holder and the Custodian shall,
upon its receipt of a Request for Release substantially in the form of Exhibit E, deliver the Mortgage Note related to the
BWP Trust Subordinate Companion Loan together with all assignments and allonges necessary to transfer ownership of such Mortgage
Note to such Holder. For federal income tax purposes, the Class BWP Certificateholder shall be deemed to have purchased the BWP
Trust Subordinate Companion Loan for an amount equal to the outstanding Certificate Balance of the Class BWP Certificates and all
accrued unpaid interest thereon, and such amount shall be deemed to be distributed to such Holder in accordance with Section
4.01(b). Notwithstanding anything to the contrary herein, such rights described in this Section 3.18(h) shall expire
if the BWP Trust Subordinate Companion Loan is no longer an asset of the Trust, is otherwise sold pursuant to the terms of this
Agreement, or becomes an REO Loan.

Section
3.19     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 or the BWP Trust Subordinate 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. The Master Servicer shall deliver the portion of any
Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan or the BWP Trust Subordinate Companion Loan,
as applicable, to the Companion Paying Agent for deposit in the Companion Distribution Account or the BWP REMIC Distribution
Account on the applicable Serviced Whole Loan Remittance 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 and the Master Servicer or the Special
Servicer, as applicable, shall provide to the related Subordinate Loan-Specific Directing Certificateholder any reports or notices
required to be delivered to the holder of the BWP Trust Subordinate Companion Loan pursuant to the related Intercreditor Agreement.

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(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 or the BWP Trust Subordinate Companion
Loan, as applicable, deposited in the Certificate 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 the occurrence and continuance of any Control 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 or the BWP Trust Subordinate
Companion Loan, as applicable, 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 deposited in the Certificate 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 3.15(c), unless extraordinary circumstances make such notice impractical. Notwithstanding the foregoing, failure
to give notice as required by the preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s
election whether to refrain from obtaining such reimbursement as described in this Section 3.19(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 Certificate Account pursuant to Section 3.05(a)(v).

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 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

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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, that its ability to fully recover the Nonrecoverable Advances has been compromised,
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 Certificate 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 (including the Holders of the Class BWP Certificates)
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.

With respect to any
modification or amendment of any Intercreditor Agreement related to a Serviced Whole Loan or Trust AB Whole Loan (in each case,
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 3.15(c).

(d)          With
respect to any Mortgage Loan (or Serviced Whole Loan) or BWP Trust Subordinate Companion Loan, if the related Mortgage Loan documents
permit the lender to (but do not require the lender to), at its option, prior to an event of default under the related Mortgage
Loan (or Serviced Whole Loan) or BWP Trust Subordinate Companion Loan, apply amounts held in any reserve account as a prepayment
or hold such amounts in a reserve account, the Master Servicer 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 Mortgage Loan documents, to defease the loan, or may
be used to prepay the Mortgage Loan (or Serviced Whole Loan) or BWP Trust Subordinate Companion Loan, or for other purpose consistent
with the Servicing Standard and the Mortgage Loan documents, upon a subsequent default.

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Section 3.20     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 3.20(a), Section 3.20(d), Section 3.20(i), Section 3.20(j) and Section 6.07, but
subject to any other conditions set forth thereunder and, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan), Trust AB Whole Loan or any Serviced Whole Loan, (and with respect to any Serviced Whole Loan, subject to the rights of
the related Companion Holder (or the related Subordinate Loan-Specific Directing Certificateholder), 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 Mortgage Loan, BWP Trust Subordinate Companion Loan and/or Companion Loan (that constitute 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 in the Master Servicer’s possession that may be reasonably requested
by the Special Servicer in order to grant or withhold such consent); provided that in the event that the Special Servicer
does not respond within ten (10) Business Days after receipt of such recommendation and analysis and all such information reasonably
requested by the Special Servicer in order to grant or withhold such consent, plus the time period provided to the Directing Certificateholder
or other relevant party under this Agreement and, if applicable, any time period provided to a Companion Holder under a related
Intercreditor Agreement, the Special Servicer’s consent to such modification, waiver or amendment shall be deemed granted;
and provided, further, that no extension entered into pursuant to this Section 3.20(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 or BWP Trust Subordinate Companion Loan for more than twelve (12) months from and after the original Maturity
Date of such Mortgage Loan and/or related Companion Loan or BWP Trust Subordinate Companion Loan and such Mortgage Loan and/or
related Companion Loan or BWP Trust Subordinate 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 Administrator, the
Special Servicer, the Senior Trust 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 a Trust Fund expense in accordance with Section 3.11(d)) that such extension would not constitute a “significant
modification” of the Mortgage Loan, BWP Trust Subordinate Companion 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 Event and (ii) other than with respect to any Excluded Loan) obtain the consent of the Directing Certificateholder
(or, (i) after the occurrence and during the continuance of a Control Event but prior to a Consultation Termination Event and
(ii) other than with respect to any Excluded Loan,

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upon consultation
with the Directing Certificateholder pursuant to Section 6.07 hereof) (which consent or consultation shall be coordinated
through the Special Servicer). Notwithstanding the foregoing, subject to the rights of the related Companion Holder or the related
Subordinate Loan-Specific Directing Certificateholder 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, the Master Servicer, with respect to Non-Specially
Serviced Mortgage Loans, without the consent of the Special Servicer (unless such modification, waiver or amendment is a Major
Decision), may modify or amend the terms of any Mortgage Loan, BWP Trust Subordinate Companion 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), BWP Trust Subordinate Companion 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, BWP Trust Subordinate Companion Loan and/or related Serviced Companion Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

Subject to Section
6.07 herein, applicable law and the Mortgage Loan, BWP Trust Subordinate Companion 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, BWP Trust Subordinate Companion
Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of the related Mortgage Loan, BWP Trust Subordinate
Companion 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 3.30)) and (ii) such substitution would not be a “significant modification”
of the Mortgage Loan, BWP Trust Subordinate Companion 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 related
Mortgage Loan documents, and if so prohibited, at the expense of the Trust Fund) 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), BWP Trust Subordinate Companion 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 Mortgage 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

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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, Holders of the Class BWP Certificates, as applicable, as the holders of
the related Serviced Companion Loan or BWP Trust Subordinate Companion Loan, as applicable, than liquidation of such Specially
Serviced Mortgage Loan, then the Special Servicer may agree to a modification, waiver or amendment of such Specially Serviced
Mortgage Loan, subject to (x) the provisions of this Section 3.20(b) and Section 3.20(c), (y) with respect to any
Mortgage Loan or BWP Trust Subordinate Companion Loan other than any Excluded Loan, prior to the occurrence and continuance of
a Control Event, the approval of the Directing Certificateholder (or after the occurrence and during the continuance of a Control
Event, but prior to a Consultation Termination Event, upon consultation with the Directing Certificateholder) as provided in Section
6.07; provided that with respect to any Serviced AB Whole Loan or Trust 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
or of the related Subordinate Loan-Specific Directing Certificateholder, as applicable, 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,
as applicable, 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 Event has occurred and is continuing), the Special Servicer shall consult with the Senior Trust Advisor, on a non-binding
basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended
by the Senior Trust Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.07 for consulting
with the Senior Trust 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
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. If, following any such release or taking, the loan-to-value ratio as so calculated
is greater than 125%, the Master Servicer or

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Special Servicer,
as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30
or successor provisions, unless the related borrower provides an Opinion of Counsel that if such amount is not paid the related
Mortgage Loan will not fail to be a “qualified mortgage” as defined in Section 860G(a)(3) of the Code.

The Special Servicer
shall use its reasonable efforts to the extent possible to cause each Specially Serviced Mortgage 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
Mortgage Loan if such modification, waiver or amendment would (1) extend the maturity date of any such Specially Serviced Mortgage
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 Mortgage 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 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, Trust AB Whole Loan or Serviced Whole Loan generally
at the related Mortgage Rate.

(c)          Any
provision of this Section 3.20 to the contrary notwithstanding, except when a Mortgage Loan, BWP Trust Subordinate Companion
Loan and/or Companion Loan is in default or default with respect thereto is reasonably foreseeable, no fee described in this Section
3.20 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 3.20(a), and Section
6.07), the Master Servicer (as provided in Sections 3.08(a), 3.08(b) and 3.08(e)) or the Special Servicer
may, consistent with the Servicing Standard, agree to any waiver, modification or amendment of a Mortgage Loan, Serviced Companion
Loan and/or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion 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 other
Person, to be paid out of the Certificate 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

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collect such fee from the Mortgagor or such other
Person to the extent permitted under the related Mortgage Loan documents or BWP Trust Subordinate Companion Loan documents, as
applicable). Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer may waive the payment of any Yield
Maintenance Charge or the requirement that any prepayment of a Mortgage Loan or BWP Trust Subordinate Companion 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, Serviced Companion Loan or BWP Trust Subordinate Companion Loan that is not a Specially Serviced Mortgage Loan.

(e)          In
the event of a modification that creates Mortgage Deferred Interest, (A) (other than any Mortgage Deferred Interest allocable to
the BWP Trust Subordinate Companion Loan, if applicable) such Mortgage Deferred Interest will be allocated to reduce the Distributable
Certificate Interest of the Class or Classes of Regular Certificates (other than the Class X Certificates) with the latest sequential
designation then outstanding, and to the extent so reduced, shall be added to the Certificate Balance of such Class and (B) any
Mortgage Deferred Interest allocable to the BWP Trust Subordinate Companion Loan shall be the Class BWP Certificate Deferred Interest,
and) will reduce the Class BWP Distributable Certificate Interest and, to the extent so reduced, will be added to the Certificate
Balance of such Class of Certificates pursuant to Section 4.06.

(f)           Subject
to Section 3.20(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, Companion Loan or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

(g)          All
modifications (including extensions), waivers and amendments of the Mortgage Loans, Companion Loans and/or BWP Trust Subordinate
Companion Loan entered into pursuant to this Section 3.20 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 or BWP Trust Subordinate
Companion Loan, if such guarantor’s signature is required by the Special Servicer in accordance with the Servicing Standard).

(h)          With
respect to any modification, waiver or amendment for which it is responsible, the Special Servicer shall notify the Master Servicer,
the Trustee, the Certificate Administrator, the Senior Trust Advisor (after the occurrence and during the continuance of a Control
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 related to a Serviced AB Whole, an AB Control Appraisal
Period has occurred, if applicable), the related Subordinate Loan-Specific Directing Certificateholder (unless, with respect to
the BWP

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Trust 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
3.15(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, Companion Loan or BWP Trust Subordinate 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, 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
related to a Serviced AB Whole, an AB Control Appraisal Period has occurred, if applicable), the related Subordinate Loan-Specific
Directing Certificateholder (unless, with respect to the related BWP Trust Subordinate Companion Loan, an AB Control Appraisal
Period has 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 3.15(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 related Companion Holder, if any, or holder of the BWP Trust Subordinate Companion Loan, as applicable. 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 Z Certificates) upon request. 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 3.20(a)) or the Master Servicer (if the Master Servicer
processes such modification, waiver or consent pursuant to Section 3.20(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. 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 Due
Period, (2) the total debt service coverage ratio calculated on the basis of such Mortgage Loan (or BWP Trust Subordinate Companion
Loan, if applicable) and additional debt, and (3) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan (or BWP
Trust Subordinate Companion Loan, if applicable) and additional debt. In the event that either (i) the CREFC® Investor
Reporting Package is amended to include such information

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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.

(i)          Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions, the Master Servicer shall
process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion Loans in accordance
with the terms of the related Mortgage Loan documents, and shall be entitled to any defeasance fees paid relating thereto (provided,
that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification
Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding
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, BWP Trust Subordinate
Companion 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 or BWP Trust
Subordinate Companion Loan documents, in an amount sufficient to make all scheduled payments under the related Mortgage Loan or
BWP Trust Subordinate Companion Loan (or defeased portion thereof) when due, (ii) a certificate of an Independent certified public
accountant to the effect that such substituted property will provide cash flows sufficient to meet all payments of interest and
principal (including payments at maturity) on such Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan in compliance with
the requirements of the terms of the related Mortgage Loan documents and, if applicable, Companion Loan documents, or BWP Trust
Subordinate 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 Fund, 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 or BWP Trust Subordinate 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 or BWP Trust Subordinate 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 or BWP Trust Subordinate 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 or BWP Trust Subordinate Companion Loan documents, the Master Servicer shall
obtain, at the expense of the related Mortgagor, Rating Agency Confirmation from each Rating

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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 3.30); 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 or BWP Trust Subordinate Companion Loan that (together with any Mortgage Loans cross-collateralized
with such Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off Date Principal Balance less than $20,000,000, (ii) a Mortgage
Loan that represents less than 5% of the aggregate Cut-off Date Principal 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 or BWP Trust Subordinate Companion 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. In addition, notwithstanding the foregoing, with respect to certain Mortgage Loans originated or acquired
by RAIT that are subject to defeasance, RAIT, pursuant to its Mortgage Loan Purchase Agreement, has transferred to a third party
or has retained the right to establish or designate the successor borrower. If the Master Servicer receives notice of a defeasance
request with respect to an affected Mortgage Loan, the Master Servicer shall provide, within five (5) Business Days of receipt
of such notice, written notice of such defeasance request to RAIT at the address and in the manner specified in Section 12.05
hereof, until such time as RAIT provides written notice to the contrary.

(j)          Notwithstanding
anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents or BWP Trust Subordinate
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, a Serviced Whole Loan or BWP Trust Subordinate
Companion Loan, as applicable (or any portion thereof), in lieu of the defeasance collateral specified in the related Mortgage
Loan documents, Serviced Whole Loan documents or BWP Trust Subordinate Companion Loan documents, as applicable; provided
that such substitution is consistent with the Servicing Standard and the Master Servicer (subject to the Special Servicer’s
processing and/or consent rights pursuant to Section 3.20(a) with respect to any such action that constitutes a Major Decision)
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, Companion Loan documents or BWP Trust Subordinate Companion Loan documents or otherwise as a
Trust Fund expense) to the effect that such use would not be and would not constitute a “significant modification”
of such Mortgage Loan, Companion Loan or BWP Trust Subordinate 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 3.20(i) (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

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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 3.30).

(k)         If
required under the related Mortgage Loan, Companion Loan or BWP Trust Subordinate 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, Companion Loan or BWP Trust Subordinate 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 Certificate Account and treat any such payments as payments
made on the Mortgage Loan, Companion Loan or BWP Trust Subordinate Companion Loan in advance of its Due Date in accordance with
clause (a)(i) of the definition of “Available Distribution Amount” or clause (a) of the definition of
“Class BWP Available Distribution Amount”, as applicable, and not as a prepayment of the related Mortgage Loan, Companion
Loan or BWP Trust Subordinate Companion Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer
permit such amounts to be maintained in the Certificate Account for a period in excess of 365 days (or 366 days in the case of
a leap year).

(l)          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 3.30) (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.

(m)        Notwithstanding
anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with
any defeasance

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transaction contemplated
in the second sentence of Section 3.20(i), the Master Servicer shall not approve any such modification, waiver, consent or amendment
thereto without first having received an Opinion of Counsel that such modification, waiver, consent or amendment will not cause
an Adverse REMIC Event.

Section
3.21     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), Serviced Companion Loan or BWP Trust Subordinate 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 Senior Trust 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 Senior Trust 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 or BWP
Trust Subordinate 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 or BWP Trust Subordinate Companion Loan until the Special Servicer has commenced the servicing of such
Mortgage Loan and, if applicable, the related Serviced Companion Loan or BWP Trust Subordinate Companion Loan. The Master
Servicer shall deliver to the Trustee, the Certificate Administrator, the Senior Trust Advisor, the related Subordinate
Loan-Specific Directing Certificateholder (with respect to the Trust AB Whole Loan) 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 3.21. 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 3.21.

Upon determining that
a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly
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 or BWP Trust Subordinate 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

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Servicer, the Senior
Trust Advisor, the related Subordinate Loan-Specific Directing Certificateholder (unless, with respect to the BWP Trust Subordinate
Companion Loan, an AB Control Appraisal Period has occurred, if applicable), the related Serviced Companion Noteholder (unless
with respect to an AB Subordinate Companion Loan related to
a Serviced AB Whole 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 Mortgage Loan shall terminate and the obligations of the Master Servicer to service and administer such
Mortgage Loan and, if applicable, the related Companion Loan or BWP Trust Subordinate Companion Loan shall recommence.

(b)          In
servicing any Specially Serviced Mortgage Loans, Serviced Companion Loans and BWP Trust Subordinate Companion Loan, 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, Serviced Companion Loan or BWP Trust Subordinate
Companion Loan information including correspondence with the related Mortgagor.

(c)          Notwithstanding
the provisions of Section 3.12(d), the Master Servicer shall maintain ongoing payment records with respect to each of the
Specially Serviced Mortgage Loans, Serviced Companion Loans, BWP Trust Subordinate Companion Loan 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 or BWP Trust Subordinate 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 or
BWP Trust Subordinate Companion Loan, if applicable, and the related Mortgaged Property to the Master Servicer, the Trustee, the
Certificate Administrator, the Directing Certificateholder ((i) prior to the occurrence of a Consultation Termination Event and
(ii) other than with respect to any Excluded Loan), the Subordinate Loan-Specific Directing Certificateholder (in the case of the
Trust AB Whole Loan, and only to the extent the BWP Trust Subordinate Companion Loan is not subject to an AB Control Appraisal
Period), the Senior Trust Advisor (after the occurrence and during the continuance of a Control Event and, in the case of a Trust
AB Whole Loan, only after the occurrence and during the continuance of a Control Event and during an AB Control Appraisal Period
with respect to the related BWP Trust Subordinate Companion Loan) and the 17g-5 Information Provider (which shall promptly post
such report on the 17g-5 Information Provider’s Website in accordance with Section 3.15(c)) and, with respect to any
related Serviced Companion Loan, to the extent such related Serviced Companion Loan has been included in an Other Securitization,
to the master servicer of such

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Other Securitization
into which the related Serviced Companion Loan has been sold or to the related Companion Holder. 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)           summary
of the status of such Specially Serviced Mortgage 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 or BWP Trust Subordinate Companion Loan, as applicable)
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)         the
Special Servicer’s recommendations on how such Specially Serviced Mortgage Loan might be returned to performing status and
returned to the Master Servicer for regular servicing or otherwise realized upon;

(v)          a
copy of the last obtained Appraisal of the Mortgaged Property; and

(vi)        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, 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 or the applicable BWP Trust Subordinate Companion Loan documents. If, with
respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Event, the Directing
Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt, 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 Directing Certificateholder, the Master Servicer, the Trustee, the Certificate Administrator, the
related Subordinate Loan-Specific Directing Certificateholder (in the case of the Trust AB Whole Loan, and only to the extent the
related BWP Trust Subordinate Companion Loan is not subject to an AB Control Appraisal Period), the related Companion Holder (if
applicable, only to the extent such Companion Holder is not subject to an AB Control Appraisal Period) and the 17g-5 Information
Provider (which shall promptly post such revised Asset Status Report on the 17g-5 Information Provider’s Website in accordance
with Section 3.15(c)). With respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance
of any Control Event, the Special Servicer shall revise such Asset Status Report as described above in this Section 3.21(d)
until the Directing

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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 one of the determinations described below. 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 pursuant to the terms of this Section 3.21(d). Notwithstanding the
foregoing, the Special Servicer (A) may, following the occurrence of an extraordinary event with respect to the related Mortgaged
Property, take any action set forth in such Asset Status Report (subject to the rights of a related Companion Holder or Subordinate
Loan-Specific Directing Certificateholder, as applicable, to advise the Special Servicer with respect to, or, if applicable, consent
to, such action, in each case, pursuant to the terms of the related Intercreditor Agreement) before the expiration of a ten (10)
Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely
affect the interests of the Certificateholders (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP
Certificates) or, if a Serviced Whole Loan is involved, the related Companion Holder, and it has made a reasonable effort ((i)
prior to the occurrence and continuance of a Control Event and (ii) other than with respect to any Excluded Loan) to contact the
Directing Certificateholder and (B) in any case, shall determine whether such affirmative disapproval is not in the best interest
of all the Certificateholders pursuant to the Servicing Standard and upon such determination shall implement the action recommended
in the Asset Status Report notwithstanding any affirmative disapproval of the Asset Status Report; 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 6.07. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless
of whether a Control Event has occurred and is continuing), the Special Servicer shall consult with the Senior Trust 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 Senior Trust Advisor, in respect thereof, in accordance with the procedures set forth in
Section 6.07 for consulting with the Senior Trust Advisor.

No direction or disapproval
of the Directing Certificateholder or Subordinate Loan-Specific Directing Certificateholder hereunder or under a related Intercreditor
Agreement or failure of the Directing Certificateholder or Subordinate Loan-Specific 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 Mortgage 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 Senior Trust Advisor, the Mortgage Loan Sellers, the Trust Fund, 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.

Notwithstanding the
foregoing, prior to the occurrence and continuance of an AB Control Appraisal Period with respect to an AB Subordinate Companion
Loan or BWP Trust Subordinate Companion Loan, the Special Servicer shall prepare an Asset Status Report for any

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Serviced AB Whole
Loan or Trust AB Whole Loan, as applicable, upon it becoming a Specially Serviced Mortgage 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.

Notwithstanding anything
to the contrary herein, (i) the Directing Certificateholder (other than in its capacity as a Certificateholder and other than with
respect to an Excluded Loan) and the Senior Trust Advisor may only consult, to the extent it has consultation rights pursuant to
the terms of this Agreement, with the Special Servicer in connection with, or provide any consent to, any Asset Status Report related
to a Serviced AB Whole Loan or Trust AB Whole Loan for which the related holder of an AB Subordinate Companion Loan or the related
Subordinate Loan-Specific Directing Certificateholder is subject to an AB Control Appraisal Period, and (ii) after the occurrence
and during the continuance of a Control Event, the Special Servicer shall consult with the Senior Trust Advisor in connection with
each Asset Status Report prior to finalizing and executing such Asset Status Report and the Senior Trust Advisor shall propose,
by written notice, alternative courses of action within ten (10) Business Days following the later of: (i) receipt of each Asset
Status Report or (ii) receipt of additional information reasonably requested by the Senior Trust Advisor related thereto, only
to the extent the Senior Trust Advisor determines such alternatives to be in the best interest of the Certificateholders (including
(i) any Certificateholders that are Holders of the Control Eligible Certificates and (ii) with respect to the Trust AB Whole Loan,
the Holders of the Class BWP Certificates), as a collective whole. In addition, after the occurrence and during the continuance
of a Control Event, but prior to the occurrence of a Consultation Termination Event, the Special Servicer shall also consult with
the Directing Certificateholder in connection with each Asset Status Report prior to finalizing and executing such Asset Status
Report and the Directing Certificateholder shall be permitted to propose alternative courses of action within ten (10) Business
Days of receipt of each Asset Status Report; provided that the Directing Certificateholder shall have no consultation rights
with respect to any Excluded Loan. The Special Servicer shall consider any such proposals from the Senior Trust Advisor and/or
the Directing Certificateholder and determine whether any changes to its proposed Asset Status Report should be made, such determination
being made in accordance with the Servicing Standard and the other terms of this Agreement. In the event that the Senior Trust
Advisor or the Directing Certificateholder, as the case may be, does not respond to the Special Servicer within ten (10) Business
Days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the
Special Servicer; provided that such ten (10) Business Day period shall not begin until the Senior Trust Advisor is furnished
all additional information that it reasonably requests from the Special Servicer in connection with the Senior Trust Advisor’s
review of an 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 any matter set forth therein. After the occurrence and during the continuance of a Control 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 3.21.

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(e)          (i)
Upon receiving notice of the occurrence of the events described in clause (iv) or clause (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, Serviced Companion Loan or BWP Trust Subordinate 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 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 Senior Trust 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 Event, no later than two (2) Business Days following the establishment of a Final
Asset Status Report with respect to any Specially Serviced Mortgage 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 Final Asset Status Report, but shall not include any Privileged Information) (and
shall deliver each Final Asset Status Report with respect to an Serviced AB Mortgage Loan or Trust 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
or related Subordinate Loan-Specific Directing Certificateholder), 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 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 3.15(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 Asset Status Report within twenty (20) Business Days of receipt of the initial draft summary
of the Asset Status Report, then the most recent draft summary of the Asset Status Report delivered by the Special Servicer prior
to such 20th Business Day shall be deemed to be the final summary of the 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 3.15(b) notwithstanding such disapproval.
The Special Servicer shall promptly deliver (but in any event no later than two (2) Business Days

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following its completion)
a copy of each Final Asset Status Report to the Senior Trust Advisor. The Special Servicer shall prepare a summary of any Final
Asset Status Report related to any Serviced AB Whole Loan or Trust AB Whole Loan for which the related holder of an AB Subordinate
Companion Loan or the related Subordinate Loan-Specific Directing Certificateholder, as applicable, is not subject to an AB Control
Appraisal Period, which such Final Asset Status Report has been approved or deemed approved by the holder of the related AB Subordinate
Companion Loan or the related Subordinate Loan-Specific Directing Certificateholder, as applicable, 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 3.15(b).

(g)          No
provision of this Section 3.21 shall require the Special Servicer to take or to refrain from taking any action because of
any proposal, objection or comment by the Senior Trust Advisor or a recommendation of the Senior Trust Advisor.

Section 3.22     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, 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 3.22(g) hereof); (iii) provides that the Trustee (for the benefit of the Certificateholders (including,
with respect to the Trust AB Whole Loan, Holders of the Class BWP Certificates) and the related Companion Holder (if applicable)
and the Trustee (as holder of the Uncertificated Lower-Tier 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 Fund, the Trustee, the Senior Trust 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 or BWP Trust Subordinate Companion Loan pursuant
to this Agreement to terminate such Sub-Servicing Agreement with respect to such purchased Mortgage Loan or BWP Trust Subordinate
Companion 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 3.22(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 Fund; (vi) does not permit the Sub-Servicer to modify any Mortgage
Loan or BWP Trust Subordinate Companion

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Loan unless and to
the extent the Master Servicer or Special Servicer, as applicable, is permitted hereunder to modify such Mortgage Loan or BWP
Trust Subordinate Companion 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 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 shall
assume any Sub-Servicing Agreements from the predecessor Master Servicer or Special Servicer, as applicable (subject to Section
3.22(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 shall terminate with respect to any Mortgage Loan or BWP Trust Subordinate Companion
Loan serviced thereunder at the time such Mortgage Loan or BWP Trust Subordinate Companion Loan becomes a Specially Serviced Mortgage
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 Mortgage 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 if no REO Acquisition had occurred and to render such incidental services with respect to such Specially
Serviced Mortgage 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

 

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applicable, shall notify the Master
Servicer or the Special Servicer, as applicable, the Trustee and the Depositor (and the Special Servicer shall notify the Senior
Trust 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 BWP Trust Subordinate Companion Loan 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 for the benefit of the Trustee and the Certificateholders, shall
(at no expense to the Trustee, the Certificateholders or the Trust Fund) monitor the performance and enforce the obligations of
each Sub-Servicer 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
in accordance with the terms of the related Sub-Servicing Agreement.

(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 or the BWP Trust Subordinate
Companion Loan 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 3.22, 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
(including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) 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 and the BWP Trust Subordinate Companion Loan 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 Fund 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.

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(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 and the BWP Trust Subordinate Companion Loan 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 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 Event, the consent of the Directing Certificateholder,
except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

Notwithstanding anything
to the contrary herein, no Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing decisions,
such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan documents
or BWP Trust Subordinate Companion Loan documents, as applicable, without the consent of the Master Servicer or Special Servicer,
as applicable.

Section 3.23     Representations,
Warranties and Covenants of the Master Servicer.

(a)          The
Master Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders
(including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates), each Serviced

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Companion Noteholder,
the Depositor, the Certificate Administrator, the Special Servicer and the Senior Trust 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 either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

(iii)         The
Master Servicer has the full 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 (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 either the ability of the Master Servicer to perform
its obligations under this Agreement or the financial condition of the Master Servicer;

(vi)         No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer 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;

 

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(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
representations and warranties set forth in subsection (a) above shall survive the execution and delivery of the Agreement.

Section
3.24     Representations, Warranties and Covenants of the Special Servicer. (a) The Special
Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates), each
Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer and the Senior Trust
Advisor, as of the Closing Date, that:

(i)           The
Special 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 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, (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;

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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 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 materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

(b)          The
representations and warranties set forth in subsection (a) above shall survive the execution and delivery of the Agreement.

Section
3.25     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 (other than the BWP
Trust Subordinate Companion Loan), shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s
interest on the Stated Principal Balance of

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the Interest Reserve
Loans as of the Due Date occurring in the month preceding the month in which such P&I Advance Date occurs at the related Net
Mortgage Rate, to the extent a full Monthly 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 3.26     [Reserved.]

Section 3.27     Directing
Certificateholder and Senior Trust Advisor Contact with Master Servicer and Special Servicer. Within a reasonable time
upon request from the Directing Certificateholder or the Senior Trust 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 Event, the Senior Trust Advisor (with respect to the Special Servicer only), regarding the performance
and servicing of the Mortgage Loans, the BWP Trust Subordinate Companion Loan and/or REO Properties for which the Master Servicer
or the Special Servicer, as the case may be, is responsible.

Section
3.28     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 Senior Trust 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 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 Senior Trust 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 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

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 Senior Trust
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 Senior Trust Advisor and each other Controlling Class Certificateholder, in writing, of the resignation of such Directing
Certificateholder or the selection of a new Directing Certificateholder. Upon the resignation of a Directing Certificateholder,
the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Directing Certificateholder.
In the event that (i) the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Senior Trust
Advisor receive a 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 first 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 Senior
Trust Advisor that it is the new Directing Certificateholder; provided that the Master Servicer, the Certificate Administrator,
the Special Servicer, the Trustee and the Senior Trust 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 unless the parties hereto receive notice to the contrary within thirty (30) days from the date
the Initial Notice (as defined below) is delivered to the applicable party by the Certificate Administrator, it being acknowledged
that prior to the expiration of such 30-day period, the Master Servicer, the Certificate Administrator, the Special Servicer,
the Trustee and the Senior Trust Advisor shall proceed as if there is no Directing Certificateholder. Upon receipt of such written
assertion, the Certificate Administrator shall deliver a notice (the “Initial Notice”) to all the Certificateholders
via DTC of such assertion (and a copy of such Initial Notice shall be simultaneously sent to each of the Master Servicer, the
Special Servicer, the Trustee and the Senior Trust Advisor) and so long as another party holding an equal or larger aggregate
Certificate Balance of the Controlling Class does not provide a written assertion within thirty (30) days from the date of delivery
of the Initial Notice, the party making the original assertion shall become the Directing Certificateholder until replaced by
another party pursuant to the terms of this Agreement.

(c)          Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Senior
Trust 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,

 

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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 Senior Trust Advisor, the Master Servicer
and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, a list of each Controlling Class
Certificateholder and the Subordinate Loan-Specific Directing 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 or Subordinate Loan-Specific Directing
Certificateholder, the Certificate Administrator shall notify the Trustee, the Senior Trust Advisor, the Master Servicer and the
Special Servicer. Notwithstanding the foregoing, KKR Real Estate Finance Holdings L.P., 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 Senior Trust 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 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, 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.

 

(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 (i) 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 and
(ii) also entitle the related Subordinate Loan–Specific Directing Certificateholder, at all times while the related BWP Trust
Subordinate Companion Loan is not subject to an AB Loan Control Appraisal Period to receive such information with respect to the
related Trust AB Mortgage Loan and the related BWP Trust

 

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Subordinate Companion Loan, as applicable; provided, however,
that neither the Master Servicer nor the Special Servicer shall provide information that comprises Privileged Information following
the date upon which they receive notice that such BWP Trust Subordinate Companion Loan is subject to an AB Loan Control Appraisal
Period, and thereafter the Master Servicer and the Special Servicer shall only be required to provide such Subordinate Loan–Specific
Directing Certificateholder with such information as is expressly required to be delivered under the related Intercreditor Agreement;
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.

 

(i)          Until it receives
notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Senior
Trust 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, any AB Whole Loan Controlling Holder and the Subordinate
Loan-Specific Directing Certificateholder.

 

(j)          With respect to
a Serviced Whole Loan or the Trust AB Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced
Whole Loan or Trust AB Whole Loan, the related Serviced Whole Loan Controlling Holder or Subordinate Loan-Specific Directing Certificateholder
shall exercise such rights in accordance with the related Intercreditor Agreement and this 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 Senior Trust Advisor. Notwithstanding anything to the contrary contained herein, during such time as a Control Event or
Consultation Termination Event is in existence solely as a result of the operation of clause (ii) of the definition of Control
Event and clause (ii) of the definition of Consultation Termination Event, such Control 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 exercise any of

 

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the rights of the Controlling Class Certificateholder. No Non-Waiving Successor described
above shall have any consent rights with respect to any Mortgage Loan or BWP Trust Subordinate Companion Loan that became a Specially
Serviced Mortgage Loan prior to the sale or transfer of the Class E Certificates to the Non-Waiving Successor and had not also
become a Corrected Mortgage Loan prior to such sale or transfer until such time as such Mortgage Loan or BWP Trust Subordinate
Companion Loan becomes a Corrected Mortgage 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 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 Senior Trust 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 Senior Trust Advisor, the Master Servicer and the Special Servicer within ten (10) Business Days of the existence
or cessation of (i) any Control Event or (ii) any Consultation Termination Event. Upon the Certificate Administrator’s determination
that a Control 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
Event has occurred due to a reduction of the Certificate Balance of the Class E Certificates (taking into account the application
of any Appraisal Reductions 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 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
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 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 Reductions, 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 Reductions.”

 

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 Event or a Consultation Termination Event, such “special notice” shall state: “A Consultation Termination
Event or a Control Event has been terminated and is no longer in effect due to a

 

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transfer of a majority interest of the Controlling
Class to an unaffiliated third party which has terminated any waiver by the prior Holder.”

 

Section 3.29     Intercreditor
Agreements. (a) Each of the Master Servicer and Special Servicer acknowledges and agrees that each Serviced Whole Loan and
Trust AB 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, Trust AB Whole Loan
and each Mortgage Loan with mezzanine debt in accordance with the related 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, the Trust AB Whole Loan or a Mortgage
Loan with mezzanine debt or the related Mortgaged Property without the prior consent of or prior consultation with, as applicable,
the related Companion Holder, related Subordinate Loan-Specific Directing Certificateholder or mezzanine lender, as applicable,
to the extent that the related Intercreditor Agreement provides that such Companion Holder, holder of the related BWP Trust Subordinate
Companion Loan or mezzanine lender, as applicable, is required or permitted to consent to or consult on such action. Each of the
Master Servicer and Special Servicer acknowledges and agrees that each Companion Holder, the Subordinate Loan-Specific Directing
Certificateholder 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 prior to the occurrence of an AB Control
Appraisal Period any AB Whole Loan Controlling Holder or the Subordinate Loan-Specific Directing Certificateholder, as applicable,
will have the right to replace the Special Servicer solely with respect to the related Serviced AB Whole Loan or Trust AB Whole
Loan, as applicable, 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, a Subordinate Loan-Specific Directing Certificateholder 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, a Subordinate Loan-Specific Directing Certificateholder 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, Subordinate Loan-Specific Directing Certificateholder or a mezzanine lender unless such Companion
Holder, Subordinate Loan-Specific Directing Certificateholder or mezzanine lender has delivered notice of its identity and contact
information

 

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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. The Certificate Administrator shall, upon request, deliver contact information to the Master
Servicer and Special Servicer for holders of the Class BWP Certificates. 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, a new Controlling Class
Certificateholder or a new Subordinate Loan-Specific Directing Certificateholder unless the Certificate Administrator has delivered
notice to the Master Servicer or the Special Servicer, as applicable, as required under Section 3.28(e) or the Master Servicer
or Special Servicer, as applicable, have actual knowledge of the identity and contact information of a new Directing Certificateholder,
a new Controlling Class Certificateholder or a new Subordinate Loan-Specific Directing Certificateholder.

 

(c)         No direction or
disapproval of the Companion Holders, the Subordinate Loan-Specific Directing Certificateholder 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 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 Senior Trust 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 Directing 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

 

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same time frame it is required to provide to the Directing Certificateholder (for this
purpose, without regard to whether such items are actually required to be provided to the Directing Certificateholder under this
Agreement due to the occurrence of a Control 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 Directing 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 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 two (2) Business Days after
receipt by the Master Servicer of the related Monthly Payment without the consent of the Master Servicer.

 

(h)         With respect to
each Serviced Pari Passu 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.

 

Section 3.30     Rating
Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or BWP Trust Subordinate Companion
Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or BWP Trust Subordinate
Companion Loan documents or this Agreement requires Rating Agency

 

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Confirmation as a condition precedent to such action, if the
party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has
made a request to any Rating Agency for such Rating Agency Confirmation and, 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 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 Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party,
may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth
in Section 12.10(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 or BWP Trust Subordinate
Companion 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 and the BWP Trust Subordinate Companion Loan (other than as set forth in clause (y)
below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement did not exist)
with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action
if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request)
that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing
Standard, 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) Moody’s has not cited servicing concerns of the applicable replacement
as the sole or a material factor in such rating action or 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 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 or (ii) KBRA or DBRS, as applicable, has not cited servicing concerns of the applicable replacement master servicer
or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial
mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to
the time of determination, if KBRA or DBRS, as applicable, 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

 

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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 3.15(c).

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as 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 3.15(c).

 

(b)         Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Mortgage Loan document or BWP Trust
Subordinate Companion 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 or BWP Trust Subordinate Companion Loan documents for which the Master Servicer or Special Servicer would have been
permitted to waive obtaining such Rating Agency Confirmation pursuant to Section 3.30(a) shall be deemed not to apply (as
if such requirement did not exist).

 

(c)         For all other matters
or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver Rating Agency
Confirmation from each Rating Agency.

 

Section 3.31     The
Senior Trust Advisor. (a) The Senior Trust 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 Mortgage 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 Senior Trust Advisor by the Special Servicer.

 

(b)         The Senior Trust
Advisor and its Affiliates will be obligated to keep confidential any 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 Senior Trust 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 Event, based on the Senior Trust Advisor’s review of any assessment of compliance
report, attestation report, Asset Status Report and other information delivered to the Senior Trust Advisor by the Special Servicer,
including each Asset Status Report delivered during the prior calendar year

 

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(other than any communications between the Directing
Certificateholder and the Special Servicer that would be Privileged Information), the Senior Trust Advisor shall (if any Mortgage
Loans (or BWP Trust Subordinate Companion Loan, if applicable) were Specially Serviced Mortgage 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 Event was continuing as of December 31, an annual report (the “Senior Trust
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 Senior 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, however,
that in no event shall the information or any other content included in the Senior Trust Advisor Annual Report contravene any provision
of this Agreement), setting forth the Senior Trust Advisor’s assessment of the Special Servicer’s performance of its
duties under this Agreement during the prior calendar year on a “platform-level basis” with respect to the resolution
and liquidation of Specially Serviced Mortgage 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 Senior Trust 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 Senior Trust Advisor Annual Report. Notwithstanding the foregoing,
with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, no Senior Trust Advisor Annual Report will be permitted to include
an assessment of the Special Servicer’s performance in respect of such Serviced AB Whole Loan or Trust AB Whole Loan until
after the occurrence and during the continuance of an AB Control Appraisal Period under the related Intercreditor Agreement. Subject
to the restrictions in this Agreement, including, without limitation, Section 3.31(d) hereof, each such Senior Trust 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 Mortgage 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 Senior Trust Advisor Annual Report shall be delivered to the
Certificate Administrator (which shall promptly post such Senior Trust Advisor Annual Report on the Certificate Administrator’s
Website in accordance with Section 3.15(b)) and the 17g-5 Information Provider (which shall promptly post such Senior Trust
Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.15(c)); provided,
however, that the Special Servicer shall be given an opportunity to review the Senior Trust Advisor Annual Report at least
five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider. The Senior Trust
Advisor shall have no obligation to adopt any comments to the Senior Trust Advisor Annual Report that are provided by the Special
Servicer. Only as used in this Section 3.31 in connection with the Senior Trust Advisor Annual Report, the term “platform-level
basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution and liquidation
of Specially Serviced Mortgage Loans, taking into account the Special Servicer’s specific duties under this Agreement as
well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration
by the Senior Trust Advisor of any assessment of compliance report, attestation report, Asset Status

 

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 Report and other information
delivered to the Senior Trust 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 Senior Trust Advisor’s ability to perform its obligations in respect of the Senior 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 Senior
Trust Advisor or because such information is inaccurate or incomplete, the Senior Trust Advisor shall set forth such limitations
or prohibitions in the related Senior Trust Advisor Annual Report. The Senior Trust Advisor shall be entitled to 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 Senior Trust Advisor from performing its duties under this Agreement, the Senior
Trust Advisor shall set forth any such limitations or prohibitions in the related Senior Trust Advisor Annual Report, and the
Senior Trust 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 Event (or, with respect to a Serviced AB Whole Loan or Trust AB Whole Loan, prior to the occurrence
and continuance of both a Control Event and a related AB Control Appraisal Period), the Special Servicer will forward any Appraisal
Reduction 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 Mortgage Loan to the Senior Trust Advisor after such calculations
have been finalized. The Senior Trust Advisor shall review such calculations but shall not opine on or take any affirmative action
with respect to such Appraisal Reduction calculations and/or net present value calculations.

 

(e)         (i) After the occurrence
and during the continuance of a Control Event, and with respect to any Serviced AB Whole Loan or Trust AB Whole Loan, after the
occurrence and during the continuance of both a Control 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 Reductions 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 Senior Trust Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Communications),
to the Senior Trust Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and
the Senior Trust 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 3.31(e), in the event the Senior Trust Advisor does not agree with the mathematical calculations
of the Appraisal Reduction (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

 

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calculation, the Senior Trust 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 that is in the Master Servicer’s
possession or reasonably obtainable by the Master Servicer. In the event the Senior Trust 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 Senior Trust Advisor
shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall determine which
calculation is to apply.

 

(iii)        Notwithstanding the foregoing, the consultation
duties of the Senior Trust Advisor set forth in this Agreement shall not be permitted to be exercised by the Senior Trust Advisor
with respect to any Serviced AB Whole Loan or Trust AB Whole Loan until after the occurrence and during the continuance of both
a Control Event and a related AB Control Appraisal Period.

 

(f)          The Senior Trust
Advisor and its Affiliates shall 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 any party
hereto, to the extent expressly set forth herein, and the Senior Trust Advisor shall not, without the prior written consent of
the Special Servicer, disclose any Privileged Information to any other Person, except to the extent that (i) such Privileged Information
becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by such parties,
(ii) it is reasonable and necessary for such parties to do so in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (iii) such Privileged Information was already known to such party and otherwise not subject to a confidentiality
obligation or (iv) such disclosure is required pursuant to any law, rule, regulation, order, judgment or decree requiring the disclosure
of such Privileged Information, as evidenced by an Opinion of Counsel (which shall be an expense of the Trust) delivered to the
Master Servicer, the Senior Trust Advisor, the Certificate Administrator, the Special Servicer, the Directing Certificateholder
and the Trustee. Notwithstanding the foregoing, the Senior Trust Advisor shall be permitted to share Privileged Information with
its affiliates and any subcontractors of the Senior Trust Advisor that agree in writing to be bound by the same confidentiality
provisions applicable to the Senior Trust Advisor.

 

(g)         Subject to the
requirements of confidentiality imposed on the Senior Trust Advisor herein (including without limitation in respect of Privileged
Information), the Senior Trust Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance
with the terms of Section 4.08(a).

 

(h)         As compensation
for its activities hereunder, the Senior Trust Advisor shall be entitled to receive the Senior Trust Advisor Fee on each Distribution
Date with respect to each Mortgage Loan (including the Serviced Mortgage Loans and the Non-Serviced Mortgage Loan but not any Companion
Loan), each REO Loan (other than the portion of an REO Loan

 

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related to any Serviced Companion Loan) and the BWP Trust Subordinate
Companion Loan. As to each Mortgage Loan, each REO Loan and the BWP Trust Subordinate Companion Loan, the Senior Trust Advisor
Fee shall accrue from time to time at the Senior Trust Advisor Fee Rate and shall be computed on the basis of the Stated Principal
Balance of such Mortgage Loan, REO Loan or BWP Trust Subordinate Companion Loan, as the case may be, and in the same manner as
interest is calculated on the related Mortgage Loan, REO Loan or BWP Trust Subordinate Companion 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 BWP Trust Subordinate Companion Loan or deemed to be due on such REO Loan is computed.

 

The Senior Trust Advisor
shall be entitled to reimbursement of any Senior Trust Advisor Expenses provided for pursuant to Section 6.03(a) and/or
6.03(b) hereof, such amounts to be reimbursed from amounts on deposit in the Certificate Account as provided by Section
3.05(a). Each successor senior trust advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Senior
Trust Advisor Consulting Fee shall be payable to the Senior Trust Advisor with respect to each Major Decision for which the Senior
Trust Advisor has consultation obligations hereunder. The Senior Trust Advisor Consulting Fee shall be payable from funds on deposit
in the Certificate Account as provided in Section 3.05(a)(ii) of this Agreement, but only to the extent such Senior Trust
Advisor Consulting Fee is actually received from the related Mortgagor. When the Senior Trust Advisor has consultation obligations
with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall use commercially
reasonable efforts consistent with the Servicing Standard to collect the applicable Senior Trust 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 or
BWP Trust Subordinate Companion Loan documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the
amount of any Senior Trust 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 Senior Trust 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 Senior Trust Advisor
prior to any such waiver or reduction. Notwithstanding the foregoing, the Senior Trust Advisor will have no obligations or consultation
rights with respect to: (i) any Non-Serviced Whole Loan or any related REO Property or (ii) with respect to any Serviced AB Mortgage
Loan, prior to the occurrence and continuance of (1) an AB Control Appraisal Period and (2) a Control Event; provided further,
that the Senior Trust Advisor shall not be entitled to a Senior Trust Advisor Consulting Fee with respect to any Non-Serviced Whole
Loan.

 

(i)          After the occurrence
of a Consultation Termination Event, the Senior Trust 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 and the Class
EC Certificates (taking into account the application of Appraisal Reductions to notionally reduce the Certificate Balances of Classes
to which such

 

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Appraisal Reductions are allocable) requesting a vote to replace the Senior Trust Advisor with a replacement Senior
Trust Advisor selected by such Certificateholders (provided that the proposed replacement Senior Trust Advisor meets the
criteria set forth in Section 3.31(k)), (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 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 3.15(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 and the Class EC Certificates (taking
into account the application of Appraisal Reductions to notionally reduce the Certificate Balances of Classes to which such Appraisal
Reductions are allocable), the Trustee shall immediately replace the Senior Trust Advisor with the replacement Senior Trust Advisor.

 

(j)          In the event that
the Senior Trust Advisor fails to duly observe or perform in any material respect any of its duties, covenants or obligations under
this Agreement, then 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 Reductions to notionally reduce the Certificate Balance of the Classes
of Certificates), the Trustee shall terminate the Senior Trust Advisor for cause. In the event (i) (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, 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 Senior Trust Advisor and such decree or order shall have remained
in force, undischarged, undismissed or unstayed for a period of sixty (60) days, (B) the Senior Trust Advisor 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 Senior Trust Advisor or of or relating
to all or substantially all of its property, or (C) the Senior Trust Advisor shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute,
make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action
in furtherance of the foregoing, or (ii) the Senior Trust Advisor acknowledges in writing that such party’s duties hereunder
are no longer permissible under applicable law and provides an Opinion of Counsel to such effect to the Trustee, then the Trustee
shall terminate the Senior Trust Advisor for cause. Upon the termination of the Senior Trust Advisor, a replacement Senior Trust
Advisor satisfying the conditions for such replacement in Section 3.31(k) below shall be selected by the Certificate Administrator.
The Certificate Administrator may rely on a certification by the replacement Senior Trust Advisor that it meets such criteria.
If the Certificate Administrator is unable to find a replacement Senior Trust Advisor within thirty (30) days of the termination
of the Senior Trust Advisor, the Depositor shall be permitted to find a replacement. Unless and until a replacement Senior Trust

 

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Advisor is appointed, no party shall act as the Senior Trust Advisor and the provisions relating to consultation with respect to
the Senior Trust Advisor shall not be applicable until a replacement Senior Trust Advisor is appointed hereunder.

 

(k)         Any replacement
Senior Trust Advisor shall (or all of the personnel responsible for supervising the obligations of the Senior Trust Advisor shall)
meet either of the following criteria: (A) (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, or (B) be an institution that is a special servicer, senior trust advisor
or operating advisor on a commercial mortgage-backed securities transaction rated by S&P, Fitch, Moody’s, Morningstar,
KBRA or DBRS (including, in the case of Pentalpha Surveillance LLC, this transaction) but has not been special servicer or senior
trust 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 concerns with the special servicer or senior trust advisor
as the sole or a material factor in such rating action.

 

(l)          Prior to the occurrence
and continuance of a Control 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 Senior Trust Advisor appointed pursuant to this Section
3.31.

 

(m)        The Senior 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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Directing Certificateholder, if applicable,
and (b) upon the appointment of, and the acceptance of such appointment by, a successor senior trust advisor meeting the eligibility
requirements set forth in Section 3.31(k) and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency.
No such resignation by the Senior Trust Advisor shall become effective until the replacement Senior Trust Advisor shall have assumed
the resigning Senior Trust Advisor’s responsibilities and obligations. The resigning Senior Trust 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 3.31.

 

(n)         In the event there
are no Classes of Certificates outstanding other than the Control Eligible Certificates and the Class R Certificates, then all
of the rights and obligations of the Senior Trust 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 3.31(n), no successor senior trust advisor shall be appointed. Upon receipt of written notice of such acts
by a Responsible Officer of the Trustee, the Trustee shall provide the Senior Trust Advisor with prompt notice upon its termination
pursuant to this Section 3.31(n).

 

(o)         In the event the
Senior Trust Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid Senior
Trust Advisor Fees and

 

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Senior Trust Advisor Consulting Fees and reimbursement of accrued and unpaid Senior Trust Advisor Expenses
pursuant to Section 3.31(h) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(p)         The parties hereto
agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that (i) subject to
Section 6.03, the Senior Trust Advisor shall have no liability to any Certificateholder for any actions taken or for refraining
from taking any actions under this Agreement, (ii) the Senior Trust Advisor shall act solely as a contracting party to the extent
set forth in this Agreement, (iii) the Senior Trust 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 Senior Trust Advisor does not constitute an “investment adviser” within the meaning
of the Investment Advisers Act of 1940, as amended.

 

(q)         The Senior Trust
Advisor shall not 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 Senior Trust Advisor or (ii) investments
by an Affiliate of the Senior Trust Advisor if the Senior Trust Advisor and such Affiliate maintain policies and procedures that
(A) segregate personnel involved in the activities of the Senior Trust 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 Fund and the Senior Trust Advisor and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

Section 3.32     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.

 

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(d)         This Section
3.32 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 3.33     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 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, reports or other 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(s)
under the Other Pooling and Servicing Agreement and to any other party to the extent required under the related Intercreditor Agreement.

 

Section 3.34     Certain
Matters Relating to the Non-Serviced Mortgage Loan. (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 Pooling Agreement, 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

 

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such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such
Other Securitization.

 

(d)         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 Event, forward such materials
to the 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 Event) waive any timing or delivery requirements
related to such sale to the extent set forth in the related Intercreditor Agreement.

 

(e)         With respect to
any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of a Control Event, or
the Senior Trust Advisor, following the occurrence and during the continuance of a Control 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.

 

Section 3.35     BWP
Trust Subordinate Companion Loan. (a) With respect to the BWP Trust Subordinate Companion Loan, references to actions being
taken for the benefit of the BWP Trust Subordinate Companion Loan or in the best interests of the holders of the Class BWP Certificates
in this Agreement shall be deemed to be taken (and subject to the same considerations) also for the benefit of, or to be taken
in the best interests of, the Holders of the Class BWP Certificates, as beneficial owners of the BWP Trust Subordinate Companion
Loan.

 

(b)         Any notices, reports
or other information related to the BWP Trust Subordinate Companion Loan required to be delivered by a party under this Agreement
or the related Intercreditor Agreement to the holders of the Class BWP Certificates or the holders of the BWP Trust Subordinate
Companion Loan shall be delivered (in lieu of delivery to such holders) to the Subordinate Loan-Specific Directing Certificateholder
by such party within the same time periods as such notices, reports or other information are required to be delivered to the holder
of the BWP Trust Subordinate Companion Loan.

 

(c)         Any consents required
to be obtained from the holder of the BWP Trust Subordinate Companion Loan under this Agreement or the related Intercreditor Agreement
or any obligation under this Agreement or the related Intercreditor Agreement of the Master Servicer or Special Servicer or other
party to this Agreement to consult with or obtain the consent of or follow the direction of the holder of the BWP Trust Subordinate
Companion Loan shall instead be deemed to require such Person to consult with, obtain the consent of or follow the direction of
the Subordinate Loan-Specific Directing Certificateholder.

 

(d)         Any rights exercisable
by the holder of the BWP Trust Subordinate Companion Loan under this Agreement or the related Intercreditor Agreement with respect
to the exercise of any right to replace the Special Servicer with respect to the Trust AB Whole Loan, cure rights, rights to post
“threshold collateral” or purchase option rights shall be exercisable by

 

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the Subordinate Loan-Specific Directing Certificateholder
and any amounts payable, or actions required to be taken in connection with such exercise, shall be payable from or taken by such
Subordinate Loan-Specific Directing Certificateholder, as applicable. In addition, subject to the foregoing and applicable REMIC
Provisions, the Subordinate Loan-Specific Directing Certificateholder may direct the Master Servicer or Special Servicer, on behalf
of the Trustee (as holder of the BWP Trust Subordinate Companion Loan) and the holders of the Class BWP Certificates to implement
the Junior Noteholder’s (as defined in the related Intercreditor Agreement) exercise of any rights, to the extent that the
Junior Noteholder is entitled to such rights under the related Intercreditor Agreement. For the avoidance of doubt, in no event
shall the Master Servicer or the Special Servicer be required to advance any cure payment or purchase price due under the related
Intercreditor Agreement.

 

(e)         Prior to the Special
Servicer (i) obtaining the consent of, or consulting with the Subordinate Loan-Specific Directing Certificateholder to the extent
provided for under the related Intercreditor Agreement, (ii) delivering any Asset Status Report to the Subordinate Loan-Specific
Directing Certificateholder, (iii) permitting the exercise of any cure rights in accordance with the related Intercreditor Agreement,
or (iv) permitting the Subordinate Loan-Specific Directing Certificateholder to exercise any purchase option under the related
Intercreditor Agreement, the Subordinate Loan-Specific Directing Certificateholder shall have delivered to the Special Servicer
an officer’s certificate in form and substance acceptable to the Special Servicer (with a copy to the Master Servicer), as
applicable, stating such party is not the related Mortgagor or an affiliate of the related Mortgagor or acting on behalf of the
related Mortgagor or one or more of its Affiliates.

 

(f)          Subject to Section
3.01(o), at any time the Trust AB Mortgage Loan is not part of the Trust, the Master Servicer or Special Servicer shall have
no obligation to service the related Mortgage Loan and shall solely service the BWP Trust Subordinate Companion Loan until the
BWP Trust Subordinate Companion Loan is removed from the Trust pursuant to Section 3.35(g) and shall have no obligation
to make any Advance with respect to the BWP Trust Subordinate Companion Loan.

 

(g)         Within two (2)
Business Days following the removal of the Trust AB Mortgage Loan from the Trust as a result of the sale of such Trust AB Mortgage
Loan pursuant to Section 3.18, the Special Servicer shall provide written notice (an “Election Notice”)
to the Certificate Administrator who shall notify the Subordinate Loan-Specific Directing Certificateholder that the Holders of
all of the Class BWP Certificates may unanimously elect to exchange their Certificates for the BWP Trust Subordinate Companion
Loan (an “Exchange”) by delivery of written notice (an “Acceptance Notice”) to the Depositor,
Master Servicer, Special Servicer, Certificate Administrator and Trustee within 5 Business Days of receipt of the Election Notice.
In the event an Acceptance Notice is not delivered within such 5 Business Days, the Special Servicer shall use commercially reasonable
efforts to sell the BWP Trust Subordinate Companion Loan, for the fair value of such asset. The Holders of such class of Certificates
shall pay (from its own funds and not from amounts allocable from any portion of the Trust to such Class of Certificates) all costs
and expenses of the Master Servicer, Special Servicer, the Certificate Administrator and Trustee incurred in connection with the
Exchange. The Exchange shall be subject to the reasonable procedures established by the Trustee and Certificate Registrar in connection
with the Exchange.

 

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Section 3.36     Subordinate
Loan-Specific Directing Certificateholder. (a) The Certificateholder(s) holding more than fifty percent (50%) of the Certificate
Balance of the Class BWP Certificates shall have the right to appoint and replace (for any reason) the Subordinate Loan-Specific
Directing Certificateholder.

 

(b)         The Subordinate
Loan-Specific Directing Certificateholder shall not have any liability to the Holders of the Class BWP Certificates or any other
Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure
to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a Class BWP Certificate
or other Certificate, each holder of a Class BWP Certificate or other Certificate will be deemed to have confirmed its agreement
that the Subordinate Loan-Specific Directing Certificateholder may take or refrain from taking actions, or give or refrain from
giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of Certificates
or other Certificate, and that the Subordinate Loan-Specific Directing Certificateholder may have special relationships and interests
that conflict with the interests of other Holders of such Class of Certificates or any other Certificates, will be deemed to have
agreed to take no action against any Subordinate Loan-Specific Directing Certificateholder or any of its officers, directors, employees,
principals or agents as a result of such special relationships or interests, and that any Subordinate Loan-Specific Directing Certificateholder
will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or
to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given
any consent or having failed to give any consent, solely in the interests of the Holders of the Class BWP Certificates.

 

(c)         Each Holder of
a Class BWP Certificate is hereby deemed to have agreed by virtue of its purchase of such 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 Senior Trust Advisor of the transfer of any such Certificate by delivering a notice to each such Person substantially in
the form of Exhibit PP attached hereto, the selection of a Subordinate Loan-Specific Directing Certificateholder or the
resignation or removal thereof. The Certificate Administrator and the other parties to this Agreement shall be entitled to assume
that the identity of the Subordinate Loan-Specific Directing Certificateholder has not changed until such parties receive written
notice of a replacement of the Subordinate Loan-Specific Directing Certificateholder from a party holding the requisite interest
in the Class BWP Certificates, or the resignation of the then-current Subordinate Loan-Specific Directing Certificateholder.

 

(d)         With respect to
the Trust AB Whole Loan, the Subordinate Loan-Specific Directing Certificateholder shall be entitled, prior to the occurrence and
continuance of a related AB Control Appraisal Period, to exercise the rights of the “Controlling Noteholder”, as defined
in and under the terms of, the related Intercreditor Agreement.

 

(e)         The Special Servicer
shall be responsible for obtaining any consent of the Subordinate Loan-Specific Directing Certificateholder for “Major Decisions”
(as defined in the related Intercreditor Agreement) or as otherwise required hereunder or under the terms of any related Intercreditor
Agreement.

 

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Section 3.37     Delivery
of Excluded Information to the Certificate Administrator. Any Excluded Information that the Master Servicer, the Special Servicer
or the Senior Trust 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 3.37 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 3.37 shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 3.15. When so posted, 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 shall
only be prohibited with respect to the related Excluded Controlling Class Loans). None of the Master Servicer, the Special Servicer
or the Senior Trust Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance
with this Section 3.37 until such party has received written notice with respect to the related Excluded Controlling Class
Loan in the form of Exhibit P-1E 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 3.15(a).

 

[End of Article III]

 

Article
IV

distributions TO CERTIFICATEHOLDERS

 

Section 4.01     Distributions.
(a) On each Distribution Date, to the extent of the Available Distribution Amount 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(d) with respect to each
Class of Uncertificated Lower-Tier 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-2 Certificates, the Class A-3 Certificates, the Class A-SB Certificates,
the Class X-A

 

    	-264-

    	 

    

 

Certificates, the Class X-B Certificates, the Class X-C 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-2 Certificates, the Class A-3 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 Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of the Class A-2 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-2 Certificates
has been reduced to zero; (4) fourth, 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) and (3)
above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-3 Certificates has been
reduced to zero; and (5) fifth, 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) and (4)
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-2, Class A-3 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-2, Class A-3 and Class A-SB Certificates is reduced to zero;

 

(iii)        third,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the Class A-SB Certificates,
pro rata (based upon the aggregate unreimbursed Collateral Support Deficit allocated to each such Class), until all amounts
of Collateral Support Deficit previously allocated to such Classes, but not previously reimbursed, have been reimbursed in full;

 

(iv)        fourth,
to the Holders of the Class A-S Certificates (and, with respect to exchanged portions of the Class A-S Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC 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 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-SB Certificates
have been reduced to zero, to the Holders of the Class A-S Certificates (and, with respect to exchanged

 

    	-265-

    	 

    

 

portions of the Class A-S
Certificates, passed through to the Class EC Distribution Account for distribution to the Class EC 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-2, Class A-3 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 (and, with respect to exchanged portions
of the Class A-S Certificates, such passed through amounts shall reduce the outstanding Certificate Balance of the Class EC Certificates
until reduced to zero);

 

(vi)        sixth,
to the Holders of the Class A-S Certificates (and, with respect to exchanged portions of the Class A-S Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC Certificates), until all amounts of Collateral Support Deficit
previously allocated to the Class A-S Certificates (and, with respect to exchanged portions of the Class A-S Certificates, passed
through to the Class EC Certificates), but not previously reimbursed, have been reimbursed in full;

 

(vii)        seventh,
to the Holders of the Class B Certificates (and, with respect to exchanged portions of the Class B Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC 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 (including any portion that has been exchanged and converted to Class
EC Certificates) have been reduced to zero, to the Holders of the Class B Certificates (and, with respect to exchanged portions
of the Class B Certificates, passed through to the Class EC Distribution Account for distribution to the Class EC 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 (including any portion that has been exchanged and converted to
Class EC Certificates) on such Distribution Date), until the outstanding Certificate Balance of the Class B Certificates has been
reduced to zero (and, with respect to exchanged portions of the Class B Certificates, such passed through amounts shall reduce
the outstanding Certificate Balance of the Class EC Certificates until reduced to zero);

 

(ix)        ninth,
to the Holders of the Class B Certificates (and, with respect to exchanged portions of the Class B Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC Certificates), until all amounts of Collateral Support Deficit
previously allocated to the Class B Certificates (and, with respect to exchanged portions of the Class B Certificates, passed through
to the Class EC Certificates), but not previously reimbursed, have been reimbursed in full;

 

(x)         tenth,
to the Holders of the Class C Certificates (and, with respect to exchanged portions of the Class C Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC Certificates), in respect of interest,

 

    	-266-

    	 

    

 

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 Certificates and Class B Certificates (including any portion that has been exchanged
and converted to Class EC Certificates) have been reduced to zero, to the Holders of the Class C Certificates (and, with respect
to exchanged portions of the Class C Certificates, passed through to the Class EC Distribution Account for distribution to the
Class EC 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 and Class B Certificates (including
any portion that has been exchanged and converted to Class EC Certificates) on such Distribution Date), until the outstanding Certificate
Balance of the Class C Certificates has been reduced to zero (and, with respect to exchanged portions of the Class C Certificates,
such passed through amounts shall reduce the outstanding Certificate Balance of the Class EC Certificates until reduced to zero);

 

(xii)       twelfth,
to the Holders of the Class C Certificates (and, with respect to exchanged portions of the Class C Certificates, passed through
to the Class EC Distribution Account for distribution to the Class EC Certificates), until all amounts of Collateral Support Deficit
previously allocated to the Class C Certificates (and, with respect to exchanged portions of the Class C Certificates, passed through
to the Class EC Certificates), but not previously reimbursed, have been reimbursed in full;

 

(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 Certificates, Class B Certificates and Class C Certificates (and, if any exchange
for the Class EC Certificates has occurred, the Class EC 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 Certificates, Class B Certificates and Class C Certificates
(and, if any exchange for the Class EC Certificates has occurred, the Class EC Certificates) on such Distribution Date), until
the outstanding Certificate Balance of the Class D Certificates has been reduced to zero;

 

(xv)        fifteenth,
to the Holders of the Class D Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class D
Certificates, but not previously reimbursed, have been reimbursed in full;

 

(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;

 

    	-267-

    	 

    

 

(xvii)      seventeenth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates (and, if any exchange for
the Class EC Certificates has occurred, the Class EC Certificates) 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 Certificates, Class B Certificates, Class C
Certificates (and, if any exchange for the Class EC Certificates has occurred, the Class EC Certificates) 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, until all amounts of Collateral Support Deficit previously allocated to the Class E
Certificates, but not previously reimbursed, have been reimbursed in full;

 

(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 Certificates, Class B Certificates, Class C Certificates (and, if any exchange for
the Class EC Certificates has occurred, the Class EC Certificates), Class D Certificates 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 Certificates, Class B Certificates,
Class C Certificates (and, if any exchange for the Class EC Certificates has occurred, the Class EC Certificates), Class D Certificates
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, until all amounts of Collateral Support Deficit previously allocated to the Class F
Certificates, but not previously reimbursed, have been reimbursed in full;

 

(xxii)     twenty-second,
to the Holders of the Class NR 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 Certificates, Class B Certificates, Class C Certificates (and, if any exchange for
the Class EC Certificates has occurred, the Class EC Certificates), Class D Certificates, Class E Certificates and Class F Certificates
have been reduced to zero, to the Holders of the Class NR 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, Class B Certificates, Class C Certificates (and, if any exchange for the Class EC Certificates has occurred, the
Class EC Certificates), Class D Certificates, Class E Certificates and Class F Certificates

 

    	-268-

    	 

    

 

on such Distribution Date), until the
outstanding Certificate Balance of the Class NR Certificates has been reduced to zero;

 

(xxiv)     twenty-fourth,
to the Holders of the Class NR Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class
NR Certificates, but not previously reimbursed, have been reimbursed in full; 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 Distribution
Amount 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 Monthly Payments, balloon payments or unscheduled principal payments
are subsequently received by the Master Servicer and required to be part of the Available Distribution Amount 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)         On each Distribution
Date, for so long as the Certificate Balance of the Class BWP Certificates has not been reduced to zero, the Certificate Administrator
shall apply amounts on deposit in the BWP REMIC Distribution Account (which such amounts shall be limited to amounts collected
on the Trust AB Whole Loan and allocated pursuant to the related Intercreditor Agreement to the BWP Trust Subordinate Companion
Loan), related to the Class BWP Certificates, to the extent of the Class BWP Available Distribution Amount related to the Class
BWP Certificates, in the following order of priority:

 

(i)          first,
to the Class BWP Certificates, in respect of interest, up to an amount equal to the Class BWP Interest Distribution Amount for
that Class;

 

(ii)         second,
to the Class BWP Certificates, in reduction of their Certificate Balance, an amount equal to the Class BWP Principal Distribution
Amount, until the Certificate Balance of the Class BWP Certificates is reduced to zero;

 

(iii)        third,
to the Class BWP Certificates, until all amounts of Class BWP Collateral Support Deficit previously allocated to the Class BWP
Certificates, but not previously reimbursed, have been reimbursed in full; and

 

(iv)        fourth,
to the Class R Certificates, the amount, if any, of the Class BWP Available Distribution Amount remaining in the BWP REMIC Distribution
Account with respect to that Distribution Date.

 

(c)         [Reserved]

 

    	-269-

    	 

    

 

(d)         On each Distribution
Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of principal or reimbursement
of Collateral Support Deficit in an amount equal to the amount of principal or reimbursement of Collateral Support Deficit actually
distributable to the Holders of the respective Related Certificates (including any portion passed through to the related component
of Class EC Certificates) as provided in Sections 4.01(a), 4.01(e), 4.01(h) and 4.01(k) such that at
all times the Lower-Tier Principal Amount of each Class of Uncertificated Lower-Tier Interests is equal to the Certificate Balance
of the Class of Related Certificates (without regard to any exchange and conversion of the Exchangeable Certificates for Class
EC Certificates). On each Distribution Date, each Uncertificated Lower-Tier 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 (including any
portion passed through to the related component of Class EC Certificates) plus a pro rata portion of the Interest Distribution
Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LA3, Class LASB and Class LAS Uncertificated Lower-Tier
Interests, the Class X-A Certificates, (ii) in the case of the Class LB Uncertificated Interest, the Class X-B Certificates, (iii)
in the case of the Class LC Uncertificated Interest, the Class X-C Certificates and (iv) 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 (without regard to any exchange and conversion of the
Exchangeable Certificates for Class EC Certificates) and a notional amount equal to its related Lower-Tier Principal Amount (without
regard to any exchange and conversion of the Exchangeable Certificates for Class EC Certificates), 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.

 

As of any date, the principal
balance of each Uncertificated Lower-Tier Interest shall equal the Certificate Balance of the Related Certificates with respect
thereto (without regard to any exchange and conversion of the Exchangeable Certificates for Class EC Certificates), as adjusted
for the allocation of Collateral Support Deficits, as provided in Section 4.04(b) and 4.04(c), of Certificate Deferred
Interest as provided in Section 4.06. The initial principal balance of each Uncertificated Lower-Tier Interest shall equal
the respective Original Lower-Tier Principal Amount. The pass through rate with respect to each Uncertificated Lower-Tier Interest
shall be the rate per annum set forth in the 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,
distribution of $100 to the beneficial owner of the Class X-C Certificates on the first Distribution Date pursuant to Section
4.01(g) and distribution of Yield Maintenance Charges pursuant to Section 4.01(f)(iii) 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 Distribution Amount for
such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

    	-270-

    	 

    

 

(e)         On and after the
Distribution Date on which the Certificate Balances of the Subordinate Certificates (and, if any exchange for the Class EC Certificates
has occurred, the Class EC Certificates) have all been reduced to zero, any amounts representing reimbursements of Collateral Support
Deficits previously allocated to such Classes, if available, will be distributed to the Senior Certificates pro rata based
on their respective Certificate Balances as principal until the Certificate Balance of each Senior Certificate is reduced to zero.

 

(f)          (i) On each Distribution
Date, Yield Maintenance Charges payable with respect to the Mortgage Loans calculated by reference to a U.S. treasury rate collected
during the related Due Period will be distributed by the Certificate Administrator to the Holders of each Class of Regular Certificates
(excluding the Class E, Class F and Class NR Certificates) in the following manner: (1) pro rata, among (w) the Certificates
in YM Group A, (x) the Certificates in YM Group B, (y) the Certificates in YM Group C and (z) the Certificates in YM Group D, based
upon the aggregate of principal distributed to the Classes of Principal Balance Certificates in each such YM Group on such Distribution
Date (calculated without giving effect to any exchange and conversion of Class A-S, Class B and Class C Certificates for Class
EC Certificates), and (2) as among the Classes of Certificates in each YM Group, in the following manner: (A) the Holders of each
Class of Principal Balance Certificates in such YM Group will be entitled to receive on each Distribution Date an amount of Yield
Maintenance Charges payable with respect to the Mortgage Loans equal to the sum, for all Mortgage Loan prepayments, of the product
of (a) a fraction whose numerator is the amount of principal distributed to such Class of Certificates on such Distribution Date
and whose denominator is the total amount of principal distributed to all of the Regular Certificates in that YM Group representing
principal payments in respect of the Mortgage Loans on such Distribution Date (in each case, calculated without giving effect to
any exchange and conversion of Exchangeable Certificates for Class EC Certificates), (b) the Base Interest Fraction for the related
Principal Prepayment and such Class of Regular Certificates, and (c) the Yield Maintenance Charges payable with respect to the
Mortgage Loans collected during the related Due Period and allocated to such YM Group (in each case, without giving effect to any
exchange and conversion of the Exchangeable Certificates for Class EC Certificates); provided, however, that in the
case of any exchange and conversion of portions of Exchangeable Certificates, amounts that would otherwise have been distributable
to such exchanged Exchangeable Certificate had they not been exchanged shall be distributed to the Class EC Certificates, and (B)
any Yield Maintenance Charges payable with respect to the Mortgage Loans allocated to such YM Group collected during the related
Due Period remaining after such distributions will be distributed (W) in the case of amounts distributable to YM Group A, to the
Class X-A Certificates, (X) in the case of amounts distributable to YM Group B, to the Class X-B Certificates, (Y) in the case
of amounts distributable to YM Group C, to the Class X-C Certificates and (Z) in the case of amounts distributable to YM Group
D, to the Class X-D Certificates. If there is more than one such Class of Certificates entitled to distributions of principal on
any particular Distribution Date on which Yield Maintenance Charges payable with respect to the Mortgage Loans are distributable,
the aggregate amount of such Yield Maintenance Charges payable with respect to the Mortgage Loans will be allocated among all such
Classes of Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance
with the first sentence of this paragraph.

 

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(ii)         No
Yield Maintenance Charge shall be distributed to the Holders of the Class E Certificates, Class F Certificates, Class NR Certificates,
Class R Certificates or Class Z Certificates. After the Certificate Balances of the Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-SB Certificates, Class A-S Certificates, Class B Certificates, Class C Certificates and Class D
Certificates have been reduced to zero (without regard to any exchange and conversion of Exchangeable Certificates for Class EC
Certificates), all Yield Maintenance Charges with respect to the Mortgage Loans shall be distributed to the Holder of the Class
X-B Certificates.

 

(iii)        All
distributions of Yield Maintenance Charges made in respect of the respective Classes of Regular Certificates (including any portion
passed through to the related component of Class EC Certificates) on each Distribution Date pursuant to Section 4.01(f)(i)
shall first be deemed to be distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Uncertificated
Lower-Tier Interests, pro rata based upon the amount of principal distributed in respect of each such Class of Uncertificated
Lower-Tier Interests for such Distribution Date pursuant to Section 4.01(d) above.

 

(iv)        On
each Distribution Date, any Yield Maintenance Charges payable in respect of the Trust AB Whole Loan and received during the related
Due Period and allocable in respect of the BWP Trust Subordinate Companion Loan pursuant to the related Intercreditor Agreement
shall be distributed to the Class BWP Certificates.

 

(g)         On the first Distribution
Date only, the Certificate Administrator shall withdraw $100 from the Lower-Tier Distribution Account and shall distribute $100
to the Class X-C Certificates in reduction of their Original Lower-Tier Principal Amount.

 

(h)         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 (i) (other than any amounts allocable to the BWP Trust Subordinate
Companion Loan) 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 Uncertificated Lower-Tier Interests) up to an amount equal to all Collateral Support
Deficits, if any, previously deemed allocated to them and unreimbursed after application of the Available Distribution Amount for
such Distribution Date and (ii) with respect to any amount allocable to a BWP Trust Subordinate Companion Loan, to reimburse the
Holders of the Class BWP Certificates up to an amount equal to all Class BWP Collateral Support Deficits, if any, previously deemed
allocated to them and unreimbursed after application of the Class BWP Available Distribution Amount 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 (i) (other
than any amounts allocable to the BWP Trust Subordinate Companion Loan) to offset future Collateral Support Deficits with respect
to the Principal Balance Certificates and related Collateral Support Deficits in each case allocable to the Regular Certificates
and (ii) (with respect to any amount allocable to the BWP Trust Subordinate Companion Loan) to offset future Class BWP Collateral
Support Deficits with respect to the Class BWP Certificates and related Class BWP Collateral Support Deficits

 

    	-272-

    	 

    

 

allocable to the
Class BWP Certificates. Upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account shall be
distributed to the Class R Certificateholders from the Lower-Tier REMIC in respect of the Class LR Interest. Amounts payable pursuant
to this Section 4.01(h) to the Exchangeable Certificates that have been exchanged and converted to Class EC Certificates
shall be paid to the Holders of such Class EC Certificates.

 

(i)          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(j), 4.01(k) 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 Collateral Support Deficit 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.

 

(j)          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 Collateral Support Deficit
previously allocated to such Class of Certificates) will be made on the next Distribution 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 3.15(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

 

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(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(j)
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. 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(j).

 

(k)         Distributions in
reimbursement of Collateral Support Deficit previously allocated to the Regular Certificates shall be made in the amounts and manner
specified in Section 4.01(a) or Section 4.01(e), 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 Collateral Support Deficit 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 wire transfer
(pursuant to the wiring instructions on file) or 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 12.05 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(j) as if such Holder had failed to surrender its
Certificates.

 

(l)          On each Distribution
Date, any Excess Interest received during the related Due Period with respect to the Mortgage Loans shall be distributed solely
to the Holders of the Class Z Certificates from the Excess Interest Distribution Account. Excess Interest shall not be available
to pay any other amounts except for distributions on Class Z Certificates set forth in the prior sentence.

 

(m)        On the related
Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loans, the Companion Paying Agent shall make withdrawals
and payments

 

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from the Companion Distribution Account for such 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 Loan 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.

 

(n)         If an exchange
and conversion of Exchangeable Certificates for Class EC Certificates in accordance with Section 5.09 of this Agreement
has occurred, the Certificate Administrator shall distribute to the Holders of the Class EC Certificates received in such exchange
and conversion from the Class EC Distribution Account on each Distribution Date pursuant to Section 3.05(e), distributions
equal to the aggregate amount of Interest Distribution Amounts, Accrued Interest From Recoveries, Principal Distribution Amounts,
Yield Maintenance Charges, reimbursements of Collateral Support Deficits and other amounts that would otherwise be distributable
to the Exchangeable Certificates that were exchanged and converted for such Class EC Certificates. Such amounts shall first be
deemed distributed from the Upper-Tier REMIC Distribution Account to the Class EC Distribution Account pursuant to Section 3.05(d).
In addition, the Class EC Certificates received in such exchange and conversion will be allocated the aggregate amount of Collateral
Support Deficits, Prepayment Interest Shortfalls and other interest shortfalls (including those resulting from Appraisal Reduction
Events) that would otherwise be allocated to the Exchangeable Certificates that were exchanged and converted for such Class EC
Certificates, without duplication.

 

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(o)         On the first Distribution
Date only, the Certificate Administrator shall withdraw $200 from the Upper-Tier REMIC Distribution Account and distribute $100
to each of the Class X-B Certificates and the Class X-C Certificates. Such distribution shall be deemed a payment of principal
on the principal balance of the REMIC regular interest represented by the Class X-B Certificates or the Class X-C Certificates,
as applicable (in each case, the related principal balance being $100) for federal income tax purposes.

 

Section 4.02     Statements
to Certificateholders; CREFC® Investor Reporting Packages; Grant of Power of Attorney. (a) On each Distribution
Date, the Certificate Administrator shall make available pursuant to Section 3.15(b) on the Certificate Administrator’s
Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G 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 “Statement
to Certificateholders”) 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
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates allocable to Distributable Certificate
Interest or Class BWP Distributable Certificate Interest, as applicable;

 

(iii)        the
aggregate amount of Advances made, with respect to the pool of Mortgage Loans and the BWP Trust Subordinate Companion Loan, 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;

 

(iv)         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 Senior Trust Advisor and CREFC® Intellectual Property
Royalty License Fees paid to CREFC®, in each case, with respect to the Due Period for such Determination Date together
with detailed calculations of servicing compensation paid to the Master Servicer and the Special Servicer;

 

(v)         the
aggregate Stated Principal Balance of the Mortgage Loans, the BWP Trust Subordinate Companion Loan and any REO Loans, with respect
to the pool of Mortgage Loans and the BWP Trust Subordinate Companion Loan, outstanding immediately before and immediately after
such Distribution Date;

 

(vi)         the
aggregate amount of unscheduled payments received;

 

(vii)        the
number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate
of the Mortgage Loans and the BWP Trust Subordinate Companion Loan, with respect to the pool of Mortgage Loans and the BWP Trust
Subordinate Companion Loan, as of the end of the related Due Period for such Distribution Date;

 

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(viii)       the
number and aggregate principal balance of the Mortgage Loans and the BWP Trust Subordinate Companion Loan (A) delinquent 30-59
days, (B) delinquent 60-89 days, (C) delinquent 90 days to 119 days (and for each thirty (30) day period thereafter until liquidation),
(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;

 

(ix)        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;

 

(x)         the
Available Distribution Amount, and the Class BWP Available Distribution Amount for such Distribution Date;

 

(xi)        the
Accrued Certificate Interest or Class BWP Accrued Certificate Interest, as applicable, in respect of such Class of Certificates
for such Distribution Date, separately identifying any Certificate Deferred Interest or Class BWP Accrued Certificate Interest,
as applicable, for such Distribution Date allocated to such Class of Certificates;

 

(xii)       the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable (A) to Yield Maintenance
Charges, (B) (in the case of the Class Z Certificates), Excess Interest and (C) prepayment premiums;

 

(xiii)      the
Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiv)       the
Scheduled Principal Distribution Amount or scheduled principal distribution amount for the Class BWP Certificates, as applicable,
and the Unscheduled Principal Distribution Amount or unscheduled principal distribution amount for the Class BWP Certificates,
as applicable, for such Distribution Date, with respect to the pool of Mortgage Loans and Trust AB Whole Loan, respectively;

 

(xv)        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 Collateral Support Deficit
or Class BWP Collateral Support Deficit, as applicable, on such Distribution Date and the aggregate amount of all reductions as
a result of allocations of Collateral Support Deficits or Class BWP Collateral Support Deficit, as applicable, in respect of the
Principal Balance Certificates or the Class BWP Certificates to date and, with respect to the Class EC Certificates, the portion
of such amounts allocated to the Class A-S, Class B and Class C Certificates converted in an exchange for such Class EC Certificates;

 

(xvi)       the
Certificate Factor for each Class of Certificates (other than the Class R and Class Z Certificates) immediately following such
Distribution Date;

 

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(xvii)      the
amount of any Appraisal Reductions effected (including, with respect to any Serviced Whole Loan, the amount allocable to the related
Mortgage Loan and Serviced Companion Loan and, with respect to the Trust AB Whole Loan, the amount allocable to the related Mortgage
Loan and BWP Trust Subordinate Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the total
Appraisal Reduction effected in connection with such Distribution Date, together with a detailed worksheet showing the calculation
of each Appraisal Reduction on a current and cumulative basis;

 

(xviii)     the
current Controlling Class;

 

(xix)      the
number and related Stated Principal Balance of any Mortgage Loans or the BWP Trust Subordinate Companion Loan 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;

 

(xx)       the
amount of any remaining Class Unpaid Interest Shortfall or Class BWP Class Unpaid Interest Shortfall for such Class and as of such
Distribution Date;

 

(xxi)      a
loan-by-loan listing of each Mortgage Loan or BWP Trust Subordinate Companion 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;

 

(xxii)     a
loan-by-loan listing of each Mortgage Loan or BWP Trust Subordinate Companion Loan which was defeased since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxiii)    all
deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxiv)     in
the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(b), 4.01(d) and 4.01(h);

 

(xxv)      the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously
allocated Collateral Support Deficit or Class BWP Collateral Support Deficit, as applicable;

 

(xxvi)     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;

 

(xxvii)    with
respect to any Mortgage Loan or BWP Trust Subordinate Companion 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

 

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such Liquidation Event (separately identifying the portion thereof allocable to distributions on the
Certificates), and (C)(i) the amount of any Collateral Support Deficit allocated to the Principal Balance Certificates in connection
with such Liquidation Event and, with respect to the Class EC Certificates, the portion of such amounts allocated to the Class
A-S, Class B and Class C Certificates converted in an exchange for such Class EC Certificates or (ii) the amount of any Class BWP
Collateral Support Deficit allocated to the Class BWP Certificates;

 

(xxviii)    with respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust Fund’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 or Collateral Support Deficit (or Class BWP Collateral Support
Deficit), as applicable, allocated to the Principal Balance Certificates (or the Class BWP Certificates, if applicable) in
respect of the related REO Loan in connection with that determination and, with respect to the Class EC Certificates, the
portion of such amounts allocated to the Class A-S, Class B and Class C Certificates converted in an exchange for such Class
EC Certificates;

 

(xxix)     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;

 

(xxx)      the
aggregate amount of interest on Servicing Advances (including with respect to any Serviced Whole Loan, the Trust Fund’s interest
therein) 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 and the amount of interest on Servicing 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 BWP Trust Subordinate Companion Loan;

 

(xxxi)     the
then-current credit support levels for each Class of Certificates;

 

(xxxii)    the
aggregate amount of Yield Maintenance Charges on the Mortgage Loans and the BWP Trust Subordinate Companion Loan (each separately
identified) collected since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxiii)   a
loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

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(xxxiv)   a
loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan or BWP
Trust Subordinate Companion Loan by the applicable Mortgage Loan Seller;

 

(xxxv)    an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates with respect
to the related Distribution Date, which information will be provided to the Certificate Administrator by the Master Servicer; and

 

(xxxvi)   the
amount of any Excess Interest actually received.

 

In the case of information
furnished pursuant to clauses (i), (ii), (xi), (xii), (xv), (xx), (xxiv), (xxv)
and (xxxvi) above, (i) the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable
Class and per Definitive Certificate and (ii) the Class EC Certificates shall receive such information with respect to such clauses
allocable to the Class A-S, Class B and Class C Certificates exchanged therefor.

 

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 (ii)
above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which such person was
a Certificateholder, together with such other information as the Certificate Administrator 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.

 

(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 3.15 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 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

 

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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 3.15 and 4.02(c),
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 Mortgage 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.
Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute, verify or recalculate the information
provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received
from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating
and making distributions to Certificateholders in accordance with Section 4.01, preparing the Statement to Certificateholders
required by Section 4.02(a) and allocating Collateral Support Deficit 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 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

 

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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.

 

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 either (i)
remit to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC Distribution Account, an amount
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 Certificate Account, for future distribution to Certificateholders in subsequent
months in discharge of any such obligation to make P&I Advances with respect to the Mortgage Loans, or (iii) make P&I
Advances in the form of any combination of clauses (i) and (ii), aggregating the total amount of P&I Advances
to be made. Any amounts held in the Certificate Account for future distribution and so used to make P&I Advances with respect
to the Mortgage Loans shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer
by deposit in the Certificate 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 with
respect to the Mortgage Loans for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances with respect
to the Mortgage Loans 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 for the related Mortgage Loans shall not be remitted to
the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution Account but shall be deposited into the Certificate
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 the aggregate of: (i) the Monthly Payments (net of related Servicing
Fees) other than Balloon Payments, that were due on the Mortgage Loans (including the Non-Serviced Mortgage Loan) and any REO Loan
(excluding any portion allocable to any related Companion Loan or the BWP Trust Subordinate Companion Loan, if applicable) during
the related Due Period and delinquent as of the close of business on the Business Day preceding

 

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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 as to which
the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due
Period (including any REO Loan (other than any portion of an REO Loan related to a Companion Loan or the BWP Trust Subordinate
Companion Loan) as to which the 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 or the BWP Trust Subordinate 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 or the BWP Trust Subordinate
Companion Loan.

 

(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 will be required
to 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 Pooling Agreement 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 Pooling Agreement with respect to a Non-Serviced
Companion Loan, that any proposed advance under the applicable Non-Serviced Pooling Agreement that is similar to a P&I Advance
would be, or any outstanding advance under such Non-Serviced Pooling Agreement 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

 

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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 Certificate 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 Certificate Account (but in no event from any funds allocable to a Serviced Companion Loan or the BWP Trust Subordinate Companion
Loan (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)
made with respect to a Mortgage Loan until after the related Due Date has passed and any applicable grace period has expired or
(ii) if the related Monthly 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, subject
to Section 3.19 of this Agreement, as soon as practicably possible after funds available for such purpose are deposited
in the Certificate 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, Balloon Payment or any P&I Advance with respect to any Companion
Loan or the BWP Trust Subordinate Companion Loan and (ii) if an Appraisal Reduction has been made with respect to any Mortgage
Loan (or, in the case of a Non-Serviced Whole Loan, an Appraisal Reduction has been made in accordance with the related Non-Serviced
Pooling Agreement and the Master Servicer has notice of such Appraisal Reduction) 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
(or, in the case of a Serviced Whole Loan, the portion of such Appraisal Reduction 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 Monthly 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 or the BWP Trust
Subordinate Companion Loan.

 

Section 4.04     Allocation
of Collateral Support Deficit. (a) On each Distribution Date, immediately following the distributions to be made on such date
pursuant to Section 4.01 and the allocation of Certificate Deferred Interest pursuant to Section 4.06, the Certificate

 

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Administrator shall calculate the amount, if any, by which (X)(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 (in each case, excluding any portion allocable to any related Companion Loan or BWP Trust Subordinate
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 (for the avoidance of doubt, without regard to any exchange
and conversion of the Exchangeable Certificates for Class EC Certificates) after giving effect to distributions of principal on
such Distribution Date and the allocation of Certificate Deferred Interest pursuant to Section 4.06 (any such deficit,
the “Collateral Support Deficit”) and (Y) with respect to the BWP Trust Subordinate Companion Loan (i) the
Stated Principal Balance of such BWP Trust Subordinate Companion Loan (including the assumed Stated Principal Balance if such
BWP Trust Subordinate Companion Loan has become an REO Loan) expected to be outstanding immediately following such Distribution
Date is less than (ii) the aggregate Certificate Balance of the Class BWP Certificates after giving effect to distributions of
principal on such Distribution Date and the allocation of any applicable Class BWP Certificate Deferred Interest pursuant to Section
4.06 (any such deficit with respect to the Class BWP Certificates, the “Class BWP Collateral Support Deficit”).
Any allocation of Collateral Support Deficit to a Class of Regular Certificates or of Class BWP Collateral Support Deficit to
the Class BWP Certificates, as applicable, shall be made by reducing the Certificate Balance thereof by the amount so allocated.
Any Collateral Support Deficit or Class BWP Collateral Support Deficit, as applicable, so allocated to a Class of Regular Certificates
or Class BWP Certificates, as applicable, shall be allocated among the respective Certificates of such Class in proportion to
the Percentage Interests evidenced thereby. The allocation of Collateral Support Deficit or Class BWP Collateral Support Deficit,
as applicable, shall constitute an allocation of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously
allocated Collateral Support Deficit or Class BWP Collateral Support Deficit, as applicable, 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 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 Collateral Support Deficit, in sequential order, in each case up to the amount of the unreimbursed
Collateral Support Deficit 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 Collateral Support Deficit, if any, allocable to such Certificates with respect to such Distribution Date. Any such
write off shall be allocated first, to the Class NR 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, without regard
to the exchange and conversion of the Exchangeable

 

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Certificates for Class EC Certificates, sixth, to the Class B Certificates,
without regard to the exchange and conversion of the Exchangeable Certificates for Class EC Certificates, seventh, to the
Class A-S Certificates, without regard to the exchange and conversion of the Exchangeable Certificates for Class EC Certificates,
and then, pro rata (based on their respective Certificate Balances), to the Class A-1, Class A-2, Class A-3 and Class
A-SB Certificates, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero.
On each Distribution Date, the Certificate Balance of the Class BWP Certificates will be reduced without distribution as a write-off
to the extent of any Class BWP Collateral Support Deficit attributable to the related BWP Trust Subordinate Companion Loan in accordance
with Section 4.04(a). Any such write-off with respect to the BWP Trust Subordinate Companion Loan shall be allocated to
the Class BWP Certificates until the remaining Certificate Balance of such Class has been reduced to zero.

 

(c)         With respect to
any Distribution Date, any Collateral Support Deficit 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 Uncertificated Lower-Tier Interest with respect thereto as a write-off.

 

(d)         With respect to
each Class of Exchangeable Certificates and the Class EC Certificates, for purposes of determining allocations and distributions
under Section 4.01(a) of this Agreement as between the Exchangeable Certificates and the Class EC Certificates and this
Section 4.04, all allocations of Collateral Support Deficit to each Class of Exchangeable Certificates for any Distribution
Date shall be determined without regard to any exchange of such Exchangeable Certificates for Class EC Certificates; provided,
however, that all amounts of Collateral Support Deficit that would otherwise be allocable to Exchangeable Certificates that
have been exchanged for Class EC Certificates shall be allocated to such Class EC Certificates, without duplication.

 

Section 4.05     Appraisal
Reductions. (a) For purposes of (x) determining the Controlling Class (and whether a Control 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 Senior Trust
Advisor, Appraisal Reductions (with respect to a Serviced Whole Loan, to the extent allocated to the related Mortgage Loan) will
be allocated to each Class of Certificates (other than the Class BWP, Class X, Class R and Class Z Certificates) in reverse sequential
order to notionally reduce the related Certificate Balances (without giving effect to any exchange of the Exchangeable Certificates
for Class EC Certificates) until the Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class
NR 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 (without giving effect to any exchange of the Exchangeable Certificates
for Class EC Certificates), sixth, to the Class B Certificates (without giving effect to any exchange of the Exchangeable
Certificates for Class EC Certificates), and seventh, to the Class A-S Certificates (without giving effect to any exchange
of the Exchangeable Certificates for Class EC Certificates). Following receipt from the Special Servicer, the Master Servicer
shall notify the Certificate Administrator of the amount of any Appraisal Reduction with respect to each Mortgage Loan and BWP
Trust Subordinate Companion Loan (which notification may be satisfied through delivery of such information included in the CREFC®
Loan Periodic Update

 

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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 3.28(m).

 

(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 Controlling Class (any such Class, an “Appraised-Out Class”) as a result of an Appraisal
Reduction 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 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 is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction based on such supplemental
appraisal. If required by such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class (or reinstated
as if an AB Control Appraisal Period were not in existence, as applicable) 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.
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 is warranted or (B) the Special Servicer recalculates the Appraisal Reduction 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 Control Eligible Certificates, if any.

 

(c)         With respect to
each Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Trust AB Whole Loan and each Serviced Whole Loan as to which
an Appraisal Reduction Event has occurred (unless such Mortgage Loan, Serviced Whole Loan or Trust AB Whole Loan has become a Corrected
Mortgage Loan (for such purposes taking into account any amendment or modification of such Mortgage Loan, any related Companion
Loan, BWP Trust Subordinate Companion Loan or Serviced Whole Loan)), the Special Servicer shall (1) within thirty (30) days 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

 

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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 Senior Trust 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 (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 reasonably necessary to calculate the Appraisal Reduction 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 Senior Trust 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 with respect to such Mortgage Loan, Companion Loan, BWP
Trust Subordinate Companion Loan, Serviced Whole Loan or Trust AB 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 Mortgage 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 Mortgage Loan). If the Special Servicer is required to
redetermine the Appraisal Reduction, such redetermined Appraisal Reduction shall replace the prior Appraisal Reduction with respect
to such Mortgage Loan, Companion Loan, BWP Trust Subordinate Companion Loan, Serviced Whole Loan or Trust AB 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 (or, with respect to any Serviced AB Whole Loan, prior to the occurrence and
continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion Loan, to the extent required
under the related Intercreditor Agreement) with respect to any Appraisal, valuation or downward adjustment in connection with an
Appraisal Reduction. 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,
BWP Trust Subordinate Companion Loan, Serviced Whole Loan or Trust AB 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

 

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valuation, as
applicable, in calculating any Appraisal Reduction with respect to such Mortgage Loan or related Companion Loan, BWP Trust Subordinate
Companion Loan, Serviced Whole Loan or Trust AB 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, 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.

 

(d)         Any Mortgage Loan
(other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan or BWP Trust Subordinate Companion Loan and any
Serviced Whole Loan or Trust AB Whole Loan, as applicable, previously subject to an Appraisal Reduction, which has become a Corrected
Mortgage Loan (for such purposes taking into account any amendment or modification of such Mortgage Loan, any related Serviced
Companion Loan or BWP Trust Subordinate Companion Loan and any Serviced Whole Loan or Trust AB 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. Any Appraisal Reduction 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 Pooling Agreement.

 

(e)         Each Serviced Whole
Loan and the Trust AB Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction with
respect to the Mortgage Loan and Companion Loan(s) (or the BWP Trust Subordinate Companion Loan, as applicable) that comprise such
Serviced Whole Loan (or the Trust AB Whole Loan, as applicable). Any Appraisal Reduction in respect of a Serviced AB Whole Loan
(or Trust AB Whole Loan) shall 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 (or BWP Trust Subordinate
Companion Loan, as applicable) (until the principal balance thereof is notionally reduced to zero by such Appraisal Reductions)
and second, to the related AB Mortgage Loan (or Trust AB Mortgage Loan, as applicable). Any Appraisal Reduction 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 outstanding principal balances.

 

Section 4.06     Certificate
Deferred Interest. (a) On each Distribution Date, (i) the amount of interest distributable to a Class of Regular Certificates
(other than the Class X Certificates) shall be reduced by an amount equal to the amount of Mortgage Deferred Interest

 

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for all
Mortgage Loans for the Due Dates occurring in the related Due Period allocated to such Class of Certificates, such Mortgage Deferred
Interest to be allocated first, to the Class NR 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 (without giving
effect to any exchange of the Exchangeable Certificates for Class EC Certificates), sixth, to the Class B Certificates
(without giving effect to any exchange of the Exchangeable Certificates for Class EC Certificates), seventh, to the Class
A-S Certificates (without giving effect to any exchange of the Exchangeable Certificates for Class EC Certificates), and then
pro rata (based upon Accrued Certificate Interest) to the Class A-1, Class A-2, Class A-3 and Class A-SB Certificates, in
each case up to the respective Accrued Certificate Interest for each such Class of Certificates for such Distribution Date and
(ii) the amount of interest distributable to the Class BWP Certificates shall be reduced by an amount equal to the amount of Mortgage
Deferred Interest for the related BWP Trust Subordinate Companion Loan for the Due Date occurring in the related Due Period allocated
to such Class of Certificates, such Mortgage Deferred Interest to be allocated to the Class BWP Certificates, as Class BWP Certificate
Deferred Interest up to the Class BWP Accrued Certificate Interest for such Distribution Date.

 

(b)         On each Distribution
Date, the Certificate Balances of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-SB Certificates,
Class A-S Certificates, Class A-S Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates,
Class F Certificates and Class NR Certificates (without giving effect to any exchange of the Exchangeable Certificates for Class
EC Certificates) shall be increased by the amount of the Certificate Deferred Interest allocated to such Class of Certificates
on such Distribution Date pursuant to Section 4.06(a)(i) above, and the Certificate Balance of the Class BWP Certificates
shall be increased by the amount of Class BWP Certificate Deferred Interest allocated to such Class of Certificates on such Distribution
Date pursuant to Section 4.06(a)(ii) above.

 

(c)         With respect to
any Distribution Date, any Certificate Deferred Interest with respect to such Distribution Date allocated pursuant to Section
4.06(a) to a Class of Principal Balance Certificates shall be allocated in reduction of the amount of interest distributable
to the Related Uncertificated Lower-Tier Interests with respect thereto. On each Distribution Date, to the extent provided in Section
4.06(b) with respect to the Related Certificates, Certificate Deferred Interest will be added to the Lower-Tier Principal Amount
of the Uncertificated Lower-Tier Interests in the same manner as the interest thereon was reduced pursuant to the preceding sentence.

 

(d)         With respect to
each Class of Exchangeable Certificates and the Class EC Certificates, for purposes of determining allocations and distributions
under Section 4.06(a) of this Agreement as between the Exchangeable Certificates and the Class EC Certificates, all amounts
of Certificate Deferred Interest of each Class of Exchangeable Certificates for any Distribution Date shall be determined without
regard to any exchange of such Exchangeable Certificates for Class EC Certificates; provided, however, that all amounts
of Certificate Deferred Interest that would otherwise be allocable to Exchangeable Certificates that have been exchanged and converted
for Class EC Certificates shall be deemed allocated to such Class EC Certificates, without duplication.

 

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Section 4.07     Grantor
Trust Reporting. (a) The parties intend that the portions of the Trust Fund constituting the Grantor Trust, which consists
of (i) the Excess Interest, the Excess Interest Account and proceeds thereof, and (ii) the uncertificated regular interests in
the Upper-Tier REMIC represented by any Exchangeable Certificates that have been exchanged and converted for Class EC Certificates,
the Class EC Distribution Account and proceeds thereof, shall constitute, and that the affairs of the Trust Fund (exclusive of
the Lower-Tier REMIC, the Upper-Tier REMIC and BWP Trust Subordinate Companion Loan REMIC) 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 Class EC and Class Z Certificateholders 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 (or, in the event the Grantor Trust is a WHFIT, information will be provided on 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 Class EC and Class Z Certificateholders, their allocable share of income and expense with respect
to the Exchangeable Certificates and the Class EC Distribution Account, and the Excess Interest and Excess Interest Distribution
Account, respectively, 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 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 Class Z
or Class EC Certificates, by acceptance of its

 

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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 Class Z or Class EC Certificates, including the price, amount of proceeds
and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary
market trading of WHFIT interests.

 

(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 Z 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 4.08     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 Statement
to Certificateholders, (B) the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to Section 3.15(b), the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties
or (C) the Senior Trust Advisor relating to the Senior Trust Advisor Annual Report or actions by the Special Servicer referenced
in any Senior Trust 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 Senior Trust Advisor,
as applicable, 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: AskMidland@Midlandls.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 Senior Trust 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 Senior Trust 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 Senior Trust Advisor determines, in its respective sole discretion, that

 

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(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 Fund 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 Senior Trust 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, it shall not be required to answer such Inquiry and, in the case of the Master Servicer, the Special
Servicer or the Senior Trust 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 Senior Trust 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 Senior Trust 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 Senior
Trust 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 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 Senior Trust 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 Senior Trust Advisor shall not be required to respond to any
Inquiries from Certificateholders for which its response would require the Senior Trust 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

 

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that has so registered. Any person registering to use the Investor
Registry will be required to certify that (a) it is a Certificateholder or a Certificate Owner and 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 Statements to Certificateholders,
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: AskMidland@Midlandls.com),
in each case within a 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

 

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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, nor 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.

 

[End of Article IV]

 

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-20, 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 BWP Certificates will be issued in
minimum denominations of $100,000 and integral multiples of $1 in excess of $100,000. 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 X-C, Class X-D, Class R and Class Z 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

 

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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 Z Certificates shall be issued, maintained and transferred in minimum
percentage interests of 10% of such Class R or Class Z 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 KKR Real Estate Finance Holdings L.P.) 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 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.

 

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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.

 

The Class BWP Certificates
shall not be offered in Offshore Transactions in reliance on Regulation S under the Act.

 

(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. The Class BWP Certificates may only be offered and sold to Qualified Institutional Buyers in reliance
on Rule 144A.

 

(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 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. The Class BWP Certificates shall not be offered, sold or transferred to investors
that are Institutional Accredited Investors who are not also Qualified Institutional Buyers. 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

 

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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 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.

 

(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

 

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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 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

 

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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 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

 

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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 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

 

    	-301-

    	 

    

 

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.

 

(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

 

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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 Senior Trust 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
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 Senior Trust Advisor or the Trust Fund. 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
Z 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 Z Certificate. Each prospective transferee of a Class R or Class Z Certificate
shall deliver to the transferor and the Certificate Administrator a representation letter,

 

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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 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 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

 

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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 therein 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.

 

(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.
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

 

    	-305-

    	 

    

 

stolen
Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance of any new Certificate
under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to cover any expenses (including
the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section
5.04 shall constitute complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether
or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05     Persons
Deemed Owners. The Master Servicer, the Special Servicer, the 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. The Certificate Registrar shall maintain in as
current form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders.
If any Certificateholder that has provided an Investor Certification (a) requests in writing from the Certificate Registrar a
list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires to communicate with other
Certificateholders with respect to its rights under this Agreement or under the Certificates and (c) provides a copy of the communication
which such Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten (10) Business Days after the
receipt of such request, afford such Certificateholder (at such Certificateholder’s sole cost and expense) access during
normal business hours to a current list of the Certificateholders related to the Class of Certificates held by such Certificateholder.
Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable
by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source
from which such information was derived. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Senior Trust Advisor and the Depositor shall be entitled to a list of the names and addresses of Certificateholders from time
to time upon request therefor.

 

Upon the written request
of any Certificateholder that (a) has provided an Investor Certification, (b) states that such Certificateholder desires the Certificate
Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other
Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact (a
“Special Notice”) and (c) provides a copy of the Special Notice which such Certificateholder proposes to transmit,
the Certificate Administrator shall deliver such Special Notice to all Certificateholders at their respective addresses appearing
on the Certificate Register. The costs and expenses of the Certificate Administrator associated

 

    	-306-

    	 

    

 

with delivering any such Special
Notice shall be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate,
agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure
of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.07     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. 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 Fund (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.

 

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Section 5.09     Exchangeable
Certificates and the Class EC Certificates. (a) Holders of Exchangeable Certificates may surrender their Certificates to the Certificate Administrator and the Certificate
Administrator shall convert those Exchangeable Certificates for a like amount of Class EC Certificates in accordance with the
terms of this Section 5.09 and the other applicable provisions of Article V hereof. Similarly, Holders of the Class EC
Certificates may surrender their Certificates to the Certificate Administrator and the Certificate Administrator shall exchange
and convert those Certificates for a like amount of the related Classes of Exchangeable Certificates in accordance with the terms
of this Section 5.09 and the other applicable provisions of Article V hereof.

 

Exchangeable Certificates
in the Exchange Proportion may be exchanged and converted for Class EC Certificates and Class EC Certificates may be exchanged
and converted for all three Classes of Exchangeable Certificates in the Exchange Proportion, in each case, in whole or in part.
This process may occur repeatedly. In the event that the Certificate Balance of any Class of Exchangeable Certificates is reduced
to zero as a result of such Class being paid all interest and principal in full and reimbursement of Collateral Support Deficits,
exchanges and conversions shall no longer be permissible. With respect to any exchange and conversion, all three Classes of Exchangeable
Certificates shall be required in order to exchange and convert such Exchangeable Certificates to Class EC Certificates and Class
EC Certificates can be exchanged and converted to all three Classes of Exchangeable Certificates, such exchange and conversion
being calculated using the initial Certificate Balances of the individual Certificates being exchanged and converted (rather than
the outstanding Certificate Balance), in each case, in the applicable Exchange Proportion. The aggregate Certificate Balance of
the Certificates (with each Class rounded down to the nearest whole dollar) received after an exchange and conversion, immediately
after the exchange and conversion, must equal the aggregate Certificate Balance of the Certificates (with each Class rounded down
to the nearest whole dollar) surrendered for exchange and conversion immediately prior to such exchange and conversion. Each Class
of Exchangeable Certificates exchanged and converted or received in any exchange and conversion must be at least its minimum Denomination
set forth in Section 5.01.

 

Class EC Certificates
will only receive distributions of interest and principal and other amounts that are allocated to the Exchangeable Certificates
exchanged for and converted to such Class EC Certificates. Any Collateral Support Deficits or other shortfalls, including as a
result of Appraisal Reduction Events, allocated to Exchangeable Certificates that were exchanged for and converted to Class EC
Certificates will be borne by such Class EC Certificates and any recoveries of such amounts shall be paid to such Class EC Certificates.

 

Exchangeable Certificates
that have been exchanged for and converted to Class EC Certificates shall be deemed to be held by the Trustee in uncertificated
form and, for tax purposes, as assets of the Grantor Trust, and shall be deemed to be outstanding for all purposes in accordance
with the terms of this Agreement.

 

(b)         Exchangeable Certificates
shall be exchangeable on the books of the Depository for Class EC Certificates, and Class EC Certificates shall be exchangeable
on the books of the Depository for Exchangeable Certificates, after the Closing Date (other than any exchanges on the Closing Date
pursuant to instructions from the Depositor). In order to effect an exchange of the Exchangeable Certificates or Class EC Certificates,
the Certificateholder shall

 

    	-308-

    	 

    

 

notify the Certificate Administrator by e-mail at cts.cmbs.bond.admin@wellsfargo.com no later than
three (3) Business Days before the proposed date for the exchange and conversion (the “Exchange Date”). The
Exchange Date can be any Business Day other than the first or last Business Day of the month, subject to the satisfaction of the
Certificate Administrator.

 

(c)         With respect to
the notice required in clause (b) above, the Certificateholder shall provide notice on the Certificateholder’s letterhead,
which notice must carry a medallion stamp guarantee and set forth the following information: (i) the CUSIP Number(s) of the Exchangeable
Certificates or Class EC Certificate to be exchanged and converted and the Exchangeable Certificate or the Class EC Certificates
to be received, (ii) the outstanding principal balance of the initial Certificate Balance of the Exchangeable Certificates or the
Class EC Certificates to be exchanged and converted, (iii) the Certificateholder’s Depository participant number, if applicable,
and (iv) the proposed Exchange Date. The Certificateholder will utilize the “deposit and withdrawal system” at the
Depository to affect the exchange and conversion of the Certificates. A notice becomes irrevocable on the second (2nd) Business
Day before the proposed exchange date.

 

(d)         In connection with
each exchange, the Certificateholder may be required to pay certain fees charged by DTC and such fees must be received by the Certificate
Administrator prior to the exchange date or such exchange shall not be effected. The first distribution on an Exchangeable Certificate
or Class EC certificates shall be made in the month following the month of exchange to the Certificateholder of record as of the
applicable Record Date for such certificate. Neither the Certificate Administrator nor the Depositor shall have any obligation
to ensure the availability of the applicable certificates to accomplish any exchange.

 

[End of Article V]

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the

Senior Trust Advisor AND THE DIRECTING CERTIFICATEHOLDER

 

Section
6.01    Liability of the Depositor, the Master Servicer, the Senior Trust Advisor and the Special
Servicer. The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Senior Trust
Advisor and the Special Servicer 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 (including in its capacity as Companion Paying
Agent), the Senior Trust Advisor and the Special Servicer herein.

 

Section 6.02     Merger,
Consolidation or Conversion of the Depositor, the Master Servicer, the Senior Trust Advisor or the Special Servicer. (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 such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage
Loans, the

 

    	-309-

    	 

    

 

BWP Trust Subordinate Companion Loan or Companion Loans and to perform its respective duties under this Agreement.

 

(b)         The Depositor,
the Master Servicer, the Special Servicer and the Senior Trust Advisor 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 or the Senior Trust Advisor
shall be a party, or any Person succeeding to the business of the Depositor, the Master Servicer, the Special Servicer or the Senior
Trust Advisor, shall be the successor of the Depositor, the Master Servicer, the Special Servicer or the Senior Trust Advisor (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 or the Senior Trust
Advisor, 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 3.30); provided, further, that if the Master
Servicer, the Special Servicer or the Senior Trust Advisor enters into a merger and the Master Servicer, the Special Servicer or
the Senior Trust Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special Servicer
or the Senior Trust 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 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 Senior Trust 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 Senior Trust 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 Senior Advisor may
remain the Master Servicer, Special Servicer or Senior Trust Advisor, as applicable, under this Agreement after (x) being merged
or consolidated with or into any Person

 

    	-310-

    	 

    

 

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 Senior
Trust 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 second preceding sentence are not met the Trustee shall terminate, the applicable Surviving Entity’s servicing
of the Mortgage Loans and the BWP Trust Subordinate Companion Loan pursuant hereto, such termination to be effected in the manner
set forth in Section 7.01.

 

Section 6.03     Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Senior Trust Advisor and Others. (a) None of
the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Senior Trust
Advisor and their respective Affiliates 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 (including, with respect to
the Trust AB Whole Loan, the Holders of the Class BWP Certificates) 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 Senior Trust Advisor and their respective Affiliates 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 Senior Trust Advisor and
their respective Affiliates 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 or the Senior Trust Advisor and
their respective Affiliates 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 and the Senior Trust Advisor and their respective Affiliates 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 legal or administrative action (whether in equity or at law) or
claim relating to this Agreement, the Mortgage Loans, the BWP Trust Subordinate Companion Loan, 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

 

    	-311-

    	 

    

 

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 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 Servicer and the Senior Trust 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 or the Senior Trust 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 and the Senior Trust Advisor 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 Fund; provided, however, that each of the Depositor,
the Master Servicer, the Special Servicer or the Senior Trust Advisor 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class
BWP Certificates) (and, in the case of any Serviced Whole Loan or Trust AB Whole Loan, the rights of the Certificateholders (including,
with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) 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 or Trust AB Whole Loan and/or the holder of any related Companion Loan or BWP Trust
Subordinate Companion Loan, as applicable, are involved, such expenses, costs and liabilities will be payable out of funds related
to the applicable Serviced Whole Loan or Trust AB Whole Loan in accordance with the related Intercreditor Agreement and will also
be payable out of the other funds in the Certificate Account if amounts on deposit with respect to such Serviced Whole Loan or
the Trust AB Whole Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan, Companion
Loan or BWP Trust Subordinate Companion Loan, then any subsequent recovery on that Mortgage Loan, Companion Loan or BWP Trust Subordinate
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,

 

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proceeding, hearing or examination and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Master Servicer (including
in its capacity as Companion Paying Agent), the Special Servicer and the Senior Trust Advisor shall be entitled to be reimbursed
therefor out of amounts attributable to the Mortgage Loans, the Companion Loans or the BWP Trust Subordinate Companion Loan on
deposit in the Certificate 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 Senior Trust Advisor, 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 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, or the Senior Trust 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 or the BWP Trust Subordinate Companion Loan 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 Senior Trust 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 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

 

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Depositor, the Master Servicer, the Special Servicer or the Senior Trust 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 or the BWP Trust Subordinate Companion Loan 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 or the Senior Trust 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.

 

(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 Senior Trust 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 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 or the Senior Trust
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 Senior Trust
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 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 Senior Trust Advisor, in the performance
of its obligations and duties under this Agreement or by reason of negligent disregard by the Senior Trust 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,
or the Depositor, as the case may be, shall immediately

 

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notify the Senior Trust Advisor if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans or the BWP Trust Subordinate Companion Loan entitling the Trust to indemnification
hereunder, whereupon the Senior Trust 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
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 Senior Trust
Advisor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Senior Trust Advisor’s defense of such claim is materially prejudiced thereby.

 

(g)         Neither the Senior
Trust Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees or agents
of the Senior Trust 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 Senior Trust 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 applicable
Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator, Non-Serviced Senior Trust
Advisor, Non-Serviced Depositor and Non-Serviced Trustee, and any of their respective partners, directors, officers, shareholders,
members, managers, employees or agents and the Non-Serviced Trust (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, damages, penalties, fines, forfeitures, reasonable 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 (or with respect to the Non-Serviced
Senior Trust Advisor, incurred in connection with the provision of services for the Non-Serviced Mortgage Loan) under the applicable
Non-Serviced Pooling Agreement, other than any claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments, and any other losses, liabilities or expenses incurred by reason of any Non-Serviced Indemnified Party’s
willful misconduct, bad faith, fraud or negligence in the performance of its duties or by reason of negligent disregard of its
obligations and duties under the applicable Non-Serviced Pooling Agreement or the applicable Non-Serviced Intercreditor Agreement.

 

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 or the Senior Trust Advisor.

 

Section 6.04     Depositor,
Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.02, neither the Master Servicer
nor the Special Servicer shall resign from their respective obligations and duties hereby imposed on each of them except

 

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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 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 3.30). 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. No such resignation by the Master Servicer or the Special Servicer 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 6.04, 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 respect to
this Section 6.04; provided that, (prior to the occurrence and continuance of a Control Event) such successor special
servicer is approved by the Directing Certificateholder, such approval not to be unreasonably withheld. The resigning party shall
pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated
with a transfer of its duties pursuant to this Section 6.04. 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 6.05     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 Senior Trust Advisor or the Special Servicer under this Agreement or otherwise.

 

Section 6.06     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

 

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(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 6.07     The
Directing Certificateholder. (a) Other than with respect to any Serviced AB Whole Loan or Trust AB Whole Loan for which the
related holder of an AB Subordinate Companion Loan or BWP Trust Subordinate Companion Loan is not subject to an AB Control Appraisal
Period, for so long as no Control Event has occurred and is continuing, the Directing Certificateholder shall be entitled to advise
(1) the Special Servicer with respect to all Specially Serviced Mortgage Loans other than any Excluded Loan, (2) the Special Servicer
with respect to Non-Specially Serviced Mortgage 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, and the BWP Trust Subordinate Companion 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
6.07, (i) the Master Servicer, shall not be permitted to take any of the following actions (each a “Major Decision”)
unless it has obtained the consent of the Special Servicer and (ii) with respect to any Mortgage Loan (other than any Non-Serviced
Mortgage Loan or any Excluded Loan), any Serviced Whole Loan or Trust AB Whole Loan, for so long as no Control Event has occurred
and is continuing, the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any of the following
actions nor will the Special Servicer itself be permitted to take any 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 receipt
of the written recommendation and analysis (provided that if such written objection has not been received by the Master
Servicer or the Special Servicer, as applicable, 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 acquisitions of an REO Property) of the ownership
of properties securing such of the Mortgage Loans or Trust AB Whole Loan as come into and continue in default;

 

(ii)         any
modification, consent to a modification or waiver of a monetary term or material non-monetary term (including, without limitation,
the timing of payments and acceptance of discounted payoffs but excluding waiver of Default Interest or late payment charges) of
a Mortgage Loan or Trust AB Whole Loan or any extension of the maturity date of any Mortgage Loan;

 

(iii)         any
sale of a Defaulted Mortgage Loan and any related defaulted Companion Loan or defaulted BWP Trust Subordinate Companion Loan, as
applicable, or any REO Property (other than in connection with the termination of the Trust) for less than the applicable Purchase
Price;

 

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

 

(v)          any
release of collateral or any acceptance of substitute or additional collateral or release or substitution of a guarantor for a
Mortgage Loan, or any consent to either of the foregoing, other than required pursuant to the specific terms of the related Mortgage
Loan and for which there is no lender discretion;

 

(vi)         any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan or Trust AB Whole
Loan or any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgagor or consent
to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent
of the lender under the related loan agreement;

 

(vii)        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 or Trust AB Whole Loan for which the lender is required to consent or approve
under the Mortgage Loan documents;

 

(viii)       releases
in the aggregate of $100,000 or more of any escrows, reserve accounts or letters of credit held as performance escrows or reserves
including, without limitation, with respect to certain Mortgage Loans identified on Schedule 3 hereto, other than those
required pursuant to the specific terms of the related Mortgage Loan and for which there is no lender discretion;

 

(ix)        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 pursuant to the specific terms of such Mortgage Loan and
for which there is no lender discretion;

 

(x)         any
determination of an Acceptable Insurance Default;

 

(xi)        any
exercise of a material remedy with respect to a Mortgage Loan or Trust AB Whole Loan following a default or event of default under
the related Mortgage Loan or Trust AB Whole Loan documents;

 

(xii)        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 with respect thereto; and

 

(xiii)       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

 

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requiring consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Event in this Agreement
(or any matter requiring consultation with the Directing Certificateholder or the Senior Trust Advisor), is necessary to protect
the interests of the Certificateholders (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates)
(or, with respect to any Serviced Whole Loan or Trust AB Whole Loan, the interest of the Certificateholders (including, with respect
to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) 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 or BWP Trust Subordinate
Companion Loan, as the case may be)), the Special Servicer or Master Servicer, as applicable may take any such action without waiting
for the Directing Certificateholder’s response (or without waiting to consult with the Directing Certificateholder or the
Senior Trust Advisor, as the case may be), provided that the Special Servicer or Master Servicer, as applicable provides
the Directing Certificateholder (or the Senior Trust 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 Event; provided,
however, that, after the occurrence and during the continuance of a Control 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 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 or any other Mortgage Loan. In addition,
after the occurrence and during the continuance of a Control Event and with respect to any Serviced AB Mortgage Loan or Trust AB
Whole Loan, after the occurrence and during the continuation of both a Control Event and an AB Control Appraisal Period, the Special
Servicer shall also consult with the Senior Trust Advisor in connection with any proposed Major Decision (and any other actions
which otherwise require consultation with the Senior Trust Advisor after the occurrence and during the continuance of a Control
Event hereunder) and consider alternative actions recommended by the Senior Trust Advisor, in respect thereof, provided
that such consultation is on a non-binding basis. In the event that the Special Servicer receives no response from the Senior Trust
Advisor within ten (10) 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 Senior Trust Advisor related to the subject matter of such consultation,
the Special Servicer shall not be obligated to consult with the Senior Trust Advisor on the specific matter; provided, however,
that the failure of the Senior Trust Advisor to respond on any specific matters shall not relieve the Special Servicer from its
obligation to consult with the Senior Trust 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

 

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Control
Event has occurred and is continuing), the Special Servicer shall consult with the Senior Trust Advisor, on a non-binding basis,
in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended by
the Senior Trust Advisor, in respect thereof, in accordance with the procedures set forth in this Section 6.07 for consulting
with the Senior Trust Advisor.

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan, for so long as no Control Event has occurred and is continuing, the Directing
Certificateholder subject to any rights, if any, of the related Companion Holder or the related Subordinate Loan-Specific Directing
Certificateholder to advise the Special Servicer with respect to the related Serviced Whole Loan or Trust AB Whole Loan, as applicable,
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 or the BWP Trust Subordinate Companion 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 BWP Trust Subordinate Companion 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 Senior Trust Advisor, the Trust Fund 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 (including,
with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates).

 

With respect to the Trust
AB Whole Loan, prior to the occurrence of an AB Control Appraisal Period with respect to the related BWP Trust Subordinate Companion
Loan, the Directing Certificateholder shall not be entitled to exercise the above described rights, and any control and consultation
rights shall be held by the Class BWP Directing Certificateholder on behalf of the Holders of the Class BWP Certificates in accordance
with the Bridgewater Place Intercreditor Agreement.

 

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 or BWP Trust Subordinate Companion 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

 

    	-320-

    	 

    

 

or BWP Trust Subordinate Companion Loan, applicable law or the Servicing Standard or any other provisions of this Agreement,
will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

The Directing Certificateholder
shall have no liability to the Trust Fund 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 Fund 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 Pooling Agreement including the Holders of the controlling class under such Non-Serviced Pooling Agreement
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 Pooling Agreement, 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 Pooling Agreement, 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.

 

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(b)         Notwithstanding
anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control Event (and at any time
with respect to any Excluded Loan), the Directing Certificateholder shall have no right to consent to 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 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 Certificate 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 Certificate 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 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

 

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Servicer’s failure to make a Servicing Advance or (C) fifteen (15) Business Days in the case of a failure to pay
the premium for any property insurance policy 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 Percentage Interests aggregating not less than 25% or, solely
as it relates to the servicing of a Serviced Pari Passu Whole Loan, by the related Serviced Companion Noteholder(s); 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 of any representation or warranty contained in Section 3.23
or Section 3.24, as applicable, which materially and adversely affects the interests of any Class of Certificateholders
or Companion Holders (excluding the holders of any Non-Serviced Companion Loan(s)) 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 Percentage Interests aggregating not less than 25% or, solely as it relates to the servicing of a Serviced
Pari Passu Whole Loan, by the related Serviced Companion Noteholder(s); 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)       any
of Moody’s, KBRA or DBRS has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of a rating 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.

 

(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 or the Depositor may, and at the written direction
of ((i) prior to the occurrence and continuance of a Control 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 at least 25% 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 (5) 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 Senior Trust Advisor, all of the rights (subject to Section 3.11 and Section 6.03) and obligations of the Affected
Party under this Agreement and in and to the Mortgage Loans and the BWP Trust Subordinate Companion Loan 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 the BWP Trust Subordinate
Companion Loan 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
or the BWP Trust Subordinate Companion Loan 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 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 6.03) hereunder, including,
without limitation, the transfer within five (5) Business Days to the Trustee for administration by

 

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it of all cash amounts which
shall at the time be or should have been credited by the Master Servicer to the Certificate 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, the BWP Trust Subordinate Companion Loan 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 6.03 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)
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 6.02 and Section 7.02 and to which the Master Servicer
can sell its rights to service the Mortgage Loans and the BWP Trust Subordinate Companion Loan 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 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 same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30).

 

(d)         Subject to the
rights of the holder of any AB Subordinate Companion Loan related to a Serviced AB Whole Loan and the rights of the Holders of
the Class BWP

 

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Certificates pursuant to the related Intercreditor Agreement at any time prior to the occurrence and continuance
of a Control 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 6.03) 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 Senior Trust 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 3.30) 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.

 

With respect to any Non-Serviced
Whole Loan, pursuant to the related Intercreditor Agreement, the related Non-Serviced Whole Loan Controlling Holder will have the
right, with or without cause, to replace the applicable Non-Serviced Special Servicer then acting with respect to such Whole Loan
and appoint a replacement special servicer in lieu thereof without the consent of the holder of the related Mortgage Loan. The
Non-Serviced Whole Loan Controlling Holder (prior to a control event under the related Non-Serviced Pooling Agreement), and the
applicable certificateholders with the requisite percentage of voting rights (after a control event) will have the right, with
or without cause, to replace the special servicer then acting with respect to such Whole Loan and appoint a replacement special
servicer in lieu thereof, pursuant to the terms of the related Non-Serviced Pooling Agreement.

 

After the occurrence and
during the continuance of a Control Event and upon (a) the written direction of Holders of Principal Balance Certificates and the
Class EC Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reductions
to notionally reduce the Certificate Balances pursuant to Section 4.06(b) hereof) of the Principal Balance Certificates
and the Class EC 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 Trust Fund expenses 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) 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

 

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to the Certificates pursuant to Section 3.30), the Certificate Administrator shall promptly post notice
to all Certificateholders of such request on the Certificate Administrator’s Website in accordance with Section 3.15(b)
and concurrently by mail, and conduct the solicitation of votes of all Certificates in such regard, which such 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 Statement to Certificateholders
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 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 and shall not apply to a Trust AB Whole Loan if the related BWP
Trust Subordinate Companion Loan is not subject to an AB Control Appraisal Period.

 

An AB Whole Loan Controlling
Holder or Subordinate Loan-Specific Directing Certificateholder, as applicable, 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
or Trust AB Whole Loan, as applicable, 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 or Trust AB Whole Loan, as applicable 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 or Trust AB Whole Loan, as applicable, 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 the Non-Serviced Pooling Agreement 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, as applicable, 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 (or similarly defined term) under the related Non-Serviced Pooling Agreement, by the related Non-Serviced Whole

 

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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 Senior Trust 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 Senior Trust Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer,
a written recommendation in the form of Exhibit 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 position
(along with 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 on the Certificate Administrator’s Website in accordance with Section 3.15(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 and the Class EC Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account
the application of any Appraisal Reductions to notionally reduce the respective Certificate Balances of such Certificates) of all
Principal Balance Certificates and the Class EC 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 Senior Trust Advisor’s identification
of a Qualified Replacement Special Servicer shall be an additional Trust Fund expense. 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 Senior Trust Advisor shall not be permitted to recommend the replacement of the Special Servicer with respect to
any Serviced AB Whole Loan or the Trust AB Whole Loan so long as the related Serviced Companion Noteholder or BWP Trust Subordinate
Companion Loan, as applicable, 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

 

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the Directing Certificateholder without cause shall be paid by the Holders of the Controlling Class.

 

For the avoidance of doubt,
the indemnification of the Senior Trust Advisor in Section 6.03 shall include, subject to the limitations set forth in Section
6.03, any action or claim arising from, or relating to, the Senior Trust 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 (viii) 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 (viii).

 

(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 Securities, 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 Securities, 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 (including acting as Companion Paying Agent).

 

(g)         If any Servicer
Termination Event on the part of the Master Servicer affects the BWP Trust Subordinate Companion Loan, and the Master Servicer
is not otherwise terminated, then the related Subordinate Loan-Specific Directing Certificateholder shall be entitled to direct
the Trustee to appoint a sub-servicer solely with respect to the related Trust AB Whole Loan (or if the related Trust AB Whole
Loan is currently being sub-serviced, to replace the current Sub-Servicer, but only if such Sub-Servicer is in default under the
related Sub-Servicing Agreement). The appointment or replacement of the Master Servicer or a Sub-Servicer with respect to a Trust
AB Mortgage Loan, as contemplated above, shall in any event be subject to receipt of Rating Agency Confirmation from each Rating
Agency.

 

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 6.04 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

 

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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 6.03) 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 or BWP Trust Subordinate Companion 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, the Companion Loans or the BWP Trust Subordinate Companion Loan 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, 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, (i) prior to the occurrence and continuance of a Control
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 at least 25% 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 6.04 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

 

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Master Servicer or the Special Servicer of all its responsibilities,
duties and liabilities hereunder that arise thereafter, (ii) upon 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 3.30), (iii) which appointment has been approved (prior to the occurrence and continuance
of a Control 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 and the BWP Trust Subordinate Companion Loan 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 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
Fund; 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 Fund. In the event of a termination without cause, such costs and 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 6.04,
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.

 

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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 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class
BWP Certificates and the related Subordinate Loan-Specific Directing Certificateholder) (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 within
twenty (20) days of the receipt of notice from the Certificate Administrator of the occurrence of such Servicer Termination Event;
provided, however, that a Servicer Termination Event under clause (i) of Section 7.01(a) may be waived
only by all of the Certificateholders of the affected Classes. 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 Fund. 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 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

 

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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
to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than the Mortgage Files, the
review of which is specifically governed by the terms of Article II), 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 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

 

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statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee 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 direct the Trustee and/or
Certificate Administrator pursuant to the terms of this Agreement, 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,
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, reasonable security or indemnity satisfactory to it, against the costs, expenses and liabilities which may be incurred
therein or thereby; neither the

 

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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, if it shall have reasonable grounds for believing that repayment of such funds or reasonable indemnity satisfactory
to it against such risk or liability is not 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 reasonable indemnity satisfactory to it from such requesting Holders against such expense or 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, neither the Trustee nor the Certificate Administrator shall be deemed to have notice of any
Servicer Termination Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual
knowledge thereof or unless written notice of any event 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;

 

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(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; 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.

 

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 or BWP Trust Subordinate
Companion Loan. The recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or the
Certificate Administrator in Sections 2.02 and 2.04 and the signature, if any, of the Certificate Registrar and
Authenticating Agent set forth on any outstanding Certificate, shall be taken as the statements of the Depositor, the Master Servicer
or the Special Servicer, as the case may be, 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 of the BWP Trust Subordinate Companion 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 and the BWP Trust Subordinate Companion Loan to the Trust Fund, or any funds deposited
in or withdrawn from the Certificate 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 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.

 

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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 (or BWP Trust Subordinate Companion
Loan-by-BWP Trust Subordinate Companion Loan, if applicable) basis. As to each Mortgage Loan, the BWP Trust Subordinate Companion
Loan and REO Loan (other than the portion of an REO Loan related to any Companion Loan), the Certificate Administrator shall 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 on the basis
of the Stated Principal Balance of such Mortgage Loan or BWP Trust Subordinate Companion Loan, as applicable, and a 360-day year
consisting of twelve 30-day months. 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 Fund (to the extent of amounts on deposit in the Certificate Account, the Lower-Tier
REMIC Distribution Account or the BWP 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 and duties of the Trustee
or the Certificate Administrator, respectively, 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

 

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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 its capacities of Custodian, Certificate Registrar and Authenticating Agent.

 

(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 provide
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 provide 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 and “A” by DBRS (or in the case of the Trustee,
a long term unsecured debt rating of “A(low)”; provided that the trustee
will not become ineligible to serve based on a failure to satisfy such rating requirements as long as it maintains a long-term
unsecured debt rating of no less than “Baa2” by Moody’s, and its short-term debt obligations have a short-term
rating of not less than “P-2” from Moody’s, and the master servicer maintains a rating of at least “A2”
by Moody’s; provided, further, that if any such institution is not rated by DBRS, it maintains an equivalent
(or higher) rating by any two other NRSROs (which may include Moody’s and KBRA), or such other rating with respect to which
the Rating Agencies have provided a Rating Agency Confirmation and (iv) an entity that is not on the depositor’s “prohibited
party” list.

 

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

 

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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 Fund 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 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 Senior Trust Advisor, 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 3.15(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 3.15(c). Upon receiving such notice of resignation, the Depositor shall use its reasonable
best efforts to promptly appoint a successor trustee or Certificate Administrator acceptable to the Master Servicer and ((i) prior
to the occurrence and continuance of a Control Event and (ii) other than with respect to any Excluded Loan) 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 thirty (30)
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.

 

(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 (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely
perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then

 

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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.

 

(c)         The Holders of
Certificates entitled to at least 75% of the Voting Rights may at any time 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.

 

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 (and the related BWP Trust
Subordinate Companion Loan, if applicable) (to the extent that the original executed Mortgage Note for each Mortgage Loan (and
the related BWP Trust Subordinate Companion Loan, if applicable) was endorsed to the outgoing trustee), without recourse,

 

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representation
or warranty, express or implied, to the order of the successor, as trustee for the registered Holders of JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 or in blank, and (ii) in the case of
the other assignable Mortgage Loan or BWP Trust Subordinate Companion Loan documents (to the extent such other Mortgage Loan or
BWP Trust Subordinate Companion Loan documents were assigned to the outgoing trustee), assign such Mortgage Loan or BWP Trust Subordinate
Companion Loan documents to such successor, and such successor shall review the documents delivered to it or to the Custodian with
respect to each Mortgage Loan (and the related BWP Trust Subordinate Companion Loan, if applicable), and certify in writing that,
as to each Mortgage Loan (and the related BWP Trust Subordinate Companion Loan, if applicable) then subject to this Agreement,
such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a Mortgage Loan (or the related BWP
Trust Subordinate Companion Loan, as applicable) was not endorsed to the outgoing trustee, the Custodian shall, upon its receipt
of a Request for Release substantially in the form of Exhibit E, 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 JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31 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 or BWP Trust Subordinate Companion Loan document was not assigned to the outgoing trustee,
the Custodian shall, upon its receipt of a Request for Release substantially in the form of Exhibit E, deliver such Mortgage
Loan or BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion
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 the related BWP Trust Subordinate Companion Loan, if applicable),
and certify in writing that, as to each Mortgage Loan (and the related BWP Trust Subordinate Companion Loan, if applicable) 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.

 

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 a Custodian, which

 

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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 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 3.15(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 3.15(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 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
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

 

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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 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 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 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

 

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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 Senior Trust Advisor, each Serviced Companion Noteholder 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

 

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(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 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.

 

The Certificate Administrator
shall promptly notify the Master Servicer and Special Servicer of any change in the identity and/or contact information of the
Subordinate Loan-Specific Directing Certificateholder (to the extent it receives written notice of such change). The Master Servicer
and Special Servicer may each conclusively rely on the information provided to them by the Certificate Administrator regarding
identity and/or contact information regarding the Subordinate Loan-Specific Directing Certificateholder and the Master Servicer
and Special Servicer, as applicable, shall have no liability for notices not sent to the correct Subordinate Loan-Specific Directing
Certificateholder or any obligation to determine the identity and/or contact information of the Subordinate Loan-Specific Directing
Certificateholder to the extent the Certificate Administrator has not provided updated or correct information regarding such Subordinate
Loan-Specific Directing Certificateholder or has not provided the most recent identity and/or contact information regarding such
Subordinate Loan-Specific Directing Certificateholders to the 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 Senior Trust Advisor, each Serviced Companion Noteholder, and the Trustee, for
the benefit of the Certificateholders, as of the Closing Date, that:

 

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(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 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

 

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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. 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]

 

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
Fund 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 Senior Trust Advisor, 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, BWP Trust Subordinate Companion 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the
BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) 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 (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund), (2) the Appraised Value of the Trust Fund’s portion of each REO Property (other than any portion related to the BWP
Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund), 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

 

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Master Servicer, and approved by more than 50% of the Voting Rights of the Classes of Certificates then outstanding
(other than the Controlling Class unless the Controlling Class is the only Class of Certificates then outstanding)) (which approval
shall be deemed given unless more than 50% of such Certificateholders object within twenty (20) days of receipt of notice thereof),
(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 Pooling Agreement, 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, Class B, Class C, Class EC and Class D Certificates are no longer outstanding, the voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class BWP, Class Z and Class R Certificates)
for the remaining Mortgage Loans (other than the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related
REO Loan) is an asset of the Trust Fund), and REO Properties (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) 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-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt, excluding the BWP
Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust
Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust
AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) 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 BWP, Class Z and Class R Certificates) for all of the Mortgage Loans (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP
Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining
in the Trust in accordance with the preceding sentence, such Sole Certificateholder, not later than the Distribution Date on which
the

 

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final distribution on the Certificates is to occur, shall deposit in the Certificate 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 Fund that may be withdrawn from the Certificate 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 Certificate 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 Certificate 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 Fund’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 BWP, Class Z and Class R Certificates) on the final Distribution Date, the Custodian shall,
upon receipt of a Request for Release substantially in the form of Exhibit E 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and REO Properties (other than any portion related to the BWP Trust Subordinate Companion Loan if
the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and the Trust Fund
shall be liquidated in accordance with Section 9.02 and neither of the Master Servicer nor the Special Servicer shall have
any further obligation to service the BWP Trust Subordinate Companion Loan hereunder. 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 Uncertificated
Lower-Tier Interests. If the Trust AB Whole Loan (or any related REO Loan) is an asset of the Trust Fund, (i) if the Mortgaged
Property securing the Trust AB Whole Loan has become an REO Property, then the Sole Certificateholder exercising the exchange described
above, as a prerequisite, shall designate a nominee to hold title to such REO Property on behalf of the purchaser and the holders
of the Class BWP Certificates and (ii) if the Mortgaged Property securing the Trust AB Whole Loan is not an REO Property, then
the Custodian shall, upon receipt of a Request for Release substantially in the form of Exhibit E from the Master Servicer, release
or cause to be released to the Subordinate Loan-Specific Directing Certificateholder or any designee thereof, the Mortgage Note
for the BWP Trust Subordinate Companion Loan and shall execute all assignments, endorsements and other instruments furnished to
it by the Subordinate Loan-Specific Directing Certificateholder as shall be necessary to effectuate transfer of such Mortgage Note
and the BWP Trust Subordinate Companion Loan REMIC shall be liquidated in

 

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accordance with the procedures set forth in Section
9.02 and neither of the Master Servicer nor the Special Servicer shall have any further obligation to service the BWP Trust
Subordinate Companion Loan hereunder.

 

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) (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of this 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP
Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining
in the Trust Fund only on or after the first Distribution Date on which (A) the aggregate Stated Principal Balances of the Mortgage
Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund is less than 1.0% of the aggregate Cut-off
Date Principal Balance of the Mortgage Loans as set forth in the Preliminary Statement (for the avoidance of doubt, calculated
excluding the BWP Trust Subordinate Companion Loan). This purchase shall terminate the Trust and retire the then-outstanding Certificates.
If the Trust AB Whole Loan (or any related REO Loan) is an asset of the Trust Fund, (i) if the Mortgaged Property securing the
Trust AB Whole Loan has become an REO Property, then the purchaser exercising the purchase option described above, as a prerequisite,
shall designate a nominee to hold title to such REO Property on behalf of the purchaser and the holders of the Class BWP Certificates
and (ii) if the Mortgaged Property securing the Trust AB Whole Loan is not an REO Property, then the Custodian shall, upon receipt
of a Request for Release substantially in the form of Exhibit E from the Master Servicer, release or cause to be released
to the Subordinate Loan-Specific Directing Certificateholder or any designee thereof, the Mortgage Note for the BWP Trust Subordinate
Companion Loan and shall execute all assignments, endorsements and other instruments furnished to it by the Subordinate Loan-Specific
Directing Certificateholder as shall be necessary to effectuate transfer of such Mortgage Note and the BWP Trust Subordinate Companion
Loan REMIC shall be liquidated in accordance with the procedures set forth in Section 9.02. In the event that the Master
Servicer or the Special Servicer purchases, or the

 

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Holders of the majority of the Controlling Class or the Holders of the Class
R Certificates purchase, all of the Mortgage Loans (for the avoidance
of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of
the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate
Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) 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 Certificate
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 Certificate Account pursuant to the first paragraph of Section
3.04(b), together with any other amounts on deposit in the Certificate 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) 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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and REO Properties (other than any portion related to the BWP Trust Subordinate Companion Loan if
the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) 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 Fund 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,
the Subordinate Loan-Specific Directing Certificateholder, each Serviced Companion Noteholder and the 17g-5 Information Provider
in accordance with the provisions of Section 3.15(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 3.15(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 (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust

 

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Fund) and each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan
(or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, 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, 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 Fund 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 Yield Maintenance Charges distributable to the Regular Certificates pursuant
to Section 4.01(f) 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 or the Class EC Distribution
Account, as applicable, that are allocable to payments on the Class of Regular Certificates so presented, (ii) to Holders of the
Class Z Certificates so presented, any amounts remaining on deposit in the Excess Interest Distribution Account, (iii) any remaining
amounts of Yield Maintenance Charges distributable to the Class X-B Certificates pursuant to Section 4.01(f), and (iv) and
(v) 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 Uncertificated Lower-Tier Interests
and the Class LR Interest in accordance with Sections 4.01(a), 4.01(d), 4.01(e), 4.01(f) and 4.01(n).
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(j).

 

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 (for
the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan)
is an asset of the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the
BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining
in the Trust Fund as provided in Section 9.01, or in the event the Class BWP Certificateholders exchange their Certificates
for the BWP Trust Subordinate Companion Loan, the Upper-Tier REMIC and Lower-Tier REMIC or the BWP Trust Subordinate Companion
Loan 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:

 

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(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

 

(iii)        within
such 90-day liquidation period and immediately following the making of the final payment on the Uncertificated Lower-Tier 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), in respect of the
Class UR Interest (in the case of the Upper-Tier REMIC) and in respect of the Class BWP-R Interest (in the case of the BWP Trust
Subordinate Companion Loan REMIC) all cash on hand (other than cash retained to meet claims), and the Trust Fund (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 Uncertificated
Lower-Tier 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” (or in the case of an exchange
and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests”
shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates)
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 Uncertificated Lower-Tier 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. For purposes of the REMIC election in respect of the BWP Trust Subordinate Companion
Loan REMIC, the Class BWP Certificates shall be designated as the “regular interests” and an uncertificated interest
represented by the Class R Certificates shall be designated as the sole class of “residual interests” in the BWP Trust
Subordinate Companion Loan REMIC. None of the Special Servicer, the Master Servicer nor the Trustee shall permit the

 

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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” 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 Fund and the Certificate
Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans, the BWP Trust Subordinate
Companion Loan and any REO Properties on deposit in the Certificate 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 Holders of the largest Percentage Interest in the Class R Certificates hereby
agree to irrevocably appoint the Certificate Administrator as their 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 Fund 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

 

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intentionally take any action, cause the Trust Fund 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) endanger the status of any Trust REMIC as a REMIC or (ii)
result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited
transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code, but not including the tax on “net income from foreclosure property”) (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 Fund and the Certificateholders, at the expense of the Trust Fund, 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 Fund, any Trust REMIC created hereunder, endanger such status or, unless the Certificate Administrator determines
in its sole discretion to indemnify the Trust Fund 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 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 Certificate 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 Fund (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

 

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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 Uncertificated Lower-Tier Interests, to the Upper-Tier REMIC to the extent they are
fully reimbursed for any Collateral Support Deficit 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(d) and (y) in the case of the Upper-Tier REMIC, to the
Holders of the Principal Balance Certificates (without regard to any exchange and conversion of the Exchangeable Certificates for
Class EC Certificates) in the manner specified in Section 4.01(a), to the extent they are fully reimbursed for any Collateral
Support Deficit 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.

 

(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 (i) cause such Trust REMIC to fail
to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interests or Certificates are outstanding or (ii) subject
any of the Trust Fund or any Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state
and local law or ordinances.

 

(j)          Neither the Certificate
Administrator nor the Trustee shall enter into any arrangement by which the Trust Fund or any Trust REMIC will receive a fee or
other compensation for services nor permit the Trust Fund 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 the Class BWP Certificates representing a “regular interest”
in the Upper-Tier REMIC or the BWP Trust Subordinate Companion Loan REMIC and by which the Lower-Tier Principal Amount of each
Class of Uncertificated Lower-Tier Interests representing a “regular interest” in the Lower-Tier REMIC would be reduced
to zero is the date that is the Rated Final Distribution Date.

 

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(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 or the BWP Trust Subordinate Companion Loan (except in connection with (i) the default, imminent
default or foreclosure of a Mortgage Loan or BWP Trust Subordinate Companion 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 Fund,
(iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans or
the BWP Trust Subordinate Companion Loan pursuant to Article II or Article III of this Agreement) or acquire any
assets for the Trust Fund or any Trust REMIC or sell or dispose of any investments in the Certificate 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 Fund against such tax, cause the Trust Fund
or any Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

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.

 

(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 Fund
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 such REMIC Administrator shall agree to act in such capacity,
with the

 

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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 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

 

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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 JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31,
and any Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, each of the Master Servicer, the
Special Servicer, the Senior Trust 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 applicable, to comply with the provisions of Regulation
AB, together with such disclosures relating to the Master Servicer, the Special Servicer, the Senior Trust Advisor, the Trustee,
the Custodian and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans (and
the related Serviced Companion Loan or the BWP Trust Subordinate 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 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

 

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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 Senior Trust Advisor and the Certificate Administrator (each
of the Master Servicer, the Special Servicer, the Trustee, the Senior Trust 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 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

 

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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 Subservicing Agreement. Other than with respect to the Initial Sub-Servicer, no Subservicing 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 3.15(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 violates 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 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 (and/or
BWP Trust Subordinate Companion Loan, if applicable) 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 or custodian 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 Senior Trust Advisor 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

 

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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 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)         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 Senior Trust 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, 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 11.16 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 Statement to Certificateholders attached thereto. Any disclosure in addition to the Statement to Certificateholders
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

 

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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 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 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 Section
11.04 hereof) and the Certificate 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 6(b) of the applicable Mortgage Loan Purchase Agreement, shall deliver such information
as described in clause (i) and clause (ii) of this paragraph.

 

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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 (and the related BWP Trust Subordinate Companion Loan, if applicable) 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 (A) the amount of any such
Additional Debt or mezzanine debt, as applicable, that is incurred during the related Due Period, (B) the total debt service coverage
ratio calculated on the basis of the Mortgage Loan (and the related BWP Trust Subordinate Companion Loan, if applicable) and such
Additional Debt or mezzanine debt, as applicable, and (C) the aggregate LTV Ratio calculated on the basis of the Mortgage Loan
(and the related BWP Trust Subordinate Companion Loan, if applicable) and such Additional Debt or mezzanine debt, as applicable.

 

(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 Bianca Russo, Managing Director and Secretary, J.P. Morgan Chase Commercial Mortgage
Securities Corp., 383 Madison Avenue, 32nd Floor, New York, New York 10179, telecopy number: (917) 464-6116, with a copy to Kunal
Singh, President and CEO, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 31st Floor, New York, New
York 10179, telecopy number: (212) 834-6047. The parties to this Agreement

 

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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 and each Additional
Servicer, as described under Section 11.09;

 

(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 Senior Trust Advisor, each Additional Servicer and each other Servicing Function
Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Senior Trust 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, or if such report on assessment of compliance with servicing
criteria described under Section 11.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not
included and an explanation why such report is not included;

 

(iii)        (A)       the registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Senior Trust Advisor, each Additional Servicer and each Servicing

 

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Function Participant utilized
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Senior Trust 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 15 of each year that the Trust is subject to the Exchange Act reporting requirements, commencing
in 2016, (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 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

 

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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 15th 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 Bianca Russo, Managing
Director and Secretary, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New York, New York
10179, telecopy number: (917) 464-6116, with a copy to Kunal Singh, President and CEO, J.P. Morgan Chase Commercial Mortgage Securities
Corp., 383 Madison Avenue, 31st Floor, New York, New York 10179, telecopy number: (212) 834-6029. 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 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.

 

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(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 Senior Trust 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 Senior Trust
Advisor has entered into a servicing relationship with respect to the Mortgage Loans (and the BWP Trust Subordinate Companion
Loan, if applicable), 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 15 of each year commencing in March 2016, a certification in the form attached hereto as Exhibits Z-1,
Z-2, Z-3, Z-4, Z-5 or Z-6 (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 or the BWP Trust Subordinate Companion Loan is removed from this trust and 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 the other securitizations, 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 back-up 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) 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

 

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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 3.22), (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.

 

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, 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 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

 

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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 Bianca Russo, Managing Director and Secretary, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New York, New York 10179, telecopy number: (917) 464-6116, with a copy
to Kunal Singh, President and CEO, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 31st Floor, New
York, New York 10179, telecopy number: (212) 834-6029. 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 Master
Servicer or Special Servicer, as applicable, use commercially reasonable efforts to cause

 

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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 (and the BWP Trust Subordinate Companion Loan, if applicable) (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 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 and (ii) with respect
to each other Additional Servicer with which it has entered into a servicing relationship with respect to the Mortgage Loans (and
the BWP Trust Subordinate Companion Loan, if applicable), cause such Additional Servicer to), on or before March 15th of each
year, commencing in March 2016,

 

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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 (and the BWP Trust Subordinate Companion Loan, if applicable), 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 (and the BWP Trust Subordinate Companion Loan, if applicable) 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 apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage Loan or BWP Trust Subordinate Companion
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.

 

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

 

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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 15th of each year, commencing in March
2016, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of
the Mortgage Loans or the BWP Trust Subordinate Companion Loan), the Trustee, the Custodian, the Senior Trust Advisor and the
Certificate Administrator, 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, Senior Trust 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 (and the BWP Trust Subordinate Companion Loan, if applicable), 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 Senior Trust 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 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

 

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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 Senior Trust 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, Senior Trust 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 Senior Trust 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 Senior Trust Advisor submit their assessments pursuant to Section 11.10(a),
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Senior Trust Advisor, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 11.11) of each Servicing Function
Participant engaged by it.

 

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In the event the Master
Servicer, the Special Servicer, the Trustee, the Senior Trust 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 Senior Trust 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 Senior Trust
Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Event or Consultation Termination
Event occurred during the previous calendar year, and upon such request the Certificate Administrator shall deliver such confirmation
to the Senior Trust 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 15th of each year, commencing in March 2016,
the Master Servicer, the Special Servicer, the Trustee, the Custodian, the Senior Trust 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, Senior Trust 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 (and
the BWP Trust Subordinate Companion Loan, if applicable), 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 Senior Trust 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 Trustee (who will promptly
post such report on the Certificate Administrator’s Website pursuant to Section 3.15(b)), the Certificate Administrator
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

 

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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 3.15(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 Senior Trust 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 Senior Trust Advisor, the Custodian or the Certificate Administrator as
to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Senior Trust 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 (and the BWP Trust Subordinate Companion Loan, if applicable), 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 Senior Trust 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 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 Senior Trust 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 and the Senior Trust
Advisor shall indemnify and hold harmless each Certification Party from and against any claims, losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by such Certification
Party arising out of (i) an actual breach by the Master Servicer, the Special Servicer, the Trustee, the Senior Trust Advisor,
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

 

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Servicer, the Trustee, the Senior Trust Advisor,
the Custodian or the Certificate Administrator in the performance of such obligations, or (iii) delivery of any Deficient Exchange
Act Deliverable.

 

The Master Servicer, the
Special Servicer, the Trustee, the Senior Trust 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 (and the BWP Trust Subordinate Companion Loan, if applicable), 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 Senior Trust Advisor, 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 Senior Trust Advisor, 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 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

 

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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 Senior Trust 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 (and the BWP Trust Subordinate Companion Loan, if applicable), 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 Senior Trust Advisor (the “Performing Party”)
shall 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 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

 

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Performing Party’s negligence, bad faith or willful misconduct in connection therewith.
The Master Servicer, the Special Servicer, the Trustee, the Senior Trust 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 (and the BWP Trust Subordinate Companion Loan, if applicable) 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 Senior Trust 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 12.01 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 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 3.30), 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 3.15, 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 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 3.30).

 

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 Senior Trust Advisor, 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 12.05, to J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 31st Floor, New York,
New York 10179, Attention: Kunal Singh, telecopy number: (212) 834-6029, telephone number: (212) 834-5491 and email: kunal.k.singh@jpmorgan.com,
with a copy to Bianca Russo, Managing Director and Associate General Counsel, J.P. Morgan Chase Commercial Mortgage Securities
Corp., 383 Madison Avenue, 32nd Floor, New York, New York 10179, telecopy number: (917) 464-6116, telephone number: (212) 648-0946
and email: russo_bianca@jpmorgan.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)(2) (prior to deposit in the Certificate Account), (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 (i)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,
together with certain officers, directors, affiliates and controlling persons, 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 clause (a) and (ii) deliver such 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

 

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to the related indemnification agreement executed in
connection with this Agreement. It shall be 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 Notice 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 and the Special Servicer shall each 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

 

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the
trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan 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 Notice 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
15 of each year (or March 14 if a leap year) during which a Regulation AB Companion Loan Securitization is required to file an
annual report on Form 10-K (and on or before April 15 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 Notice 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
15 of each year during which a Regulation AB Companion Loan Securitization is required to file an annual report on Form 10-K (and
on or before April 15 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 Notice 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 1123 of Regulation AB, deliver, with respect to itself, to the trustee or certificate

 

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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 (2) 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 Companion Loan that the applicable Other Depositor has notified the Master Servicer
and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with
respect to an Other Securitization that includes such Serviced Companion Loan, to the extent that the Master Servicer is in receipt
of the updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth calendar
quarter of any calendar year) from the Mortgagor or Special Servicer, beginning with the first calendar quarter following receipt
of such notice from the Other Depositor, or the updated financial statements of such “significant obligor” for any
calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable, the Master Servicer
shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related

 

    	-383-

    	 

    

 

“significant
obligor” NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related
Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor
NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the
net operating income of such “significant obligor” for the applicable period as calculated by the Master Servicer in
accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business 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
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify the Other Depositor with respect to
such Other Securitization that includes the related Companion Loan (and shall cause each applicable Sub-Servicing Agreement to
require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the
related Mortgage Loan documents.

 

The Master Servicer shall
(and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each
instance in which it (or a Sub-Servicer) attempts to contact the Mortgagor related to such “significant obligor” 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 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    Certain
Matters Regarding Significant Obligors.

 

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For the avoidance of doubt, there is no “significant obligor” (within
the meaning of Item 1101(k) of Regulation AB) as of the Closing Date (“Significant Obligor”) related to the
Trust.

 

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

MISCELLANEOUS PROVISIONS

 

Section 12.01   
Amendment. (a) This Agreement may be amended from time to time by the parties hereto, without the consent of any of the
Certificateholders, the Companion Holders or the holder of the BWP Trust Subordinate Companion Loan:

 

(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
Supplement with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of its provisions which
may be inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the

 

    	-385-

    	 

    

 

Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused
by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder (including,
with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.30);

 

(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 3.30); provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 (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 Event has not occurred
and is not continuing and with respect to the Mortgage

 

    	-386-

    	 

    

 

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 3.30); and

 

(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 3.15(c) and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website.

 

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 51% of the aggregate Percentage Interests constituting the Class for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of Class BWP Certificates, in any

 

    	-387-

    	 

    

 

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 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 3.30) 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer
nor the Special Servicer will be required to consent to any amendment hereto without having first received an Opinion of Counsel
(at the Trust Fund’s expense) to the effect that such amendment is permitted hereunder 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 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
in any material respect to the rights of the Class BWP Certificates without the consent of such Class and no amendment to this
Agreement may be made that changes any provisions specifically required to be included in this Agreement by (i) the Civic Opera
Building Intercreditor Agreement, (ii) The Roosevelt New Orleans Waldorf Astoria Intercreditor Agreement and (iii) the Sunbelt
Portfolio Intercreditor Agreement without the consent of the holder of the related Serviced Pari Passu Companion Loan.

 

(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 3.15(b) and Section 3.15(c), as applicable, and
thereafter, the Certificate Administrator shall furnish a copy 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.

 

    	-388-

    	 

    

 

(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 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 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 (c) 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 12.01(a) or (c) shall be payable out of the Certificate 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
3.30).

 

(i)          To the extent the
Senior Trust Advisor, the Trustee, Certificate Administrator, Master Servicer, Special Servicer or Depositor obtains an Opinion
of Counsel as provided for in Section 12.01(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 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 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 or the BWP Trust Subordinate
Companion Loan.

 

(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.

 

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

 

    	-389-

    	 

    

 

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 12.03    Limitation
on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 

(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 Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of
the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association;
nor shall any Certificateholder be under any liability to any third 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 BWP Trust Subordinate Companion
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 reasonable
indemnity 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

 

    	-390-

    	 

    

 

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 reasonable security against the costs, expenses
and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted by each Certificateholder
with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders
of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, which priority
or preference is not otherwise provided for herein, or to enforce any right under this Agreement or the Certificates, except in
the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section 12.03(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 12.04    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 OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	-391-

    	 

    

 

Section 12.05    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:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: kunal.k.singh@jpmorgan.com

 

with a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Managing Director and Associate General Counsel

Telecopy number: (917) 464-6116

E-mail: russo_bianca@jpmorgan.com

 

In the case of the Master Servicer:

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

 

with a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinsonleonard.com

 

 

    	-392-

    	 

    

 

In the case of the Special Servicer:

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

 

with a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinsonleonard.com

 

In the case of the Directing Certificateholder:

KKR Real Estate Finance Holdings L.P.

9 West 57th Street, Suite 4200

New York, New York 10019

Facsimile number: (212) 750-0003

 

In the case of the Trustee:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

Telecopy Number: (410) 715-2380

E-Mail: cts.cmbs.bond.admin@wellsfargo.com, except as otherwise set forth herein

 

    	-393-

    	 

    

 

In the case of the Certificate
Administrator:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015- C31

Telecopy Number: (410) 715 2380

E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

 

In the case of the Mortgage
Loan Sellers:

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Joseph E. Geoghan

E-mail: joseph.geoghan@jpmorgan.com

 

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Facsimile Number: (646) 758-1700

Attention: Daniel Vinson, Managing Director

E-mail: daniel.vinson@barclays.com

 

with a copy to:

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Facsimile Number: (212) 412-7519

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com 

 

RAIT Funding LLC 

2929 Arch Street, 17th
Floor 

Philadelphia, Pennsylvania 19104 

Attention: Jamie Reyle, Senior Managing
Director – Chief Legal Officer; and Attention: Scott Davidson, President

  

with a copy to:

RAIT Financial Trust 

2929 Arch Street, 17th
Floor

 

    	-394-

    	 

    

 

Philadelphia, Pennsylvania 19104 

Attention: Jamie Reyle, Senior Managing
Director – Chief Legal Officer; and Attention: Scott Davidson, President

 

Starwood Mortgage Funding II LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Facsimile Number: (305) 695-5449

Attention: Leslie K. Fairbanks, Executive Vice President

Email: lfairbanks@starwood.com

 

with a copy to:

LNR Property LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Facsimile Number: (305) 695-5449

Attention: Vincent P. Kallaher, Senior Vice President

Email: vkallaher@lnrproperty.com

 

with a copy to:

LNR Property LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Facsimile Number: (305) 695-5449

Attention: General Counsel

Email: srivers@lnrproperty.com

 

and with respect to certifications
pursuant to Section 2.02(b) of this Agreement, with a copy to:

  

Anderson McCoy & Orta 

100 N. Broadway, 26th Floor 

Oklahoma City, Oklahoma 73102 

Attention: Vanessa Orta 

Email: vorta@amopc.com

 

with a copy to:

 

Anderson McCoy & Orta 

100 N. Broadway, 26th Floor 

Oklahoma City, Oklahoma 73102 

Attention: Marcia Moore-Allen 

Facsimile Number: (405) 236-1448 

Email: mmore-allen@amopc.com

 

    	-395-

    	 

    

 

			Redwood Commercial Mortgage Corporation

One Belvedere Place, Suite 300

Mill Valley, California 94941

Attention: Sandy Vegano

 

with a copy to:

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Laura Swihart

 

In the case of the Senior 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 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 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 3.15(c) to the Rating Agencies at the address listed below, promptly
following the occurrence thereof. The Master Servicer or Special Servicer, as

 

    	-396-

    	 

    

 

applicable, the Certificate Administrator, and Trustee
also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies to the
extent such party has or can obtain such information without unreasonable effort or expense; provided, however, that
such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section
3.15(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.

 

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

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

Section 12.06    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 12.07    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 and the BWP Trust Subordinate Companion Loan 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

 

    	-397-

    	 

    

 

comprising
the Trust Fund, including without limitation, the Mortgage Loans and the BWP Trust Subordinate Companion Loan, all principal and
interest received or receivable with respect to the Mortgage Loans and the BWP Trust Subordinate Companion Loan (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 Certificate 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 the BWP Trust Subordinate Companion Loan and (ii) this Agreement shall constitute a security agreement under applicable law.
This Section 12.07 shall constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 12.08    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 and the Subordinate Loan-Specific Directing Certificateholder 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, any other parties to the applicable Non-Serviced
Pooling Agreement and the holder of the applicable Non-Serviced Companion Loan, in each case, with respect to the 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.

 

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 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 3.15(c), (and the
related 17g-5 information provider for any class of Serviced Companion Loan Securities to the

 

    	-398-

    	 

    

 

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 or the Special Servicer; and

 

(iv)         the
repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 6 of the related Mortgage
Loan Purchase Agreement.

 

(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 3.15(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 Certificate 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 or BWP Trust Subordinate Companion Loan with respect to an assumption of the Mortgage
Loan or BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion 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 3.15(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.

 

    	-399-

    	 

    

 

(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 3.15(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 and the BWP Trust Subordinate Companion 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 or BWP Trust Subordinate Companion
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 12.10 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 Website, the
17g-5 Information Provider shall notify the Master Servicer or Special Servicer when such information, report, notice or document
has been posted.

 

[End of Article XII]

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    	-400-

    	 

    

 

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.

	 	 	 
	 	J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES
    CORP., Depositor
	 	 	 
	 	By:	/s/  Dwayne McNicholas
	 	 	Name: Dwayne McNicholas
	 	 	Title: Vice President

	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, Master Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President
	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, Special Servicer
	 	 	
	 	By:	/s/  David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President

 

 

 

JPMBB
2015-C31 –  Pooling and Servicing Agreement

 

    	 

    	 

    

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,

 not in its individual capacity, but solely as Certificate Administrator
	 	 	
	 	By:	/s/   Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President

 

	 	WELLS
    FARGO BANK, NATIONAL Association, 

not in its individual capacity, but solely
    as Trustee
	 	 	
	 	By:	/s/  Stacey Gross 
	 	 	Name: Stacey Gross
	 	 	Title: Vice President

 

	 	 	 
	 	PENTALPHA SURVEILLANCE LLC, 
	 	 	Senior Trust Advisor
	 	 	 
	 	By:	/s/  James Callahan
	 	 	Name:    James Callahan
	 	 	Title:      Executive Director and Solely
    as an
	 	 	Authorized Signatory for Pentalpha
	 	 	Surveillance LLC

 

 

JPMBB
2015-C31 –  Pooling and Servicing Agreement

    

     

    

 

	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

  

On
the 28 day of August, 2015, before me, a notary public in and for said State, personally appeared Dwayne McNicholas known
to me to be a Vice President of J.P. Morgan Chase Commercial Mortgage Securities Corp., that executed the within instrument, and
also known to me to be the person who executed it on behalf of such corporation, and acknowledged to me that such corporation
executed the within instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 

 

	 	/s/  Keenan Mapp
	 	Notary Public
	 	 
	 	KEENAN MAPP
	 	Notary Public, State of New York
	[SEAL]	Qualified in Bronx County
	 	Reg. No. 01MA6282064
	My commission expires:	My Commission Expires 5/20/2017
	 	 
	5-20-2017	 

 

JPMBB
2015-C31 –  Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF KANSAS	)	 
	 	)	ss.:
	COUNTY OF JOHNSON	)	 

 

On
the 26th day of August, 2015, before me, a notary public in and for said State, personally appeared David A. Eckels known to me
to be a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association, and also known to me to
be the person who executed it on behalf of such national banking association, and acknowledged to me that such national banking
association 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

  

JPMBB
2015-C31 –  Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF MARYLAND	)	 
	 	)	ss.:
	COUNTY OF HOWARD	)	 

 

On
the 17th day of August, 2015, before me, a notary public in and for said State, personally appeared Stacey Gross known to me to
be a VP of  Wells Fargo Bank, National Association, that executed the within instrument, and also
known to me to be the person who executed it on behalf of such national banking association, and acknowledged to me that such
national banking association 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]	AMY MARTIN
	 	NOTARY PUBLIC
	My commission expires:	ANNE ARUNDEL COUNTY
	 	MARYLAND
	 	My Commission Expires 2-22-2017

 

JPMBB
2015-C31 –  Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF CONNECTICUT	)	 
	 	)	ss.:
	COUNTY OF FAIRFIELD	)	 

			

                                         

 

On
the 28th day of August, 2015, before me, a notary public in and for said State, personally appeared James Callahan known to
me to be a Executive Director of Pentalpha Surveillance LLC, that executed the within instrument, and also
known to me to be the person who executed it on behalf of such limited liability company, and acknowledged to me that such
limited liability company 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	 

 

JPMBB
2015-C31 –  Pooling and Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

CLASS
A-1

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS A-1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

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.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED
BY THE PORTION OF CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED 

 

 

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

		 	 

		2	Book-Entry
                                         Certificate legend.

 

    	A-1-1

    	 

    

 

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. 

 

    	A-1-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
OF POOLING AND SERVICING

AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT (AS 

DEFINED HEREIN)

         

        CLOSING
        DATE: AUGUST 28, 2015

         

        FIRST
        DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-1 CERTIFICATES

        AS OF THE CLOSING DATE: $59,309,000

         
	 	MASTER
                                         SERVICER: MIDLAND LOAN SERVICES, 

A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, 

A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        TRUSTEE:
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor:  PENTALPHA 

SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-1-1]

         

	 	 	 

 

    	A-1-3

    	 

    

 

CLASS A-1
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans” (and a separate trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or
collections in respect of the Mortgage Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account
and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-1 Certificates
issued by the Trust Fund created pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 A-1 Certificates. The Certificates are designated
as the JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31
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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-1-4

    	 

    

 

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 A-1 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. 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 Distribution
Amount 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.

 

Collateral
Support Deficit, Certificate Deferred Interest 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 Collateral Support
Deficit or Certificate Deferred Interest 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 Certificate 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 Certificate 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 Certificate
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 Certificate 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 the BWP Trust Subordinate Companion Loan 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 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 Collateral
Support Deficit 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(j) 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(j) 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

 

    	A-1-5

    	 

    

 

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 A-1 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)         to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than 

 

    	A-1-6

    	 

    

 

the
Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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) materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-1-7

    	 

    

 

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 51% of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer
nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement 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 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 the Pooling and Servicing Agreement may be made that changes in any material respect the rights of
the Class BWP Certificates without the consent of such Class.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby
effect termination of the Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution
Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans
remaining in the Trust Fund is less than 1.0% of the

 

    	A-1-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth
in the Pooling and Servicing Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates
are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates)
for all of the Mortgage Loans (for the avoidance of doubt, excluding the BWP Trust Subordinate
Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to the terms of the Pooling
and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the Trust, the Holders of
the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and terminate the Trust
pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-1-9

    	 

    

 

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:  August
                                         28, 2015	 	 	 

  

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-1 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent
	 	 	 	 
	 	 	By:	 
	 	 	 	AUTHORIZED SIGNATORY

 

    	A-1-10

    	 

    

 

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-1-11

    	 

    

 

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-1-12

    	 

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

CLASS
A-2

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS A-2

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

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.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE. AND WILL BE INCREASED
BY THE PORTION OF CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED 

 

 

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

		 	 

		2	Book-Entry
                                         Certificate legend.

 

 

    	A-2-1

    	 

    

 

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.

 

    	A-2-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: AUGUST 28, 2015

         

        FIRST
        DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-2 CERTIFICATES

        AS OF THE CLOSING DATE: $48,541,000

         
	MASTER
                                         SERVICER: MIDLAND LOAN SERVICES, 

A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, 

A DIVISION OF PNC BANK,

 NATIONAL ASSOCIATION

         

        TRUSTEE:
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA 

SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-2-1]

         

	 	 

 

    	A-2-3

    	 

    

 

CLASS A-2
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans” (and a separate trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or
collections in respect of the Mortgage Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account
and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-2 Certificates
issued by the Trust Fund created pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 A-2 Certificates. The Certificates are designated
as the JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31
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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-2-4

    	 

    

 

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 A-2 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. 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 Distribution
Amount 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.

 

Collateral
Support Deficit, Certificate Deferred Interest 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 Collateral Support
Deficit or Certificate Deferred Interest 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 Certificate 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 Certificate 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 Certificate
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 Certificate 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 the BWP Trust Subordinate Companion Loan 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 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 Collateral
Support Deficit 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(j) 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(j) 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

 

    	A-2-5

    	 

    

 

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 A-2 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)         to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-2-6

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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) materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-2-7

    	 

    

 

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 51% of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer
nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement 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 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 the Pooling and Servicing Agreement may be made that changes in any material respect the rights of
the Class BWP Certificates without the consent of such Class.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby
effect termination of the Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution
Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans
remaining in the Trust Fund is less than 1.0% of the

 

    	A-2-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth
in the Pooling and Servicing Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates
are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates)
for all of the Mortgage Loans (for the avoidance of doubt, excluding the BWP Trust Subordinate
Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to the terms of the Pooling
and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the Trust, the Holders of
the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and terminate the Trust
pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-2-9

    	 

    

 

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:	August
28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-2 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-2-10

    	 

    

  

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-2-11

    	 

    

 

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-2-12

    	 

    

 

EXHIBIT
A-3

 

FORM
OF CLASS A-3 CERTIFICATE

 

CLASS
A-3

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS A-3

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

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.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED
BY THE PORTION OF CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED 

 

 

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

		 	 

		2	Book-Entry
                                         Certificate legend.

 

 

    	A-3-1

    	 

    

 

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. 

 

    	A-3-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [_________]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: AUGUST 28, 2015

         

        FIRST
        DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-3 CERTIFICATES

        AS OF THE CLOSING DATE: $515,534,000

         
	MASTER
                                         SERVICER: MIDLAND LOAN SERVICES, A 

DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES,

 A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        TRUSTEE:
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor:  PENTALPHA 

SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-3-1]

         

	 	 

 

    	A-3-3

    	 

    

 

CLASS A-3
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans” (and a separate trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or
collections in respect of the Mortgage Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account
and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-3 Certificates
issued by the Trust Fund created pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 A-3 Certificates. The Certificates are designated
as the JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31
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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-3-4

    	 

    

 

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 A-3 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. 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 Distribution
Amount 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.

 

Collateral
Support Deficit, Certificate Deferred Interest 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 Collateral Support
Deficit or Certificate Deferred Interest 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 Certificate 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 Certificate 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 Certificate
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 Certificate 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 the BWP Trust Subordinate Companion Loan 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 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 Collateral
Support Deficit 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(j) 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(j) 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

 

    	A-3-5

    	 

    

 

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 A-3 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)         to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-3-6

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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) materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-3-7

    	 

    

 

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 51% of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer
nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement 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 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 the Pooling and Servicing Agreement may be made that changes in any material respect the rights of
the Class BWP Certificates without the consent of such Class.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby
effect termination of the Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution
Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans
remaining in the Trust Fund is less than 1.0% of the

 

    	A-3-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth
in the Pooling and Servicing Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates
are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates)
for all of the Mortgage Loans (for the avoidance of doubt, excluding the BWP Trust Subordinate
Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to the terms of the Pooling
and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the Trust, the Holders of
the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and terminate the Trust
pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-3-9

    	 

    

  

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:	August
28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-3 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-3-10

    	 

    

  

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-3-11

    	 

    

 

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-3-12

    	 

    

 

EXHIBIT
A-4

 

FORM OF CLASS A-SB CERTIFICATE

 

CLASS A-SB

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS A-SB

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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 OR ANY OTHER PERSON.

 

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.

 

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.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED

 

 

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

 

2      Book-Entry
Certificate legend.

 

    A-4-1 

     

    

 

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.

 

    A-4-2 

     

    

 

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-SB CERTIFICATES

        AS OF THE CLOSING DATE: $95,737,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [A-SB-1]

 

    A-4-3 

     

    

 

CLASS
A-SB CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class A-SB Certificates issued by the Trust Fund created
pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 A-SB Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    A-4-4 

     

    

 

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 A-SB Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    A-4-5 

     

    

 

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 A-SB Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $10,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)      to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)      to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    A-4-6 

     

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)      to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)    to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    A-4-7 

     

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    A-4-8 

     

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-4-9 

     

    

 

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:	August
                                         28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-SB CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-4-10 

     

    

  

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-4-11 

     

    

 

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-4-12 

     

    

 

EXHIBIT
A-5

 

FORM OF CLASS X-A CERTIFICATE

 

CLASS X-A

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS X-A

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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 CLASS X-A CERTIFICATE HAS NO PRINCIPAL
BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A-1, CLASS A-2, CLASS A-3, 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.]

 

[THE NOTIONAL AMOUNT ON WHICH THE INTEREST
PAYABLE TO THE HOLDERS OF THE CLASS X-A 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.

 

 

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

 

2      Book-Entry
Certificate legend.

 

    	A-5-1

    	 

    

 

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.]

 

    	A-5-2

    	 

    

 

	
        PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND
        SERVICING AGREEMENT

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-A CERTIFICATES
        AS OF THE CLOSING DATE: $773,055,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [X-A-1] [X-A-2] [X-A-3] 

 

    	A-5-3

    	 

    

 

CLASS
X-A CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class X-A Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 X-A Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-5-4

    	 

    

 

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 X-A Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-5-5

    	 

    

 

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 X-A Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $1,000,000 initial Certificate Balance, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)      to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)      to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-5-6

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)      to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)    to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-5-7

    	 

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-5-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-5-9

    	 

    

 

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:	August
                                         28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-A CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-5-10

    	 

    

  

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-5-11

    	 

    

 

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-5-12

    	 

    

 

EXHIBIT A-6

 

FORM OF CLASS X-B CERTIFICATE

 

CLASS X-B

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS X-B

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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 CLASS X-B CERTIFICATE HAS NO PRINCIPAL
BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL OTHER THAN A PAYMENT OF $100 ON THE FIRST DISTRIBUTION DATE.]

 

[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.]

 

[THE NOTIONAL AMOUNT ON WHICH THE INTEREST
PAYABLE TO THE HOLDERS OF THE CLASS X-B 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.

 

 

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

 

2      Book-Entry
Certificate legend.

 

    	A-6-1

    	 

    

 

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.]

 

    	A-6-2

    	 

    

 

 

	
        PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND
        SERVICING AGREEMENT

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-B CERTIFICATES
        AS OF THE CLOSING DATE: $84,753,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [X-B-1] 

 

    	A-6-3

    	 

    

 

CLASS
X-B CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class X-B Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 X-B Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-6-4

    	 

    

 

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 X-B Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-6-5

    	 

    

 

 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 X-B Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $1,000,000 initial Certificate Balance, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)      to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)      to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-6-6

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)      to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)    to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-6-7

    	 

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-6-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-6-9

    	 

    

 

 

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:	August
                                         28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-B CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-6-10

    	 

    

  

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-6-11

    	 

    

 

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-6-12

    	 

    

 

EXHIBIT A-7

 

FORM OF CLASS X-C CERTIFICATE

 

CLASS X-C

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS X-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.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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 SENIOR TRUST ADVISOR, 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.

 

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
     Book-Entry Certificate legend.

 

    A-7-1

     

    

  

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) 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 CLASS X-C CERTIFICATE HAS NO PRINCIPAL
BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL OTHER THAN A PAYMENT OF $100 ON THE FIRST DISTRIBUTION DATE.]

 

[THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS C CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[THE NOTIONAL AMOUNT ON WHICH THE INTEREST
PAYABLE TO THE HOLDERS OF THE CLASS X-C 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.]

 

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.

 

    A-7-2

     

    

  

	
        PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND
        SERVICING AGREEMENT

         

        DENOMINATION: $[     ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES
        AS OF THE CLOSING DATE: $47,513,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [     ]

         

        ISIN NO.: [     ]

         

        COMMON CODE NO.: [     ]

         

        CERTIFICATE NO.: [X-C-1] [X-C-S-1]

         

 

    A-7-3

     

    

 

CLASS
X-C CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class X-C Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 X-C Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    A-7-4

     

    

 

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 X-C Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    A-7-5

     

    

 

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 X-C Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $1,000,000 initial Certificate Balance, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    A-7-6

     

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    A-7-7

     

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    A-7-8

     

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-7-9

     

    

  

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:	August
                                         28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-7-10

     

    

 

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-7-11

     

    

 

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-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS X-D CERTIFICATE

 

CLASS X-D

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS X-D

 

[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.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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 SENIOR TRUST ADVISOR, 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.

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
     Book-Entry Certificate legend.

 

    A-8-1

     

    

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) 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 CLASS X-D CERTIFICATE HAS NO PRINCIPAL
BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[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.]

 

[THE NOTIONAL AMOUNT ON WHICH THE INTEREST
PAYABLE TO THE HOLDERS OF THE CLASS 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.]

 

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.

 

    A-8-2

     

    

 

	
        PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND
        SERVICING AGREEMENT

         

        DENOMINATION: $[     ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-D CERTIFICATES
        AS OF THE CLOSING DATE: $42,377,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [     ]

         

        ISIN NO.: [     ]

         

        COMMON CODE NO.: [     ]

         

        CERTIFICATE NO.: [X-D-1] [X-D-S-1]

         

 

    A-8-3

     

    

 

CLASS
X-D CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class X-D Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 X-D Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    A-8-4

     

    

 

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 X-D Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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 as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 4.01(j) 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

 

    A-8-5

     

    

 

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 X-D Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $1,000,000 initial Certificate Balance, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    A-8-6

     

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    A-8-7

     

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    A-8-8

     

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-8-9

     

    

  

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:	August
                                         28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-8-10

     

    

  

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-8-11

     

    

 

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-8-12

     

    

 

EXHIBIT
A-9

 

FORM OF CLASS A-S CERTIFICATE

 

CLASS A-S

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS A-S

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

[IN ADDITION, SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE CLASS B AND CLASS C CERTIFICATES, MAY BE
EXCHANGED, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, FOR THE CLASS EC CERTIFICATES.]

 

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.

 

 

 

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

 

		2	Book-Entry Certificate legend.

 

    	A-9-1

    	 

    

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C AND CLASS X-D CERTIFICATES AS AND TO THE
EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-9-2

    	 

    

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE
        CLASS A-S CERTIFICATES AS OF THE CLOSING DATE: $53,934,000 (REPRESENTS THE MAXIMUM PRINCIPAL BALANCE OF
        THE         CLASS A-S CERTIFICATES THAT COULD BE ISSUED         IN AN EXCHANGE)

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: 
        MIDLAND LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [A-S-1]

        

 

    	A-9-3

    	 

    

 

CLASS A-S
CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class A-S Certificates issued by the Trust Fund created
pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 A-S Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-9-4

    	 

    

 

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 A-S Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-9-5

    	 

    

 

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 A-S Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $10,000, 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.

 

In addition, subject
to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with the Class B and Class C Certificates,
may be exchanged, pursuant to the procedures set forth in the Pooling and Servicing Agreement, for the Class EC Certificates.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.03 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Holder;

 

    	A-9-6

    	 

    

 

(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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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

 

    	A-9-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in

 

    	A-9-8

    	 

    

 

the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-9-9

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS A-S CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-9-10

    	 

    

 

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-9-11

    	 

    

 

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-9-12

    	 

    

 

EXHIBIT
A-10

 

FORM OF CLASS B CERTIFICATE

 

CLASS B

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS B

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

[IN ADDITION, SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE CLASS A-S AND CLASS C CERTIFICATES, MAY BE
EXCHANGED, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, FOR THE CLASS EC CERTIFICATES.]

 

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.

 

 

 

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

 

		2	Book-Entry Certificate legend.

 

    	A-10-1

    	 

    

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D AND CLASS A-S CERTIFICATES AS AND TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-10-2

    	 

    

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE
        CLASS B CERTIFICATES AS OF THE CLOSING DATE: $84,753,000 (REPRESENTS THE MAXIMUM PRINCIPAL BALANCE OF THE
        CLASS B CERTIFICATES THAT COULD BE ISSUED         IN AN EXCHANGE)

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [B-1]

 

    	A-10-3

    	 

    

 

CLASS B
CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class B Certificates issued by the Trust Fund created
pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 B Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-10-4

    	 

    

 

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 B Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-10-5

    	 

    

 

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 B Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $10,000, 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.

 

In addition, subject
to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with the Class A-S and Class C Certificates,
may be exchanged, pursuant to the procedures set forth in the Pooling and Servicing Agreement, for the Class EC Certificates.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.03 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Holder;

 

    	A-10-6

    	 

    

 

(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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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

 

    	A-10-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in

 

    	A-10-8

    	 

    

 

the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-10-9

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS B CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-10-10

    	 

    

 

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-10-11

    	 

    

 

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-10-12

    	 

    

 

EXHIBIT
A-11

 

FORM OF CLASS C CERTIFICATE

 

CLASS C

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS C

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

[IN ADDITION, SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE CLASS A-S AND CLASS B CERTIFICATES, MAY BE
EXCHANGED, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, FOR THE CLASS EC CERTIFICATES.]

 

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.

 

 

 

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

 

		2	Book-Entry Certificate legend.

 

    	A-11-1

    	 

    

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND
WILL BE INCREASED BY THE PORTION OF CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D, CLASS A-S AND CLASS B CERTIFICATES
AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-11-2

    	 

    

 

 

	
        PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND
        SERVICING AGREEMENT

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE CLASS C
        CERTIFICATES AS OF THE CLOSING DATE: $47,513,000 (REPRESENTS THE MAXIMUM PRINCIPAL BALANCE OF THE CLASS C
        CERTIFICATES THAT COULD BE ISSUED         IN AN EXCHANGE)

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [C-1]

 

    	A-11-3

    	 

    

 

CLASS
C CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class C Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 C Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-11-4

    	 

    

 

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 C Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-11-5

    	 

    

 

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 C Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $10,000, 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.

 

In addition, subject
to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with the Class A-S and Class B Certificates,
may be exchanged, pursuant to the procedures set forth in the Pooling and Servicing Agreement, for the Class EC Certificates.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.03 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Holder;

 

    	A-11-6

    	 

    

 

(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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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

 

    	A-11-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in

 

    	A-11-8

    	 

    

 

the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-11-9

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-11-10

    	 

    

 

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-11-11

    	 

    

 

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-11-12

    	 

    

 

EXHIBIT
A-12

 

FORM OF CLASS D CERTIFICATE

 

CLASS D

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS D

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, THE UNDERWRITERS, 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.

 

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.

 

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.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED

 

 

 

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

 

		2	Book-Entry Certificate legend.

 

    	A-12-1

    	 

    

 

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.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D, CLASS A-S, CLASS B AND CLASS C CERTIFICATES
AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-12-2

    	 

    

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE CLASS
D CERTIFICATES AS OF THE CLOSING DATE: $42,377,000 
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES,

                A DIVISION OF PNC BANK,

                NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [D-1] [D-S-1]

 

    	A-12-3

    	 

    

 

CLASS
D CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class D Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 D Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to 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.

 

    	A-12-4

    	 

    

 

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 D Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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 as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 4.01(j) 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

 

    	A-12-5

    	 

    

 

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 D Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $100,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than 

 

    	A-12-6

    	 

    

 

the
Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-12-7

    	 

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-12-8

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-12-9

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-12-10

    	 

    

 

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-12-11

    	 

    

 

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-12-12

    	 

    

  

EXHIBIT
A-13

 

FORM OF CLASS E CERTIFICATE

 

CLASS E

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS E

 

[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.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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 SENIOR TRUST ADVISOR, 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.

 

 

 

		1	Temporary Regulation S Book-Entry Certificate legend.

 

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

 

		3	Book-Entry Certificate legend.

 

    	A-13-1

    	 

    

 

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.

 

[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 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 GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1)
AND 860D OF THE CODE.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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

 

    	A-13-2

    	 

    

 

THAT SET FORTH
BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D, CLASS A-S, CLASS B, CLASS C AND
CLASS D CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-13-3

    	 

    

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER
        17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE CLASS E
        CERTIFICATES AS OF THE CLOSING DATE: $26,967,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [E-1] [E-S-1]

 

    	A-13-4

    	 

    

 

CLASS
E CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class E Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 E Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. 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.

 

    	A-13-5

    	 

    

 

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 E Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-13-6

    	 

    

 

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 E Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $100,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as agrantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-13-7

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-13-8

    	 

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-13-9

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-13-10

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-13-11

    	 

    

 

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-13-12

    	 

    

 

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-13-13

    	 

    

 

EXHIBIT
A-14

 

FORM OF CLASS F CERTIFICATE

 

CLASS F

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS F

 

[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.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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 SENIOR TRUST ADVISOR, 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.

 

 

 

		1	Temporary Regulation S Book-Entry Certificate legend.

 

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

 

		3	Book-Entry Certificate legend.

 

    	A-14-1

    	 

    

 

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.

 

[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 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 GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1)
AND 860D OF THE CODE.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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

 

    	A-14-2

    	 

    

 

THAT SET FORTH
BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D, CLASS A-S, CLASS B, CLASS C, CLASS
D AND CLASS E CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-14-3

    	 

    

 

	
        PASS-THROUGH RATE: [____]%

         

        DENOMINATION: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE: SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE CERTIFICATE BALANCE OF THE CLASS F
        CERTIFICATES AS OF THE CLOSING DATE: $16,694,000

         
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: 
        MIDLAND LOAN SERVICES,

                 A DIVISION OF PNC BANK,

                 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [F-1] [F-S-1]

 

    	A-14-4

    	 

    

 

CLASS
F CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class F Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 F Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. 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.

 

    	A-14-5

    	 

    

 

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 F Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

    	A-14-6

    	 

    

 

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 F Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $100,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any
error;

 

(iii)           to change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)           to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

    	A-14-7

    	 

    

 

the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)           to revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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
thereto as evidenced by an Opinion of Counsel;

 

(viii)         to modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-14-8

    	 

    

 

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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate
Companion Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-14-9

    	 

    

 

aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-14-10

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS F CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-14-11

    	 

    

 

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-14-12

    	 

    

 

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-14-13

    	 

    

 

EXHIBIT A-15

 

FORM OF CLASS EC CERTIFICATE

 

CLASS EC

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES 

SERIES
2015-C31, CLASS EC

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.]2

 

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 SENIOR TRUST ADVISOR, 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.

 

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.

 

[IN ADDITION, SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR THE EXCHANGEABLE CERTIFICATES PURSUANT
TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.]

 

[THIS CERTIFICATE REPRESENTS A BENEFICIAL
INTEREST IN CERTAIN “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.]

 

 

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

 

2 Book-Entry
Certificate legend.

 

    	A-15-1

    	 

    

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND
WILL BE INCREASED BY THE PORTION OF CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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. 

 

[THIS CERTIFICATE IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-15-2

    	 

    

 

	
        PASS-THROUGH RATE: N/A.

        The Class EC Certificates will only 

receive distributions of interest that 

are otherwise
        distributable to the 

Class A-S, Class B and Class C 

Certificates (the “Exchangeable

 Certificates”) exchanged
        for such 

Class EC Certificates.

         

        DENOMINATION: $[_____]

         

        DATE OF POOLING AND SERVICING

 AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT
        (AS 

DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE

CERTIFICATE BALANCE

OF THE CLASS EC CERTIFICATES

AS OF THE CLOSING DATE: $186,200,000 

(represents the maximum principal 

balance of the
CLASS EC Certificates 

that could be issued in an exchange) 
	 	
        MASTER SERVICER:   MIDLAND
        LOAN SERVICES,

   A DIVISION OF PNC BANK,

   NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:    MIDLAND
        LOAN SERVICES, 

   A DIVISION OF PNC BANK,

    NATIONAL ASSOCIATION

  

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SENIOR TRUST ADVISOR: PENTALPHA
        SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [           ]

         

        COMMON CODE NO.: [           ]

         

        CERTIFICATE NO.: [EC-1]

         

  

    	A-15-3

    	 

    

 

CLASS
EC CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class EC Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 EC Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, SERIES 2015-C31 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 beneficial interest in certain “regular interests” in a “real estate mortgage investment conduit”, as
those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder
of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate
in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and
other taxes imposed on or measured by income.

 

The initial Certificate
Balance of the Class EC Certificates is equal to the aggregate of the initial Certificate Balances of the Exchangeable Certificates
and represents the maximum principal balance of the Exchangeable Certificates that could be issued in an exchange. The Class EC
Certificates will only receive distributions of principal and interest that are otherwise distributable to the Exchangeable Certificates
exchanged for such Class EC Certificates.

 

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

 

    	A-15-4

    	 

    

 

such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Exchangeable Certificates exchanged for
the Class EC Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. Holders of this Certificate may be entitled to 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.

 

The Class EC Certificates
will only receive distributions of interest that are otherwise distributable to the Exchangeable Certificates exchanged for such
Class EC Certificates. Interest on the Exchangeable Certificates exchanged for the Class EC Certificates 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 related Pass-Through Rate specified on the Certificate Balance of each such Certificate immediately prior
to each Distribution Date. 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 Distribution Amount to be distributed on the Exchangeable Certificates
exchanged for 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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

 

    	A-15-5

    	 

    

 

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(j) 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.

 

In addition, subject
to the conditions set forth in the Pooling and Servicing Agreement, this Certificate may be exchanged for the Exchangeable Certificates
pursuant to the procedures set forth in the Pooling and Servicing Agreement.

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class EC Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $10,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)          to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

    	A-15-6

    	 

    

 

(iv)          to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)          to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)          to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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

 

    	A-15-7

    	 

    

 

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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be

 

    	A-15-8

    	 

    

 

made
that changes in any material respect the rights of the Class BWP Certificates without the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-15-9

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS EC CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-15-10

    	 

    

  

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-15-11

    	 

    

 

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-15-12

    	 

    

 

EXHIBIT
A-16

 

FORM OF CLASS NR CERTIFICATE

 

CLASS NR

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES 

SERIES
2015-C31, CLASS NR

 

[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.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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 SENIOR TRUST ADVISOR, 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.

  

 

 1Temporary Regulation
S Book-Entry Certificate legend.

 

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

 

2 Book-Entry Certificate
legend.

 

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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.

 

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 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 GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

 

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 COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CERTIFICATE
DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND 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

 

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THAT SET FORTH
BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS CERTIFICATE IS SUBORDINATED TO
THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS X-C, CLASS X-D, CLASS A-S, CLASS B, CLASS C, CLASS
D, CLASS E AND CLASS F CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.] 

 

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        PASS-THROUGH RATE: [___]%

         

        DENOMINATION: $[           ]

         

        DATE OF POOLING AND SERVICING 

AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT
        (AS 

DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE

CERTIFICATE BALANCE

OF THE CLASS NR CERTIFICATES

AS OF THE CLOSING DATE: $35,956,082 
	 	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [           ]

         

        ISIN NO.: [           ]

         

        COMMON CODE NO.: [           ]

         

        CERTIFICATE NO.: [NR-1] [NR-S-1] 

  

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CLASS
NR CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class NR Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 NR Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. 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.

 

 

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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 NR Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. 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 Distribution Amount 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.

 

Collateral Support Deficit,
Certificate Deferred Interest 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 Collateral Support Deficit or Certificate
Deferred Interest 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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) 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

 

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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 NR Certificates will be issued in book-entry form through the facilities of DTC
in minimum denominations of $100,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)          to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)          to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than

 

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the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)          to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)          to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects the holders of a Companion Loan without such Companion Holder’s consent.

 

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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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the

 

    	A-16-9

    	 

    

 

aggregate
Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement (for the avoidance of
doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-16-10

    	 

    

 

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:	August 28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS NR CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-16-11

    	 

    

  

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-16-12

    	 

    

 

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-16-13

    	 

    

 

EXHIBIT
A-17

 

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, 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 SENIOR TRUST ADVISOR, 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) 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.]

 

    	A-17-1

    	 

    

 

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 THREE “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, “NON-U.S. 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
AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM
IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT 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 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-17-2

    	 

    

  

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING 

AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT
        (AS

 DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        CLASS R PERCENTAGE INTEREST: [100%]

         
	
        MASTER SERVICER:        MIDLAND
        LOAN SERVICES, 

A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:        MIDLAND
        LOAN SERVICES, A 

DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [           ]

         

        ISIN NO.: [          ]

         

        CERTIFICATE NO.: R-1 

	 	 

 

    	A-17-3

    	 

    

 

CLASS
R CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT [JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION] is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued
by the Trust Fund created pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and
Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 three “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 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 Master Servicer 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

 

    	A-17-4

    	 

    

 

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 and the BWP Trust
Subordinate Companion Loan, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling
and Servicing Agreement, the Certificate 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 Certificate
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 Certificate 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 Certificate 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 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 Collateral Support Deficit 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(j)
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(j) 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 and to have irrevocably authorized the Trustee under Section 5.03(n)
of the Pooling and Servicing Agreement to deliver payments to a Person other than such Person. The rights of each Person acquiring
any

 

    	A-17-5

    	 

    

 

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 Non-U.S. Tax Person and shall promptly notify the Master Servicer,
the Trustee and 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 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 ERISA Prohibited
Holder or a 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)          to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

    	A-17-6

    	 

    

 

(iv)          to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)          to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)          to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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

 

    	A-17-7

    	 

    

 

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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be

 

    	A-17-8

    	 

    

 

made
that changes in any material respect the rights of the Class BWP Certificates without the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-17-9

    	 

    

 

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:	August 28, 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-17-10

    	 

    

  

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-17-11

    	 

    

 

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-17-12

    	 

    

 

EXHIBIT A-18

 

FORM OF CLASS Z CERTIFICATE

 

CLASS Z

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS Z

 

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 SENIOR TRUST ADVISOR, 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 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.

 

    	A-18-1

    	 

    

 

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-18-2

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING 

AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT
        (AS 

DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        CLASS Z PERCENTAGE INTEREST: [100%]

         
	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, 

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES,

 A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        

ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR: WELLS
        FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA 

SURVEILLANCE LLC

         

        CUSIP NO.: [          ]

         

        ISIN NO.: [          ]

         

        COMMON CODE NO.: [          ]

         

        CERTIFICATE NO.: [Z-1]

         

	 	 

 

    	A-18-3

    	 

    

 

CLASS
Z CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate 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

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of the interest evidenced by this Certificate in the Class Z Certificates issued by the Trust Fund created pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (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 and the Senior Trust 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 Z Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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.

 

    	A-18-4

    	 

    

 

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 Certificate 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 Certificate 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 Certificate 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 Certificate 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 the
BWP Trust Subordinate Companion Loan 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 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(j)
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(j) 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 Z 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 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

 

    	A-18-5

    	 

    

 

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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)          to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)          to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion 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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)          to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 

 

    	A-18-6

    	 

    

 

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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 of the Pooling and Servicing Agreement); and

 

(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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website.

 

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)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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

 

    	A-18-7

    	 

    

 

(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 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 3.30 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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP
Certificates without the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt,
excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust
Fund) and the Trust Fund’s portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion
Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund pursuant to
the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate Companion Loan is the sole remaining asset of the
Trust, the Holders of the Class BWP Certificates may exchange their Certificates for the BWP Trust Subordinate Companion Loan and
terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

    	A-18-8

    	 

    

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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-18-9

    	 

    

 

 

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

 

August 28, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS Z CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-18-10

    	 

    

  

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-18-11

    	 

    

 

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.

 

    	 

    	 

    

  

EXHIBIT A-19

 

FORM OF CLASS BWP CERTIFICATE

 

CLASS BWP

 

JPMBB
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-C31, CLASS BWP

 

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.

 

TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS 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.

 

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 SENIOR TRUST ADVISOR, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE RELATED BWP TRUST SUBORDINATE COMPANION LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE 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.

 

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 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, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

    	A-19-1

    	 

    

 

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 GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

 

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 CLASS BWP COLLATERAL SUPPORT DEFICIT ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY THE PORTION OF CLASS
BWP CERTIFICATE DEFERRED INTEREST ALLOCABLE TO THIS CERTIFICATE AND BY RECOVERIES ON THE RELATED BWP TRUST SUBORDINATE COMPANION
LOAN FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE RELATED
BWP TRUST SUBORDINATE COMPANION LOAN THAT RESULTED IN A REDUCTION OF THE CLASS BWP 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. 

 

THIS CERTIFICATE WILL ONLY RECEIVE DISTRIBUTIONS
FROM, AND WILL ONLY INCUR LOSSES WITH RESPECT TO, THE RELATED BWP TRUST SUBORDINATE COMPANION LOAN.

 

    	A-19-2

    	 

    

  

	
        PASS-THROUGH RATE: [          ]%

         

        DENOMINATION: $[          ]

         

        DATE OF POOLING AND SERVICING 

AGREEMENT: AS OF AUGUST 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT
        (AS 

DEFINED HEREIN)

         

        CLOSING DATE: AUGUST 28, 2015

         

        FIRST DISTRIBUTION DATE:

        SEPTEMBER 17, 2015

         

        APPROXIMATE AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS BWP CERTIFICATES

        AS OF THE CLOSING DATE: $4,990,079

         
	
        MASTER SERVICER: MIDLAND
        LOAN SERVICES, 

A DIVISION OF PNC BANK,

 NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: MIDLAND
        LOAN SERVICES, 

A DIVISION OF PNC BANK,

 NATIONAL ASSOCIATION

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL
        

ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        Senior
        Trust Advisor: PENTALPHA 

SURVEILLANCE LLC

         

        CUSIP NO.: [          ]

         

        ISIN NO.: [          ]

         

        COMMON CODE NO.: [          ]

         

        CERTIFICATE NO.: [BWP -1]

         

	 	 

 

    	A-19-3

    	 

    

 

CLASS
BWP CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans” (and a separate
trust subordinate companion loan interest in a commercial mortgage loan)), all payments on or collections in respect of the Mortgage
Loans and the BWP Trust Subordinate Companion Loan 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 Certificate Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT CEDE & CO.

 

is the registered owner of the interest
evidenced by this Certificate in the Class BWP Certificates issued by the Trust Fund created pursuant to the Pooling and Servicing
Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP. (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 and
the Senior Trust 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 BWP Certificates. The Certificates are designated as the JPMBB COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 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 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 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. Holders of this Certificate may be entitled to Yield Maintenance Charges as provided
in the Pooling

 

    	A-19-4

    	 

    

 

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 on the basis of the actual number of days in the Interest Accrual Period and a 360-day year) during the Interest
Accrual Period relating to such Distribution Date at the Class BWP Pass-Through Rate specified above on the Certificate Balance
of this Certificate immediately prior to each Distribution Date. 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 principal and interest portions of the
Class BWP Available Distribution Amount 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.

 

Class BWP Collateral
Support Deficit, Class BWP Certificate Deferred Interest and certain other amounts on the related BWP Trust Subordinate Companion
Loan shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing
Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the related BWP Trust Subordinate Companion
Loan, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Certificate 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 Certificate 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 Certificate
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 Certificate 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 the BWP Trust Subordinate Companion Loan 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 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 Collateral Support Deficit 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(j)
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(j) of the Pooling and Servicing Agreement.

 

    	A-19-5

    	 

    

 

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 BWP Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $100,000, 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 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 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 Supplement 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 inconsistent with any other provisions therein or to correct any error;

 

(iii)         to
change the timing and/or nature of deposits in the Certificate Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust
that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Holder;

 

    	A-19-6

    	 

    

 

(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 Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under 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 (including, with respect to the Trust AB Whole Loan, the Holders of the Class BWP Certificates) or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.30 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 3.30 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 thereto as evidenced by
an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.19 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 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 3.30 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

 

    	A-19-7

    	 

    

 

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 3.15(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and

 

(x)           in
the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement
to such extent as shall be necessary to (A) effect the qualification of the Pooling and Servicing Agreement under the TIA or under
any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be
expressly required by the TIA, and (B) modify such other provisions as are necessary to conform the Pooling and Servicing Agreement
and be consistent with the modifications made pursuant to the preceding clause (A); provided that any amendment pursuant
to this clause (x) shall be at the sole cost and expense of the Depositor.

 

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)
materially and adversely affects 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 51% of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the 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 or the BWP Trust Subordinate Companion
Loan 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 or Holder of the Class BWP Certificates, 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 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 3.30 of the Pooling and Servicing

 

    	A-19-8

    	 

    

 

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 Senior Trust Advisor, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special
Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion
of Counsel (at the Trust Fund’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement
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 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 the
Pooling and Servicing Agreement may be made that changes in any material respect the rights of the Class BWP Certificates without
the consent of such Class.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) (for the avoidance of doubt, excluding the BWP Trust
Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s
portion of each REO Property (other than any portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole
Loan (or the related REO Loan) is an asset of the Trust Fund) remaining in the Trust Fund, and thereby effect termination of the
Trust Fund and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate
Stated Principal Balances of the Mortgage Loans and the Trust Fund’s portion of any REO Loans remaining in the Trust Fund
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing
Agreement (for the avoidance of doubt, calculated excluding the BWP Trust Subordinate Companion Loan).

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-S, Class B, Class C, Class D and Class EC Certificates are retired
(and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates
(other than the Class BWP, Class Z 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 BWP, Class Z and Class R Certificates) for all
of the Mortgage Loans (for the avoidance of doubt, excluding the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan
(or the related REO Loan) is an asset of the Trust Fund) and the Trust Fund’s portion of each REO Property (other than any
portion related to the BWP Trust Subordinate Companion Loan if the Trust AB Whole Loan (or the related REO Loan) is an asset of
the Trust Fund) remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement. If the BWP Trust Subordinate
Companion Loan is the sole remaining asset of the Trust, the Holders of the Class BWP Certificates may exchange their Certificates
for the BWP Trust Subordinate Companion Loan and terminate the Trust pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust Fund 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 Fund 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 Fund 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.

 

    	A-19-9

    	 

    

 

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-19-10

    	 

    

 

 

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

 

August
28, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS BWP CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-19-11

    	 

    

  

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-19-12

    	 

    

 

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-19-13

    	 

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    	B-1

    	 

    

  

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	Property
    Address	 	City	 	State	 	Zip
    Code	 	County	 	Property
    Name	 	Size
    	 	Measure	 	 Mortgage
    Rate in Effect at Origination (%) 	 	 Net
    Mortgage Rate in Effect at the Cut-off Date (%) 	 	 Original
    Principal Balance 
	1	 	JPMCB	 	SL
    Civic Wacker LLC	 	20
    North Wacker Drive	 	Chicago	 	IL	 	60606	 	Cook	 	Civic
    Opera Building	 	915,162	 	Square
    Feet	 	                         4.67200
    	 	4.66000
    	 	         89,000,000
    
	2	 	Barclays	 	First
    Class Hotels, LLC	 	130
    Roosevelt Way	 	New
    Orleans	 	LA	 	70112	 	Orleans	 	The
    Roosevelt New Orleans Waldorf Astoria	 	504	 	Rooms	 	                         4.71000
    	 	4.69800
    	 	         82,500,000
    
	3	 	JPMCB	 	HPT
    Sunbelt Portfolio, LLC	 	Various	 	Various	 	Various	 	Various	 	Various	 	Sunbelt
    Portfolio	 	1,324,863	 	Square
    Feet	 	                         4.31740
    	 	4.30540
    	 	         76,700,000
    
	3.01	 	JPMCB	 	 	 	420
    20th Street North	 	Birmingham	 	AL	 	35203	 	Jefferson	 	Wells
    Fargo Tower	 	514,893	 	Square
    Feet	 	                         4.31740
    	 	 	 	         29,801,636
    
	3.02	 	JPMCB	 	 	 	10,
    22, 31 & 104 Inverness Center Parkway	 	Birmingham	 	AL	 	35242	 	Shelby	 	Inverness
    Center	 	475,895	 	Square
    Feet	 	                         4.31740
    	 	 	 	         27,553,442
    
	3.03	 	JPMCB	 	 	 	1320
    Main Street	 	Columbia	 	SC	 	29201	 	Richland	 	Meridian
    Building	 	334,075	 	Square
    Feet	 	                         4.31740
    	 	 	 	         19,344,922
    
	4	 	JPMCB	 	Andrew
    D. Gumberg, as Trustee under the Trust Agreement, Dated December 1, 1984, Known as the Coral Ridge Shopping Center Trust	 	3200
    North Federal Highway	 	Fort
    Lauderdale	 	FL	 	33306	 	Broward	 	Coral
    Ridge Shopping Center	 	418,221	 	Square
    Feet	 	                         4.75000
    	 	4.73050
    	 	         50,000,000
    
	5	 	JPMCB	 	Highland
    Owner LLC	 	3075
    Highland Parkway	 	Downers
    Grove	 	IL	 	60515	 	Dupage	 	Highland
    Landmark I	 	273,752	 	Square
    Feet	 	                         4.60900
    	 	4.59700
    	 	         45,000,000
    
	6	 	RCMC	 	CCP
    Property Owner Nashville I, LLC	 	Various	 	Nashville	 	TN	 	Various	 	Davidson	 	Airport
    North Portfolio	 	482,151	 	Square
    Feet	 	                         4.57000
    	 	4.55800
    	 	         42,000,000
    
	6.01	 	RCMC	 	 	 	404
    BNA Drive	 	Nashville	 	TN	 	37217	 	Davidson	 	BNA
    Corporate Center	 	230,542	 	Square
    Feet	 	                         4.57000
    	 	 	 	         22,200,000
    
	6.02	 	RCMC	 	 	 	2636
    Elm Hill Pike	 	Nashville	 	TN	 	37214	 	Davidson	 	Lakeview
    Ridge III	 	133,165	 	Square
    Feet	 	                         4.57000
    	 	 	 	         12,514,286
    
	6.03	 	RCMC	 	 	 	2630
    Elm Hill Pike	 	Nashville	 	TN	 	37214	 	Davidson	 	Lakeview
    Ridge II	 	62,246	 	Square
    Feet	 	                         4.57000
    	 	 	 	           4,542,857
    
	6.04	 	RCMC	 	 	 	51
    Century City Boulevard	 	Nashville	 	TN	 	37214	 	Davidson	 	Century
    City Plaza I	 	56,198	 	Square
    Feet	 	                         4.57000
    	 	 	 	           2,742,857
    
	7	 	RCMC	 	Chicago
    Freezer II Owners, LLC, Chicago Cold Storage II Owners, LLC, Chicago Warehouse II Owners, LLC, Kingsbridge Freezer II Owners,
    LLC	 	4500
    West Ann Lurie Place	 	Chicago	 	IL	 	60632	 	Cook	 	Preferred
    Freezer Services - Chicago II	 	174,786	 	Square
    Feet	 	                         4.56000
    	 	4.54800
    	 	         38,000,000
    
	8	 	RCMC	 	Roxbury
    Medical Tower, LLC, Rox-San Investors, LLC, Roxbury MP, LLC, RoxSan Optimus, LLC	 	465
    North Roxbury Drive	 	Beverly
    Hills	 	CA	 	90210	 	Los
    Angeles	 	Rox
    San Medical Office	 	55,652	 	Square
    Feet	 	                         4.46000
    	 	4.44800
    	 	         37,200,000
    
	9	 	JPMCB	 	BW
    Bowling Properties LP, BW Bowling Properties LLC, BW Bowling Properties Canada Inc.	 	Various	 	Various	 	Various	 	Various	 	Various	 	Brunswick
    Portfolio	 	2,275,293	 	Square
    Feet	 	                         4.79300
    	 	4.78100
    	 	         35,000,000
    
	9.01	 	JPMCB	 	 	 	9255
    Kimmer Drive	 	Lone
    Tree	 	CO	 	80124	 	Douglas	 	BZ
    Lone Tree	 	60,016	 	Square
    Feet	 	                         4.79300
    	 	 	 	           1,797,742
    
	9.02	 	JPMCB	 	 	 	1160
    South Gilbert Road	 	Gilbert	 	AZ	 	85296	 	Maricopa	 	BZ
    Gilbert Consolidated	 	57,741	 	Square
    Feet	 	                         4.79300
    	 	 	 	           1,577,264
    
	9.03	 	JPMCB	 	 	 	775
    Cobb Place Boulevard Northwest	 	Kennesaw	 	GA	 	30144	 	Cobb	 	BZ
    XL Kennesaw Consolidated	 	52,287	 	Square
    Feet	 	                         4.79300
    	 	 	 	           1,472,113
    
	9.04	 	JPMCB	 	 	 	1611
    South Randall Road	 	Algonquin	 	IL	 	60102	 	McHenry	 	BZ
    Randall Road Consolidated	 	57,527	 	Square
    Feet	 	                         4.79300
    	 	 	 	              980,278
    
	9.05	 	JPMCB	 	 	 	735
    North Center Boulevard	 	Romeoville	 	IL	 	60446	 	Will	 	BZ
    Romeoville Consolidated	 	61,192	 	Square
    Feet	 	                         4.79300
    	 	 	 	              939,574
    
	9.06	 	JPMCB	 	 	 	40440
    California Oaks Road	 	Murrieta	 	CA	 	92562	 	Riverside	 	Cal
    Oaks Bowl	 	35,325	 	Square
    Feet	 	                         4.79300
    	 	 	 	              934,487
    
	9.07	 	JPMCB	 	 	 	8070
    Veteran’s Memorial Parkway	 	St.
    Peters	 	MO	 	63376	 	Saint
    Charles	 	BZ
    St Peters Consolidated	 	57,085	 	Square
    Feet	 	                         4.79300
    	 	 	 	              928,551
    
	9.08	 	JPMCB	 	 	 	1800
    Hamner Avenue	 	Norco	 	CA	 	92860	 	Riverside	 	Classic
    Lanes	 	35,325	 	Square
    Feet	 	                         4.79300
    	 	 	 	              871,735
    
	9.09	 	JPMCB	 	 	 	845
    Lazo Court	 	Chula
    Vista	 	CA	 	91910	 	San
    Diego	 	Premier
    Lanes	 	42,700	 	Square
    Feet	 	                         4.79300
    	 	 	 	              864,951
    
	9.10	 	JPMCB	 	 	 	7545
    Brooklyn Boulevard	 	Brooklyn
    Park	 	MN	 	55443	 	Hennepin	 	BZ
    Brooklyn Park Consolidated	 	60,944	 	Square
    Feet	 	                         4.79300
    	 	 	 	              847,991
    
	9.11	 	JPMCB	 	 	 	12200
    Singletree Lane	 	Eden
    Prairie	 	MN	 	55344	 	Hennepin	 	BZ
    Eden Prairie	 	45,285	 	Square
    Feet	 	                         4.79300
    	 	 	 	              847,991
    
	9.12	 	JPMCB	 	 	 	11129
    162nd Street West	 	Lakeville	 	MN	 	55044	 	Dakota	 	BZ
    Lakeville Consolidated	 	58,656	 	Square
    Feet	 	                         4.79300
    	 	 	 	              847,991
    
	9.13	 	JPMCB	 	 	 	11351
    Ulysses Street Northeast	 	Blaine	 	MN	 	55434	 	Anoka	 	BZ
    Blaine Consolidated	 	57,536	 	Square
    Feet	 	                         4.79300
    	 	 	 	              831,032
    
	9.14	 	JPMCB	 	 	 	6345
    Spalding Drive	 	Norcross	 	GA	 	30092	 	Gwinnett	 	Brunswick’s
    Norcross	 	39,924	 	Square
    Feet	 	                         4.79300
    	 	 	 	              773,368
    
	9.15	 	JPMCB	 	 	 	1222
    164th Street Southwest	 	Lynnwood	 	WA	 	98087	 	Snohomish	 	Majestic
    Lanes	 	36,219	 	Square
    Feet	 	                         4.79300
    	 	 	 	              773,368
    
	9.16	 	JPMCB	 	 	 	50
    Bramtree Court	 	Brampton	 	ON	 	L6S
    5Z7	 	NAP	 	Bramalea
    Lanes	 	36,263	 	Square
    Feet	 	                         4.79300
    	 	 	 	              756,408
    
	9.17	 	JPMCB	 	 	 	17210
    North 59th Avenue	 	Glendale	 	AZ	 	85308	 	Maricopa	 	BZ
    Glendale	 	36,575	 	Square
    Feet	 	                         4.79300
    	 	 	 	              746,232
    
	9.18	 	JPMCB	 	 	 	2749
    Delk Road Southeast	 	Marietta	 	GA	 	30067	 	Cobb	 	Brunswick’s
    Marietta	 	35,742	 	Square
    Feet	 	                         4.79300
    	 	 	 	              691,961
    
	9.19	 	JPMCB	 	 	 	7301
    Rufe Snow Drive	 	Watauga	 	TX	 	76148	 	Tarrant	 	BZ
    Watauga Consolidated	 	36,062	 	Square
    Feet	 	                         4.79300
    	 	 	 	              676,697
    
	9.20	 	JPMCB	 	 	 	785
    Old Roswell Road	 	Roswell	 	GA	 	30076	 	Fulton	 	BZ
    Roswell	 	35,369	 	Square
    Feet	 	                         4.79300
    	 	 	 	              663,129
    
	9.21	 	JPMCB	 	 	 	3067
    Washington Road	 	Augusta	 	GA	 	30907	 	Richmond	 	National
    Lanes	 	36,267	 	Square
    Feet	 	                         4.79300
    	 	 	 	              619,034
    
	9.22	 	JPMCB	 	 	 	3111
    River Road	 	River
    Grove	 	IL	 	60171	 	Cook	 	BZ
    River Grove	 	38,924	 	Square
    Feet	 	                         4.79300
    	 	 	 	              564,762
    
	9.23	 	JPMCB	 	 	 	9027
    East Via Linda	 	Scottsdale	 	AZ	 	85258	 	Maricopa	 	Via
    Linda Lanes	 	36,235	 	Square
    Feet	 	                         4.79300
    	 	 	 	              559,675
    
	9.24	 	JPMCB	 	 	 	451
    West Foothill Boulevard	 	Upland	 	CA	 	91786	 	San
    Bernardino	 	BZ
    Upland	 	35,724	 	Square
    Feet	 	                         4.79300
    	 	 	 	              535,931
    
	9.25	 	JPMCB	 	 	 	17238
    Foothill Boulevard	 	Fontana	 	CA	 	92335	 	San
    Bernardino	 	Foothill
    Lanes	 	35,724	 	Square
    Feet	 	                         4.79300
    	 	 	 	              535,931
    
	9.26	 	JPMCB	 	 	 	2908
    Riverview Road	 	Birmingham	 	AL	 	35242	 	Jefferson	 	Riverview
    Lanes Consolidated	 	36,636	 	Square
    Feet	 	                         4.79300
    	 	 	 	              530,843
    
	9.27	 	JPMCB	 	 	 	2200
    South Peoria Street	 	Aurora	 	CO	 	80014	 	Arapahoe	 	BZ
    Heather Ridge	 	36,124	 	Square
    Feet	 	                         4.79300
    	 	 	 	              525,755
    
	9.28	 	JPMCB	 	 	 	9150
    Harlan Street	 	Westminster	 	CO	 	80031	 	Jefferson	 	BZ
    Westminster	 	36,242	 	Square
    Feet	 	                         4.79300
    	 	 	 	              525,755
    
	9.29	 	JPMCB	 	 	 	7100
    Carved Stone	 	Columbia	 	MD	 	21045	 	Howard	 	Columbia
    Lanes Consolidated	 	28,920	 	Square
    Feet	 	                         4.79300
    	 	 	 	              525,755
    
	9.30	 	JPMCB	 	 	 	350
    McHenry Road	 	Buffalo
    Grove	 	IL	 	60089	 	Lake	 	Brunswick’s
    Buffalo Grove	 	56,916	 	Square
    Feet	 	                         4.79300
    	 	 	 	              517,275
    
	9.31	 	JPMCB	 	 	 	24666
    Sunnymead Boulevard	 	Moreno
    Valley	 	CA	 	92553	 	Riverside	 	Moreno
    Valley Bowl	 	36,150	 	Square
    Feet	 	                         4.79300
    	 	 	 	              510,491
    
	9.32	 	JPMCB	 	 	 	22-22
    Maple Avenue	 	Fair
    Lawn	 	NJ	 	07410	 	Bergen	 	Fairlawn
    Lanes Consolidated	 	25,801	 	Square
    Feet	 	                         4.79300
    	 	 	 	              508,795
    
	9.33	 	JPMCB	 	 	 	945
    South Kipling Parkway	 	Lakewood	 	CO	 	80226	 	Jefferson	 	BZ
    Green Mountain	 	36,386	 	Square
    Feet	 	                         4.79300
    	 	 	 	              496,923
    
	9.34	 	JPMCB	 	 	 	1754
    West Southern Avenue	 	Mesa	 	AZ	 	85202	 	Maricopa	 	BZ
    Mesa	 	34,839	 	Square
    Feet	 	                         4.79300
    	 	 	 	              474,875
    
	9.35	 	JPMCB	 	 	 	3835
    Lawrenceville Highway	 	Lawrenceville	 	GA	 	30044	 	Gwinnett	 	BZ
    Lilburn	 	36,247	 	Square
    Feet	 	                         4.79300
    	 	 	 	              463,003
    
	9.36	 	JPMCB	 	 	 	100
    American Boulevard	 	Turnersville	 	NJ	 	08012	 	Gloucester	 	BZ
    Turnersville	 	32,000	 	Square
    Feet	 	                         4.79300
    	 	 	 	              462,155
    
	9.37	 	JPMCB	 	 	 	1254
    Dougherty Ferry Road	 	Valley
    Park	 	MO	 	63088	 	Saint
    Louis	 	BZ
    Lakeside	 	36,436	 	Square
    Feet	 	                         4.79300
    	 	 	 	              432,476
    
	9.38	 	JPMCB	 	 	 	1099
    North Wickham Road	 	Melbourne	 	FL	 	32935	 	Brevard	 	Harbour
    Lanes	 	35,379	 	Square
    Feet	 	                         4.79300
    	 	 	 	              423,996
    
	9.39	 	JPMCB	 	 	 	1425
    North Central Avenue	 	Avondale	 	AZ	 	85323	 	Maricopa	 	Tri-City
    Bowl	 	45,224	 	Square
    Feet	 	                         4.79300
    	 	 	 	              423,996
    
	9.40	 	JPMCB	 	 	 	8419
    Baltimore National Pike	 	Ellicott
    City	 	MD	 	21043	 	Howard	 	BZ
    Normandy Consolidated	 	29,104	 	Square
    Feet	 	                         4.79300
    	 	 	 	              407,036
    
	9.41	 	JPMCB	 	 	 	2020
    North State Road 7	 	Margate	 	FL	 	33063	 	Broward	 	Margate
    Lanes	 	29,388	 	Square
    Feet	 	                         4.79300
    	 	 	 	              407,036
    
	9.42	 	JPMCB	 	 	 	2750
    Austell Road Southwest	 	Marietta	 	GA	 	30008	 	Cobb	 	BZ
    Austell	 	35,971	 	Square
    Feet	 	                         4.79300
    	 	 	 	              398,556
    
	9.43	 	JPMCB	 	 	 	824
    East Rand Road	 	Mount
    Prospect	 	IL	 	60056	 	Cook	 	BZ
    Mt Prospect	 	32,671	 	Square
    Feet	 	                         4.79300
    	 	 	 	              390,076
    
	9.44	 	JPMCB	 	 	 	21080
    North Rand Road	 	Lake
    Zurich	 	IL	 	60047	 	Lake	 	BZ
    Deer Park	 	37,282	 	Square
    Feet	 	                         4.79300
    	 	 	 	              381,596
    
	9.45	 	JPMCB	 	 	 	2200
    San Jacinto Boulevard	 	Denton	 	TX	 	76205	 	Denton	 	BZ
    Denton Consolidated	 	29,096	 	Square
    Feet	 	                         4.79300
    	 	 	 	              373,116
    
	9.46	 	JPMCB	 	 	 	1555
    75th Street	 	Woodridge	 	IL	 	60517	 	DuPage	 	BZ
    Woodridge	 	39,700	 	Square
    Feet	 	                         4.79300
    	 	 	 	              373,116
    
	9.47	 	JPMCB	 	 	 	38241
    30th Street East	 	Palmdale	 	CA	 	93550	 	Los
    Angeles	 	Vista
    Lanes	 	35,371	 	Square
    Feet	 	                         4.79300
    	 	 	 	              373,116
    
	9.48	 	JPMCB	 	 	 	2160
    East Semoran Boulevard	 	Apopka	 	FL	 	32703	 	Orange	 	Wekiva
    Lanes	 	36,510	 	Square
    Feet	 	                         4.79300
    	 	 	 	              373,116
    
	9.49	 	JPMCB	 	 	 	1100
    Lake Street	 	Roselle	 	IL	 	60172	 	DuPage	 	BZ
    Roselle	 	40,723	 	Square
    Feet	 	                         4.79300
    	 	 	 	              347,677
    
	9.50	 	JPMCB	 	 	 	558
    East North Avenue	 	Glendale
    Heights	 	IL	 	60139	 	DuPage	 	BZ
    Glendale Heights	 	28,848	 	Square
    Feet	 	                         4.79300
    	 	 	 	              344,285
    
	9.51	 	JPMCB	 	 	 	9751
    West 49th Avenue	 	Wheat
    Ridge	 	CO	 	80033	 	Jefferson	 	BZ
    Wheat Ridge	 	36,342	 	Square
    Feet	 	                         4.79300
    	 	 	 	              340,893
    
	9.52	 	JPMCB	 	 	 	999
    North Circle Drive	 	Colorado
    Springs	 	CO	 	80909	 	El
    Paso	 	BZ
    Circle Consolidated	 	34,856	 	Square
    Feet	 	                         4.79300
    	 	 	 	              339,197
    
	9.53	 	JPMCB	 	 	 	316
    Center Drive	 	Vernon
    Hills	 	IL	 	60061	 	Lake	 	BZ
    Hawthorn Lanes	 	36,521	 	Square
    Feet	 	                         4.79300
    	 	 	 	              312,061
    
	9.54	 	JPMCB	 	 	 	114
    South Camino Seco	 	Tucson	 	AZ	 	85710	 	Pima	 	Camino
    Seco Bowl	 	28,049	 	Square
    Feet	 	                         4.79300
    	 	 	 	              310,365
    
	9.55	 	JPMCB	 	 	 	3025
    Altamesa Boulevard	 	Fort
    Worth	 	TX	 	76133	 	Tarrant	 	Westcreek
    Lanes Consolidated	 	35,651	 	Square
    Feet	 	                         4.79300
    	 	 	 	              303,581
    
	9.56	 	JPMCB	 	 	 	38931
    Center Ridge Road	 	North
    Ridgeville	 	OH	 	44039	 	Lorain	 	BZ
    North Ridgeville	 	35,456	 	Square
    Feet	 	                         4.79300
    	 	 	 	              296,797
    
	9.57	 	JPMCB	 	 	 	4742
    State Route 51	 	Belle
    Vernon	 	PA	 	15012	 	Fayette	 	BZ
    Belle Vernon	 	30,797	 	Square
    Feet	 	                         4.79300
    	 	 	 	              262,877
    
	9.58	 	JPMCB	 	 	 	631
    Lakehurst Road	 	Waukegan	 	IL	 	60085	 	Lake	 	BZ
    Fountain Square	 	29,010	 	Square
    Feet	 	                         4.79300
    	 	 	 	              205,214
    

 

    	 2

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	Property
    Address	 	City	 	State	 	Zip
    Code	 	County	 	Property
    Name	 	Size
    	 	Measure	 	 Mortgage
    Rate in Effect at Origination (%) 	 	 Net
    Mortgage Rate in Effect at the Cut-off Date (%) 	 	 Original
    Principal Balance 
	10	 	JPMCB	 	Cumberland
    Place Apartments of Tyler Texas LLC	 	2051
    West Cumberland Road	 	Tyler	 	TX	 	75703	 	Smith	 	Cumberland
    Apartments	 	314	 	Units	 	                         4.46300
    	 	4.45100
    	 	         31,800,000
    
	11	 	JPMCB	 	Hertz
    Grand Rapids One, LLC	 	333
    Bridge Street Northwest	 	Grand
    Rapids	 	MI	 	49504	 	Kent	 	Bridgewater
    Place	 	355,934	 	Square
    Feet	 	                         4.76781
    	 	4.75581
    	 	         31,000,000
    
	12	 	RCMC	 	Atlas
    35-75 Industrial, LP	 	Various	 	Various	 	TX	 	Various	 	Various	 	ATCAP
    35-75 Industrial Portfolio	 	700,790	 	Square
    Feet	 	                         4.62000
    	 	4.60800
    	 	         30,500,000
    
	12.01	 	RCMC	 	 	 	601-675
    North Glenville Drive & 650-670 International Parkway	 	Richardson	 	TX	 	75081	 	Dallas	 	Richardson
    Business Center	 	221,334	 	Square
    Feet	 	                         4.62000
    	 	 	 	         10,649,578
    
	12.02	 	RCMC	 	 	 	1430
    Bradley Lane	 	Carrollton	 	TX	 	75007	 	Denton	 	Trinity
    Mills Distribution Center	 	241,354	 	Square
    Feet	 	                         4.62000
    	 	 	 	           8,344,782
    
	12.03	 	RCMC	 	 	 	1352-1366
    Exchange Drive & 1355-1371 North Glenville Drive	 	Richardson	 	TX	 	75081	 	Dallas	 	Richardson
    Distribution Center	 	121,931	 	Square
    Feet	 	                         4.62000
    	 	 	 	           5,906,491
    
	12.04	 	RCMC	 	 	 	1201
    & 1299 Commerce Drive	 	Richardson	 	TX	 	75081	 	Dallas	 	Innovation
    Park	 	116,171	 	Square
    Feet	 	                         4.62000
    	 	 	 	           5,599,149
    
	13	 	Barclays	 	M.R.
    Champa, LLC	 	1500
    Champa Street	 	Denver	 	CO	 	80202	 	Denver	 	1500
    Champa Street	 	143,970	 	Square
    Feet	 	                         5.16900
    	 	5.15700
    	 	         30,000,000
    
	14	 	Barclays	 	AAHF-102,
    LLC, AAHF-103, LLC, AAHF-107, LLC, AAHF 108, LLC, ARCO Place Acquisition I, LLC, University Townhomes Acquisition LLC, Brentwood
    Creek Acquisition, LLC, Brentwood Heights Acquisition, LLC, Candler Acquisition, LLC, Lakewood Forest Acquisition LLC 	 	Various	 	Various	 	Various	 	Various	 	Various	 	Klotz
    Multifamily Portfolio	 	1,356	 	Units	 	                         4.98800
    	 	4.97600
    	 	         29,756,250
    
	14.01	 	Barclays	 	 	 	3239
    Justina Road	 	Jacksonville	 	FL	 	32277	 	Duval	 	University
    Townhomes	 	200	 	Units	 	                         4.98800
    	 	 	 	           5,830,930
    
	14.02	 	Barclays	 	 	 	1935
    & 1939 Alison Court Southwest	 	Atlanta	 	GA	 	30311	 	Fulton	 	Brentwood
    Creek Apartments	 	238	 	Units	 	                         4.98800
    	 	 	 	           4,356,750
    
	14.03	 	Barclays	 	 	 	100
    Redwood Circle	 	Pensacola	 	FL	 	32506	 	Escambia	 	Wellington
    Apartments	 	132	 	Units	 	                         4.98800
    	 	 	 	           3,846,500
    
	14.04	 	Barclays	 	 	 	830
    Arlington River Drive	 	Jacksonville	 	FL	 	32211	 	Duval	 	Cimarron
    Apartments	 	112	 	Units	 	                         4.98800
    	 	 	 	           3,605,970
    
	14.05	 	Barclays	 	 	 	1974
    & 1990 Alison Court Southwest	 	Atlanta	 	GA	 	30311	 	Fulton	 	Brentwood
    Heights Apartments	 	196	 	Units	 	                         4.98800
    	 	 	 	           3,297,000
    
	14.06	 	Barclays	 	 	 	2571
    Candler Road	 	Decatur	 	GA	 	30032	 	Dekalb	 	Candler
    Apartments	 	236	 	Units	 	                         4.98800
    	 	 	 	           3,150,000
    
	14.07	 	Barclays	 	 	 	1665
    Dogwood Place	 	Pensacola	 	FL	 	32505	 	Escambia	 	Dogwood
    Apartments	 	96	 	Units	 	                         4.98800
    	 	 	 	           2,531,850
    
	14.08	 	Barclays	 	 	 	2600
    Old Hapeville Road Southwest	 	Atlanta	 	GA	 	30315	 	Fulton	 	Lakewood
    Forest Apartments	 	80	 	Units	 	                         4.98800
    	 	 	 	           1,476,913
    
	14.09	 	Barclays	 	 	 	1035
    Arco Drive	 	Jacksonville	 	FL	 	32211	 	Duval	 	Arco
    Apartments	 	48	 	Units	 	                         4.98800
    	 	 	 	           1,200,000
    
	14.10	 	Barclays	 	 	 	10163
    Guidy Lane	 	Pensacola	 	FL	 	32514	 	Escambia	 	Guidy
    Lane Apartments	 	18	 	Units	 	                         4.98800
    	 	 	 	              460,337
    
	15	 	JPMCB	 	Albany
    Road-Inwood LLC, Albany Road-Winbrook LLC	 	Various	 	Rocky
    Hill	 	CT	 	06067	 	Hartford	 	Central
    Connecticut Portfolio	 	328,951	 	Square
    Feet	 	                         4.35700
    	 	4.30500
    	 	         28,300,000
    
	15.01	 	JPMCB	 	 	 	712,
    714 & 716 Brook Street	 	Rocky
    Hill	 	CT	 	06067	 	Hartford	 	Winbrook
    Business Park	 	167,246	 	Square
    Feet	 	                         4.35700
    	 	 	 	         16,300,000
    
	15.02	 	JPMCB	 	 	 	30,
    50, 65 & 70 Inwood Road	 	Rocky
    Hill	 	CT	 	06067	 	Hartford	 	Inwood
    Business Park	 	161,705	 	Square
    Feet	 	                         4.35700
    	 	 	 	         12,000,000
    
	16	 	SMF
    II	 	Voorhees
    Group, L.L.C.	 	600
    South Idaho Road	 	Apache
    Junction	 	AZ	 	85119	 	Pinal	 	Rock
    Shadows	 	683	 	Pads	 	                         4.66300
    	 	4.65100
    	 	         21,000,000
    
	17	 	Barclays	 	Del
    3750 Monroe Avenue Associates, LLC	 	3750
    Monroe Avenue	 	Pittsford	 	NY	 	14534	 	Monroe	 	3750
    Monroe Avenue	 	259,977	 	Square
    Feet	 	                         4.69700
    	 	4.65750
    	 	         20,000,000
    
	18	 	Barclays	 	Helf
    Pavilion, LLC	 	310
    West Valley Parkway	 	Escondido	 	CA	 	92025	 	San
    Diego	 	Signature
    Pavilion Shopping Center	 	88,271	 	Square
    Feet	 	                         4.59400
    	 	4.53200
    	 	         19,700,000
    
	19	 	RAIT	 	Midway
    Commons, Ltd.	 	3410,
    3414, & 3418 Midcourt Road; 2015 Midway Road	 	Carrollton	 	TX	 	75006	 	Dallas	 	Midway
    Commons	 	174,940	 	Square
    Feet	 	                         4.24000
    	 	4.18050
    	 	         13,875,000
    
	20	 	SMF
    II	 	Bhojani
    Realty Partnership, LLC, Royal Independence I, Inc.	 	Various	 	Avenel	 	NJ	 	07001	 	Middlesex	 	Comfort
    Suites and Fairfield Inn Woodbridge	 	191	 	Rooms	 	                         4.88300
    	 	4.87100
    	 	         12,000,000
    
	20.01	 	SMF
    II	 	 	 	1295
    US Highway 1	 	Avenel	 	NJ	 	07001	 	Middlesex	 	Fairfield
    Inn Woodbridge	 	90	 	Rooms	 	                         4.88300
    	 	 	 	           6,750,000
    
	20.02	 	SMF
    II	 	 	 	1275
    US Highway 1	 	Avenel	 	NJ	 	07001	 	Middlesex	 	Comfort
    Suites Woodbridge	 	101	 	Rooms	 	                         4.88300
    	 	 	 	           5,250,000
    
	21	 	JPMCB	 	Dadeland
    Executive Plaza LLC	 	9700
    South Dixie Highway	 	Miami	 	FL	 	33156	 	Miami-Dade	 	Dadeland
    at 9700	 	67,808	 	Square
    Feet	 	                         4.32800
    	 	4.26850
    	 	         12,000,000
    
	22	 	JPMCB	 	CF
    Retail Properties DST VI	 	Various	 	Various	 	Various	 	Various	 	Various	 	Dollar
    General Portfolio	 	108,756	 	Square
    Feet	 	                         4.48800
    	 	4.43600
    	 	         11,800,000
    
	22.01	 	JPMCB	 	 	 	1835
    North Reading Road	 	Stevens	 	PA	 	17578	 	Lancaster	 	Dollar
    General - Denver	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,147,000
    
	22.02	 	JPMCB	 	 	 	105
    Concord Church Road	 	Beaver
    Falls	 	PA	 	15010	 	Beaver	 	Dollar
    General - Beaver Falls	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,087,000
    
	22.03	 	JPMCB	 	 	 	4911
    Carlisle Road	 	Dover	 	PA	 	17315	 	York	 	Dollar
    General - Dover	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,081,000
    
	22.04	 	JPMCB	 	 	 	412
    Wolcott Road	 	Wolcott	 	CT	 	06716	 	New
    Haven	 	Dollar
    General - Wolcott	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,074,000
    
	22.05	 	JPMCB	 	 	 	7129
    Anthony Highway	 	Waynesboro	 	PA	 	17268	 	Franklin	 	Dollar
    General - Waynesboro	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,067,000
    
	22.06	 	JPMCB	 	 	 	8573
    Market Street	 	Youngstown	 	OH	 	44512	 	Mahoning	 	Dollar
    General - Youngstown	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	           1,061,000
    
	22.07	 	JPMCB	 	 	 	477
    West Main Street	 	Canfield	 	OH	 	44406	 	Mahoning	 	Dollar
    General - Canfield	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	              988,000
    
	22.08	 	JPMCB	 	 	 	19540
    US Highway 50	 	Chillicothe	 	OH	 	45601	 	Ross	 	Dollar
    General - Chillicothe	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	              935,000
    
	22.09	 	JPMCB	 	 	 	46837
    State Route 46	 	New
    Waterford	 	OH	 	44445	 	Columbiana	 	Dollar
    General - New Waterford	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	              908,000
    
	22.10	 	JPMCB	 	 	 	14901
    South Anderson Road	 	Oklahoma
    City	 	OK	 	73165	 	Cleveland	 	Dollar
    General - Oklahoma City	 	9,026	 	Square
    Feet	 	                         4.48800
    	 	 	 	              868,000
    
	22.11	 	JPMCB	 	 	 	430
    North Ellsworth Road	 	Box
    Elder	 	SD	 	57719	 	Pennington	 	Dollar
    General - Box Elder	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	              802,000
    
	22.12	 	JPMCB	 	 	 	67
    Tile Mill Road	 	Beaver	 	OH	 	45613	 	Pike	 	Dollar
    General - Beaver	 	9,100	 	Square
    Feet	 	                         4.48800
    	 	 	 	              782,000
    
	23	 	RCMC	 	Parkwood
    Holdings Ltd., Victor Y Remedios (US) LLC	 	Various	 	Various	 	TX	 	Various	 	Various	 	Parkwood
    I & Willowbrook I & II Portfolio	 	189,709	 	Square
    Feet	 	                         4.65000
    	 	4.60050
    	 	         11,250,000
    
	23.01	 	RCMC	 	 	 	10077
    Grogans Mill Road	 	The
    Woodlands	 	TX	 	77380	 	Montgomery	 	Parkwood
    I	 	102,156	 	Square
    Feet	 	                         4.65000
    	 	 	 	           7,981,000
    
	23.02	 	RCMC	 	 	 	17314
    & 17350 State Highway 249	 	Houston	 	TX	 	77064	 	Harris	 	Willowbrook
    I & II	 	87,553	 	Square
    Feet	 	                         4.65000
    	 	 	 	           3,269,000
    
	24	 	SMF
    II	 	NWCC
    Center Plaza LLC	 	2006
    South 320th Street	 	Federal
    Way	 	WA	 	98003	 	King	 	Center
    Plaza	 	73,578	 	Square
    Feet	 	                         4.89200
    	 	4.88000
    	 	         10,725,000
    
	25	 	Barclays	 	Biddle
    Street Owner LP	 	3501
    East Biddle Street	 	Baltimore
    	 	MD	 	21213	 	Baltimore
    City	 	3501
    East Biddle Street	 	195,089	 	Square
    Feet	 	                         4.21900
    	 	4.20700
    	 	         10,600,000
    
	26	 	SMF
    II	 	Sixth
    Avenue Promenade, LLC	 	Various	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	6th
    Avenue Mixed Use	 	59,654	 	Square
    Feet	 	                         4.72400
    	 	4.71200
    	 	         10,300,000
    
	26.01	 	SMF
    II	 	 	 	3731-3739
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3731-3739
    6th Avenue	 	13,883	 	Square
    Feet	 	                         4.72400
    	 	 	 	           3,705,000
    
	26.02	 	SMF
    II	 	 	 	3785
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3785
    6th Avenue	 	10,607	 	Square
    Feet	 	                         4.72400
    	 	 	 	           1,941,000
    
	26.03	 	SMF
    II	 	 	 	3715
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3715
    6th Avenue	 	6,672	 	Square
    Feet	 	                         4.72400
    	 	 	 	           1,426,000
    
	26.04	 	SMF
    II	 	 	 	3795
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3795
    6th Avenue	 	7,600	 	Square
    Feet	 	                         4.72400
    	 	 	 	           1,348,000
    
	26.05	 	SMF
    II	 	 	 	3725
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3725
    6th Avenue	 	4,166	 	Square
    Feet	 	                         4.72400
    	 	 	 	           1,000,000
    
	26.06	 	SMF
    II	 	 	 	3751-3757
    6th Avenue	 	San
    Diego	 	CA	 	92103	 	San
    Diego	 	3751-3757
    6th Avenue	 	16,726	 	Square
    Feet	 	                         4.72400
    	 	 	 	              880,000
    
	27	 	Barclays	 	SSSP
    South Rowlett Collierville, LLC, SSSP North Watkins Frayser, LLC, SSSP Olive Branch, LLC	 	Various	 	Various	 	Various	 	Various	 	Various	 	Simply
    Self Storage Portfolio - Memphis MSA II	 	1,782	 	Units	 	                         4.31600
    	 	4.30400
    	 	           9,950,000
    
	27.01	 	Barclays	 	 	 	8650
    Midsouth Drive	 	Olive
    Branch	 	MS	 	38654	 	De
    Soto	 	Simply
    Self Storage - Olive Branch, MS	 	777	 	Units	 	                         4.31600
    	 	 	 	           6,850,000
    
	27.02	 	Barclays	 	 	 	651
    South Rowlett Street	 	Collierville	 	TN	 	38017	 	Shelby	 	Simply
    Self Storage - Collierville, TN	 	434	 	Units	 	                         4.31600
    	 	 	 	           2,200,000
    
	27.03	 	Barclays	 	 	 	3969
    North Watkins Street	 	Memphis	 	TN	 	38127	 	Shelby	 	Simply
    Self Storage - Memphis, TN	 	571	 	Units	 	                         4.31600
    	 	 	 	              900,000
    
	28	 	SMF
    II	 	JKS-Lakeview,
    LP	 	11912-11974
    Foothill Boulevard	 	Lake
    View Terrace	 	CA	 	91342	 	Los
    Angeles	 	Lakeview
    Terrace	 	78,634	 	Square
    Feet	 	                         4.83400
    	 	4.78200
    	 	           9,600,000
    
	29	 	SMF
    II	 	Eastlake
    Commons Associates II, LLC	 	44801-44975
    Hayes Road & 15032-15080 Hall Road	 	Sterling
    Heights	 	MI	 	48313	 	Macomb	 	Eastlake
    Commons	 	93,192	 	Square
    Feet	 	                         4.75000
    	 	4.73800
    	 	           9,600,000
    
	30	 	Barclays	 	Marquise
    Parc, LLC	 	1000
    Montreal Road	 	Clarkston	 	GA	 	30021	 	Dekalb	 	Marquis
    Parc Apartments	 	290	 	Units	 	                         4.67500
    	 	4.63300
    	 	           9,400,000
    
	31	 	SMF
    II	 	Wagner
    Pembroke Pines LLC, Storage Pros Pembroke Pines LLC	 	8321
    Pines Boulevard	 	Pembroke
    Pines	 	FL	 	33024	 	Broward	 	Storage
    Pros Pembroke Pines	 	1,014	 	Units	 	                         4.76600
    	 	4.75400
    	 	           9,300,000
    
	32	 	JPMCB	 	Harbourwalk
    Hotel Limited Partnership	 	223
    Gas Light Circle	 	Racine	 	WI	 	53403	 	Racine	 	Doubletree
    Racine	 	121	 	Rooms	 	                         4.75600
    	 	4.74400
    	 	           8,100,000
    
	33	 	Barclays	 	North
    Lane Associates	 	444
    East North Lane	 	Conshohocken	 	PA	 	19428	 	Montgomery	 	David’s
    Bridal Distribution Center	 	174,400	 	Square
    Feet	 	                         4.68800
    	 	4.67600
    	 	           8,000,000
    
	34	 	RCMC	 	Atlas
    Market Street, LP	 	Various	 	Various	 	TX	 	Various	 	Various	 	ATCAP
    Austin & Houston Industrial Portfolio	 	181,688	 	Square
    Feet	 	                         4.60000
    	 	4.58800
    	 	           8,000,000
    
	34.01	 	RCMC	 	 	 	8451
    Market Street Road	 	Houston	 	TX	 	77029	 	Harris	 	Houston
    Industrial	 	120,810	 	Square
    Feet	 	                         4.60000
    	 	 	 	           4,603,774
    
	34.02	 	RCMC	 	 	 	8330
    Cross Park Drive	 	Austin	 	TX	 	78754	 	Travis	 	Austin
    Industrial	 	60,878	 	Square
    Feet	 	                         4.60000
    	 	 	 	           3,396,226
    
	35	 	RAIT	 	Legacy
    AH, LLC	 	300
    Marietta Street Northwest	 	Atlanta	 	GA	 	30313	 	Fulton	 	300
    Marietta Street	 	34,359	 	Square
    Feet	 	                         4.55500
    	 	4.54300
    	 	           7,900,000
    
	36	 	Barclays	 	Pearl
    Hospitality Roselle, LLC	 	1490
    West Lake Street	 	Roselle	 	IL	 	60172	 	DuPage	 	Holiday
    Inn Express & Suites - Chicago West	 	101	 	Rooms	 	                         5.21000
    	 	5.19800
    	 	           7,700,000
    
	37	 	Barclays	 	Woodridge
    Apartments Holding LLC	 	8225
    East Speedway Boulevard	 	Tucson	 	AZ	 	85710	 	Pima	 	Woodridge
    Apartments	 	204	 	Units	 	                         4.73500
    	 	4.67300
    	 	           7,150,000
    
	38	 	JPMCB	 	LH
    835 Heights LLC	 	835
    Heights Boulevard	 	Houston	 	TX	 	77007	 	Harris	 	835
    Heights	 	48	 	Units	 	                         4.48500
    	 	4.43300
    	 	           7,050,000
    
	39	 	SMF
    II	 	Everest
    Hospitality, LLC	 	10305
    Cascade Crossing	 	Cleveland	 	OH	 	44144	 	Cuyahoga	 	Hampton
    Inn Cleveland Airport	 	81	 	Rooms	 	                         4.75200
    	 	4.74000
    	 	           7,000,000
    
	40	 	Barclays	 	12005
    Burgard Equities LLC	 	12005
    North Burgard Street	 	Portland	 	OR	 	97203	 	Multnomah	 	Burgard
    Industrial	 	80,307	 	Square
    Feet	 	                         4.09600
    	 	4.08400
    	 	           6,750,000
    
	41	 	RAIT	 	Del
    192 Mill Street Realty, LLC	 	192-194
    Mill Street	 	Rochester	 	NY	 	14614	 	Monroe	 	Mill
    Street Lofts	 	52,926	 	Square
    Feet	 	                         5.00000
    	 	4.91050
    	 	           6,600,000
    
	42	 	SMF
    II	 	Schoolcraft
    Commons Retail SPE LLC, Schoolcraft Commons Unit 2 SPE LLC, Schoolcraft Commons Unit 3 SPE LLC, Schoolcraft Commons Unit 4
    SPE LLC, Schoolcraft Commons Unit 5 SPE LLC	 	17370-17900
    Haggerty Road	 	Livonia	 	MI	 	48152	 	Wayne	 	College
    Park Retail 	 	43,649	 	Square
    Feet	 	                         4.74500
    	 	4.73300
    	 	           6,250,000
    
	43	 	JPMCB	 	15543
    Rayen Townhomes, LLC	 	15543
    Rayen Street	 	North
    Hills	 	CA	 	91343	 	Los
    Angeles	 	Rayen
    Townhomes	 	60	 	Units	 	                         4.40000
    	 	4.38800
    	 	           6,100,000
    
	44	 	SMF
    II	 	Circle
    Mobile Home Park, LLC	 	6071
    Jefferson Avenue	 	Newport
    News	 	VA	 	23605	 	Newport
    News City	 	Circle
    Mobile Home Park	 	206	 	Pads	 	                         4.74300
    	 	4.70350
    	 	           6,000,000
    
	45	 	SMF
    II	 	WHLR-Sunshine
    Shopping Plaza, LLC	 	1107-1177
    Homestead Road North	 	Lehigh
    Acres	 	FL	 	33936	 	Lee	 	Sunshine
    Plaza	 	111,189	 	Square
    Feet	 	                         4.57400
    	 	4.56200
    	 	           5,900,000
    
	46	 	RCMC	 	Babcock
    Street Associates, LLC, Tomahawk Drive Extension, LLC, Tomahawk Drive Associates, LLC	 	Various	 	Various	 	FL	 	Various	 	Brevard	 	Beachside
    & Babcock Self Storage Portfolio	 	595	 	Units	 	                         4.86000
    	 	4.84800
    	 	           5,725,000
    
	46.01	 	RCMC	 	 	 	136-140
    Tomahawk Drive	 	Indian
    Harbour Beach	 	FL	 	32937	 	Brevard	 	Beachside
    Self Storage	 	320	 	Units	 	                         4.86000
    	 	 	 	           3,666,993
    
	46.02	 	RCMC	 	 	 	6180
    Babcock Street Southeast	 	Palm
    Bay	 	FL	 	32909	 	Brevard	 	Babcock
    Self Storage	 	275	 	Units	 	                         4.86000
    	 	 	 	           2,058,007
    
	47	 	SMF
    II	 	Arbela
    Associates, Inc.	 	24010
    West 7 Mile Road	 	Detroit	 	MI	 	48219	 	Wayne	 	Topinka’s
    Plaza	 	34,136	 	Square
    Feet	 	                         5.05300
    	 	5.04100
    	 	           4,800,000
    
	48	 	Barclays	 	ATA
    Trinity Place TN, LLC	 	7990
    Trinity Road	 	Cordova	 	TN	 	38018	 	Shelby	 	Trinity
    Place	 	47,939	 	Square
    Feet	 	                         4.73000
    	 	4.71800
    	 	           4,725,000
    
	49	 	Barclays	 	Pacific
    PETC-Miami LLC	 	1635
    Northwest 107th Avenue	 	Doral	 	FL	 	33172	 	Miami-Dade	 	Babies
    R Us - Miami International Mall	 	20,255	 	Square
    Feet	 	                         4.60900
    	 	4.54950
    	 	           4,725,000
    
	50	 	Barclays	 	Asak
    Family LLC, AAB Hospitality, Inc.	 	15350
    John F Kennedy Boulevard	 	Houston	 	TX	 	77032	 	Harris	 	Ramada
    Houston Airport	 	96	 	Rooms	 	                         5.22500
    	 	5.21300
    	 	           4,500,000
    
	51	 	SMF
    II	 	Fenton
    Business Center LLC, Kirshner Fenton, LLC, Liebes Fenton, LLC, Sackler Fenton, LLC	 	871
    Harold Place	 	Chula
    Vista	 	CA	 	91914	 	San
    Diego	 	Fenton
    Business Center	 	43,395	 	Square
    Feet	 	                         4.66800
    	 	4.65600
    	 	           4,400,000
    
	52	 	Barclays	 	UBW-MS
    Owner, LLC, UBW-RB Owner, LLC	 	5909
    University Boulevard West	 	Jacksonville	 	FL	 	32216	 	Duval	 	University
    West Shopping Center	 	96,127	 	Square
    Feet	 	                         4.52500
    	 	4.51300
    	 	           4,151,250
    
	53	 	SMF
    II	 	Arlington
    Investments Group, L.L.C., Oberlin Group, L.L.C.	 	53
    North Mountain Road	 	Apache
    Junction	 	AZ	 	85120	 	Maricopa	 	La
    Casa Trail	 	79	 	Pads	 	                         4.66300
    	 	4.65100
    	 	           3,500,000
    
	54	 	Barclays	 	Lakeside
    Industrial Group, LLC	 	1350
    Tri State Parkway	 	Gurnee	 	IL	 	60031	 	Lake	 	Lakeside
    Industrial Plaza	 	56,045	 	Square
    Feet	 	                         4.59000
    	 	4.57800
    	 	           3,400,000
    
	55	 	Barclays	 	ATA
    Hiram Square GA, LLC	 	5157
    Jimmy Lee Smith Parkway	 	Hiram	 	GA	 	30141	 	Paulding	 	Hiram
    Square Shopping Center	 	27,730	 	Square
    Feet	 	                         4.66500
    	 	4.65300
    	 	           3,300,000
    
	56	 	RAIT	 	NatGreensboro
    LLC	 	6509
    Franz Warner Parkway	 	Whitsett	 	NC	 	27377	 	Guilford	 	Berkshire
    Industrial	 	64,000	 	Square
    Feet	 	                         4.81000
    	 	4.79800
    	 	           3,300,000
    
	57	 	SMF
    II	 	C
    & W Group, L.L.C.	 	14010
    South Amado Boulevard	 	Arizona
    City	 	AZ	 	85123	 	Pinal	 	Quail
    Run	 	300	 	Pads	 	                         4.66300
    	 	4.65100
    	 	           2,600,000
    
	58	 	JPMCB	 	FSC
    CES Oklahoma City OK, LLC	 	4701
    United Drive	 	Oklahoma
    City	 	OK	 	73179	 	Oklahoma	 	4701
    United Drive	 	35,850	 	Square
    Feet	 	                         4.02000
    	 	4.00800
    	 	           2,176,850
    

 

    	3

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	 Cut-off
    Principal Balance 	 	Original
    Term	 	Remaining
    Term	 	Maturity/ARD
    Date	 	Amortiziation
    Term	 	Remaining
    Amortization Term for Balloon Loans	 	 Monthly
    Payment 	 	Servicing
    Fee Rate	 	Accrual
    Type	 	ARD
    Loan (Y/N)	 	Revised
    Rate (%)	 	Title
    Type	 
	1	 	JPMCB	 	SL
    Civic Wacker LLC	 	   89,000,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	        460,091.01
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	2	 	Barclays	 	First
    Class Hotels, LLC	 	   82,500,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	        428,372.21
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee/Leasehold	 
	3	 	JPMCB	 	HPT
    Sunbelt Portfolio, LLC	 	   76,604,801.82
    	 	120	 	119	 	07/01/25	 	360	 	359	 	        380,350.46
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	3.01	 	JPMCB	 	 	 	   29,764,646.92
    	 	120	 	119	 	 	 	360	 	359	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	3.02	 	JPMCB	 	 	 	   27,519,243.73
    	 	120	 	119	 	 	 	360	 	359	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	3.03	 	JPMCB	 	 	 	   19,320,911.16
    	 	120	 	119	 	 	 	360	 	359	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	4	 	JPMCB	 	Andrew
    D. Gumberg, as Trustee under the Trust Agreement, Dated December 1, 1984, Known as the Coral Ridge Shopping Center Trust	 	   50,000,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	        260,823.67
    	 	0.01250	 	Actual/360	 	No	 	 	 	Fee	 
	5	 	JPMCB	 	Highland
    Owner LLC	 	   45,000,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	        230,932.07
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	6	 	RCMC	 	CCP
    Property Owner Nashville I, LLC	 	   42,000,000.00
    	 	120	 	120	 	08/05/25	 	300	 	300	 	        235,121.53
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee/Leasehold	 
	6.01	 	RCMC	 	 	 	   22,200,000.00
    	 	120	 	120	 	 	 	300	 	300	 	  	 	 	 	 	 	 	 	 	 	Leasehold	 
	6.02	 	RCMC	 	 	 	   12,514,286.00
    	 	120	 	120	 	 	 	300	 	300	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	6.03	 	RCMC	 	 	 	     4,542,857.00
    	 	120	 	120	 	 	 	300	 	300	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	6.04	 	RCMC	 	 	 	     2,742,857.00
    	 	120	 	120	 	 	 	300	 	300	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	7	 	RCMC	 	Chicago
    Freezer II Owners, LLC, Chicago Cold Storage II Owners, LLC, Chicago Warehouse II Owners, LLC, Kingsbridge Freezer II Owners,
    LLC	 	   38,000,000.00
    	 	120	 	119	 	07/05/25	 	360	 	360	 	        193,897.51
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	8	 	RCMC	 	Roxbury
    Medical Tower, LLC, Rox-San Investors, LLC, Roxbury MP, LLC, RoxSan Optimus, LLC	 	   37,200,000.00
    	 	120	 	119	 	07/05/25	 	360	 	360	 	        187,603.83
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	9	 	JPMCB	 	BW
    Bowling Properties LP, BW Bowling Properties LLC, BW Bowling Properties Canada Inc.	 	   34,944,048.01
    	 	120	 	119	 	07/01/25	 	300	 	299	 	        200,407.68
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	9.01	 	JPMCB	 	 	 	     1,794,868.12
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.02	 	JPMCB	 	 	 	     1,574,742.75
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.03	 	JPMCB	 	 	 	     1,469,759.77
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.04	 	JPMCB	 	 	 	        978,711.15
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.05	 	JPMCB	 	 	 	        938,072.39
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.06	 	JPMCB	 	 	 	        932,992.68
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.07	 	JPMCB	 	 	 	        927,066.17
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.08	 	JPMCB	 	 	 	        870,341.80
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.09	 	JPMCB	 	 	 	        863,568.47
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.10	 	JPMCB	 	 	 	        846,635.76
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.11	 	JPMCB	 	 	 	        846,635.76
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.12	 	JPMCB	 	 	 	        846,635.76
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.13	 	JPMCB	 	 	 	        829,703.03
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.14	 	JPMCB	 	 	 	        772,131.84
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.15	 	JPMCB	 	 	 	        772,131.84
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.16	 	JPMCB	 	 	 	        755,199.11
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.17	 	JPMCB	 	 	 	        745,039.43
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.18	 	JPMCB	 	 	 	        690,854.89
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.19	 	JPMCB	 	 	 	        675,615.50
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.20	 	JPMCB	 	 	 	        662,069.15
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.21	 	JPMCB	 	 	 	        618,044.03
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.22	 	JPMCB	 	 	 	        563,859.48
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.23	 	JPMCB	 	 	 	        558,779.79
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.24	 	JPMCB	 	 	 	        535,073.75
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.25	 	JPMCB	 	 	 	        535,073.75
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.26	 	JPMCB	 	 	 	        529,994.05
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.27	 	JPMCB	 	 	 	        524,914.34
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.28	 	JPMCB	 	 	 	        524,914.05
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.29	 	JPMCB	 	 	 	        524,914.05
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.30	 	JPMCB	 	 	 	        516,447.70
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.31	 	JPMCB	 	 	 	        509,674.67
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.32	 	JPMCB	 	 	 	        507,981.34
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.33	 	JPMCB	 	 	 	        496,128.60
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.34	 	JPMCB	 	 	 	        474,115.89
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.35	 	JPMCB	 	 	 	        462,263.16
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.36	 	JPMCB	 	 	 	        461,416.65
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.37	 	JPMCB	 	 	 	        431,784.38
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.38	 	JPMCB	 	 	 	        423,318.02
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.39	 	JPMCB	 	 	 	        423,318.02
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.40	 	JPMCB	 	 	 	        406,385.30
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.41	 	JPMCB	 	 	 	        406,385.30
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.42	 	JPMCB	 	 	 	        397,918.94
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.43	 	JPMCB	 	 	 	        389,452.58
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.44	 	JPMCB	 	 	 	        380,986.22
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.45	 	JPMCB	 	 	 	        372,519.86
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.46	 	JPMCB	 	 	 	        372,519.86
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.47	 	JPMCB	 	 	 	        372,519.86
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.48	 	JPMCB	 	 	 	        372,519.86
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.49	 	JPMCB	 	 	 	        347,120.77
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.50	 	JPMCB	 	 	 	        343,734.12
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.51	 	JPMCB	 	 	 	        340,347.75
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.52	 	JPMCB	 	 	 	        338,654.42
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.53	 	JPMCB	 	 	 	        311,562.01
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.54	 	JPMCB	 	 	 	        309,868.67
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.55	 	JPMCB	 	 	 	        303,095.65
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.56	 	JPMCB	 	 	 	        296,322.61
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.57	 	JPMCB	 	 	 	        262,457.18
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	9.58	 	JPMCB	 	 	 	        204,885.98
    	 	120	 	119	 	 	 	300	 	299	 	  	 	 	 	 	 	 	 	 	 	Fee	 

 

    	4

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	 Cut-off
    Principal Balance 	 	Original
    Term	 	Remaining
    Term	 	Maturity/ARD
    Date	 	Amortiziation
    Term	 	Remaining
    Amortization Term for Balloon Loans	 	 Monthly
    Payment 	 	Servicing
    Fee Rate	 	Accrual
    Type	 	ARD
    Loan (Y/N)	 	Revised
    Rate (%)	 	Title
    Type	 
	10	 	JPMCB	 	Cumberland
    Place Apartments of Tyler Texas LLC	 	   31,800,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	        160,427.57
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	11	 	JPMCB	 	Hertz
    Grand Rapids One, LLC	 	   30,938,494.89
    	 	60	 	58	 	06/01/20	 	360	 	358	 	        156,064.81
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	12	 	RCMC	 	Atlas
    35-75 Industrial, LP	 	   30,500,000.00
    	 	120	 	120	 	08/05/25	 	360	 	360	 	        156,721.30
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	12.01	 	RCMC	 	 	 	   10,649,578.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	12.02	 	RCMC	 	 	 	     8,344,782.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	12.03	 	RCMC	 	 	 	     5,906,491.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	12.04	 	RCMC	 	 	 	     5,599,149.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	13	 	Barclays	 	M.R.
    Champa, LLC	 	   30,000,000.00
    	 	120	 	120	 	08/06/25	 	300	 	300	 	        178,343.56
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	14	 	Barclays	 	AAHF-102,
    LLC, AAHF-103, LLC, AAHF-107, LLC, AAHF 108, LLC, ARCO Place Acquisition I, LLC, University Townhomes Acquisition LLC, Brentwood
    Creek Acquisition, LLC, Brentwood Heights Acquisition, LLC, Candler Acquisition, LLC, Lakewood Forest Acquisition LLC 	 	   29,756,250.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	        159,519.83
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	14.01	 	Barclays	 	 	 	     5,830,930.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.02	 	Barclays	 	 	 	     4,356,750.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.03	 	Barclays	 	 	 	     3,846,500.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.04	 	Barclays	 	 	 	     3,605,970.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.05	 	Barclays	 	 	 	     3,297,000.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.06	 	Barclays	 	 	 	     3,150,000.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.07	 	Barclays	 	 	 	     2,531,850.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.08	 	Barclays	 	 	 	     1,476,913.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.09	 	Barclays	 	 	 	     1,200,000.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	14.10	 	Barclays	 	 	 	        460,337.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	15	 	JPMCB	 	Albany
    Road-Inwood LLC, Albany Road-Winbrook LLC	 	   28,300,000.00
    	 	120	 	119	 	07/01/25	 	360	 	360	 	        140,997.43
    	 	0.04500	 	Actual/360	 	No	 	 	 	Fee	 
	15.01	 	JPMCB	 	 	 	   16,300,000.00
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	15.02	 	JPMCB	 	 	 	   12,000,000.00
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	16	 	SMF
    II	 	Voorhees
    Group, L.L.C.	 	   21,000,000.00
    	 	120	 	120	 	08/06/25	 	0	 	0	 	           82,962.54
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	17	 	Barclays	 	Del
    3750 Monroe Avenue Associates, LLC	 	   19,977,201.28
    	 	120	 	119	 	07/06/25	 	360	 	359	 	        103,691.50
    	 	0.03250	 	Actual/360	 	No	 	 	 	Fee	 
	18	 	Barclays	 	Helf
    Pavilion, LLC	 	   19,700,000.00
    	 	120	 	120	 	08/06/25	 	300	 	300	 	        110,552.73
    	 	0.05500	 	Actual/360	 	No	 	 	 	Fee	 
	19	 	RAIT	 	Midway
    Commons, Ltd.	 	   13,875,000.00
    	 	120	 	118	 	06/01/25	 	360	 	360	 	           68,175.46
    	 	0.05250	 	Actual/360	 	No	 	 	 	Fee	 
	20	 	SMF
    II	 	Bhojani
    Realty Partnership, LLC, Royal Independence I, Inc.	 	   12,000,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           63,563.27
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	20.01	 	SMF
    II	 	 	 	     6,750,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	20.02	 	SMF
    II	 	 	 	     5,250,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	21	 	JPMCB	 	Dadeland
    Executive Plaza LLC	 	   11,968,777.85
    	 	120	 	118	 	06/01/25	 	360	 	358	 	           59,582.03
    	 	0.05250	 	Actual/360	 	No	 	 	 	Fee	 
	22	 	JPMCB	 	CF
    Retail Properties DST VI	 	   11,800,000.00
    	 	120	 	120	 	08/01/25	 	0	 	0	 	           44,867.53
    	 	0.04500	 	Actual/360	 	Yes	 	The
    greater of i) 7.48800% and ii) the 10 year swap yield as of the ARD plus 3.00000%; but in no event to exceed 9.48800%	 	Fee	 
	22.01	 	JPMCB	 	 	 	     1,147,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.02	 	JPMCB	 	 	 	     1,087,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.03	 	JPMCB	 	 	 	     1,081,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.04	 	JPMCB	 	 	 	     1,074,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.05	 	JPMCB	 	 	 	     1,067,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.06	 	JPMCB	 	 	 	     1,061,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.07	 	JPMCB	 	 	 	        988,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.08	 	JPMCB	 	 	 	        935,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.09	 	JPMCB	 	 	 	        908,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.10	 	JPMCB	 	 	 	        868,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.11	 	JPMCB	 	 	 	        802,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	22.12	 	JPMCB	 	 	 	        782,000.00
    	 	120	 	120	 	 	 	0	 	0	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	23	 	RCMC	 	Parkwood
    Holdings Ltd., Victor Y Remedios (US) LLC	 	   11,250,000.00
    	 	120	 	120	 	08/05/25	 	360	 	360	 	           58,009.14
    	 	0.04250	 	Actual/360	 	No	 	 	 	Fee	 
	23.01	 	RCMC	 	 	 	     7,981,000.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	23.02	 	RCMC	 	 	 	     3,269,000.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	24	 	SMF
    II	 	NWCC
    Center Plaza LLC	 	   10,725,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           56,868.30
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	25	 	Barclays	 	Biddle
    Street Owner LP	 	   10,600,000.00
    	 	60	 	60	 	08/06/20	 	360	 	360	 	           51,953.44
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	26	 	SMF
    II	 	Sixth
    Avenue Promenade, LLC	 	   10,300,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           53,568.38
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	26.01	 	SMF
    II	 	 	 	     3,705,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	26.02	 	SMF
    II	 	 	 	     1,941,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	26.03	 	SMF
    II	 	 	 	     1,426,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	26.04	 	SMF
    II	 	 	 	     1,348,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	26.05	 	SMF
    II	 	 	 	     1,000,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	26.06	 	SMF
    II	 	 	 	        880,000.00
    	 	120	 	120	 	 	 	360	 	360	 	 	 	 	 	 	 	 	 	 	 	Fee	 
	27	 	Barclays	 	SSSP
    South Rowlett Collierville, LLC, SSSP North Watkins Frayser, LLC, SSSP Olive Branch, LLC	 	     9,950,000.00
    	 	60	 	59	 	07/06/20	 	360	 	360	 	           49,333.23
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	27.01	 	Barclays	 	 	 	     6,850,000.00
    	 	60	 	59	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	27.02	 	Barclays	 	 	 	     2,200,000.00
    	 	60	 	59	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	27.03	 	Barclays	 	 	 	        900,000.00
    	 	60	 	59	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	28	 	SMF
    II	 	JKS-Lakeview,
    LP	 	     9,600,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           50,565.35
    	 	0.04500	 	Actual/360	 	No	 	 	 	Fee	 
	29	 	SMF
    II	 	Eastlake
    Commons Associates II, LLC	 	     9,600,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           50,078.14
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	30	 	Barclays	 	Marquise
    Parc, LLC	 	     9,389,230.72
    	 	120	 	119	 	07/06/25	 	360	 	359	 	           48,610.81
    	 	0.03500	 	Actual/360	 	No	 	 	 	Fee	 
	31	 	SMF
    II	 	Wagner
    Pembroke Pines LLC, Storage Pros Pembroke Pines LLC	 	     9,300,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           48,602.93
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	32	 	JPMCB	 	Harbourwalk
    Hotel Limited Partnership	 	     8,100,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	           42,282.73
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	33	 	Barclays	 	North
    Lane Associates	 	     8,000,000.00
    	 	120	 	120	 	08/06/25	 	300	 	300	 	           45,324.57
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	34	 	RCMC	 	Atlas
    Market Street, LP	 	     8,000,000.00
    	 	120	 	119	 	07/05/25	 	360	 	360	 	           41,011.55
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	34.01	 	RCMC	 	 	 	     4,603,773.58
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	34.02	 	RCMC	 	 	 	     3,396,226.42
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	35	 	RAIT	 	Legacy
    AH, LLC	 	     7,890,699.93
    	 	120	 	119	 	07/01/25	 	360	 	359	 	           40,286.72
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	36	 	Barclays	 	Pearl
    Hospitality Roselle, LLC	 	     7,700,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           42,329.12
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	37	 	Barclays	 	Woodridge
    Apartments Holding LLC	 	     7,150,000.00
    	 	120	 	119	 	07/06/25	 	360	 	360	 	           37,233.17
    	 	0.05500	 	Actual/360	 	No	 	 	 	Fee	 
	38	 	JPMCB	 	LH
    835 Heights LLC	 	     7,041,569.18
    	 	120	 	119	 	07/01/25	 	360	 	359	 	           35,658.51
    	 	0.04500	 	Actual/360	 	No	 	 	 	Fee	 
	39	 	SMF
    II	 	Everest
    Hospitality, LLC	 	     7,000,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           36,523.75
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	40	 	Barclays	 	12005
    Burgard Equities LLC	 	     6,722,760.46
    	 	120	 	117	 	05/06/25	 	360	 	357	 	           32,600.23
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	41	 	RAIT	 	Del
    192 Mill Street Realty, LLC	 	     6,600,000.00
    	 	120	 	120	 	08/01/25	 	360	 	360	 	           35,430.23
    	 	0.08250	 	Actual/360	 	No	 	 	 	Fee	 
	42	 	SMF
    II	 	Schoolcraft
    Commons Retail SPE LLC, Schoolcraft Commons Unit 2 SPE LLC, Schoolcraft Commons Unit 3 SPE LLC, Schoolcraft Commons Unit 4
    SPE LLC, Schoolcraft Commons Unit 5 SPE LLC	 	     6,250,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           32,584.13
    	 	0.00500	 	Actual/360	 	No	 	 	 	Leasehold	 
	43	 	JPMCB	 	15543
    Rayen Townhomes, LLC	 	     6,100,000.00
    	 	120	 	119	 	07/01/25	 	360	 	360	 	           30,546.42
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	44	 	SMF
    II	 	Circle
    Mobile Home Park, LLC	 	     6,000,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           31,273.53
    	 	0.03250	 	Actual/360	 	No	 	 	 	Fee	 
	45	 	SMF
    II	 	WHLR-Sunshine
    Shopping Plaza, LLC	 	     5,900,000.00
    	 	120	 	120	 	08/06/25	 	0	 	0	 	           22,863.65
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	46	 	RCMC	 	Babcock
    Street Associates, LLC, Tomahawk Drive Extension, LLC, Tomahawk Drive Associates, LLC	 	     5,725,000.00
    	 	120	 	120	 	08/05/25	 	360	 	360	 	           30,245.07
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	46.01	 	RCMC	 	 	 	     3,666,993.46
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	46.02	 	RCMC	 	 	 	     2,058,006.54
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 	 	 	 	 	 	 	 	Fee	 
	47	 	SMF
    II	 	Arbela
    Associates, Inc.	 	     4,800,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           25,923.14
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	48	 	Barclays	 	ATA
    Trinity Place TN, LLC	 	     4,725,000.00
    	 	120	 	119	 	07/06/25	 	360	 	360	 	           24,590.91
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	49	 	Barclays	 	Pacific
    PETC-Miami LLC	 	     4,717,196.60
    	 	120	 	119	 	07/06/25	 	300	 	299	 	           26,556.27
    	 	0.05250	 	Actual/360	 	No	 	 	 	Fee	 
	50	 	Barclays	 	Asak
    Family LLC, AAB Hospitality, Inc.	 	     4,500,000.00
    	 	120	 	120	 	08/06/25	 	300	 	300	 	           26,899.82
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	51	 	SMF
    II	 	Fenton
    Business Center LLC, Kirshner Fenton, LLC, Liebes Fenton, LLC, Sackler Fenton, LLC	 	     4,400,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           22,735.51
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	52	 	Barclays	 	UBW-MS
    Owner, LLC, UBW-RB Owner, LLC	 	     4,140,866.97
    	 	120	 	118	 	06/06/25	 	360	 	358	 	           21,095.48
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	53	 	SMF
    II	 	Arlington
    Investments Group, L.L.C., Oberlin Group, L.L.C.	 	     3,500,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           18,074.57
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	54	 	Barclays	 	Lakeside
    Industrial Group, LLC	 	     3,400,000.00
    	 	120	 	120	 	08/06/25	 	300	 	300	 	           19,072.41
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	55	 	Barclays	 	ATA
    Hiram Square GA, LLC	 	     3,300,000.00
    	 	120	 	119	 	07/06/25	 	360	 	360	 	           17,045.69
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	56	 	RAIT	 	NatGreensboro
    LLC	 	     3,296,334.51
    	 	120	 	119	 	07/01/25	 	360	 	359	 	           17,333.91
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	57	 	SMF
    II	 	C
    & W Group, L.L.C.	 	     2,600,000.00
    	 	120	 	120	 	08/06/25	 	360	 	360	 	           13,426.82
    	 	0.00500	 	Actual/360	 	No	 	 	 	Fee	 
	58	 	JPMCB	 	FSC
    CES Oklahoma City OK, LLC	 	     2,176,850.00
    	 	120	 	118	 	06/01/25	 	360	 	360	 	           10,417.73
    	 	0.00500	 	Actual/360	 	Yes	 	The
    greater of i) 7.02000% and ii) the ten year swap yield as of the first business day after the ARD plus 3.00000%; but in no
    event to exceed 9.02000%	 	Fee	 

 

    	5

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	UPFRONT
    ESCROW
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	Crossed
    Collateralized Loan	 	Cross
    Defaulted Loan	 	Guarantor	 	Letter
    of Credit	 	Upfront
    CapEx Reserve	 	Upfront
    Eng. Reserve	 	Upfront
    Envir. Reserve	 	Upfront
    TI/LC Reserve	 	Upfront
    RE Tax Reserve	 	Upfront
    Ins. Reserve	 	Upfront
    Other Reserve
	1	 	JPMCB	 	SL
    Civic Wacker LLC	 	No	 	No	 	Michael
    Silberberg	 	No	 	15,253
    	 	838,578
    	 	0
    	 	3,000,000
    	 	1,708,278
    	 	0
    	 	6,488,452
    
	2	 	Barclays	 	First
    Class Hotels, LLC	 	No	 	No	 	Allan
    V. Rose	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	212,103
    
	3	 	JPMCB	 	HPT
    Sunbelt Portfolio, LLC	 	No	 	No	 	William
    Z. Hertz, Isaac Hertz, Sarah Hertz	 	No	 	22,100
    	 	4,914,730
    	 	250,000
    	 	6,100,000
    	 	1,783,162
    	 	0
    	 	3,464,019
    
	3.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	JPMCB	 	Andrew
    D. Gumberg, as Trustee under the Trust Agreement, Dated December 1, 1984, Known as the Coral Ridge Shopping Center Trust	 	No	 	No	 	Andrew
    D. Gumberg	 	No	 	3,236
    	 	0
    	 	67,980
    	 	21,573
    	 	412,049
    	 	327,545
    	 	0
    
	5	 	JPMCB	 	Highland
    Owner LLC	 	No	 	No	 	Prism
    Office Holdings LLC	 	No	 	4,516
    	 	0
    	 	0
    	 	0
    	 	35,000
    	 	0
    	 	2,176,373
    
	6	 	RCMC	 	CCP
    Property Owner Nashville I, LLC	 	No	 	No	 	Thomas
    B. Shell, Jr, Jeremy R. Mclendon, Ted M. Sherman	 	No	 	0
    	 	0
    	 	0
    	 	3,000,000
    	 	438,082
    	 	48,550
    	 	196,739
    
	6.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.04	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	RCMC	 	Chicago
    Freezer II Owners, LLC, Chicago Cold Storage II Owners, LLC, Chicago Warehouse II Owners, LLC, Kingsbridge Freezer II Owners,
    LLC	 	No	 	No	 	Arnold
    Gumowitz	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    
	8	 	RCMC	 	Roxbury
    Medical Tower, LLC, Rox-San Investors, LLC, Roxbury MP, LLC, RoxSan Optimus, LLC	 	No	 	No	 	David
    Taban, Jerry Illoulian, Michael Pashaie, K. Joseph Shabani	 	No	 	0
    	 	28,500
    	 	0
    	 	0
    	 	158,725
    	 	13,445
    	 	308,536
    
	9	 	JPMCB	 	BW
    Bowling Properties LP, BW Bowling Properties LLC, BW Bowling Properties Canada Inc.	 	No	 	No	 	iStar
    Net Lease I LLC	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    
	9.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 6

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	UPFRONT
    ESCROW
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	Crossed
    Collateralized Loan	 	Cross
    Defaulted Loan	 	Guarantor	 	Letter
    of Credit	 	Upfront
    CapEx Reserve	 	Upfront
    Eng. Reserve	 	Upfront
    Envir. Reserve	 	Upfront
    TI/LC Reserve	 	Upfront
    RE Tax Reserve	 	Upfront
    Ins. Reserve	 	Upfront
    Other Reserve
	10	 	JPMCB	 	Cumberland
    Place Apartments of Tyler Texas LLC	 	No	 	No	 	George
    R. Walker III	 	No	 	6,542
    	 	0
    	 	0
    	 	0
    	 	344,388
    	 	0
    	 	0
    
	11	 	JPMCB	 	Hertz
    Grand Rapids One, LLC	 	No	 	No	 	William
    Z. Hertz, Isaac Hertz, Sarah Hertz	 	No	 	5,933
    	 	0
    	 	0
    	 	34,110
    	 	683,335
    	 	0
    	 	1,795,582
    
	12	 	RCMC	 	Atlas
    35-75 Industrial, LP	 	No	 	No	 	Brad
    Hannagan, Patrick J. Brady, David Cartwright	 	No	 	150,000
    	 	107,928
    	 	0
    	 	250,000
    	 	385,711
    	 	20,967
    	 	42,861
    
	12.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.03	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.04	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	Barclays	 	M.R.
    Champa, LLC	 	No	 	No	 	Robert
    Danial	 	No	 	0
    	 	0
    	 	0
    	 	100,000
    	 	38,703
    	 	0
    	 	225,716
    
	14	 	Barclays	 	AAHF-102,
    LLC, AAHF-103, LLC, AAHF-107, LLC, AAHF 108, LLC, ARCO Place Acquisition I, LLC, University Townhomes Acquisition LLC, Brentwood
    Creek Acquisition, LLC, Brentwood Heights Acquisition, LLC, Candler Acquisition, LLC, Lakewood Forest Acquisition LLC 	 	No	 	No	 	Jeff
    Klotz	 	No	 	0
    	 	163,813
    	 	0
    	 	0
    	 	156,044
    	 	0
    	 	0
    
	14.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.04	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.05	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.06	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.07	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.08	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.09	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.10	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	JPMCB	 	Albany
    Road-Inwood LLC, Albany Road-Winbrook LLC	 	No	 	No	 	Christopher
    J. Knisley	 	No	 	150,000
    	 	22,211
    	 	250,000
    	 	1,600,000
    	 	43,608
    	 	0
    	 	0
    
	15.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	SMF
    II	 	Voorhees
    Group, L.L.C.	 	No	 	No	 	William
    Corrigan, Jr., William Corrigan, Sr.	 	No	 	75,000
    	 	0
    	 	0
    	 	0
    	 	29,666
    	 	25,211
    	 	320,000
    
	17	 	Barclays	 	Del
    3750 Monroe Avenue Associates, LLC	 	No	 	No	 	Lewis
    Norry, Richard Birdoff	 	No	 	1,700,000
    	 	35,000
    	 	965,000
    	 	1,000,000
    	 	124,230
    	 	43,663
    	 	0
    
	18	 	Barclays	 	Helf
    Pavilion, LLC	 	No	 	No	 	Frank
    M. Goldberg, Herbert J. Solomon	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	100,235
    	 	0
    	 	0
    
	19	 	RAIT	 	Midway
    Commons, Ltd.	 	No	 	No	 	Harkinson
    Family Partners, Ltd.	 	No	 	150,000
    	 	26,750
    	 	0
    	 	0
    	 	109,009
    	 	29,572
    	 	0
    
	20	 	SMF
    II	 	Bhojani
    Realty Partnership, LLC, Royal Independence I, Inc.	 	No	 	No	 	Richard
    Bhojani	 	No	 	0
    	 	29,375
    	 	0
    	 	0
    	 	53,347
    	 	45,910
    	 	800,000
    
	20.01	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20.02	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	JPMCB	 	Dadeland
    Executive Plaza LLC	 	No	 	No	 	Isaac
    K. Fisher, Robert G. Berrin	 	500,000.0	 	848
    	 	0
    	 	0
    	 	7,063
    	 	88,355
    	 	59,869
    	 	871,059
    
	22	 	JPMCB	 	CF
    Retail Properties DST VI	 	No	 	No	 	CF
    Real Estate Holdings, LLC	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	69,504
    	 	0
    	 	0
    
	22.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.06	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.07	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.08	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.09	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.10	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.11	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.12	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23	 	RCMC	 	Parkwood
    Holdings Ltd., Victor Y Remedios (US) LLC	 	No	 	No	 	Eupaus
    Trust U/A/D April 12, 2015, by Stella Herbruger de Gonzalez as Settlor, Adalberto A. Muller, Jesusa Muller, Christine Muller	 	No	 	100,000
    	 	31,063
    	 	0
    	 	550,000
    	 	345,810
    	 	63,509
    	 	232,989
    
	23.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	SMF
    II	 	NWCC
    Center Plaza LLC	 	No	 	No	 	Mark
    S. McDonald 	 	No	 	0
    	 	65,625
    	 	0
    	 	50,000
    	 	63,260
    	 	12,617
    	 	0
    
	25	 	Barclays	 	Biddle
    Street Owner LP	 	No	 	No	 	Samuel
    Kirschenbaum, Benjamin Rubin	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    
	26	 	SMF
    II	 	Sixth
    Avenue Promenade, LLC	 	No	 	No	 	Bennet
    Greenwald	 	No	 	0
    	 	32,375
    	 	0
    	 	0
    	 	112,317
    	 	5,568
    	 	300,000
    
	26.01	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.02	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.03	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.04	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.05	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.06	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	Barclays	 	SSSP
    South Rowlett Collierville, LLC, SSSP North Watkins Frayser, LLC, SSSP Olive Branch, LLC	 	No	 	No	 	Kurt
    O’Brien	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	57,430
    	 	0
    	 	1,126,956
    
	27.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27.03	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	SMF
    II	 	JKS-Lakeview,
    LP	 	No	 	No	 	John
    Kaufman, Dong Jin Sun	 	No	 	0
    	 	32,750
    	 	0
    	 	0
    	 	43,531
    	 	13,164
    	 	0
    
	29	 	SMF
    II	 	Eastlake
    Commons Associates II, LLC	 	No	 	No	 	Hani
    Mansour, Clint Mansour, Steven Kalabat, Seanan Elia	 	No	 	0
    	 	23,438
    	 	0
    	 	0
    	 	23,092
    	 	15,733
    	 	0
    
	30	 	Barclays	 	Marquise
    Parc, LLC	 	No	 	No	 	Blair
    G. Schlossberg	 	No	 	0
    	 	735,291
    	 	0
    	 	0
    	 	249,908
    	 	37,298
    	 	0
    
	31	 	SMF
    II	 	Wagner
    Pembroke Pines LLC, Storage Pros Pembroke Pines LLC	 	No	 	No	 	Ian
    Burnstein, David Levenfeld	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	61,839
    	 	8,578
    	 	0
    
	32	 	JPMCB	 	Harbourwalk
    Hotel Limited Partnership	 	No	 	No	 	James
    Graves	 	No	 	10,776
    	 	0
    	 	0
    	 	0
    	 	27,440
    	 	0
    	 	2,508,962
    
	33	 	Barclays	 	North
    Lane Associates	 	No	 	No	 	Robert
    L. Burch, Christopher Burch	 	No	 	0
    	 	335,313
    	 	0
    	 	0
    	 	0
    	 	15,754
    	 	0
    
	34	 	RCMC	 	Atlas
    Market Street, LP	 	No	 	No	 	Brad
    Hannagan, Patrick J. Brady, David Cartwright	 	No	 	0
    	 	257,961
    	 	0
    	 	0
    	 	108,309
    	 	3,985
    	 	100,000
    
	34.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	RAIT	 	Legacy
    AH, LLC	 	No	 	No	 	David
    D. Marvin	 	No	 	24,500
    	 	8,313
    	 	0
    	 	0
    	 	59,810
    	 	14,000
    	 	0
    
	36	 	Barclays	 	Pearl
    Hospitality Roselle, LLC	 	No	 	No	 	Bagasra
    Real Estate, LLC, RSH Real Estate, LLC, RRZ, Real Estate, LLC	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	10,333
    	 	0
    
	37	 	Barclays	 	Woodridge
    Apartments Holding LLC	 	No	 	No	 	Charles
    B. Harris	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	22,149
    	 	0
    	 	0
    
	38	 	JPMCB	 	LH
    835 Heights LLC	 	No	 	No	 	Scott
    Leichtenberg	 	No	 	800
    	 	0
    	 	0
    	 	0
    	 	66,667
    	 	525
    	 	0
    
	39	 	SMF
    II	 	Everest
    Hospitality, LLC	 	No	 	No	 	Ravinder
    Chopra	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	24,185
    	 	6,462
    	 	1,350,000
    
	40	 	Barclays	 	12005
    Burgard Equities LLC	 	No	 	No	 	Matthew
    J. Felton	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	48,516
    	 	0
    	 	52,500
    
	41	 	RAIT	 	Del
    192 Mill Street Realty, LLC	 	No	 	No	 	Elliot
    C. Norry, Lewis A. Norry	 	No	 	0
    	 	10,000
    	 	0
    	 	125,000
    	 	16,031
    	 	4,698
    	 	325,000
    
	42	 	SMF
    II	 	Schoolcraft
    Commons Retail SPE LLC, Schoolcraft Commons Unit 2 SPE LLC, Schoolcraft Commons Unit 3 SPE LLC, Schoolcraft Commons Unit 4
    SPE LLC, Schoolcraft Commons Unit 5 SPE LLC	 	No	 	No	 	Douglas
    M. Etkin, Marvin Walkon	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	4,081
    	 	3,303
    	 	17,396
    
	43	 	JPMCB	 	15543
    Rayen Townhomes, LLC	 	No	 	No	 	George
    W. Ekins	 	No	 	1,780
    	 	0
    	 	0
    	 	0
    	 	40,800
    	 	3,600
    	 	0
    
	44	 	SMF
    II	 	Circle
    Mobile Home Park, LLC	 	No	 	No	 	James
    L. Bellinson	 	No	 	0
    	 	105,906
    	 	0
    	 	0
    	 	20,721
    	 	2,778
    	 	0
    
	45	 	SMF
    II	 	WHLR-Sunshine
    Shopping Plaza, LLC	 	No	 	No	 	Wheeler
    REIT, L.P.	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	89,152
    	 	19,552
    	 	0
    
	46	 	RCMC	 	Babcock
    Street Associates, LLC, Tomahawk Drive Extension, LLC, Tomahawk Drive Associates, LLC	 	No	 	No	 	Dean
    La Corte, Daniel Patella	 	No	 	0
    	 	50,263
    	 	0
    	 	0
    	 	39,485
    	 	12,376
    	 	293,000
    
	46.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	46.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	47	 	SMF
    II	 	Arbela
    Associates, Inc.	 	No	 	No	 	Najwa
    S. Nadhir	 	No	 	0
    	 	0
    	 	4,375
    	 	250,000
    	 	8,152
    	 	6,741
    	 	0
    
	48	 	Barclays	 	ATA
    Trinity Place TN, LLC	 	No	 	No	 	Jonathan
    M. Larmore	 	No	 	0
    	 	69,813
    	 	0
    	 	9,552
    	 	42,024
    	 	0
    	 	0
    
	49	 	Barclays	 	Pacific
    PETC-Miami LLC	 	No	 	No	 	Mr.
    David Rosen, Mr. Harvey Rosen	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    
	50	 	Barclays	 	Asak
    Family LLC, AAB Hospitality, Inc.	 	No	 	No	 	Aamir
    Bhai, Ali Bhai, Salma Bhai, Karim Bhai	 	No	 	0
    	 	133,125
    	 	0
    	 	0
    	 	69,733
    	 	35,333
    	 	0
    
	51	 	SMF
    II	 	Fenton
    Business Center LLC, Kirshner Fenton, LLC, Liebes Fenton, LLC, Sackler Fenton, LLC	 	No	 	No	 	James
    Orr, Randyl M. Kirshner, Morton Kirshner, John Liebes, Allen Sackler	 	No	 	0
    	 	0
    	 	0
    	 	39,056
    	 	48,723
    	 	3,457
    	 	8,375
    
	52	 	Barclays	 	UBW-MS
    Owner, LLC, UBW-RB Owner, LLC	 	No	 	No	 	Richard
    Baer, Morwin Schmookler	 	No	 	0
    	 	20,500
    	 	0
    	 	0
    	 	18,169
    	 	0
    	 	2,475
    
	53	 	SMF
    II	 	Arlington
    Investments Group, L.L.C., Oberlin Group, L.L.C.	 	No	 	No	 	William
    Corrigan, Jr., William Corrigan, Sr.	 	No	 	11,850
    	 	0
    	 	0
    	 	0
    	 	6,441
    	 	5,492
    	 	0
    
	54	 	Barclays	 	Lakeside
    Industrial Group, LLC	 	No	 	No	 	Jeffrey
    M. Schnoll, Jeffrey H. Meyer	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	26,503
    	 	3,818
    	 	0
    
	55	 	Barclays	 	ATA
    Hiram Square GA, LLC	 	No	 	No	 	Jonathan
    M. Larmore	 	No	 	0
    	 	0
    	 	0
    	 	27,820
    	 	26,245
    	 	967
    	 	0
    
	56	 	RAIT	 	NatGreensboro
    LLC	 	No	 	No	 	Edward
    M. Natan, Asher Hyman	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	20,947
    	 	11,965
    	 	27,300
    
	57	 	SMF
    II	 	C
    & W Group, L.L.C.	 	No	 	No	 	William
    Corrigan, Jr., William Corrigan, Sr.	 	No	 	45,000
    	 	0
    	 	0
    	 	0
    	 	9,896
    	 	14,468
    	 	70,000
    
	58	 	JPMCB	 	FSC
    CES Oklahoma City OK, LLC	 	No	 	No	 	Four
    Springs Capital Trust, Four Springs Capital Trust Operating Partnership, L.P.	 	No	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    

 

    	7

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 PERIODIC
    ESCROW 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace
    Period	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	 Monthly
    Capex Reserve 	 	 Monthly
    Envir. Reserve 	 	 Monthly
    TI/LC Reserve 	 	 Monthly
    RE Tax Reserve 	 	 Monthly
    Ins. Reserve 	 	 Monthly
    Other Reserve 	 	 (Late
    Payment)	 	Cash-Management
    Account or Lockbox In-place	 	General
    Property Type	 	Defeasance
    Permitted	 	Final
    Maturity Date
	1	 	JPMCB	 	SL
    Civic Wacker LLC	 	15,253
    	 	0
    	 	95,330
    	 	294,167
    	 	Springing	 	61,616
    	 	0	 	 Yes
    	 	Office	 	No	 	 
	2	 	Barclays	 	First
    Class Hotels, LLC	 	Springing	 	0
    	 	0
    	 	Springing	 	Springing	 	0
    	 	0	 	 No
    	 	Hotel	 	Yes	 	 
	3	 	JPMCB	 	HPT
    Sunbelt Portfolio, LLC	 	22,100
    	 	0
    	 	143,600
    	 	240,800
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Office	 	No	 	 
	3.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	3.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	3.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	4	 	JPMCB	 	Andrew
    D. Gumberg, as Trustee under the Trust Agreement, Dated December 1, 1984, Known as the Coral Ridge Shopping Center Trust	 	3,236
    	 	0
    	 	21,573
    	 	45,783
    	 	65,509
    	 	Springing	 	0	 	 Yes
    	 	Retail	 	No	 	 
	5	 	JPMCB	 	Highland
    Owner LLC	 	4,516
    	 	0
    	 	Springing	 	49,228
    	 	Springing	 	0
    	 	5	 	 Yes
    	 	Office	 	No	 	 
	6	 	RCMC	 	CCP
    Property Owner Nashville I, LLC	 	8,200
    	 	0
    	 	34,172
    	 	62,583
    	 	4,414
    	 	Springing	 	0	 	 Yes
    	 	Office	 	Yes	 	 
	6.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	6.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	6.03	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	6.04	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	7	 	RCMC	 	Chicago
    Freezer II Owners, LLC, Chicago Cold Storage II Owners, LLC, Chicago Warehouse II Owners, LLC, Kingsbridge Freezer II Owners,
    LLC	 	0
    	 	0
    	 	0
    	 	Springing	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	8	 	RCMC	 	Roxbury
    Medical Tower, LLC, Rox-San Investors, LLC, Roxbury MP, LLC, RoxSan Optimus, LLC	 	1,260
    	 	0
    	 	10,000
    	 	26,454
    	 	2,689
    	 	0
    	 	0	 	 Yes
    	 	Office	 	Yes	 	 
	9	 	JPMCB	 	BW
    Bowling Properties LP, BW Bowling Properties LLC, BW Bowling Properties Canada Inc.	 	Springing	 	0
    	 	0
    	 	Springing	 	Springing	 	0
    	 	0	 	 Yes
    	 	Retail	 	No	 	 
	9.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.06	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.07	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.08	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.09	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.10	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.11	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.12	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.13	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.14	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.15	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.16	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.17	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.18	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.19	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.20	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.21	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.22	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.23	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.24	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.25	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.26	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.27	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.28	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.29	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.30	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.31	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.32	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.33	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.34	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.35	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.36	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.37	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.38	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.39	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.40	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.41	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.42	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.43	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.44	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.45	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.46	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.47	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.48	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.49	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.50	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.51	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.52	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.53	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.54	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.55	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.56	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.57	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	9.58	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 

 

    	8

    	 

    

 

	JPMBB 2015-C31 - Combined	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 PERIODIC
    ESCROW 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace
    Period	 	 	 	 	 	 	 	 
	Loan
    ID #	 	Originator/Loan
    Seller	 	Mortgagor
    Name	 	 Monthly
    Capex Reserve 	 	 Monthly
    Envir. Reserve 	 	 Monthly
    TI/LC Reserve 	 	 Monthly
    RE Tax Reserve 	 	 Monthly
    Ins. Reserve 	 	 Monthly
    Other Reserve 	 	 (Late
    Payment)	 	Cash-Management
    Account or Lockbox In-place	 	General
    Property Type	 	Defeasance
    Permitted	 	Final
    Maturity Date
	10	 	JPMCB	 	Cumberland
    Place Apartments of Tyler Texas LLC	 	6,542
    	 	0
    	 	0
    	 	38,265
    	 	Springing	 	0
    	 	0	 	 No
    	 	Multifamily	 	No	 	 
	11	 	JPMCB	 	Hertz
    Grand Rapids One, LLC	 	5,933
    	 	0
    	 	34,110
    	 	58,600
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Office	 	No	 	 
	12	 	RCMC	 	Atlas
    35-75 Industrial, LP	 	8,692
    	 	0
    	 	20,440
    	 	48,214
    	 	6,989
    	 	0
    	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	12.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	12.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	12.03	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	12.04	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	13	 	Barclays	 	M.R.
    Champa, LLC	 	3,359
    	 	0
    	 	11,998
    	 	19,352
    	 	4,263
    	 	0
    	 	0	 	 Yes
    	 	Office	 	Yes	 	 
	14	 	Barclays	 	AAHF-102,
    LLC, AAHF-103, LLC, AAHF-107, LLC, AAHF 108, LLC, ARCO Place Acquisition I, LLC, University Townhomes Acquisition LLC, Brentwood
    Creek Acquisition, LLC, Brentwood Heights Acquisition, LLC, Candler Acquisition, LLC, Lakewood Forest Acquisition LLC 	 	28,250
    	 	0
    	 	0
    	 	32,368
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Multifamily	 	Yes	 	 
	14.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.03	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.04	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.05	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.06	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.07	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.08	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.09	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	14.10	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily	 	 	 	 
	15	 	JPMCB	 	Albany
    Road-Inwood LLC, Albany Road-Winbrook LLC	 	Springing	 	0
    	 	Springing	 	43,608
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	No	 	 
	15.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	15.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	16	 	SMF
    II	 	Voorhees
    Group, L.L.C.	 	Springing	 	0
    	 	0
    	 	5,933
    	 	2,571
    	 	Springing	 	0	 	 No
    	 	Manufactured
    Housing	 	Yes	 	 
	17	 	Barclays	 	Del
    3750 Monroe Avenue Associates, LLC	 	0
    	 	0
    	 	Springing	 	21,243
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	18	 	Barclays	 	Helf
    Pavilion, LLC	 	0
    	 	0
    	 	0
    	 	25,059
    	 	Springing	 	0
    	 	0	 	 No
    	 	Retail	 	No	 	 
	19	 	RAIT	 	Midway
    Commons, Ltd.	 	1,458
    	 	0
    	 	7,289
    	 	18,168
    	 	4,225
    	 	0
    	 	5	 	 No
    	 	Industrial	 	Yes	 	 
	20	 	SMF
    II	 	Bhojani
    Realty Partnership, LLC, Royal Independence I, Inc.	 	14,357
    	 	0
    	 	0
    	 	26,674
    	 	4,173
    	 	Springing	 	0	 	 No
    	 	Hotel	 	Yes	 	 
	20.01	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Hotel	 	 	 	 
	20.02	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Hotel	 	 	 	 
	21	 	JPMCB	 	Dadeland
    Executive Plaza LLC	 	848
    	 	0
    	 	7,063
    	 	12,622
    	 	6,652
    	 	Springing	 	0	 	 No
    	 	Office	 	No	 	 
	22	 	JPMCB	 	CF
    Retail Properties DST VI	 	0
    	 	0
    	 	0
    	 	12,442
    	 	Springing	 	Springing	 	0	 	 Yes
    	 	Retail	 	No	 	4/1/2029
	22.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.06	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.07	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.08	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.09	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.10	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.11	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	22.12	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail	 	 	 	 
	23	 	RCMC	 	Parkwood
    Holdings Ltd., Victor Y Remedios (US) LLC	 	3,952
    	 	0
    	 	15,809
    	 	43,226
    	 	15,877
    	 	0
    	 	0	 	 Yes
    	 	Office	 	No	 	 
	23.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	23.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office	 	 	 	 
	24	 	SMF
    II	 	NWCC
    Center Plaza LLC	 	1,233
    	 	0
    	 	3,082
    	 	12,652
    	 	2,103
    	 	0
    	 	0	 	 No
    	 	Retail	 	No	 	 
	25	 	Barclays	 	Biddle
    Street Owner LP	 	Springing	 	0
    	 	Springing	 	Springing	 	Springing	 	0
    	 	0	 	 No
    	 	Industrial	 	Yes	 	 
	26	 	SMF
    II	 	Sixth
    Avenue Promenade, LLC	 	746
    	 	0
    	 	3,977
    	 	16,045
    	 	2,784
    	 	0
    	 	0	 	 No
    	 	Various	 	Yes	 	 
	26.01	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mixed
    Use	 	 	 	 
	26.02	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mixed
    Use	 	 	 	 
	26.03	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Office	 	 	 	 
	26.04	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Retail	 	 	 	 
	26.05	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other	 	 	 	 
	26.06	 	SMF
    II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mixed
    Use	 	 	 	 
	27	 	Barclays	 	SSSP
    South Rowlett Collierville, LLC, SSSP North Watkins Frayser, LLC, SSSP Olive Branch, LLC	 	2,326
    	 	0
    	 	0
    	 	0
    	 	Springing	 	0
    	 	5
    (Once per year)	 	 No
    	 	Self
    Storage	 	Yes	 	 
	27.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Self
    Storage	 	 	 	 
	27.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Self
    Storage	 	 	 	 
	27.03	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Self
    Storage	 	 	 	 
	28	 	SMF
    II	 	JKS-Lakeview,
    LP	 	1,769
    	 	0
    	 	4,167
    	 	8,706
    	 	1,646
    	 	0
    	 	0	 	 No
    	 	Retail	 	Yes	 	 
	29	 	SMF
    II	 	Eastlake
    Commons Associates II, LLC	 	1,553
    	 	0
    	 	9,708
    	 	11,546
    	 	3,933
    	 	0
    	 	0	 	 No
    	 	Retail	 	Yes	 	 
	30	 	Barclays	 	Marquise
    Parc, LLC	 	7,371
    	 	0
    	 	0
    	 	24,991
    	 	7,574
    	 	0
    	 	0	 	 Yes
    	 	Multifamily	 	Yes	 	 
	31	 	SMF
    II	 	Wagner
    Pembroke Pines LLC, Storage Pros Pembroke Pines LLC	 	925
    	 	0
    	 	0
    	 	10,307
    	 	3,751
    	 	0
    	 	0	 	 No
    	 	Self
    Storage	 	Yes	 	 
	32	 	JPMCB	 	Harbourwalk
    Hotel Limited Partnership	 	4%
    of Gross Revenues	 	0
    	 	0
    	 	13,720
    	 	Springing	 	Springing	 	0	 	 Yes
    	 	Hotel	 	No	 	 
	33	 	Barclays	 	North
    Lane Associates	 	1,453
    	 	0
    	 	5,087
    	 	8,445
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	34	 	RCMC	 	Atlas
    Market Street, LP	 	1,514
    	 	0
    	 	3,785
    	 	15,473
    	 	1,992
    	 	Springing	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	34.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	34.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial	 	 	 	 
	35	 	RAIT	 	Legacy
    AH, LLC	 	Springing	 	0
    	 	2,863
    	 	5,437
    	 	1,750
    	 	0
    	 	5	 	 No
    	 	Mixed
    Use	 	Yes	 	 
	36	 	Barclays	 	Pearl
    Hospitality Roselle, LLC	 	4%
    of Gross Revenues	 	0
    	 	0
    	 	12,915
    	 	3,444
    	 	Springing	 	0	 	 Yes
    	 	Hotel	 	Yes	 	 
	37	 	Barclays	 	Woodridge
    Apartments Holding LLC	 	4,250
    	 	0
    	 	0
    	 	7,383
    	 	Springing	 	0
    	 	0	 	 No
    	 	Multifamily	 	Yes	 	 
	38	 	JPMCB	 	LH
    835 Heights LLC	 	800
    	 	0
    	 	0
    	 	11,418
    	 	175
    	 	0
    	 	0	 	 No
    	 	Multifamily	 	No	 	 
	39	 	SMF
    II	 	Everest
    Hospitality, LLC	 	2%
    of Gross Revenues	 	0
    	 	0
    	 	12,093
    	 	3,231
    	 	Springing	 	0	 	 No
    	 	Hotel	 	Yes	 	 
	40	 	Barclays	 	12005
    Burgard Equities LLC	 	1,004
    	 	0
    	 	2,677
    	 	8,086
    	 	Springing	 	Springing	 	0	 	 No
    	 	Industrial	 	Yes	 	 
	41	 	RAIT	 	Del
    192 Mill Street Realty, LLC	 	882
    	 	0
    	 	4,411
    	 	8,015
    	 	940
    	 	0
    	 	5	 	 No
    	 	Office	 	Yes	 	 
	42	 	SMF
    II	 	Schoolcraft
    Commons Retail SPE LLC, Schoolcraft Commons Unit 2 SPE LLC, Schoolcraft Commons Unit 3 SPE LLC, Schoolcraft Commons Unit 4
    SPE LLC, Schoolcraft Commons Unit 5 SPE LLC	 	727
    	 	0
    	 	3,637
    	 	4,081
    	 	330
    	 	17,482
    	 	0	 	 No
    	 	Retail	 	Yes	 	 
	43	 	JPMCB	 	15543
    Rayen Townhomes, LLC	 	1,780
    	 	0
    	 	0
    	 	9,900
    	 	1,800
    	 	0
    	 	0	 	 No
    	 	Multifamily	 	Yes	 	 
	44	 	SMF
    II	 	Circle
    Mobile Home Park, LLC	 	1,003
    	 	0
    	 	0
    	 	6,907
    	 	1,389
    	 	0
    	 	0	 	 No
    	 	Manufactured
    Housing	 	Yes	 	 
	45	 	SMF
    II	 	WHLR-Sunshine
    Shopping Plaza, LLC	 	1,483
    	 	0
    	 	Springing	 	9,906
    	 	5,478
    	 	Springing	 	0	 	 No
    	 	Retail	 	Yes	 	 
	46	 	RCMC	 	Babcock
    Street Associates, LLC, Tomahawk Drive Extension, LLC, Tomahawk Drive Associates, LLC	 	1,354
    	 	0
    	 	0
    	 	3,590
    	 	4,247
    	 	0
    	 	0	 	 No
    	 	Self
    Storage	 	Yes	 	 
	46.01	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Self
    Storage	 	 	 	 
	46.02	 	RCMC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Self
    Storage	 	 	 	 
	47	 	SMF
    II	 	Arbela
    Associates, Inc.	 	569
    	 	0
    	 	Springing	 	8,152
    	 	1,124
    	 	Springing	 	0	 	 No
    	 	Retail	 	Yes	 	 
	48	 	Barclays	 	ATA
    Trinity Place TN, LLC	 	599
    	 	0
    	 	3,995
    	 	8,003
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Mixed
    Use	 	No	 	 
	49	 	Barclays	 	Pacific
    PETC-Miami LLC	 	Springing	 	0
    	 	0
    	 	Springing	 	Springing	 	0
    	 	0	 	 No
    	 	Retail	 	Yes	 	 
	50	 	Barclays	 	Asak
    Family LLC, AAB Hospitality, Inc.	 	4%
    of Gross Revenues	 	0
    	 	0
    	 	10,362
    	 	3,533
    	 	Springing	 	0	 	 Yes
    	 	Hotel	 	Yes	 	 
	51	 	SMF
    II	 	Fenton
    Business Center LLC, Kirshner Fenton, LLC, Liebes Fenton, LLC, Sackler Fenton, LLC	 	362
    	 	0
    	 	Springing	 	8,120
    	 	384
    	 	0
    	 	0	 	 No
    	 	Industrial	 	Yes	 	 
	52	 	Barclays	 	UBW-MS
    Owner, LLC, UBW-RB Owner, LLC	 	1,202
    	 	0
    	 	6,008
    	 	6,056
    	 	3,332
    	 	Springing	 	0	 	 No
    	 	Retail	 	Yes	 	 
	53	 	SMF
    II	 	Arlington
    Investments Group, L.L.C., Oberlin Group, L.L.C.	 	Springing	 	0
    	 	0
    	 	1,288
    	 	497
    	 	0
    	 	0	 	 No
    	 	Manufactured
    Housing	 	Yes	 	 
	54	 	Barclays	 	Lakeside
    Industrial Group, LLC	 	467
    	 	0
    	 	1,635
    	 	5,492
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	Yes	 	 
	55	 	Barclays	 	ATA
    Hiram Square GA, LLC	 	578
    	 	0
    	 	2,080
    	 	3,281
    	 	322
    	 	0
    	 	0	 	 Yes
    	 	Retail	 	No	 	 
	56	 	RAIT	 	NatGreensboro
    LLC	 	533
    	 	0
    	 	2,667
    	 	1,746
    	 	997
    	 	0
    	 	5	 	 Yes
    	 	Industrial	 	Yes	 	 
	57	 	SMF
    II	 	C
    & W Group, L.L.C.	 	Springing	 	0
    	 	0
    	 	1,979
    	 	1,399
    	 	Springing	 	0	 	 No
    	 	Manufactured
    Housing	 	Yes	 	 
	58	 	JPMCB	 	FSC
    CES Oklahoma City OK, LLC	 	0
    	 	0
    	 	0
    	 	Springing	 	Springing	 	0
    	 	0	 	 Yes
    	 	Industrial	 	No	 	3/31/2030

 

    	 9

    	 

    

 

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

  

Wells Fargo Bank, National
Association

as Certificate Administrator 

Sixth Street and Marquette Avenue 

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

 

		Re:	Transfer of JPMBB Commercial Mortgage Securities Trust
2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor, on behalf of the holders
of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 (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”
(an “Institutional Accredited Investor”) within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the

 

 

 

*
Purchaser must include one of the following two certifications. 

 

    	Exhibit C-1

    	 

    

  

Securities Act of 1933, as amended (the “Securities Act”) or any entity in which all of the equity
owners come within such paragraphs 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 Fund 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 Fund 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 Prospectus and the Prospectus Supplement 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 Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot
be

 

    	Exhibit C-2

    	 

    

 

 

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 exercise primary supervision over the administration of such trust, and one or more such

 

 

 

**
Each Purchaser must include one of the two alternative certifications.

 

*** Does not apply to a transfer of
Class R Certificates.

 

    	Exhibit C-3

    	 

    

 

 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 non-U.S. 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

 

[Date]

 

Wells Fargo Bank, National
Association

as Certificate Registrar 

Sixth Street and Marquette Avenue 

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

		Re:	JPMBB
                                         Commercial Mortgage Securities Trust 2015-C31 Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-C31 (the “Certificates”) issued pursuant to the Pooling
                                         and Servicing Agreement (the “Pooling and Servicing Agreement”), dated
                                         as of August 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
                                         as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as
                                         Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate
                                         Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor

 

	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”, (ii) “Upper-Tier
REMIC” and (iii) “BWP Trust Subordinate Companion Loan 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 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 Freddie Mac, a majority of its board of directors is not selected by such governmental unit),

 

    	Exhibit D-1-1

    	 

    

 

(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 any 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

 

(iii) 
     the present value of the anticipated tax savings associated with holding such Class R
Certificate as the related REMIC generates losses.

 

    	Exhibit D-1-2

    	 

    

  

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 it will not consummate any
such transfer if it knows or believes that any representation contained in such affidavit and agreement is false.

 

    	Exhibit D-1-3

    	 

    

 

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

 

[Date]

 

Wells Fargo Bank, National
Association

as Certificate Registrar

Sixth Street and Marquette Avenue 

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass-Through Certificates, Series 2015-C31 (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 August 1, 2015 (the
“Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial
Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer
and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance
LLC, as Senior Trust 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 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

 

    	Exhibit D-2-1

    	 

    

 

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:	1055 10th Avenue SE

Minneapolis, MN 55414

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31
	 	 	 
	 	Custodian/Trustee

                                    Mortgage File No.:
	
         

         

	Depositor
	 
	 	Name:	J.P. Morgan Chase Commercial Mortgage Securities Corp.
	 	 	 
	 	Address:	
        383 Madison Avenue, 31st Floor, New York, New York
10179, Attention: Kunal K. Singh 

	 	 	 
	 	 	 
	 	Certificates:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

The undersigned [Master
Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the “Custodian”)
on behalf of Wells Fargo Bank, National Association, as trustee (the “Trustee”), for the Holders of JPMBB Commercial
Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, the documents referred to below
(the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have the meanings
given them in the Pooling and Servicing Agreement dated as of August 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage
Securities Corp., as Depositor, Midland Loan Services, a

 

    	Exhibit E-1

    	 

    

 

Division
of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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
and the BWP Trust Subordinate Companion Loan have been liquidated or the Mortgage Loans and the BWP Trust Subordinate Companion
Loan have been paid in full and the proceeds thereof have been remitted to the Certificate 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

Sixth Street and Marquette Avenue 

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

 

Re:       Transfer
of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase US$[___] initial Certificate Balance in the JPMBB Commercial Mortgage Securities
Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [E][F][NR][BWP] Certificates issued pursuant
to that certain Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 and will not become (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 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

 

    	Exhibit F-1-1

    	 

    

 

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 and the Certificate Administrator, the Master Servicer and the Special Servicer, the Initial Purchasers, the
Senior Trust 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 and the Special Servicer, the Trustee and the Certificate
Administrator, the Senior Trust Advisor, the Initial Purchasers or the Trust Fund.

 

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 Z CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Administrator 

Sixth Street and Marquette Avenue 

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

  

[Transferor] 

[______] 

[______] 

Attention: [______]

 

Re:       JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase [__]% Percentage Interest in the JPMBB Commercial Mortgage Securities Trust
2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [R][Z] Certificates (the “Class [R][Z]
Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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][Z] Certificate, the Purchaser
is not and will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) 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][Z] Certificate.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

    	Exhibit F-2-1

    	 

    

 

	 	 	 
	 	Very truly yours,
	 	 
	 	 [The Purchaser]
	 	 	 
		By:	
 
	 		Name:

Title:

 

    	Exhibit F-2-2

    	 

    

 

EXHIBIT G

 

FORM OF STATEMENT TO CERTIFICATEHOLDERS

See Annex B to the Prospectus Supplement 

 

    	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 “Wells Fargo Bank, National
Association, as Trustee for the registered holders of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage
Pass-Through Certificates, Series 2015-C31” (the “Assignee”), having
an office at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate
Trust Services (CMBS), JPMBB Commercial Mortgage Securities Trust Series 2015-C31,
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 and the BWP Trust Subordinate Companion Loan 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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

Re:       JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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:

 

(1)          the offer of the
Certificates was not made to a person in the United States;

 

 

 

*Select appropriate depository.

 

    	Exhibit I-1

    	 

    

 

[(2)        at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States;]**

 

[(2)         the transaction
was executed in, on or through the facilities of a designated offshore securities market 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 and the Certificate Administrator, the Senior Trust
Advisor, the Master Servicer and the Special Servicer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

Dated: _______

 

cc: J.P. Morgan
Chase Commercial Mortgage Securities Corp.

 

 

 

**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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

Re:        JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 and the Certificate Administrator, the Senior Trust
Advisor, the Master Servicer and the Special Servicer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	
 
	 	 	Name:

Title:

  

Dated: ________

 

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

 

 

*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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

Re:        JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

 

 

*Select appropriate depository.

 

    	Exhibit K-1

    	 

    

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee and the Certificate Administrator, the Senior Trust
Advisor, the Master Servicer and the Special Servicer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

Dated: _______

 

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

    	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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage
Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 commenced or threatened in connection with which this certificate is or would be relevant, we

 

 

 

*Select, as applicable.

 

    	Exhibit L-1

    	 

    

 

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 and the Special Servicer, the Trustee and
the Certificate Administrator, the Senior Trust Advisor 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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

Re:        JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 and the Special Servicer, the Trustee and
the Certificate Administrator, the Senior Trust Advisor and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	
 
	 	 	Name:

Title:

  

Dated: ________

 

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

 

 

**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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31 

 

	 	Re:	JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 and the Special Servicer, the Trustee and
the Certificate Administrator, the Senior Trust Advisor and the Initial Purchasers.

  

	 	[Insert Name of Transferor]
	 	 
	 	By:	
	 	 	 Name:
Title:

 

 Dated: _______

 

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

 

 

*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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial
Mortgage Pass-Through Certificates, Series 2015-C31, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 commenced or threatened in connection with which this certificate is or would be relevant, we 

 

    	Exhibit O-1

    	 

    

 

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 and the Special Servicer, the Trustee and
the Certificate Administrator, the Senior Trust Advisor and the Initial Purchasers.

 

	 	

[Insert Name of Transferor]

	 	 
	 	By: 
	 	 	 Name:
Title:

 

Dated: _______

 

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

    	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 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial
Mortgage Pass-Through Certificates, Series 2015-C31

 

In accordance with
the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 final Prospectus Supplement and the Prospectus.

 

4.
          The undersigned is not a Borrower Party.

 

5.
         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, 

 

    	Exhibit P-1A-1

    	 

    

 

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.

 

6.
          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 Trustee and the Certificate Administrator, the Master Servicer and the Special Servicer, the Senior 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.

 

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.
          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 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]

 

	
        Midland Loan Services, a Division of PNC 

Bank, National Association

        10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division 

Head; JPMBB 2015-C31
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31
	 	 
	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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

         

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial
Mortgage Pass-Through Certificates, Series 2015-C31

 

In accordance with
the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 final Prospectus Supplement and 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

  

    	Exhibit P-1B-1

    	 

    

 

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 this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee and the Certificate Administrator, the Master Servicer and the Special Servicer, the Senior 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.

 

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.
          The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or
(b) mailed by registered mail, postage prepaid.

 

9.
         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

  

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

 

    	Exhibit P-1B-2

    	 

    

 

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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 JPMBB 2015-C31

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial
Mortgage Pass-Through Certificates, Series 2015-C31

 

In accordance with
the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 final Prospectus Supplement and the Prospectus.

 

4.
          The undersigned is a Borrower Party.

 

5.
          The undersigned is requesting access to the Statement to Certificateholders pursuant to the Pooling and Servicing Agreement. In
consideration of the disclosure to the undersigned of the Statement to Certificateholders, or the access thereto, the undersigned
will keep the Statement to Certificateholders confidential (except from such outside persons as are

  

    	Exhibit P-1C-1

    	 

    

 

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 Statement to Certificateholders
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 Statement to Certificateholders
confidential shall expire one year following the date that the undersigned receives such Statement to Certificateholders (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 Statement to Certificateholders 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 this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee and the Certificate Administrator, the Master Servicer and the Special Servicer, the Senior 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.

 

7.
          The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Statement to Certificateholders
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 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]

 

	
        Midland Loan Services, a Division of PNC 

Bank, National Association

        10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head; JPMBB 2015-C31  
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31
	 	 
	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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

         

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial
Mortgage Pass-Through Certificates, Series 2015-C31

 

In accordance with
the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by
and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 is a Borrower Party with respect to the following Excluded Controlling Class Loans:

 

[IDENTIFY
EXCLUDED CONTROLLING CLASS LOANS] (the “Excluded Controlling Class Loans”)

 

3.
          The undersigned has received a copy of the final Prospectus Supplement and the Prospectus.

 

    	Exhibit P-1D-1

    	 

    

 

4.
          Except with respect to the Excluded Controlling Class Loans, 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 Controlling Class Loans to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to
such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.
          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 Trustee and the Certificate Administrator, the Master Servicer and the Special Servicer, the Senior 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.

 

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 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.

 

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

 

    	Exhibit P-1D-2

    	 

    

 

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 Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

10.
         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

  

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

 

    	Exhibit P-1D-3

    	 

    

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	
        Midland Loan Services, a Division of PNC 

Bank, National Association

        10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head; JPMBB 2015-C31

         
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31
	 	 
	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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

         

  

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS LOAN” RELATING TO THE JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C31 COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-C31 REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.37 OF THE POOLING
AND SERVICING AGREEMENT.

 

In accordance with
Section 3.15(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] [a Controlling Class Certificateholder] as of the date hereof.

    

2.
         The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)] [and] [Whole
Loan(s)] (the “Excluded Controlling Class Loans”):

 

    	Exhibit P-1E-1

    	 

    

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.
          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 Controlling Class Loans on the
Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded
Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 3.15(b) of the Pooling
and Servicing Agreement.

 

4.
         The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the
Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Loans listed
in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

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. 

   

	 	[Directing Certificateholder][Controlling Class Certificateholder]
	 	 
	 	By: 	
	 	 	 Name:
Title:

Dated: _______

 cc: J.P. Morgan Chase Commercial Mortgage

 Securities Corp.

 

    	Exhibit P-1E-2

    	 

    

 

EXHIBIT P-1F

 

FORM OF NOTICE OF 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)

        JPMBB Commercial Mortgage Securities Trust Series 2015-C31

        cts.cmbs.bond.admin@wellsfargo.com

         

        with a copy to:

          

        Wells Fargo Bank, National
        Association,

        8480 Stagecoach
Circle

        Frederick, Maryland 21701-4747

        Attention: JPMBB Commercial Mortgage Securities
Trust Series 2015-C31

         

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31

 

In accordance with Section 3.15(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][a Controlling Class Certificateholder] as of the date hereof.

 

2.
         The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)] [and] [Whole
Loan(s)] (the “Excluded Controlling Class Loans”):

  

	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 JPMBB Commercial Mortgage Securities Trust 2015-C31 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 Controlling Class Loans on the Certificate Administrator’s Website unless and until it (i) is no longer an
Excluded Controlling Class Holder with respect to such Excluded Controlling Class Loans, (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 be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified. 

 

	 	[Directing Certificateholder][Controlling Class Certificateholder]
	 	 
	 	By: 	
	 	 	 Name:
 Title:

Dated: _______

 cc: J.P. Morgan Chase Commercial Mortgage

Securities Corp.

 

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]

 

	
        Midland Loan Services, a Division of PNC 

Bank, National Association

        10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division 

Head; JPMBB 2015-C31 
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31
	 	 
	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)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

         

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates,
Series 2015-C31

 

In accordance with
Section 3.28(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.
          The undersigned has been appointed to act as the 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.
         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or
(b) mailed by registered mail, postage prepaid.

 

5.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.

 

    	Exhibit P-1G-1

    	 

    

  

	 	[Directing Certificateholder]
	 	 
	 	By:	
	 		 Name:
 Title:

Dated: _______ 

cc: J.P. Morgan Chase Commercial Mortgage

Securities Corp

 

    	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 (CMBS), JPMBB Commercial Mortgage Securities Trust
2015-C31, Commercial Mortgage Pass Through Certificates, Series 2015-C31

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust 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 any confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s
17g-5 website shall also be applicable to information obtained from 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 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

    	 

    

 

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 (CMBS), JPMBB Commercial Mortgage
Securities Trust 2015-C31, Commercial Mortgage Pass Through Certificates, Series 2015-C31

 

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 August 1, 2015
(the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust 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., Intex Solutions, Inc., Trepp, LLC, BlackRock
Financial Management Inc., Interactive Data Corporation, CMBS.com, Inc., Markit or Thompson Reuters, 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 this agreement by itself or any of its
Representatives and shall indemnify the Depositor, the Trustee and the Certificate Administrator, the Master Servicer and the Special
Servicer, the Senior Trust Advisor 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.

 

    	Exhibit P-3-1

    	 

    

  

		5.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Pooling and Servicing Agreement.

  

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-3-2

    	 

    

 

EXHIBIT Q

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

Re:         JPMBB
Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor, the undersigned, as Custodian, hereby certifies that,
except as noted on the attached Custodial Exception Report, as to each Mortgage Loan and the BWP Trust Subordinate Companion Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan or the BWP Trust Subordinate Companion Loan paid in full or
for which a Liquidation Event has occurred) the Custodian has, subject to Section 2.02(e) 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), (ix) through (xiii), (xv) and (xvi) (or, with respect to clause (xvi),
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 or BWP Trust Subordinate Companion Loan 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.

 

    	Exhibit Q-1

    	 

    

 

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

 

    	Exhibit Q-2

    	 

    

 

SCHEDULE A

  

	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179	[DIRECTING CERTIFICATEHOLDER NOTICE ADDRESS]
	 	 
	
        Kroll Bond Rating Agency, Inc.

        845 Third Avenue, 4th Floor

        New York, New York 10022

        Attention: CMBS Surveillance

         Facsimile No.: (646) 731-2395 
	[APPLICABLE MORTGAGE LOAN SELLER’S NOTICE ADDRESS]
	 	 
	
        DBRS, Inc.

         333 West Wacker Drive, Suite 1800

         Chicago, Illinois 60606

         Attention: Commercial Mortgage Surveillance

         Facsimile No.: (312) 332-3492

         Email: cmbs.surveillance@dbrs.com 
	 
	 	 
	
        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 
	 
	 	 
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

JPMBB 2015-C31

Telecopy Number: (913) 253-9001	 

 

    	Exhibit Q-3

    	 

    

 

 EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER

 

RECORDING REQUESTED BY: 

 

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 

	 
	SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank, National
Association, a national banking association organized and existing under the laws of the United States and having an office at
9062 Old Annapolis Road, Columbia, Maryland 20145, not in its individual capacity but solely as Trustee (in such capacity, the
“Trustee”), hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association
(the “Master Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through any authorized representative
appointed by the Board of Directors of the Master Servicer, to execute and acknowledge in writing or by facsimile stamp all documents
customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (12) below; provided however,
that the documents described below may only be executed and delivered by such Attorneys-In-Fact if such documents are required
or permitted under the terms of the Pooling and Servicing Agreement, dated as of December 1, 2014 (the “Agreement”)
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as the Depositor, Midland Loan Services, a Division of PNC
Bank, National Association as the master servicer (in such capacity, the “Master Servicer”) and as the special
servicer (in such capacity, the “Special Servicer”), Wells Fargo Bank, National Association, as the Trustee
and as certificate administrator (in such capacity, the “Certificate Administrator”), and Pentalpha Surveillance
LLC, as the senior trust advisor (the “Senior Trust Advisor”) in connection with the JPMBB Commercial Mortgage
Securities Trust 2015-C31 and no power is granted hereunder to take any action that would be adverse to the interests of Wells
Fargo Bank, National Association.

 

This Limited Power of
Attorney is being issued in connection with the Master Servicer’s responsibilities to service certain mortgage loans (the
“Loans”) and a trust subordinate companion loan (the “BWP Trust Subordinate Companion Loan”)
held by Wells Fargo Bank, National Association, as Trustee. The Loans and the BWP Trust Subordinate Companion Loan are comprised
of mortgages or deeds of trust (the “Mortgages” and “Deeds of Trust” respectively), and other
forms of security instruments (collectively, the “Security Instruments”) and the Mortgage Notes secured thereby.
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit R-1-1

    	 

    

 

1.          Demand, sue for,
recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due
and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take any lawful means
for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving under a Deed of Trust,
the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure,
evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments
by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits
for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary
affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit
or any other action.

 

2.          Execute and/or
file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National Association, as
Trustee, in litigation and to resolve any litigation where the Master Servicer has an obligation to defend Wells Fargo Bank, National
Association, as Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

 

3.          Transact business
of any kind regarding the Loans, the BWP Trust Subordinate Companion Loan and the Mortgaged Properties.

 

4.          Obtain an interest
in the Loans, the BWP Trust Subordinate Companion Loan, the Mortgaged Properties and/or building thereon, as Wells Fargo Bank,
National Association, Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title
in and to the property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.          Execute, complete,
indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments regarding the Borrowers,
the Loans, the BWP Trust Subordinate Companion Loan and/or the Mortgaged Properties, including but not limited to the execution
of estoppel certificates, financing statements, continuation statements, releases, satisfactions, assignments, loan modification
agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements,
property adjustment agreements, non-disturbance and attornment agreements, leasing agreements, management agreements, listing agreements,
purchase and sale agreements, and other instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated
instruments, if any, conveying the Mortgaged Properties, in the interest of Wells Fargo Bank, National Association, as Trustee.

 

6.          Endorse on behalf
of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace,
substitute, release or amend letters of credit as property securing the Loans and the BWP Trust Subordinate Companion Loan.

 

7.          [RESERVED].

 

    	Exhibit R-1-2

    	 

    

 

8.          Such other actions
and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Master Servicer’s
duties and responsibilities under the Agreement.

 

9.          Execute any document
or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer
ownership of the affected Loans and/or BWP Trust Subordinate Companion Loan to the entity (or its designee or assignee) possessing
the right to obtain ownership of the Loans or the BWP Trust Subordinate Companion Loan, as applicable.

 

10.        Subordinate the
lien of a Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing the Loans and the BWP Trust Subordinate
Companion Loan, where applicable, or (ii) to an easement in favor of a public utility company or a government agency or unit with
powers of eminent domain, including but not limited to the execution of partial satisfactions and releases and partial reconveyances
reasonably required for such purpose, and the execution or requests to the trustees to accomplish the same.

 

11.        Convey the Property
to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real estate owner, or convey title to real
estate owned property (“REO Property”).

 

12.        Execute and deliver
the following documentation with respect to the sale of the REO Property acquired through a foreclosure or deed-in-lieu of foreclosure,
including, without limitation, listing agreements, purchase and sale agreements, grant / limited or special warranty / quit claim
deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Mortgaged Property to a party contracted
to purchase same, escrow instructions and any all documents necessary to effect the transfer of REO Property.

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do as of [date].

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby
agrees to indemnify and hold Wells Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power
of Attorney by the Master Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and
the Agreement or the earlier resignation or removal of Wells Fargo Bank, National Association, as Trustee under the Agreement.

 

    	Exhibit R-1-3

    	 

    

 

IN WITNESS WHEREOF, Wells
Fargo Bank, National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by
a duly elected and authorized signatory this _________ day of ________, 20[__].

	 	 
	NO CORPORATE SEAL	Wells Fargo Bank, National Association, as Trustee,
	 	 
	 	For JPMBB Commercial Mortgage Securities Trust 2015-C31

	 	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Attest:	Trust Officer	 	 	 

 

    	Exhibit R-1-4

    	 

    

 

EXHIBIT R-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

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

	 
	SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank, National
Association, a national banking association organized and existing under the laws of the United States and having an office at
9062 Old Annapolis Road, Columbia, Maryland 20145, not in its individual capacity but solely as Trustee (in such capacity, the
“Trustee”), hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association
(the “Special Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through any authorized representative
appointed by the Board of Directors of the Special Servicer, to execute and acknowledge in writing or by facsimile stamp all documents
customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (11) below; provided however,
that the documents described below may only be executed and delivered by such Attorneys-In-Fact if such documents are required
or permitted under the terms of the Pooling and Servicing Agreement, dated as of December 1, 2014 (the “Agreement”)
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as the Depositor, Midland Loan Services, a Division of PNC
Bank, National Association as the master servicer (in such capacity, the “Master Servicer”) and as the special
servicer (in such capacity, the “Special Servicer”), Wells Fargo Bank, National Association, as the Trustee
and as certificate administrator (in such capacity, the “Certificate Administrator”), and Pentalpha Surveillance
LLC, as the senior trust advisor (the “Senior Trust Advisor”) in connection with the JPMBB Commercial Mortgage
Securities Trust 2015-C31 and no power is granted hereunder to take any action that would be adverse to the interests of Wells
Fargo Bank, National Association.

 

This Limited Power of
Attorney is being issued in connection with the Special Servicer’s responsibilities to service certain mortgage loans (the
“Loans”) and a trust subordinate companion loan (the “BWP Trust Subordinate Companion Loan”)
held by Wells Fargo Bank, National Association, as Trustee. The Loans and the BWP Trust Subordinate Companion Loan are comprised
of mortgages or deeds of trust (the “Mortgages” and “Deeds of Trust” respectively), and other
forms of security instruments (collectively, the “Security Instruments”) and the Mortgage Notes secured thereby.
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit R-2-1

    	 

    

 

1.          Demand, sue for,
recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due
and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take any lawful means
for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving under a Deed of Trust,
the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure,
evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments
by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits
for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary
affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit
or any other action.

 

2.          Execute and/or
file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National Association, as
Trustee, in litigation and to resolve any litigation where the Special Servicer has an obligation to defend Wells Fargo Bank, National
Association, as Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

 

3.          Transact business
of any kind regarding the Loans, the BWP Trust Subordinate Companion Loan and the Mortgaged Properties.

 

4.          Obtain an interest
in the Loans, the BWP Trust Subordinate Companion Loan, the Mortgaged Properties and/or building thereon, as Wells Fargo Bank,
National Association, Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title
in and to the property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.          Execute, complete,
indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments regarding the Borrowers,
the Loans, the BWP Trust Subordinate Companion Loan and/or the Mortgaged Properties, including but not limited to the execution
of estoppel certificates, financing statements, continuation statements, releases, satisfactions, assignments, loan modification
agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements,
property adjustment agreements, non-disturbance and attornment agreements, leasing agreements, management agreements, listing agreements,
purchase and sale agreements, and other instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated
instruments, if any, conveying the Mortgaged Properties, in the interest of Wells Fargo Bank, National Association, as Trustee.

 

6.          Endorse on behalf
of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace,
substitute, release or amend letters of credit as property securing the Loans and the BWP Trust Subordinate Companion Loan.

 

7.          [RESERVED].

 

    	Exhibit R-2-2

    	 

    

 

8.          Such other actions
and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s
duties and responsibilities under the Agreement.

 

9.          Execute any document
or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer
ownership of the affected Loans and/or BWP Trust Subordinate Companion Loan to the entity (or its designee or assignee) possessing
the right to obtain ownership of the Loans or the BWP Trust Subordinate Companion Loan, as applicable.

 

10.        Subordinate the
lien of a Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing the Loans and the BWP Trust Subordinate
Companion Loan, where applicable, or (ii) to an easement in favor of a public utility company or a government agency or unit with
powers of eminent domain, including but not limited to the execution of partial satisfactions and releases and partial reconveyances
reasonably required for such purpose, and the execution or requests to the trustees to accomplish the same.

 

11.        Convey the Property
to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real estate owner, or convey title to real
estate owned property (“REO Property”).

 

12.        Execute and deliver
the following documentation with respect to the sale of the REO Property acquired through a foreclosure or deed-in-lieu of foreclosure,
including, without limitation, listing agreements, purchase and sale agreements, grant / limited or special warranty / quit claim
deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Mortgaged Property to a party contracted
to purchase same, escrow instructions and any all documents necessary to effect the transfer of REO Property.

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do as of [date].

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The Special Servicer
hereby agrees to indemnify and hold Wells Fargo Bank, National Association, as Trustee, and its directors, officers, employees
and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever incurred by the Trustee by reason or result of the misuse of
this Limited Power of Attorney by the Special Servicer. The foregoing indemnity shall survive the termination of this Limited Power
of Attorney and the Agreement or the earlier resignation or removal of Wells Fargo Bank, National Association, as Trustee under
the Agreement.

 

    	Exhibit R-2-3

    	 

    

 

IN WITNESS WHEREOF, Wells
Fargo Bank, National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by
a duly elected and authorized signatory this _________ day of ________, 20[__].

	 	 
	NO CORPORATE SEAL	Wells Fargo Bank, National Association, as Trustee,
	 	For JPMBB Commercial Mortgage Securities Trust 2015-C31

	 	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Attest:	Trust Officer	 	 	 

 

    	Exhibit R-2-4

    	 

    

 

EXHIBIT S

 

INITIAL COMPANION
HOLDERS, INITIAL CLASS BWP DIRECTING CERTIFICATEHOLDER

 

	Loan	Companion Holder
	Civic Opera Building	
         

        NOTE A-2

         

        JPMorgan Chase Bank, National Association

         

        NOTICE ADDRESS

         

        JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Joseph E. Geoghan

Facsimile No.: (212) 272-7047 

        -and-

        

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Nancy Alto

        Facsimile No.: (212) 623-4779

         

        with a copy to:

Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, NY 10281 

        Attention: Lisa Pauquette

        Facsimile No.: (212) 504-6666

        

         

	Roosevelt New Orleans Waldorf Astoria	
         

        NOTE A-2 and NOTE A-3

         

        Barclays Bank PLC

        

        Notice Address:

        Barclays Bank PLC

        745 Seventh Avenue

        New York, New York 10019

        Facsimile Number: (646) 758-1700

        Attention: Daniel Vinson, Managing Director

        E-mail: daniel.vinson@barclays.com

 

    	Exhibit S-1

    	 

    

 

	 	
         

        -and-

        

        Barclays Bank PLC

        745 Seventh Avenue

        New York, New York 10019

        Facsimile Number: (212) 412-7519

        Attention: Ian W. Sterling, Legal Department

        Email: ian.sterling@barclays.com

         

        with a copy to:

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Jodi E. Schwimmer

Email: jodi.schwimmer@dechert.com 

	Sunbelt Portfolio	
         

        NOTE A-2

         

        JPMorgan Chase Bank, National Association

         

        NOTICE ADDRESS

         

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

         -and-

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Nancy Alto

Facsimile No.: (212) 623-4779

         

        with a copy to:

Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, NY 10281

         

        Attention: Lisa Pauquette

Facsimile No.: (212) 504-6666

         

  

    	Exhibit S-2

    	 

    

 

 

	Brunswick Portfolio	
         

        NOTE A-1

         

        JPMorgan Chase Bank, National Association

         

        NOTICE ADDRESS

         

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

         -and-

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Nancy Alto

Facsimile No.: (212) 623-4779

         

        with a copy to:

Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, NY 10281

         

        Attention: Lisa Pauquette

        Facsimile No.: (212) 504-6666

         

        NOTE A-3

         

        JPMorgan Chase Bank, National Association

         

        NOTICE ADDRESS

         

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

         -and-

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Nancy Alto

Facsimile No.: (212) 623-4779

        

 

    	Exhibit S-3

    	 

    

 

	 	
         

        with a copy to:

Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, NY 10281

         

        Attention: Lisa Pauquette

Facsimile No.: (212) 504-6666

 

 

	Class	Initial Class BWP Directing Certificateholder
	BWP	
         

         400
Capital Management LLC 

         

        Notice Address: 

        400 Capital Management
LLC 

        510 Madison Avenue 

        New York, New York
10022 

        Attention: Heloisa
Chaney, Chief Operating Officer 

        & 

        Attention: General
Counsel 

        Facsimile: (212) 207-3208 

        Email: hchaney@400Capital.com;

        LegalNotices@400Capital.com

          

        with a copy to: 

         

        Dechert LLP 

        1095 Avenue of the
Americas 

        New York, New York
10036 

        Attention: Laura Swihart 

        Facsimile: (212) 698-0645 

        Email: laura.swihart@dechert.com 

         

 

    	Exhibit S-4

    	 

    

 

EXHIBIT T

 

FORM OF NOTICE RELATING
TO THE NON-SERVICED MORTGAGE LOAN

 

[Date]

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMBB 2015-C30 Asset Manager

Telecopy Number: (704) 715-0036

 

VIA FACSIMILE 

 

		Re:	JPMBB Commercial
Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Dear [__________]:

 

Wells Fargo Bank, National
Association, is the master servicer (the “Non-Serviced Master Servicer”) for the Brunswick Portfolio Whole Loan,
as such term is defined under the Pooling and Servicing Agreement, dated August 1, 2015 (the “2015-C31 Pooling Agreement”)
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer (in such capacity, the “Brunswick Portfolio Master Servicer”) and as
special servicer, Wells Fargo Bank, National Association, as trustee ((in such capacity, the “Trustee”) and
as certificate administrator (in such capacity, the “Certificate Administrator”), and Pentalpha Surveillance
LLC, as senior trust advisor. The Certificate Administrator hereby directs the Non-Serviced Master Servicer, as follows:

 

The Non-Serviced Master
Servicer shall remit to the Brunswick Portfolio Master Servicer all amounts payable to, and forward, deliver or otherwise make
available, as the case may be, to the Brunswick Portfolio 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 Brunswick Portfolio Mortgage
Loan (as such term is defined in the 2015-C31 Pooling Agreement) under the Brunswick Portfolio Intercreditor Agreement (as defined
in the 2015-C31 Pooling Agreement).

 

The Brunswick Portfolio
Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in the 2015-C31 Pooling Agreement) under the 2015-C31
Pooling Agreement.

 

Thank you for your attention
to this matter.

 

    	Exhibit T-1

    	 

    

 

	Date:	 	 

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    	Exhibit T-2

    	 

    

 

EXHIBIT U

 

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	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

 

			DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

			Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

		From:	Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as Master Servicer under the Pooling and
Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among J.P. Morgan
Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee,
and Pentalpha Surveillance LLC, as Senior Trust Advisor.

 

		Date:	_________, 20___

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

Mortgage Loan (the “Mortgage Loan”) [and the BWP Trust Subordinate Companion 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:____________________

____________________

 

    	Exhibit U-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 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 [and the BWP Trust Subordinate
Companion Loan], of the type checked below:

 

____    a full defeasance of the
entire principal balance of the Mortgage Loan [and the BWP Trust Subordinate Companion Loan]; or

 

____    a partial defeasance of
a portion of the principal balance of the Mortgage Loan [and the BWP Trust Subordinate Companion 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 [and the BWP Trust Subordinate Companion 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.

 

(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

 

    	Exhibit U-2

    	 

    

 

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 [and the BWP Trust Subordinate
Companion 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 [and the BWP Trust Subordinate Companion 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 [and the BWP Trust Subordinate Companion 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 [and the
BWP Trust Subordinate Companion Loan] (or the allocated portion thereof in a partial defeasance) for such year.

 

(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

 

    	Exhibit U-3

    	 

    

 

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 Statement
to Certificateholders 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 SENIOR TRUST
ADVISOR ANNUAL REPORT1

 

Report Date: After the occurrence and
during the continuance of a Control Event, this report will be delivered annually no later than [INSERT DATE], pursuant to the
terms and conditions of the Pooling and Servicing Agreement.

Transaction: J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2015-C31

Senior Trust Advisor: Pentalpha Surveillance LLC

Special Servicer: Midland Loan Services, a Division of PNC Bank, National Association

Directing Certificateholder: KKR Real Estate Finance Manager, LLC

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this
Report

 

		1.	The Special Servicer has notified the Senior Trust Advisor that [·]
Specially Serviced Mortgage Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[·] of those Specially Serviced Mortgage 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 Mortgage Loans. This report is based only on the Specially Serviced Mortgage 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 Senior Trust Advisor
(in accordance with the Senior Trust 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 Mortgage
Loans in accordance with the Servicing Standard. Based on such limited review, the Senior Trust 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 Senior Trust 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
Senior 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.

 

    	Exhibit V-1

    	 

    

 

In connection with the
assessment set forth in this report, the Senior Trust 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 Mortgage Loans: [List applicable Mortgage Loans]

 

		2.	Consulted with the Special Servicer as provided under the Pooling
and Servicing Agreement. The Senior Trust Advisor’s analysis of the Asset Status Reports (including related net present value
calculations and Appraisal Reduction calculations) related to the Specially Serviced Mortgage 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 Senior Trust Advisor reviewed the following items in connection
with the generation of this report: [LIST MATERIAL ITEMS].

 

		2.	During the prior year, the Senior Trust Advisor consulted with the
Special Servicer regarding its strategy plan for a limited number of issues related to the following Specially Serviced Mortgage
Loans: [LIST]. The Senior 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 Special Servicer [agreed with/did
not agree with] the material recommendations made by the Senior Trust Advisor. Such recommendations generally included the following:
[LIST].

 

		3.	Appraisal Reduction calculations and net present value calculations:

 

		4.	The Senior Trust 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 Mortgage Loan prior to the utilization by the Special Servicer.

 

    	Exhibit V-2

    	 

    

 

		a.	The Senior Trust 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 Senior Trust Advisor discussed in this report: [LIST CONCERNS].

 

		6.	In addition to the other information presented herein, the Senior
Trust 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 Senior Trust Advisor did not participate in, or have access to,
the Special Servicer’s and Directing Certificateholder’s discussion(s) regarding any Specially Serviced Mortgage Loan.
The Senior Trust Advisor does not have authority to speak with the Directing Certificateholder directly. As such, the Senior Trust
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 Mortgage Loans pursuant to the Pooling and Servicing Agreement. The Senior Trust Advisor has no
responsibility or authority to alter the standards set forth therein.

 

		3.	Confidentiality and other contractual limitations limit the Senior
Trust Advisor’s ability to outline the details or substance of the discussions held between it and the 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 Senior Trust 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 Mortgage Loans. These include, but are not limited to, assumptions, ownership changes, collateral
substitutions, capital reserve changes, etc. The Senior Trust Advisor does not participate in any discussions regarding such actions.
As such, Senior Trust Advisor has not assessed the Special Servicer’s operational compliance with respect to those types
of actions.

 

		5.	The Senior Trust 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 dated August 1, 2015.

 

    	Exhibit V-4

    	 

    

 

EXHIBIT W

 

Form
of Notice from Senior Trust Advisor Recommending Replacement of Special Servicer

 

Wells Fargo Bank, National Association

   as Certificate Administrator and as Trustee 

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2015-C31

Telecopy Number: (410) 715-2380

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

JPMBB 2015-C31

Telecopy Number: (913) 253-9001

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass-Through Certificates, Series 2015-C31,

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 August 1, 2015 (the “Pooling and Servicing
Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor, on behalf of the holders
of JPMBB Commercial Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31 (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 Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.31 of the Pooling
and Servicing Agreement, it is our assessment that Midland Loan Services, a Division of PNC Bank, National Association, 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: [________].

 

    	Exhibit W-1

    	 

    

 

Based upon such assessment,
we further hereby recommend that Midland Loan Services, a Division of PNC Bank, National Association be removed as Special Servicer
and that [________] be appointed its successor in such capacity.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	[The Senior Trust Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    	Exhibit W-2

    	 

    

 

EXHIBIT X

 

Form
of CONFIDENTIALITY Agreement

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

JPMBB 2015-C31

Telecopy Number: (913) 253-9001

 

		Re:	Access to Certain Information Regarding JPMBB Commercial
Mortgage Securities Trust 2015-C31, Commercial Mortgage Pass-Through Certificates, Series 2015-C31

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and
as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor. Defined terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing Agreement.

 

Midland Loan Services, a Division of PNC
Bank, National Association (“Midland”) understands that [____] (the “Company”)
is requesting certain confidential or non-public information relating to the Mortgage Loans and the BWP Trust Subordinate Companion
Loan 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.

 

Midland will provide the Company with
certain confidential, non-public servicing information (the “Confidential Information”)
pertaining to the Mortgage Loans and the BWP Trust Subordinate Companion Loan and the related Mortgaged Properties and borrowers.
The Company acknowledges that the Confidential Information (a) includes or may be based upon information provided to Midland by
third parties, (b) may not have been verified by Midland, and (c) may be incomplete or contain inaccuracies. The Company agrees
that Midland, 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) Midland’s failure or inability to provide the Confidential Information to the Company for any reason.
Notwithstanding the

 

    	Exhibit X-1

    	 

    

 

[_____] [__], 20[__]

Page 2

 

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
Midland; (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 Midland; (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 Midland’s election): (i) responses to reasonable written inquiries received from the Company, (ii)
conference calls conducted on a reasonably scheduled basis with Midland’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”).
Midland 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) Midland 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. Midland shall cease to provide the Company with Confidential Information if Midland
has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage Loan documents and
Midland 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. Midland’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 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.

 

    	Exhibit X-2

    	 

    

 

[_____] [__], 20[__]

Page 3

 

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, Midland 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 Midland’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,
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	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 J.P. Morgan Chase Commercial Mortgage Securities Corp., 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 J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-C31 (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:

 

Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, as Trustee and as Custodian, Pentalpha Surveillance LLC, as Senior Trust Advisor; Wells Fargo Bank,
National Association, as Non-Serviced Master Servicer, as Non-Serviced Certificate Administrator and as non-serviced custodian
of the Brunswick Portfolio Mortgage Loan, Torchlight Loan Services, LLC, as Non-Serviced Special Servicer of the Brunswick Portfolio
Mortgage Loan, Wilmington Trust, National Association, as Non-Serviced

 

    	Exhibit Y-1

    	 

    

 

Trustee of the Brunswick Portfolio Mortgage Loan and Pentalpha
Surveillance LLC, as Non-Serviced Senior Trust Advisor of the Brunswick Portfolio Mortgage Loan.

 

	Date:	 	 

 

	President and Chief Executive Officer	 
	J.P. Morgan Chase Commercial Mortgage Securities Corp.	 
	(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

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.          I (or an officer
under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__] (the “Form
10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form 10-K of the Trust
(collectively, with the Form 10-K, the “Reports”);

 

2.          Based on 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 Form 10-K;

 

3.          Based on my knowledge,
all of the distribution and other information required to be provided by the Certificate Administrator under the Pooling and Servicing
Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports and all of the distribution,
servicing and other information provided to the Certificate Administrator by the trustee and the custodian, the master servicer
and the special servicer and the senior trust advisor under the Pooling and Servicing Agreement for inclusion in the Reports for
the period covered by the Form 10-K is included in the Reports;

 

    	Exhibit Z-1-1

    	 

    

 

4.           I (or an officer
under my supervision) 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 review conducted in preparing the Certificate Administrator
compliance statement 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, and except as disclosed in the Reports, the Certificate Administrator has fulfilled its
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 applicable to the Certificate Administrator or
any Servicing Function Participant retained by the Certificate Administrator (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required to be included
in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an
exhibit to the Form 10-K. Any material instances of noncompliance described in such reports have been disclosed in the Form 10-K
and such assessment of compliance is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Certificate Administrator responsible for reviewing the activities performed by the Certificate
Administrator under the Pooling and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-1-2

    	 

    

 

Exhibit
Z-2

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or Servicing
Officers under my supervision) have reviewed the servicing and other information required to be provided by the Master Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December
31, 20[__] (“Form 10-K”) and all information required to be provided by the Master Servicer in accordance with
the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the
period covered by the Form 10-K of the Trust (collectively, with the Form 10-K, the “Reports”) (such information
provided by the Master Servicer, collectively, the “Master Servicer Periodic Information”);

 

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 Servicer Periodic Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form
10-K;

 

    	Exhibit Z-2-1

    	 

    

 

3.          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, all of servicing and other information required to be provided
by the Master Servicer under the Pooling and Servicing Agreement for inclusion in the Reports for the period covered by the Form
10-K is included in the Master Servicer Periodic Information;

 

4.           I (or Servicing
Officers under my supervision) am responsible for reviewing the activities performed by the Master Servicer under the Pooling and
Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Master Servicer compliance statement
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, and except as disclosed in the Master Servicer Periodic Information, the Master Servicer has fulfilled its obligations
under the Pooling and Servicing Agreement in all material respects;

 

5.          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

 

6.          All of the reports
on assessment of compliance with servicing criteria for asset-backed securities applicable to the Master Servicer or any Servicing
Function Participant retained by the Master Servicer (the “Relevant Servicing Criteria”) and their related attestation
reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing Agreement to
be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18,
have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance with the Relevant
Servicing Criteria have been disclosed in such reports and such assessment of compliance is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Master Servicer responsible for reviewing the activities performed by the Master Servicer
under the Pooling and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

 

    	Exhibit Z-2-2

    	 

    

 

Exhibit
Z-3

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or Servicing
Officers under my supervision) have reviewed the servicing and other information required to be provided by the Special Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December
31, 20[__] (“Form 10-K”) and all information required to be provided by the Special Servicer in accordance with
the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the
period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information
provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);

 

2.          Based on my knowledge,
the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by the Form 10-K;

 

3.          Based on my knowledge,
all servicing and other information required to be provided by the Special Servicer under the Pooling and Servicing Agreement for
inclusion in the Reports for the period covered by the Form 10-K is included in the Special Servicer Periodic Information;

 

    	Exhibit Z-3-1

    	 

    

 

4.          I (or Servicing
Officers under my supervision) am responsible for reviewing the activities performed by the Special Servicer under the Pooling
and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s
compliance statement 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, and except as disclosed in the Special Servicer Periodic Information, the Special Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects;

 

5.          The accountants
that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of
the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating to the Special
Servicer’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

 

6.           All of the reports
on assessment of compliance with servicing criteria for asset-backed securities applicable to the Special Servicer or any Servicing
Function Participant retained by the Special Servicer (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing Agreement
to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance with
the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is
fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Special Servicer responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-3-2

    	 

    

 

Exhibit
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or officers
under my supervision) have reviewed the information required to be provided by the Trustee in accordance with the Pooling and Servicing
Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”)
and all information required to be provided by the Trustee in accordance with the Pooling and Servicing Agreement for inclusion
in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of the Trust (collectively
with the Form 10-K, the “Reports”) (such information provided by the Trustee, collectively, the “Trustee
Periodic Information”);

 

2.          Based on my knowledge,
the Trustee Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Form 10-K;

 

3.          Based on my knowledge,
all information required to be provided by the Trustee under the Pooling and Servicing Agreement for inclusion in the Reports for
the period covered by the Form 10-K is included in the Trustee Periodic Information;

 

    	Exhibit Z-4-1

    	 

    

 

4.           I (or officers
under my supervision) am responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement,
and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance statement to be delivered
under Article XI of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under Item 1123 of Regulation AB,
and except as disclosed in the Trustee Periodic Information, the Trustee has fulfilled its 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 applicable to the Trustee or any Servicing Function
Participant retained by the Trustee (the “Relevant Servicing Criteria”) and their related attestation reports
on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing Agreement to be delivered
for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been
delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing
Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is fairly stated in all
material respects.

 

This Certification is
being signed by me as an officer of the Trustee responsible for reviewing the activities performed by the Trustee under the Pooling
and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-4-2

    	 

    

 

Exhibit
Z-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SENIOR TRUST ADVISOR

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.          I (or officers
under my supervision) have reviewed the information required to be provided by the Senior Trust Advisor in accordance with the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form
10-K”) and all information required to be provided by the Senior Trust Advisor in accordance with the Pooling and Servicing
Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form
10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Senior
Trust Advisor, collectively, the “Senior Trust Advisor Periodic Information”);

 

2.          Based on my knowledge,
the Senior Trust Advisor Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the Form 10-K;

 

3.          Based on my knowledge,
all information required to be provided by the Senior Trust Advisor under the Pooling and Servicing Agreement for inclusion in
the Reports for the period covered by the Form 10-K is included in the Senior Trust Advisor Periodic Information;

 

    	Exhibit Z-5-1

    	 

    

 

4.          The accountants
that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of
the Senior Trust Advisor with respect to the Trust’s fiscal year _____ have been provided all information relating to the
Senior 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

 

5.          All of the reports
on assessment of compliance with servicing criteria for asset-backed securities applicable to the Senior Trust Advisor or any Servicing
Function Participant retained by the Senior Trust Advisor (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing Agreement
to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance with
the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is
fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Senior Trust Advisor responsible for reviewing the activities performed by the Senior
Trust Advisor under the Pooling and Servicing Agreement. 

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-5-2

    	 

    

 

Exhibit
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

		Re:	JPMBB Commercial Mortgage Securities Trust 2015-C31,
Commercial Mortgage Pass Through Certificates, Series 2015-C31, issued pursuant to the Pooling and Servicing Agreement dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior
Trust Advisor.

 

I, [identity of certifying
individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification
Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in
connection with the certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities
and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.          I (or officers
under my supervision) have reviewed the information required to be provided by the Custodian in accordance with the Pooling and
Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”)
and all information required to be provided by the Custodian in accordance with the Pooling and Servicing Agreement for inclusion
in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of the Trust (collectively
with the Form 10-K, the “Reports”) (such information provided by the Custodian, collectively, the “Custodian
Periodic Information”);

 

2.          Based on my knowledge,
the Custodian Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by the Form 10-K;

 

3.          Based on my knowledge,
all information required to be provided by the Custodian under the Pooling and Servicing Agreement for inclusion in the Reports
for the period covered by the Form 10-K is included in the Custodian Periodic Information;

 

    	Exhibit Z-6-1

    	 

    

 

4.          I (or officers
under my supervision) am responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing Agreement,
and based on my knowledge and the compliance review conducted in preparing the Custodian’s compliance statement to be delivered
under Article XI of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under Item 1123 of Regulation AB,
and except as disclosed in the Custodian Periodic Information, the Custodian has fulfilled its 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 applicable to the Custodian or any Servicing Function
Participant retained by the Custodian (the “Relevant Servicing Criteria”) and their related attestation reports
on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing Agreement to be delivered
for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been
delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing
Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is fairly stated in all
material respects.

 

This Certification is
being signed by me as an officer of the Custodian responsible for reviewing the activities performed by the Custodian under the
Pooling and Servicing Agreement. 

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-6-2

    	 

    

 

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). 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 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.[2]	Certificate
    Administrator

    Master Servicer

    Special Servicer
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	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)
	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 

 

 

 

1 The servicing criteria in Item 1122(d)(1)(v)
of Regulation AB shall be applicable on and after November 23, 2015.

 

    	Exhibit AA-1

    	 

    

 

	 	Servicing Criteria 	applicable
    

    Servicing

    Criteria
	Reference	Criteria	 
	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 are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	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

    Senior Trust 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
	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 	Master
    Servicer

    Special Servicer

 

    	Exhibit AA-2

    	 

    

 

	 	Servicing Criteria 	applicable
    

    Servicing

    Criteria
	Reference	Criteria	 
	 	documents. 
	 
	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

    Senior 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).	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 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 Supplement (other
than information with respect to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific
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 assume that there is no “significant obligor”
other than a party or property identified as such in the Prospectus Supplement 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-C31 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

         

         

         
	
        ·     Certificate
        Administrator

         

        ·     Depositor

         

 

    	Exhibit BB-1

    	 

    

 

	Item on Form 10-D	Party Responsible
	
        Item 2: 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)

         

        ·     Senior
        Trust 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
 

	  N/A
	
        Item 6: Significant Obligors of Pool Assets:

         

        ·     Item
1112(b) of Regulation AB provided, however, that all of the following conditions shall apply: 

        
	
        ·     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·     Special
        Servicer (as to REO Properties)

         

 

    	Exhibit BB-2

    	 

    

 

	Item on Form 10-D	Party Responsible
	(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 Supplement;

                                                                                
 (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 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	 ·    Each Mortgage Loan Seller (as to itself in its capacity as a sponsor)
	
        Item 8*: Significant Enhancement Provider Information:

         

        ·     Item
        1114(b)(2) and Item 1115(b) of Regulation AB

         

         

         
	  ·     Depositor

 

    	Exhibit BB-3

    	 

    

 

	Item on Form 10-D	Party Responsible
	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 balances of each REO Account (to the extent the related information has been received from the Special
        Servicer within the time period specified in Section 11.04 of the Pooling and Servicing Agreement) and the Certificate Account
        as of the related 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 
	
        ·     Certificate
        Administrator

         

        ·     Depositor

        

          

 

    	Exhibit BB-4

    	 

    

 

	Item on Form 10-D	Party Responsible
	Item 601 of Regulation S-K)	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 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.

         
	·    The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.
	
        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 

         
	·     Depositor

 

    	Exhibit BB-5

    	 

    

 

	Item on Form 10-D	Party Responsible
	
10-D) that is incorporated by reference in the Depositor’s registration statement.
	 
	  

        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 10*.

 

*     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 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.

 

    	Exhibit BB-6

    	 

    

 

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 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
Supplement (other than information with respect to itself that is set forth in or omitted from the Prospectus Supplement), in the
absence of specific 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 assume that there is no
“significant obligor” other than a party or property identified as such in the Prospectus Supplement 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-C31 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 
	·  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 on Form 10-K	Party Responsible
	(c) such information was not previously reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”	 
	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
        Supplement, (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 Supplement and (ii)
        the applicable Master Servicer has not previously reported such information or updated versions thereof as “Additional Form
        10-D Information”.

         
	  ·   The Depositor
	
        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: 
	
        ·     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·     Special
        Servicer (as to REO Properties)

         

 

    	Exhibit CC-2

    	 

    

  

	Item on Form 10-K	Party Responsible
	
        (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 Supplement;

         

        (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”.

         
	 
	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ·     Items
        1114(b)(2) and 1115(b) of Regulation AB

         

         

         
	·     Depositor
	
         

        Instruction J(2)(d) (Legal Proceedings):

         

        ·   Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of 

         
	
         

         ·     Master
        Servicer (as to itself)

         

         ·     Special
        Servicer (as to itself)

         

         ·     Certificate
        Administrator (as to itself)

         

         

 

    	Exhibit CC-3

    	 

    

 

	Item on Form 10-K	Party Responsible
	 

                                                                                proceedings
                                         described therein that are material to security holders)
	
        ·     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 Supplement 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

         
	
        ·     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 Supplement as an “originator”
of one or more Mortgage Loans, if the Prospectus Supplement specifically states that the applicable Mortgage Loans were 10% or
more of the assets of the Trust at the date of the Prospectus Supplement (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
this Agreement to the effect that such party no longer constitutes an

 

    	Exhibit CC-4

    	 

    

 

	Item on Form 10-K	Party Responsible
	
        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 201[_]-[_] 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 Supplement 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 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 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
	
                 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 Supplement 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 this 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

    	 

    

 

	Item on Form 10-K	Party Responsible
	in the Prospectus Supplement or if 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 Supplement 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 201[_]-[_] 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 
	
        ·     The
        Depositor

         

        ·     Each
        Mortgage Loan Seller

         

 

    	Exhibit CC-6

    	 

    

 

	Item on Form 10-K	Party Responsible
	
        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
        Supplement 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 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 Supplement 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

         
	·     Depositor

 

    	Exhibit CC-7

    	 

    

 

	Item on Form 10-K	Party Responsible
	(Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)	 
	
        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.

 

    	Exhibit CC-8

    	 

    

 

	Item on Form 10-K	Party Responsible
	
        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.
	
        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

         
	·     Depositor

 

    	Exhibit CC-9

    	 

    

 

	Item on Form 10-K	Party Responsible
	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.	 
	
        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.

         

	
        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.

 

    	Exhibit CC-10

    	 

    

 

	Item on Form 10-K	Party Responsible
	
        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 11.12 (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 11.13 (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 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        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).

 

    	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 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 Supplement (other than information with respect to itself
that is set forth in or omitted from the Prospectus Supplement), in the absence of specific 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 assume that there is no “significant obligor” other than a party or property
identified as such in the Prospectus Supplement 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-C31 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

         

 

    	Exhibit DD-1

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 	amendment or
        definitive agreement 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

 

    	Exhibit DD-2

    	 

    

 

	Item on Form 8-K	Party Responsible 
	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

         

	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

         

        ·     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

 

    	Exhibit DD-3

    	 

    

 

	Item on Form 8-K	Party Responsible 
	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 rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ·     Certificate
        Administrator

         

         

         

        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

         

	
        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

 

    	Exhibit DD-4

    	 

    

 

	Item on Form 8-K	Party Responsible 
	
        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)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)

         
	·     Not Applicable.

 

    	Exhibit DD-5

    	 

    

 

	Item on Form 8-K	Party Responsible 
	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).

         
	·     Not Applicable.

 

    	Exhibit DD-6

    	 

    

 

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

Attn:
Corporate Trust Services (CMBS) J.P. Morgan Chase Commercial Mortgage Securities

Corp., Commercial Mortgage Pass-Through Certificates,
Series 2015-C31—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 August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (the “Depositor”),
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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.	NorthMarq
                                         Capital, LLC

		2.	Bernard
                                         Financial Corporation d/b/a Bernard Financial Servicing Group

		3.	Grandbridge
                                         Real Estate Capital LLC

		4.	GEMSA
                                         Loan Services, L.P.

		5.	Holliday
                                         Fenoglio Fowler, L.P.

		6.	Berkadia
                                         Commercial Mortgage LLC

		7.	Goedecke
                                         & Co., LLC

    	Exhibit FF-1

    	 

    

EXHIBIT
gg

SERVICING
FUNCTION PARTICIPANTS

1.NorthMarq
Capital, LLC

    	Exhibit GG-1

    	 

    

EXHIBIT
hh

FORM
OF ANNUAL COMPLIANCE STATEMENT

CERTIFICATION

JPMBB Commercial Mortgage Securities Trust 2015-C31,

Commercial Mortgage Pass-Through Certificates

Series 2015-C31 (the “Trust”)

I,
[identifying the certifying individual], on behalf of [Midland Loan Services, a Division of PNC Bank, National Association, as
Master Servicer] [Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer] [Wells Fargo Bank,
National Association, as Certificate Administrator] [Wells Fargo Bank, National Association, as Trustee] (the “Certifying
Servicer”), certify to J.P. Morgan Chase Commercial Mortgage Securities Corp. 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:	 	 

 

[MIDLAND
LOAN SERVICES, A DIVISION OF PNC

BANK, NATIONAL ASSOCIATION, as master servicer]

MIDLAND LOAN SERVICES, A DIVISION OF PNC 

BANK, NATIONAL ASSOCIATION, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as certificate administrator]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as trustee]

 

    	Exhibit HH-1

    	 

    

	By:	 	 
	 	Name:	 
	 	Title:	 

    	Exhibit HH-2

    	 

    

 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.sec.notifications@wellsfargo.com 

 

Ref: JPMBB 2015-C31, Additional Debt Notice for From 10-D

 

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 3.20(h) 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	JPMBB 2015-C31	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	JPMBB 2015-C31	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	JPMBB 2015-C31	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit KK-1

    	 

    

  

EXHIBIT
LL

 

Form
of Notice of Exchangeable Certificates

for the Class EC Certificates

 

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

    JPMBB Mortgage Securities Trust Series 2015-C31

Ref: JPMBB 2015-C31 Exchange Request

Via email to:

 

		·	cts.cmbs.bond.admin@wellsfargo.com

 

Ladies and Gentlemen:

 

In accordance with Section
5.09 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor, the undersigned, as Certificateholder or Certificate Owner,
we hereby give notice of our intent to present and surrender the [Exchangeable Certificates specified on Schedule I attached hereto]
[Class EC Certificates specified on Schedule I attached hereto] and all of our right, title and interest in and to such [Exchangeable
Certificates][Class EC Certificates], including all payments of interest thereon received after [_____________], in exchange for
the [Class EC Certificates specified on Schedule I attached hereto][Exchangeable Certificates specified on Schedule I attached
hereto]. We propose an Exchange Date of [______].

 

We agree that upon such
exchange, our interests in the portions of the [Exchangeable Certificates][Class EC Certificates] designated for exchange shall
be cancelled and replaced by the [Class EC Certificates][Exchangeable Certificates] issued in exchange therefor.

 

    	Exhibit LL-1

    	 

    

 

[[If Applicable] Our Depository participant
number is [________].]

 

Capitalized terms used
in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement. 

	 	 	 	 
	 	 	[________________]	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit LL-2

    	 

    

 

SCHEDULE I

 

CERTIFICATES TO BE EXCHANGED

	Certificates to 

be exchanged	CUSIP (of 

Certificates to 

be exchanged)	outstanding principal 

balance of the Initial 

Certificate Balance of 

Certificates to be 

exchanged	Certificates to 

be received	CUSIP (of 

Certificates to be 

received)
	 	 	 	 	
         

         

         

         

 

The Exchangeable Certificates and Class
EC Certificates may be exchanged only in the Exchange Proportion designated in the Pooling and Servicing Agreement.

 

    	Exhibit LL-3

    	 

    

 

EXHIBIT
MM

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

CTS.SEC.NOTIFICATIONS@WELLS FARGO.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

Attn: Corporate Trust Services (CMBS) JPMBB 2015-C31—SEC
REPORT PROCESSING

E-Mail: 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 August 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (the “Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust 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 Certificate Account and REO Account balance
information:

 

	Account
    Name	Beginning
        Balance as of 

        MM/DD/YYYY
	Ending
        Balance as of 

        MM/DD/YYYY

	Certificate
    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

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

JPMBB 2015-C31

Telecopy Number: (913) 253-9001

 

Pentalpha Surveillance LLC

as Senior Trust 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:          JPMBB
Commercial Mortgage Securities Trust 2015-C31 Commercial Mortgage Pass-Through Certificates, Series 2015-C31 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of
August 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division
of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor

 

This letter is delivered to you, pursuant
to Section 3.28(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:

 

	 
	 

 

    	Exhibit NN-1

    	 

    

 

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 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 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

[RESERVED]

 

    	Exhibit OO-1

    	 

    

 

EXHIBIT PP

 

Form
of Transferee NOTICE PURSUANT TO 3.36(c)

 

[Date]

 

Wells Fargo Bank, National Association

       as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

 

Re:           JPMBB
Commercial Mortgage Securities Trust 2015-C31 Commercial Mortgage Pass-Through Certificates, Series 2015-C31 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of
August 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division
of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and as Trustee, and Pentalpha Surveillance LLC, as Senior Trust Advisor

 

This letter is delivered to you, pursuant
to Section 3.36(c) 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.

 

		3.	Our name and address is as follows:

 

	 
	 

 

Contact Info: [Tel/Email]

 

		4.	[IF APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
that we are purchasing a majority interest in the Class [__] Certificates.

 

All capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

    	Exhibit PP-1

    	 

    

 

	 	 	 	 
	 	 Very truly yours,	 
	 	 	 	 
	 	 	(Transferee)	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit PP-2

    	 

    

 

Schedule
1

 

Mortgage
Loans with Additional Debt

 

		1.	Civic Opera Building

		2.	The Roosevelt New Orleans Waldorf Astoria

		3.	Sunbelt Portfolio

		4.	Airport North Portfolio

		5.	Brunswick Portfolio

		6.	Bridgewater Place

 

    	Schedule 1-1

    	 

    

 

Schedule
2

 

CLass
A-SB Planned Principal Balance Schedule

See Annex E to the Prospectus Supplement.

 

    	Schedule 2-1

    	 

    

 

Schedule
3

 

Mortgage
Loans With “Performance”, “Earn-out” or “Holdback” Escrows or Reserves 

 

None.

 

    	Schedule 3-1Exhibit 4.3

 

 

EXECUTION VERSION

	 

 

MORGAN STANLEY CAPITAL I INC.,

as Depositor,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Servicer and Special Servicer,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Certificate Administrator and Trustee 

TRUST AND SERVICING AGREEMENT

Dated as of October 1, 2015

 

 

MSJP 2015-HAUL

Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL

 

	 

 

    	 

    	 

    

	 	 	 	 	 
	TABLE OF CONTENTS
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	1.	DEFINITIONS	 	8
	 	 	 	 
	 	1.1.	Definitions	 	9
	 	1.2.	Interpretation	 	63
	 	1.3.	Certain Calculations in Respect of the Mortgage Loan	 	63
	 	 	 	 	 
	2.	DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES	 	66
	 	 	 	 
	 	2.1.	Creation and Declaration of Trust; Conveyance of the Mortgage Loan	 	66
	 	2.2.	Acceptance by the Trustee and Certificate Administrator	 	70
	 	2.3.	Representations and Warranties of the Trustee	 	71
	 	2.4.	Representations and Warranties of the Certificate Administrator	 	73
	 	2.5.	Representations and Warranties of the Servicer and the Special Servicer	 	74
	 	2.6.	Representations and Warranties of the Depositor	 	75
	 	2.7.	Representations and Warranties Contained in the Mortgage Loan Purchase Agreement	 	77
	 	2.8.	Issuance of Uncertificated Lower-Tier Interests; Execution and Delivery of Certificates	 	81
	 	2.9.	Miscellaneous REMIC Provisions	 	81
	 	 	 	 	 
	3.	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN	 	82
	 	 	 	 	 
	 	3.1.	Servicer to Act as the Servicer; Special Servicer to Act as the Special  Servicer	 	82
	 	3.2.	Sub-Servicing Agreements	 	84
	 	3.3.	Cash Collateral Account	 	86
	 	3.4.	Collection Account	 	86
	 	3.5.	Distribution Account	 	90
	 	3.6.	Foreclosed Property Account	 	91
	 	3.7.	Appraisal Reductions	 	92
	 	3.8.	Investment of Funds in the Collection Account and Any Foreclosed Property Account	 	94
	 	3.9.	Payment of Taxes, Assessments, etc	 	95
	 	3.10.	Appointment of Special Servicer	 	95
	 	3.11.	Maintenance of Insurance and Errors and Omissions and Fidelity Coverage	 	102
	 	3.12.	Procedures with Respect to Mortgage Loan; Realization upon the Properties	 	104
	 	3.13.	Custodian and Trustee to Cooperate; Release of Items in the Mortgage File	 	108
	 	3.14.	Title and Management of Foreclosed Property	 	108
	 	3.15.	Sale of Foreclosed Property	 	110
	 	3.16.	Sale of the Mortgage Loan and the Companion Loans	 	112

 

    	 

    	 

    

	 	 	 	 	 
	 	3.17.	Servicing Compensation	 	115
	 	3.18.	Reports to the Certificate Administrator; Account Statements	 	118
	 	3.19.	[Reserved]	 	119
	 	3.20.	[Reserved]	 	119
	 	3.21.	Access to Certain Documentation Regarding the Mortgage Loan and Other Information	 	119
	 	3.22.	Inspections	 	119
	 	3.23.	Advances	 	120
	 	3.24.	Modifications of Loan Documents	 	126
	 	3.25.	Servicer and Special Servicer May Own Certificates	 	130
	 	3.26.	Rating Agency Confirmations; Companion Loan Rating Agency Confirmations	 	130
	 	 	 	 	 
	4.	PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS	 	133
	 	 	 	 
	 	4.1.	Distributions	 	133
	 	4.2.	Withholding Tax	 	137
	 	4.3.	Allocation and Distribution of Yield Maintenance Premiums	 	137
	 	4.4.	Statements to Certificateholders	 	138
	 	4.5.	Investor Q&A Forum and Investor Registry	 	141
	 	 	 	 	 
	5.	THE CERTIFICATES	 	143
	 	 	 	 
	 	5.1.	The Certificates	 	143
	 	5.2.	Form and Registration	 	144
	 	5.3.	Registration of Transfer and Exchange of Certificates	 	146
	 	5.4.	Mutilated, Destroyed, Lost or Stolen Certificates	 	152
	 	5.5.	Persons Deemed Owners	 	152
	 	5.6.	Access to List of Certificateholders’ Names and Addresses; Special Notices	 	152
	 	5.7.	Maintenance of Office or Agency	 	153
	 	 	 	 	 
	6.	THE DEPOSITOR, THE SERVICER AND THE SPECIAL SERVICER	 	153
	 	 	 	 
	 	6.1.	Respective Liabilities of the Depositor, the Servicer and the Special Servicer	 	153
	 	6.2.	Merger or Consolidation of the Servicer or the Special Servicer	 	153
	 	6.3.	Limitation on Liability of the Depositor, the Servicer, the Special Servicer and Others	 	154
	 	6.4.	Servicer and Special Servicer Not to Resign	 	155
	 	6.5.	Indemnification by the Servicer, the Special Servicer and the Depositor	 	156
	 	 	 	 	 
	7.	SERVICER TERMINATION EVENTS; SPECIAL SERVICER TERMINATION EVENTS; TERMINATION OF
    SPECIAL SERVICER WITHOUT CAUSE	 	157
	 	 	 	 
	 	7.1.	Servicer Termination Events; Special Servicer Termination Events	 	157
	 	7.2.	Trustee to Act; Appointment of Successor	 	164

 

    	-2-

    	 

    

	 	 	 	 	 
	 	7.3.	Notification to Certificateholders, the Depositor and the Rating Agencies	 	166
	 	7.4.	Other Remedies of Trustee	 	166
	 	7.5.	Waiver of Past Servicer Termination Events and Special Servicer Termination Events	 	166
	 	7.6.	Trustee as Maker of Advances	 	167
	 	 	 	 	 
	8.	THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR	 	167
	 	 	 	 	 
	 	8.1.	Duties of the Trustee and the Certificate Administrator	 	167
	 	8.2.	Certain Matters Affecting the Trustee and the Certificate Administrator	 	170
	 	8.3.	Neither the Trustee Nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan	 	172
	 	8.4.	Trustee and Certificate Administrator May Own Certificates	 	175
	 	8.5.	Trustee’s and Certificate Administrator’s Fees and Expenses	 	175
	 	8.6.	Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance	 	175
	 	8.7.	Resignation and Removal of the Trustee or the Certificate Administrator	 	176
	 	8.8.	Successor Trustee or Successor Certificate Administrator	 	178
	 	8.9.	Merger or Consolidation of the Trustee or the Certificate Administrator	 	179
	 	8.10.	Appointment of Co-Trustee or Separate Trustee	 	179
	 	8.11.	Appointment of Authenticating Agent	 	181
	 	8.12.	Indemnification by Trustee and the Certificate Administrator	 	182
	 	8.13.	Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information	 	182
	 	8.14.	Access to Certain Information	 	182
	 	 	 	 	 
	9.	CERTAIN MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE	 	186
	 	 	 	 	 
	10.	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE	 	191
	 	 	 	 	 
	 	10.1.	Intent of the Parties; Reasonableness	 	191
	 	10.2.	Information to be Provided by the Servicer, the Special Servicer, any Primary Servicer and the Certificate Administrator	 	192
	 	10.3.	Filing Obligations	 	194
	 	10.4.	Form 10-D Disclosure	 	194
	 	10.5.	Form 10-K Disclosure	 	195
	 	10.6.	Sarbanes-Oxley Certification	 	195
	 	10.7.	Form 8-K Disclosure	 	196
	 	10.8.	Annual Compliance Statements	 	196
	 	10.9.	Annual Reports on Assessment of Compliance with Servicing Criteria	 	197
	 	10.10.	Annual Independent Public Accountants’ Servicing Report	 	198
	 	10.11.	Indemnification	 	199
	 	10.12.	Amendments	 	202
	 	10.13.	Significant Obligors	 	203
	 	10.14.	Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan	 	204

  

    	-3-

    	 

    

	 	 	 	 	 
	11.	TERMINATION	 	204
	 	 	 	 
	 	11.1.	Termination	 	204
	 	11.2.	Additional Termination Requirements	 	205
	 	11.3.	Trusts Irrevocable	 	206
	 	 	 	 	 
	12.	MISCELLANEOUS PROVISIONS	 	206
	 	 	 	 
	 	12.1.	Amendment	 	206
	 	12.2.	Recordation of Agreement; Counterparts	 	209
	 	12.3.	Governing Law; Submission to Jurisdiction	 	209
	 	12.4.	Notices	 	210
	 	12.5.	Notices to the Rating Agencies	 	213
	 	12.6.	Severability of Provisions	 	214
	 	12.7.	Limitation on Rights of Certificateholders	 	214
	 	12.8.	Certificates Nonassessable and Fully Paid	 	215
	 	12.9.	Reproduction of Documents	 	215
	 	12.10.	No Partnership	 	215
	 	12.11.	Actions of Certificateholders	 	215
	 	12.12.	Successors and Assigns	 	216
	 	12.13.	Acceptance by Authenticating Agent, Certificate Registrar	 	216
	 	12.14.	Streit Act	 	216
	 	12.15.	Assumption by Trust of Duties and Obligations of the Mortgage Loan Sellers Under the Loan Documents	 	217
	 	12.16.	Notice to the 17g-5 Information Provider and Each Rating Agency	 	217
	 	12.17.	Exchange Act Rule 17g-5 Procedures	 	218
	 	 	 	 	 
	13.	REMIC ADMINISTRATION	 	223
	 	 	 	 
	 	13.1.	REMIC Administration	 	223
	 	13.2.	Foreclosed Property	 	227
	 	13.3.	Prohibited Transactions and Activities	 	228
	 	13.4.	Indemnification with Respect to Certain Taxes and Loss of REMIC Status	 	229

 

EXHIBITS

	 	 	 
	Exhibit A-1	 	Form of Class A Certificates
	 	 	 
	Exhibit A-2	 	Form of Class X-A Certificates
	 	 	 
	Exhibit A-3	 	Form of Class X-B Certificates
	 	 	 
	Exhibit A-4	 	Form of Class B Certificates
	 	 	 
	Exhibit A-5	 	Form of Class C Certificates
	 	 	 
	Exhibit A-6	 	Form of Class D Certificates
	 	 	 
	Exhibit A-7	 	Form of Class E Certificates
	 	 	 
	Exhibit A-8	 	Form of Class R Certificates

 

    	-4-

    	 

    

 

	Exhibit B	 	Form of Request for Release
	 	 	 
	Exhibit C	 	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	 	 	 
	Exhibit D	 	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	 	 	 
	Exhibit E	 	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during
    Restricted Period
	 	 	 
	Exhibit F	 	Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate
	 	 	 
	Exhibit G	 	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	 	 	 
	Exhibit H	 	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate
	 	 	 
	Exhibit I	 	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate
	 	 	 
	Exhibit J-1	 	Form of Affidavit Pursuant to Section 860E(e) of the Internal Revenue Code of 1986
	 	 	 
	Exhibit J-2	 	Form of Transferor Letter
	 	 	 
	Exhibit J-3	 	Form of ERISA Representation Letter
	 	 	 
	Exhibit K-1	 	Form of Investor Certification
	 	 	 
	Exhibit K-2	 	Form of Investor Certification For Borrowers, Borrower Affiliates, Guarantor (and its Affiliates) and Property Manager
    (and its Affiliates)
	 	 	 
	Exhibit K-3	 	Form of Financial Market Publisher Certification
	 	 	 
	Exhibit L	 	Applicable Servicing Criteria
	 	 	 
	Exhibit M	 	Form of NRSRO Certification
	 	 	 
	Exhibit N	 	Form of Power of Attorney
	 	 	 
	Exhibit O	 	Additional Form 10-D Disclosure
	 	 	 
	Exhibit P	 	Additional Form 10-K Disclosure
	 	 	 
	Exhibit Q	 	Form 8-K Disclosure Information
	 	 	 
	Exhibit R	 	Additional Disclosure Notification
	 	 	 
	Exhibit S	 	Reporting Servicer Form of Performance Certification

  

    	-5-

    	 

    

 

THIS TRUST AND SERVICING
AGREEMENT (“Agreement”) is dated as of October 1, 2015, between Morgan Stanley Capital I Inc., as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator
and Trustee.

 

INTRODUCTORY STATEMENT

 

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

 

Reference is made to
that certain fixed-rate loan with a 20-year initial term with an aggregate outstanding principal balance as of the Cut-off Date
of $269,332,819 (the “Whole Loan”), evidenced by six separate promissory notes (“Note A-1A”,
“Note A-1B”, “Note A-2A”, “Note A-2B”, “Note A-3A”
and “Note A-3B”; each, a “Note” and, collectively, the “Notes”).

 

The Whole Loan was co-originated
by Morgan Stanley Bank, N.A. (“MSBNA”) and JPMorgan Chase Bank, National Association (“JPMCB”
and, together with MSBNA, the “Originators”) pursuant to that certain Loan Agreement, dated as of August 12,
2015 (as amended, modified or otherwise supplemented, the “Loan Agreement”), between the Originators, as lender,
and U-Haul Co. of Florida 8, LLC, U-Haul Co. of Florida 9, LLC, U-Haul Co. of Florida 10, LLC, UHIL 8, LLC, UHIL 9, LLC, UHIL 10,
LLC, UHIL 13, LLC, AREC 8, LLC, AREC 9, LLC, AREC 10, LLC and AREC 13, LLC, as borrowers (collectively, the “Borrowers”).

 

The Whole Loan consists
of (a) a portion that has an unpaid principal balance as of the Cut-off Date of $170,000,000, and is evidenced by Note A-2A, Note
A-2B, Note A-3A and Note A-3B (collectively, the “Trust Notes”), and (b) a portion that has an unpaid principal
balance as of the Cut-off Date of $99,332,819, and is evidenced by Note A-1A and Note A-1B (collectively, the “Group 1
Notes” or the “Non-Trust Notes”). Note A-2A and Note A-2B are collectively referred to herein as the
“Group 2 Notes” and, together with the Group 1 Notes, are collectively referred to herein as the “Senior
Notes”. Note A-3A and Note A-3B are collectively referred to herein as the “Group 3 Notes” or the
“Junior Notes”. The interests in the Whole Loan evidenced by the Trust Notes are collectively referred to herein
as the “Mortgage Loan”. Each interest in the Whole Loan evidenced by a Non-Trust Note is referred to herein
as a “Companion Loan”.

 

On or prior to the Closing
Date, MSBNA sold Note A-2A and Note A-3A to Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH” and, together
with JPMCB in such capacity, the “Mortgage Loan Sellers”). On or prior to the Closing Date, the Mortgage Loan
Sellers sold the Mortgage Loan to the Depositor pursuant to two separate Mortgage Loan Purchase and Sale Agreements, each dated
as of the Pricing Date, by and between the respective Mortgage Loan Seller and the Depositor (the “Mortgage Loan Purchase
Agreements”). As of the Closing Date, Note A-1A was held by MSBNA and Note A-1B was held by JPMCB. The relative rights
of the holders of each of the Notes in respect of the Whole Loan are set forth in an agreement between noteholders dated as of
September 1, 2015 (as amended, restated,

 

    	-6-

    	 

    

 

supplemented or otherwise modified from time to time, the “Intercreditor Agreement”),
between MSBNA, as the initial holder of Note A-1A, Note A-2A and Note A-3A, and JPMCB, as the initial holder of Note A-1B, Note
A-2B and Note A-3B. From and after the Closing Date, the Whole Loan is to be serviced and administered in accordance with this
Agreement and the Intercreditor Agreement.

 

As provided for herein,
the Trustee shall elect or shall cause elections to be made to treat designated portions of the Trust Fund for federal income tax
purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier
REMIC” and, each, a “REMIC”). The Class A, Class X-A, Class X-B, Class B, Class C, Class D and Class
E Certificates will represent “regular interests” in the Upper-Tier REMIC. The Class LA, Class LB, Class LC, Class
LD and Class LE Uncertificated Interests will represent “regular interests” in the Lower-Tier REMIC. The Class R Certificates
will evidence the sole Class of “residual interests” in each of the Upper-Tier REMIC and Lower-Tier REMIC for purposes
of the REMIC Provisions under federal income tax law.

 

In exchange for the Mortgage
Loan, the Trust shall issue to the Depositor all the Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E and Class
R Certificates (collectively, the “Certificates”), which Certificates in the aggregate shall evidence the entire
beneficial interest in the Trust Fund. The Trust Fund consists principally of the Trust Notes, the Mortgages (to the extent of
the Trust’s interest therein) and related Loan Documents (to the extent of the Trust’s interest therein). The Non-Trust
Notes and all amounts attributable thereto will not be assets of the Trust Fund or any REMIC and will be owned by the Companion
Loan Holders.

 

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

 

CERTIFICATES

 

The Class UT-R Interest
will constitute the sole Class of “residual interests” in the Upper-Tier REMIC created hereunder, and will be evidenced
by the Class R Certificates. The following table sets forth the class designation, the approximate initial Pass-Through Rate and
the aggregate initial Certificate Balance (the “Original Certificate Balance”) or aggregate initial Notional
Amount (the “Original Notional Amount”), as applicable, for each Class of Certificates:

	 	 	 	 	 	 	 
	Class
    

    Designation	 	Approximate
    Initial 

    Pass-Through Rate

    (per annum)	 	Original
    

    Certificate Balance or 

    Original Notional Amount
	Class A	 	3.964%	 	 	 	$59,000,000
	Class X-A	 	1.048%(1)	 	 	 	$59,000,000(2)
	Class X-B	 	0.561%(1)	 	 	 	$31,700,000(2)
	Class B	 	4.451%	 	 	 	$31,700,000
	Class C	 	5.012%	 	 	 	$24,300,000
	Class D	 	5.012%	 	 	 	$32,000,000
	Class E	 	5.012%	 	 	 	$23,000,000
	Class R	 	N/A(3)	 	 	 	     N/A(3)

 

    	-7-

    	 

    

 

 

		(1)	The
                                         Class X-A Pass-Through Rate for any Interest Accrual Period is variable and, for each
                                         Distribution Date, will equal to the Class X Strip Rate for the Class A Certificates
                                         for such Distribution Date. The Class X-B Pass-Through Rate for any Interest Accrual
                                         Period is variable and, for each Distribution Date, will equal to the Class X Strip Rate
                                         for the Class B Certificates for such Distribution Date.

 

		(2)	Each
                                         of the Class X-A and Class X-B Certificates will not have a Certificate Balance and will
                                         not be entitled to receive distributions of principal. Interest will accrue on such Class
                                         at the Pass-Through Rate thereof on the Notional Amount thereof. The Notional Amount
                                         of the Class X-A Certificates for any Distribution Date will be equal to the Certificate
                                         Balance of the Class A Certificates. The Notional Amount of the Class X-B Certificates
                                         for any Distribution Date will be equal to the Certificate Balance of the Class B Certificates.

 

		(3)	The
                                         Class R Certificates will represent the Class UT-R Interest and the Class LT-R Interest.
                                         The Class UT-R Interest and Class LT-R Interest will not have Certificate Balances or
                                         Notional Amounts, will not bear interest and will not be entitled to distributions of
                                         Yield Maintenance Premiums. Any Available Funds constituting assets remaining in the
                                         Lower-Tier Distribution Account after distributing the Lower-Tier Distribution Amount
                                         shall be distributed to the Holders of the Class R Certificates in respect of the
                                         Class LT-R Interest (but only to the extent of the Available Funds for such Distribution
                                         Date, if any, remaining in the Lower-Tier Distribution Account). Any Available Funds
                                         remaining in the Upper-Tier Distribution Account, after all required distributions under
                                         this Agreement have been made to each other Class of Certificates and the Class LT-R
                                         Interest, will be distributed to the Holders of the Class R Certificates in respect of
                                         the Class UT-R Interest.

 

UNCERTIFICATED
LOWER-TIER INTERESTS

 

The following
table sets forth the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests
comprising the regular interests in the Lower-Tier REMIC created hereunder: 

	 	 	 	 	 	 
	Class
    

    Designation	 	Pass-Through
    Rate	 	Original
    Lower-Tier 

    Principal Amount
	Class LA	 	(1)	 	 	$59,000,000
	Class LB	 	(1)	 	 	$31,700,000
	Class LC	 	(1)	 	 	$24,300,000
	Class LD	 	(1)	 	 	$32,000,000
	Class LE	 	(1)	 	 	$23,000,000

 

 

		(1)	The
                                         Pass-Through Rate for each Interest Accrual Period and each of the Class LA, Class LB,
                                         Class LC, Class LD and Class LE Uncertificated Interests will be the Net Mortgage Rate.

 

All covenants and agreements
made by the Depositor herein are for the benefit and security of the Certificateholders and the Trustee as Holder of the Uncertificated
Lower-Tier Interests. The Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee are entering
into this Agreement, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.

 

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

 

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

 

1.          DEFINITIONS

 

    	-8-

    	 

    

 

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

 

“17g-5 Indemnifying
Party” means each of the 17g-5 Information Provider, the Special Servicer, the Trustee, and the Servicer.

 

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

 

“17g-5 Information
Provider’s Website” means the internet website of the 17g-5 Information Provider, initially located at https://www.usbank.com/abs,
under, under the “NRSRO” tab of the respective transaction, access to which is limited to the Depositor, the Rating
Agencies and other NRSROs who have provided an NRSRO Certification.

 

“Acceptable
Insurance Default”:     Any default arising when the Loan Documents require that the Borrowers maintain all risk casualty
insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer has determined,
in its reasonable judgment in accordance with Accepted Servicing Practices, that (i) such insurance is not available at commercially
reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real properties located
in or near the geographic region in which the subject Property is located (but only by reference to such insurance that has been
obtained by such owners at current market rates), or (ii) such insurance is not available at any rate.

 

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

 

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

 

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

 

“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 with is attached to this Agreement as Exhibit R.

 

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

 

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

 

“Additional
Servicer”:     Each Affiliate of the Servicer, the Special Servicer, any Mortgage Loan Seller, the Certificate Administrator,
the Trustee, the Depositor or any of the Initial Purchasers that Services the Whole Loan and each Person, other than the Special
Servicer, who is not an Affiliate of the Servicer, any Mortgage Loan Seller, the Certificate Administrator,

 

    	-9-

    	 

    

 

the
Trustee, the Depositor or any of the Initial Purchasers who Services the Whole Loan as of any date of determination.

 

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

 

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

 

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

 

“Adverse REMIC
Event”:     As defined in Section 13.1(j).

 

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

 

“Affiliate Ethical
Wall”:     Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Servicer, the Special
Servicer, the Trustee or the Certificate Administrator, as applicable, taking into account the nature of its business, to ensure
(1) that such Affiliate will not obtain Confidential Information from the Depositor, the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable, and (2) that the Depositor, the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable, will not obtain information regarding Investments in the Certificates
from such Affiliate. Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting
the flow of information exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor,
the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, on the other; (ii) such policies
and procedures restricting the flow of information operate in both directions so as to include (a) policies and procedures
against the disclosure of Confidential Information from the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate
Administrator, as applicable, to such Affiliate and (b) policies and procedures against the disclosure of information regarding
Investments in Certificates from such Affiliate to the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate
Administrator, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information
in the course of their exercise of general managerial responsibilities may not participate in or use that information to influence
Investment Decisions with respect to the Certificates, nor may they pass that information to others for use in such activities;
and (iv) such senior management personnel who have obtained information regarding Investments in the course of their exercise
of general managerial responsibilities may not use that information to influence servicing recommendations.

 

    	-10-

    	 

    

 

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

 

“Applicable
Control Party”:     During any Subordinate Control Period, the Controlling Class Certificateholder (or the Controlling Class
Representative on its behalf). For the avoidance of doubt, for so long as a Subordinate Control Period does not exist pursuant
to the terms of this Agreement there shall be no Applicable Control Party.

 

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

 

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

 

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

 

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

 

“Appraisal Reduction
Amount”:     For the Whole Loan, as of any date of determination, an amount equal to the excess of (i) the outstanding
principal balance of the Whole Loan on such date plus the sum of (A) all accrued and unpaid interest on the Whole Loan at
the Mortgage Rate for the Whole Loan, (B) all unreimbursed Administrative Advances and interest on all such Advances at the
Advance Rate in respect of the Mortgage Loan and all unreimbursed Property Protection Advances and interest on all Advances at
the Advance Rate in respect of the Whole Loan or the Properties, (C) the amount of any Advances and interest thereon previously
reimbursed from principal collections on the Whole Loan that have not otherwise been recovered from the Borrowers, (D) all
currently due and unpaid real estate taxes

 

    	-11-

    	 

    

 

and assessments and insurance premiums and all other amounts due and unpaid in respect
of the Properties (which taxes, premiums and other amounts have not been the subject of an Advance) and (E) to the extent
not duplicative of amounts in clauses (B), (C) or (D), all unpaid Trust Fund Expenses then due under the Loan Agreement over
(ii) the sum of (A)(x) 90% of the appraised value (as determined by an updated Appraisal) of the Properties or (y) if
the events described in clauses (i) through (iii) in Section 3.7(e) occur with respect to the Properties, the
Assumed Appraised Value of the Properties, in each case, less the amount of any liens (exclusive of Permitted Encumbrances) on
the Properties senior to the lien of the related Mortgage plus (B) any escrows with respect to the Whole Loan, including for
taxes and insurance premiums. Appraisal Reduction Amounts with respect to the Whole Loan shall be allocated, first, to the
Junior Notes, on a pro rata and pari passu basis (based on the principal balance of each Junior Note) until the aggregate
principal balance of the Junior Notes has been notionally reduced to zero, and second, to the Senior Notes, on a pro
rata and pari passu basis (based on the principal balance of each Senior Note) until the aggregate principal balance
of the Senior Notes has been notionally reduced to zero.

 

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

 

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

 

“Assignment
of Dealership Contract”:     As defined in the Loan Agreement.

 

“Assignment
of Leases”:     Any assignment of leases, rents and profits or similar agreement executed by the Borrowers, 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 the related 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; provided, that none of the Trustee, the Certificate Administrator,
the Custodian, the Servicer or the Special Servicer shall be responsible for determining whether any such assignment is legally
sufficient or in recordable form.

 

“Assignment
of Management Agreement”:     As defined in the Loan Agreement.

 

    	-12-

    	 

    

 

“Assignment
of Mortgage”:     An assignment of the applicable 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 Property is located to reflect
of record the assignment of the Mortgage to the Trustee on behalf of the Trust Fund; provided, however, that none
of the Trustee, the Certificate Administrator, the Custodian, the Servicer or the Special Servicer shall be responsible for determining
whether any such assignment is legally sufficient or in recordable form.

 

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

 

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

 

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

 

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

 

“Available Funds”:     On each Distribution Date shall be equal to (i) all amounts received in respect of the Mortgage Loan pursuant to the terms
of the Intercreditor Agreement (and exclusive of any amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor
Agreement) during the related Collection Period or advanced in respect of interest and/or principal with respect to such Distribution
Date (including, without limitation, any Repurchase Price, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds (to
the extent not made available for the repair or restoration of the Properties) received by the Trust and allocable to the Mortgage
Loan), excluding (A) payments received that are due on a subsequent

 

    	-13-

    	 

    

 

Loan Payment Date (which shall be deemed received in the Collection
Period in which such subsequent Loan Payment Date occurs) and (B) Yield Maintenance Premiums (which are separately distributable
on the Certificates pursuant to Section 4.3), plus (ii) if such Distribution Date is the Distribution Date occurring in
March of each year (or February, if such Distribution Date is the final Distribution Date), Withheld Amounts to be withdrawn from
the Interest Reserve Account for such Distribution Date, reduced by (A) an amount equal to the applicable Withheld Amount
in the case of any January Distribution Date occurring in a year that is not a leap year and (unless such February Distribution
Date is the final Distribution Date) each February Distribution Date, (B) the Available Funds Reduction Amount, and (C) any
amount advanced to cover the Certificate Administrator Fee (including the portion that is the Trustee Fee) and/or the CREFC®
Intellectual Property Royalty License Fee.

 

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

 

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

 

“Base Interest
Fraction”:     With respect to any principal prepayment on the Mortgage Loan and with respect to any Class of Certificates,
is a fraction (A) whose numerator is the greater of (x) zero and (y) the difference between (i) the Pass-Through
Rate on such Class of Certificates and (ii) the Treasury rate used in calculating the Yield Maintenance Premium with respect
to such principal prepayment and (B) whose denominator is the difference between (i) the Mortgage Rate on the Mortgage
Loan and (ii) the Treasury rate described in clause (A)(y)(ii) above; provided, that under no circumstances shall the
Base Interest Fraction be greater than one. If the Treasury rate described in clause (A)(y)(ii) above is greater than or equal
to the Mortgage Rate on the Mortgage Loan, then the Base Interest Fraction shall equal zero. If the Treasury rate described in
clause (A)(y)(ii) above is greater than or equal to the Mortgage Rate, but is less than the Pass-Through Rate on the subject Class,
then the Base Interest Fraction shall equal 1.0.

 

“Beneficial
Owner”:     With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer and the Servicer, as applicable, shall have the right to require,
as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide an
Investor Certification, and each of Depositor, the Trustee, the Certificate Administrator, the Special Servicer and the Servicer
shall be entitled to conclusively rely on such Investor Certification.

 

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

 

“Borrowers”:
    As defined in the Introductory Statement.

 

    	-14-

    	 

    

 

“Borrower Affiliate”:
   With respect to any Borrower, any Person, (i) directly or indirectly, controlling or controlled by or under common control with
such Borrower, (ii) that owns, directly or indirectly, 25% or more of such Borrower, or (iii) that is the Property Manager or directly
or indirectly, controlling or controlled by or under common control with the Property Manager or that owns, directly or indirectly,
25% or more of the Property Manager. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract, relation to individuals or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. The Trustee and/or the Certificate Administrator may request and rely upon an Officer’s
Certificate to determine whether any Person is a Borrower Affiliate.

 

“Borrower Party”:   
Any director (other than any independent director), officer, or agent (acting at a Borrower’s discretion), general partner
or managing member of a Borrower.

 

“Borrower Reimbursable
Trust Fund Expenses”:    All amounts payable or otherwise reimbursable by the Borrowers pursuant to Section 9.5 of the Loan
Agreement.

 

“Breach”:
   As defined in Section 2.7(a).

 

“Business Day”:
   Any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository institutions in the
State of New York or any of the states in which the Corporate Trust Office of the Trustee and the offices of the Certificate Administrator,
the Servicer, the Special Servicer, or the Servicer’s or the Special Servicer’s collection account are located or the
Federal Reserve System of the United States of America are authorized or obligated by law, governmental decree or executive order
to be closed.

 

“Cash Collateral
Account”:    The Clearing Account (as defined in the Cash Management Agreement).

 

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

 

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

 

“Certificate”:
   Any Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E or Class R Certificate.

 

“Certificate
Administrator”:    U.S. Bank National Association, in its capacity as certificate administrator, and its successors in interest,
or any successor certificate administrator appointed as herein provided.

 

“Certificate
Administrator Fee”:    With respect to the Mortgage Loan and for any Distribution Date, a fee payable monthly to the Certificate
Administrator pursuant to Section 8.5 which will accrue at the Certificate Administrator Fee Rate, computed on the
basis of the same principal amount, in the same manner, and for the same Interest Accrual Period for the Mortgage Loan respecting
which any related interest payment on the Mortgage Loan is computed. A portion of the Certificate Administrator Fee shall be payable
to the Trustee as the Trustee Fee.

 

    	-15-

    	 

    

 

For the avoidance of doubt, the Certificate Administrator Fee shall be deemed to be payable
from the Lower-Tier REMIC.

 

“Certificate
Administrator Fee Rate”:    With respect to the Mortgage Loan, a rate equal to 0.0085% per annum, calculated on the
same interest accrual basis as the Mortgage Loan as of the preceding Distribution Date. The Certificate Administrator Fee Rate
includes the per annum rate applicable to the calculation of the Trustee Fee.

 

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

 

“Certificate
Administrator’s Website”:    The Internet website of the Certificate Administrator, initially located at http://www.usbank.com/abs.

 

“Certificate
Balance”:    With respect to any outstanding Class of Sequential Pay Certificates at any date, an amount equal to the aggregate
initial Certificate Balance of such Class as set forth in the Introductory Statement less the sum of (a) all amounts distributed
to Holders of Certificates of such Class on all previous Distribution Dates and treated under this Agreement as allocable to principal
and (b) the aggregate amount of Realized Losses allocated to such Class of Certificates, if any, pursuant to Section 4.1(g).
With respect to any individual Certificate in any such Class, the product of (x) the Percentage Interest represented by such
Certificate multiplied by (y) the Certificate Balance of such Class.

 

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

 

“Certificateholder”
or “Holder”:    With respect to any Certificate, the Person in whose name a Certificate is registered in the Certificate
Register; provided, however, that solely for the purposes of providing, distributing or otherwise making available
any reports, statements, communications, or other information required or permitted to be provided or distributed or made available
to a Certificateholder under this Agreement, a Certificateholder shall include any Beneficial Owner to the extent that the Person
providing, distributing or making available such reports, statements, communications, or other information has received from such
Beneficial Owner an Investor Certification; and provided further that, solely for the purposes of giving any consent,
waiver, request or demand pursuant to this Agreement (except as set forth in the following sentence), any Certificate beneficially
owned by the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Property Manager, the Guarantor or
any Person known to a Responsible Officer of the Depositor, the Certificate Administrator or the Trustee to be a sub-servicer,
or any of their respective Affiliates, any Borrower or any Borrower Affiliate, 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 take any such action or effect any such consent, waiver, request or demand has been obtained. For purposes of obtaining
the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Trustee, the Certificate
Administrator, the Servicer or the Special Servicer or any Affiliates thereof shall be deemed to be outstanding, provided,
that such amendment does not relate to the termination, increase in compensation or material

 

    	-16-

    	 

    

 

reduction of obligations of the Trustee,
the Certificate Administrator, the Servicer or the Special Servicer in its capacity as such or any Affiliates thereof (other than
solely in the capacity as a Certificateholder) in any material respect, in which case such Certificate shall be deemed not to be
outstanding; provided, further, if an Affiliate of the Trustee, the Certificate Administrator, the Servicer or the
Special Servicer has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall
between such Affiliate and the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, then
any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding. The restrictions above shall not apply
to the exercise of the rights of the Servicer, the Special Servicer or an Affiliate of the Servicer or the Special Servicer, if
any, as a member of the Controlling Class, as applicable, so long as the Servicer or the Special Servicer or such Affiliate is
not also an Affiliate of another person (other than the Certificate Administrator, so long as it is also the Servicer or the Special
Servicer) whose Certificates are deemed not outstanding pursuant to such restrictions. The Trustee and the Certificate Registrar
may obtain and conclusively rely upon an Officer’s Certificate of the Servicer, the Special Servicer, the Certificate Administrator
(in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), any Property Manager, the Guarantor,
any sub-servicer or any Borrower to determine whether a Certificate is beneficially owned by an Affiliate of any of them or a Borrower
Affiliate, as applicable.

 

“Certificateholder
Quorum”:    With respect to any solicitation of votes in connection with the replacement of the Special Servicer as set
forth in Section 7.1(f), the Holders of Sequential Pay Certificates evidencing at least 66 2/3% of the aggregate Voting
Rights (taking into account Realized Losses and the application of any Appraisal Reduction Amounts allocated to the Mortgage Loan
to notionally reduce the Certificate Balance of the Certificates) of all Sequential Pay Certificates on an aggregate basis.

 

“Certification
Parties”:    As defined in Section 10.6.

 

“Certifying
Servicer”:    As defined in Section 10.8.

 

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

 

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

 

“Class A Pass-Through
Rate”:     For any Distribution Date, a fixed rate per annum equal to 3.964%.

 

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

 

“Class B Pass-Through
Rate”:     For any Distribution Date, a fixed rate per annum equal to 4.451%.

 

    	-17-

    	 

    

 

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

 

“Class C Pass-Through
Rate”:    A variable rate per annum for each Distribution Date equal to the Net Mortgage Rate for such Distribution
Date

 

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

 

“Class D Pass-Through
Rate”:    A variable rate per annum for each Distribution Date equal to the Net Mortgage Rate for such Distribution
Date

 

“Class E Certificate”:
   A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-7
hereto and designated as a Class D Certificate.

 

“Class E Pass-Through
Rate”:    A variable rate per annum for each Distribution Date equal to the Net Mortgage Rate for such Distribution
Date

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-18-

    	 

    

 

“Class R Certificates”:
    A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-8
hereto and designated as a Class R Certificate. The Class R Certificates have neither a Certificate Balance nor a Pass-Through
Rate. The Class R Certificates will evidence the sole class of “residual interests” in the Upper-Tier REMIC and the
Lower-Tier REMIC.

 

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

 

“Class X Certificates”:
    The Class X-A and Class X-B Certificates.

 

“Class X Strip
Rate”:     For each Class of the Class A and Class B Certificates for any Distribution Date, a per annum rate equal
to the excess of (i) the Net Mortgage Rate for such Distribution Date over (ii) the Pass-Through Rate of such Class of
Certificates for such Distribution Date.

 

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

 

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

 

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

 

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

 

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

 

“Class X-B Pass-Through
Rate”:     A variable rate that for each Distribution Date is the Class X Strip Rate for the Class B Certificates for such
Distribution Date.

 

“Class X YM
Distribution Amount”:     As defined in Section 4.3.

 

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

 

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

 

“Closing Date”:    
October 15, 2015.

 

“Code”:
    The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S.

 

    	-19-

    	 

    

 

Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply to
the Trust Fund.

 

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

 

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

 

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

 

“Collection
Period”:     With respect to any Distribution Date, the period commencing immediately following the Determination Date in
the calendar month preceding the calendar month in which such Distribution Date occurs and ending on and including the Determination
Date in the calendar month in which such Distribution Date occurs; provided, that the first Collection Period shall commence
immediately following the Cut-off Date and end on and include the Determination Date in November 2015. Any periodic payments received
with respect to the Mortgage Loan during any grace period and relating to the immediately preceding Collection Period will be deemed
to have been received during that immediately preceding Collection Period and not during the Collection Period during which such
grace period ends.

 

“Commission”:
    The Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

“Companion Loan
Rating Agency Confirmation”:      With respect to any matter involving a Companion Loan with respect to which any Companion
Loan Securities exist, confirmation in writing (which may be in the form of electronic mail, facsimile, press release, posting
to its internet website or such other means then considered industry standard as determined by each applicable Companion Loan Rating
Agency) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will
not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of
Companion Loan Securities (if then rated by the Companion Loan

 

    	-20-

    	 

    

 

Rating Agency); provided, that if a written waiver or other
acknowledgment (or such time for a response has lapsed) from the Companion Loan Rating Agency indicating its decision not to review
or to decline to review the matter for which the Companion Loan Rating Agency Confirmation is sought is received (such written
notice, a “Companion Loan Rating Agency Declination”), the requirement to receive a Companion Loan Rating Agency
Confirmation from the Companion Loan Rating Agency with respect to such matter will not apply; provided, further
that any Companion Loan Rating Agency Confirmation is subject to the terms set forth in Section 3.27.

 

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

 

“Condemnation”:
    As defined in the Loan Agreement.

 

“Condemnation
Proceeds”:     The portion of the Net Proceeds (as defined in the Loan Agreement) relating to a Condemnation.

 

“Confidential
Information”:     With respect to the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
all material non-public information obtained in the course of and as a result of such Person’s performance of its duties
under this Agreement as the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable,
with respect to the Mortgage Loan, the Companion Loans, the Whole Loan, the Borrowers, the Guarantor and the Properties, unless
such information (i) was already in the possession of such Person prior to being disclosed to such Person, (ii) is or
becomes available to such Person from a source other than its activities as the Servicer or the Special Servicer, as applicable,
or (iii) is or becomes generally available to the Certificate Administrator or the public other than, with respect to the
Servicer or Special Servicer, as a result of a disclosure by Servicer Servicing Personnel or Special Servicer Servicing Personnel
or Certificate Administrator Personnel, as applicable.

 

“Controlling
Class”:     As of any time of determination, the Class E Certificates. No other Class of Certificates shall be eligible to
act as the Controlling Class or appoint a Controlling Class Representative.

 

“Controlling
Class Certificateholder”:     Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar from time to time based solely upon the Certificate Register (or with respect to a Beneficial
Owner, the Beneficial Owner’s Investor Certification). Notwithstanding the foregoing, for purposes of determining the Controlling
Class Representative, exercising any rights of the Controlling Class or receiving Asset Status Reports or any other information
under this Agreement other than Distribution Date Statements, any Holder or Beneficial Owner of any interest in a Controlling Class
Certificate who is the Guarantor, the Loan Sponsor, the Property Manager, an Affiliate of the Guarantor, the Loan Sponsor, the
Property Manager, a Borrower or a Borrower Affiliate shall not be deemed to be a Holder (or Beneficial Owner) of the related Controlling
Class and shall not be entitled to exercise such rights or receive such information. If, as a result of the preceding sentence,
no holder of Controlling Class Certificates would be eligible to exercise such rights, there shall be no Controlling Class Representative.

 

    	-21-

    	 

    

 

“Controlling
Class Representative”:     The Controlling Class Certificateholder (or a representative thereof) selected or designated,
as applicable, in accordance with Section 9.1.

 

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

 

“Corporate Trust
Office”:     The offices of: (a) the Trustee, initially located at 190 South LaSalle Street 7th Floor, Chicago, Illinois
60603, or the principal trust office of any successor trustee qualified and appointed pursuant to this Agreement; and (b) the Certificate
Administrator, initially located at (x) for purposes of certificate transfers and exchanges, 111 Fillmore Avenue, St. Paul, Minnesota
55107, Attention: Bondholder Services – MSJP 2015-HAUL, (y) for document custody purposes, 1133 Rankin Street, Suite 100,
St. Paul, Minnesota 55116, Attention: Document Custody Services – MSJP 2015-HAUL, and (y) for all other purposes, 190 South
LaSalle Street 7th Floor, Chicago, Illinois 60603, or the principal trust office of any successor certificate administrator qualified
and appointed pursuant to this Agreement.

 

“CREFC®”:
    CRE Finance Council® or any successor thereto.

 

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

 

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

 

“CREFC®
Bond Level File”:     The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Bond Level File” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information as may from time to time be
recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Collateral Summary File”:     The report substantially in the form of, and containing the information called for in, the
downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”:     A report substantially in the form of, and containing the information called for
in, the downloadable form of the

 

    	-22-

    	 

    

 

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

 

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

 

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

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation”:    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” available as
of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be recommended by the CREFC® for commercial mortgage securities
transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

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

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”:     For any Interest Accrual Period with respect to the Mortgage Loan, the amount
of interest accrued during such related Interest Accrual Period at the CREFC® Intellectual Property Royalty License
Fee Rate (adjusted to a monthly 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 the Mortgage Loan during such

 

    	-23-

    	 

    

 

related Interest Accrual Period. Any payments of
the CREFC® Intellectual Property Royalty License Fee shall be made to “CRE Finance Council” and delivered
by wire transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by CREFC®
to the Servicer in writing at least two Business Days prior to the Remittance Date):

 

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

 

For the avoidance of
doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed to be payable from the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”:     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®
Loan Level Reserve/LOC Report”:     The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Level Reserve/LOC Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer.

 

“CREFC®
Loan Periodic Update File”:     The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer, the Special Servicer and the Certificate Administrator.

 

“CREFC®
Loan Setup File”:     The report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer,
the Special Servicer and the Certificate Administrator.

 

“CREFC®
NOI Adjustment Worksheet”:     A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC® Website, or such
other form for the presentation of such information and containing such additional information as may from time to

 

    	-24-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)      the following
seven electronic files: (a) CREFC® Loan Setup File, (b) CREFC® Loan Periodic Update File, (c) CREFC®
Property File, (d) CREFC® Bond Level File, (e) CREFC® Financial File, (f) CREFC®
Collateral Summary File and (g) CREFC® Special Servicer Loan File;

 

(ii)     The following eleven supplemental
reports: (a) CREFC® Delinquent Loan Status Report, (b) CREFC® Historical Loan Modification and Corrected
Mortgage Loan Report, (c) CREFC® REO Status Report, (d) CREFC® Operating Statement Analysis

 

    	-25-

    	 

    

 

Report, (e) CREFC® Comparative Financial Status Report, (f) CREFC® Servicer Watch
List, (g) CREFC® Loan Level Reserve/LOC Report, (h) CREFC® NOI Adjustment Worksheet, (i) CREFC®
Advance Recovery Report, (j) CREFC® Total Loan Report and (k) CREFC® Reconciliation of Funds Report;

 

(iii)    the
following eight templates: (a) CREFC® Appraisal Reduction Template, (b) CREFC® Servicer Realized
Loss Template, (c) CREFC® Reconciliation of Funds Template, (d) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (e) CREFC® Historical Liquidation Loss Template, (f) CREFC®
Interest Shortfall Reconciliation Template, (g) CREFC® Servicer Remittance to Trustee Template and (h) CREFC®
Significant Insurance Event Template; and

 

(iv)    such
other reports and data files as CREFC® may designate as part of the “CREFC® Investor Reporting
Package®” from time to time 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 Remittance to Trustee Template”:      A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Servicer Remittance to Trustee Template” available and effective from time to
time on the CREFC® Website.

 

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

 

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

 

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

 

“CREFC®
Total Loan Report”:      The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

    	-26-

    	 

    

 

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

 

“Cross Over
Period”:      As defined in the Intercreditor Agreement.

 

“Current Interest
Distribution Amount”:      With respect to any Distribution Date for any Class of Certificates (other than the Class R
Certificates) or Uncertificated Lower-Tier Interests, the interest accruing during the related applicable Interest Accrual Period
at the Pass-Through Rate applicable to such Class for such Interest Accrual Period on the Certificate Balance, Notional Amount
or Lower-Tier Principal Amount of such Class of Certificates or Uncertificated Lower-Tier Interest, as applicable, for such Distribution
Date (before giving effect to distributions of principal on such Distribution Date).

 

“Custodian”:
     Initially, the Certificate Administrator, and thereafter, any Custodian appointed pursuant to Section 8.10(a) of this Agreement.

 

“Cut-off Date”
The close of business on October 1, 2015.

 

“DBRS”:
     DBRS, Inc., and its successors-in-interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Dealership
Contract”:      As defined in the Loan Agreement.

 

“Default Interest”:     
During the continuance of an Event of Default under the Loan Agreement, the amount by which interest accrued on the Mortgage Loan
(exclusive of late payment charges) at the Default Rate exceeds the amount of interest that would have accrued on the Mortgage
Loan at the Mortgage Rate.

 

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

 

“Defect”:
    As defined in Section 2.7(a).

 

“Deficient Exchange
Act Deliverable”:     With respect to the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and
each Servicing Function Participant and Sub-Servicer retained by it, 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 10 of this Agreement that does not conform
to the express provisions of the applicable reporting requirements under the Act, the Exchange Act, the Sarbanes-Oxley Act and
the rules and regulations promulgated thereunder.

 

“Definitive
Certificate”:     Any Certificate in fully registered certificated form.

 

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

 

    	-27-

    	 

    

 

“Depositor”:    
Morgan Stanley Capital I Inc., a Delaware corporation, and its successors in interest.

 

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

 

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

 

“Determination
Date”:     The first (1st) day of the calendar month in which each Distribution Date occurs or, if such day is
not a Business Day, the immediately preceding Business Day, beginning in November 2015.

 

“Directly Operate”:
    With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that are not customarily
provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations
Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the holding of such Foreclosed Property
primarily for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the Trust Fund or the
performance of any construction work on the Foreclosed Property (other than the completion of a building or improvement, where
more than 10% of the construction of such building or improvement was completed before default became imminent), other than through
an Independent Contractor; provided, however, that a Foreclosed Property shall not be considered to be Directly Operated solely
because the Trustee (or the Special Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters into or
renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to such Foreclosed
Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”:     With respect to the Mortgage Loan, any Companion Loan or any Foreclosed Property, any compensation
and other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates and as a result of any
other fee-sharing arrangement (including any such amount paid under any fee sharing arrangement whereby the Special Servicer shares
fees to which it is entitled with any Certificateholder or any Companion Loan Holder) received or retained by the Special Servicer
or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, the Borrowers, any manager, any
guarantor or indemnitor in respect of the Mortgage Loan, any Companion Loan or any Foreclosed Property and any purchaser of the
Mortgage Loan, any Companion Loan or any Foreclosed Property)) in connection with the disposition, workout or foreclosure of the
Mortgage Loan, the management or disposition of any Foreclosed Property or the performance by the Special Servicer or any such
Affiliate of any other special servicing duties under this Agreement other than (i) Permitted Special Servicer/Affiliate Fees,
(ii) any Special Servicer compensation in the form of late payment charges, Default Interest, assumption fees, Modification
Fees, consent fees, loan service transaction fees, beneficiary statement fees, assumption application fees or other income earned
on deposits in any Foreclosed Property Account, (iii) any compensation and other remuneration that the Servicer is permitted to
receive

 

    	-28-

    	 

    

 

or retain in connection with its duties as Servicer hereunder and (iv) any compensation and other remuneration that the
Special Servicer is entitled to pursuant to Section 3.17
of this Agreement.

 

“Disqualified
Non-U.S. Person”:     With respect to a Class R Certificate, any Non-U.S. Person or its agent other than (a) a
Non-U.S. Person that holds the Class R Certificates in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Administrator with an effective IRS Form W-8ECI or (b) a
Non-U.S. Person that has delivered to both the transferor and the Certificate Administrator 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”:     Either (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other
than an instrumentality that is a corporation if all of its activities are subject to tax and, except in the case of FHLMC, a majority
of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization
or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1
of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions
(as defined in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain farmers’ cooperatives
described in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2)
of the Code or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect
that any transfer of a Class R Certificate to such Person may cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify
as a REMIC at any time that the Certificates are outstanding. The terms “United States,” “State” and “International
Organization” have the meanings set forth in Section 7701 of the Code or successor provisions.

 

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

 

“Distribution
Date”:     The fourth (4th) Business Day after each Determination Date, commencing in November 2015.

 

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

 

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

 

    	-29-

    	 

    

 

“Eligible Institution”:
    A depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations
or commercial paper of which are rated at least “P-1” by Moody’s and at least “F1” by Fitch in the
case of accounts in which funds are held for 30 days or less (or, in the case of accounts in which funds are held for more than
30 days, the long-term unsecured debt obligations of which are rated (i) at least “A2” by Moody’s, (ii) at least
“A” by Fitch and (iii) at least “A” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating
by at least two NRSROs (which may include S&P, Fitch and/or Moody’s))).

 

“Environmental
Indemnity”:     As defined in the Loan Agreement.

 

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

 

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

 

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

 

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

 

“Final Asset
Status Report”:     An Asset Status Report, together with such other data or supporting information provided by the Special
Servicer to the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf), which does not include
any communications (other than the Final Asset Status Report) between the Special Servicer and the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf), as applicable, with respect to the Whole Loan; provided, that no
Asset Status Report shall be considered a Final Asset Status Report unless (i) the Applicable Control Party 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 or (ii) the Asset Status Report is otherwise implemented by
the Special Servicer in accordance with the terms of this Agreement.

 

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

 

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

 

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

 

    	-30-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Group 1 Notes”:
    As defined in the Introductory Statement.

 

“Group 2 Notes”:
    As defined in the Introductory Statement.

 

“Group 3 Notes”:
    As defined in the Introductory Statement.

 

“Guarantor”:
    AMERCO, a Nevada corporation.

 

“Guaranty”:
    Any guaranty entered into between the Guarantor, as guarantor, and the Mortgage Loan Lender (together with any supplement to such
guaranty or any replacement of such guaranty).

 

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

 

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

 

“Independent
Contractor”:     Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC or the Upper-Tier REMIC within the meaning of Section 856(d)(3) of
the Code if such REMIC were a real estate investment trust (except that the ownership test set forth in that Section of the

 

    	-31-

    	 

    

 

Code
shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or 35%
or more of the aggregate value of all Classes of Certificates or such other interest in the Certificates as is set forth in an
Opinion of Counsel, which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer,
or the Trust Fund, be delivered to the Trustee, the Certificate Administrator, the Special Servicer or the Servicer on behalf of
the Trust Fund); provided that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives or derives any income from
such Person and the relationship between such Person and such REMIC is at arm’s length, all within the meaning of Treasury
Regulations Section 1.856-4(b)(5), or (ii) any other Person (including the Special Servicer or the Servicer) if the Trustee
and the Certificate Administrator (or the Servicer or the Special Servicer on behalf of the Trust) has received an Opinion of Counsel
which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer (unless the Special
Servicer or the Servicer is providing the Opinion of Counsel with respect to itself) or the Trust Fund, be to the effect that the
taking of any action in respect of any Foreclosed Property by such Person, subject to any conditions therein specified, that is
otherwise herein contemplated to be taken by an Independent Contractor will not cause such Foreclosed Property to cease to qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed
Property to fail to qualify as Rents from Real Property.

 

“Initial Purchasers”:
    Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC, and their respective successors in interest.

 

“Inquiries”:
    As defined in Section 4.5.

 

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

 

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

 

“Intercreditor
Agreement”:    That certain Agreement Between Note Holders, dated as of September 1, 2015, by and between MSBNA, as the
holder of Note A-1A, Note A-2A and Note A-3A, and JPMCB, as the holder of Note A-1B, Note A-2B and Note A-3B, as amended, supplemented
or otherwise modified pursuant to its terms from time to time.

 

“Interest Accrual
Period”:     With respect to (i) the Whole Loan and any Loan Payment Date, the calendar month immediately preceding the calendar
month in which such

 

    	-32-

    	 

    

 

Loan Payment Date occurs, and (ii) the Certificates and any Distribution Date, the calendar month immediately
preceding the calendar month in which such Distribution Date occurs.

 

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

 

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

 

“Interest Shortfall”:
    With respect to any Distribution Date for any Class of Certificates (other than the Class R Certificates) or any Uncertificated
Lower-Tier Interest, the amount by which the Current Interest Distribution Amount for such Class of Certificates or such Uncertificated
Lower-Tier Interest exceeds the portion thereof actually paid in respect of interest in respect of such Class of Certificates or
such Uncertificated Lower-Tier Interest on such Distribution Date.

 

“Interested
Person”:     The Depositor, the Certificate Administrator, the Servicer, the Special Servicer, any Majority Controlling Class
Certificateholder, the Controlling Class Representative, any Borrower, the Guarantor, any Property Manager, a mezzanine lender,
any independent contractor engaged by the Special Servicer, any Other Depositor, any Other Servicer, any Other Special Servicer
(or any independent contractor engaged by such Other Special Servicer), any Other Trustee or any Other Certificate Administrator
for an Other Securitization Trust, a Companion Loan Holder, or any of their respective known Affiliates.

 

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

 

“Investment
Account”:     As defined in Section 3.8(a).

 

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

 

“Investor Certification”:
    A certificate, substantially in the form of Exhibit K-1 and Exhibit K-2 to this Agreement, or in the form of
an electronic certification contained on the Certificate Administrator’s Website, representing that such Person executing
the certificate is a Certificateholder, a Beneficial Owner or a prospective purchaser of a Certificate, a Companion Loan Holder,
a party to an Other Pooling and Servicing Agreement or any Mortgage Loan Seller who has repurchased its respective Mortgage Loan
Seller Percentage Interest in the Mortgage Loan pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, and that
(i) for

 

    	-33-

    	 

    

 

purposes of obtaining information (including the Distribution Date Statements) and notices (including access to information
and notices on the Certificate Administrator’s Website) pursuant to this Agreement, such Person is (a) as evidenced by Exhibit
K-2, the Guarantor, the Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower (which for purposes
of this paragraph includes any owner of any interest (whether legally, beneficially or otherwise) in the Borrowers), or a Borrower
Affiliate, or any agent of any of the foregoing, in which case such Person shall only be given access to the Distribution Date
Statements or (b) as evidenced by Exhibit K-1, not the Guarantor, the Loan Sponsor, the Property Manager or an Affiliate
of any of the foregoing, a Borrower (which for purposes of this paragraph includes any owner of any interest (whether legally,
beneficially or otherwise) in the Borrowers), or a Borrower Affiliate, or an agent of any of the foregoing, in which case such
Person shall be given access to all such information; and/or (ii) for purposes of exercising Voting Rights and as evidenced
by Exhibit K-1 (A) such Person is not the Depositor, the Trustee, the Certificate Administrator, the Guarantor, the
Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate, or an agent of any
of the foregoing and (B) such Person is or is not the Servicer, the Special Servicer, or an Affiliate of any of the foregoing;
provided that, for purposes of clause (ii), if such Person is an Affiliate of the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, such certification shall indicate whether an Affiliate Ethical Wall exists
between it and the Depositor, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable;
and/or (iii) for purposes of determining the Controlling Class Representative, exercising any rights of the Controlling Class or
receiving Asset Status Reports or any other information under this Agreement other than Distribution Date Statements, such Person
is not the Guarantor, the Loan Sponsor, the Property Manager or any Affiliate of any of the foregoing, a Borrower (which for purposes
of this paragraph includes any owner of any interest (whether legally, beneficially or otherwise) in the Borrowers), or Borrower
Affiliate, or an agent of any of the foregoing. The Certificate Administrator may require that Investor Certifications be resubmitted
from time to time in accordance with its policies and procedures.

 

“Investor Q&A
Forum”:     As defined in Section 4.5(a).

 

“Investor Registry”:
    As defined in Section 4.5(b).

 

“IRS”:
    The Internal Revenue Service.

 

“JPMCB”:
    As defined in the Introductory Statement.

 

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

 

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

 

    	-34-

    	 

    

 

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

 

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

 

“Liquidation
Fee”:     A fee payable to the Special Servicer with respect to each Liquidated Property, or any full, partial or discounted
payoff of the Whole Loan, the Mortgage Loan or the Companion Loans or the liquidation of the Whole Loan, the Mortgage Loan or the
Companion Loans as to which the Special Servicer receives any Liquidation Proceeds, equal to the product of the Liquidation Fee
Rate and the Net Liquidation Proceeds related to such Liquidated Property, Whole Loan, Mortgage Loan or Companion Loan. The Special
Servicer shall not be entitled to receive a Liquidation Fee in connection with (i) a repurchase of the Mortgage Loan (or any
Mortgage Loan Seller Percentage Interest therein) by the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan
Purchase Agreement; or (ii) a sale of the Whole Loan, the Mortgage Loan or and Companion Loan by the Special Servicer to an
Interested Person in accordance with Section 3.16. For the avoidance of doubt, the intent of Section 10.13 of
the Loan Agreement is to require the Borrowers to be responsible for the payment of Liquidation Fees and the Special Servicer shall
be entitled to, and may collect, any Liquidation Fees payable to it from the Borrowers pursuant to such Section 10.13 of the
Loan Agreement as would be calculated hereunder. The Liquidation Fee with respect to the Specially Serviced Mortgage Loan or any
Foreclosed Property shall be reduced by the amount of any Modification Fees paid by or on behalf of the Borrowers with respect
to the Specially Serviced Mortgage Loan or any Foreclosed Property and received by the Special Servicer as compensation, but only
to the extent those fees have not previously been deducted from a Work-out Fee or Liquidation Fee. Notwithstanding the foregoing,
if the Whole Loan becomes a Specially Serviced Mortgage Loan solely due to an event described in clause (iii) of the definition
of “Special Servicing Loan Event” and the related Liquidation Proceeds are received within 4 months following the related
maturity date as a result of the Mortgage Loan or a Companion Loan being refinanced, the Special Servicer shall not be entitled
to deduct a Liquidation Fee from amounts due to the Certificateholders (or the Companion Loan Holders, if applicable) but may collect
and retain appropriate fees from the Borrowers in connection with such liquidation.

 

“Liquidation
Fee Rate”:      A rate equal to 0.50% (50 basis points).

 

“Liquidation
Proceeds”:     Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
the Trustee in connection with the liquidation of any Properties, whether through judicial foreclosure, sale or otherwise, or in

 

    	-35-

    	 

    

 

connection with the sale, discounted payoff or other liquidation of the Whole Loan, the Mortgage Loan or any Companion Loan (other
than amounts required to be paid to the Borrowers pursuant to law or the terms of the Loan Agreement) including the proceeds of
any full, partial or discounted payoff of the Whole Loan, the Mortgage Loan or any Companion Loan (exclusive of any portion of
such payoff or proceeds that represents Default Interest or late payment charges).

 

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

 

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

 

“Loan Payment
Date”:     The first (1st) day of each calendar month (or if such date is not a Business Day (as such term is
defined the Loan Agreement), the immediately preceding Business Day).

 

“Loan Sponsor”:
   AMERCO, a Nevada corporation.

 

“Lock Box Agreement”:
    The Blocked Account Agreement as defined in the Loan Agreement.

 

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

 

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

 

“Lower-Tier
Principal Amount”:     With respect to any Uncertificated Lower-Tier Interest, a principal amount that initially will equal
the Original Lower-Tier Principal Amount of such Uncertificated Lower-Tier Interest set forth in the Introductory Statement herein,
and from time to time will equal such amount reduced by the amount of any distributions of the Lower-Tier Distribution Amount allocable
to principal made, and any Realized Losses allocated, with respect to such Uncertificated Lower-Tier Interest on any Distribution
Date as provided in Section 4.1(b) and Section 4.1(g), respectively, of this Agreement.

 

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

 

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

 

“Major Decision”:
    Any of the following:

 

(i)             any proposed or
actual foreclosure upon or comparable conversion (which may include acquisitions of a Foreclosed Property by deed in lieu of foreclosure)
of the ownership of the Properties if the Whole Loan comes into and continues in default;

 

    	-36-

    	 

    

 

(ii)    
       any amendment or modification, consent to a modification or waiver of a monetary term of the Whole Loan (other than penalty
charges, but including the timing of payments and acceptance of discounted payoffs) or material non-monetary term of the
Whole Loan or any extension of the maturity date thereof;

 

(iii)           following a
default or a Mortgage Loan Event of Default with respect to the Whole Loan, any exercise of remedies, including any acceleration
of the Whole Loan or initiation of judicial, bankruptcy or similar proceedings under the Loan Documents;

 

(iv)          
any sale of the Whole Loan if it is a defaulted loan for less than the Repurchase Price or any sale of any Foreclosed
Property;

 

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

 

(vi)         
 any release of collateral or any acceptance of substitute or additional collateral for the Whole Loan or any consent to
either of the foregoing, unless required or permitted pursuant to the specific terms of the Loan Documents and for which
there is no material lender discretion;

 

(vii)      
   any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the
Whole Loan or, if lender consent is required, any consent to such waiver or consent to a transfer of a Property or interests
in the Borrowers, other than any such transfer or incurrence of debt as may be effected without the consent of the Mortgage
Loan Lender under the Loan Documents;

 

(viii)      
  any incurrence of additional debt by the Borrowers or of any mezzanine financing by any beneficial owner of the
Borrowers (to the extent that the lender has consent rights pursuant to the Loan Documents (for purposes of the determination
whether a lender has such consent rights pursuant to the Loan Documents, any provision in the Loan Documents that requires
that an intercreditor agreement be reasonably or otherwise acceptable to the Mortgage Loan Lender will constitute such
consent rights));

 

(ix)           any material modification, waiver or amendment of the Intercreditor Agreement, co-lender agreement,
participation agreement or similar agreement with any mezzanine lender or subordinate debt holder related to the Whole Loan,
or an action to enforce rights with respect thereto or decision not to enforce such rights;

 

(x)            any franchise
changes (with respect to the Whole Loan if the Mortgage Loan Lender is required to consent or approve under the Loan Documents)
or any material property management company changes, including approval of the termination of a manager and appointment of a new
property manager;

 

(xi)           releases of any
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 Loan Documents and for which there is no material Mortgage Loan Lender discretion;

 

    	-37-

    	 

    

 

(xii)          any requests
for the funding or disbursement of “performance,” “earn-out,” holdback or similar escrows and reserves
(including those evidenced by letters of credit) if, with respect to the Whole Loan, escrows and reserves (i) exceed, at the related
origination date, in the aggregate, 10% of the initial principal balance of the Whole Loan (regardless of whether such funding
or disbursement may be characterized as routine and/or customary and regardless of whether the Whole Loan has a primary servicer
other than the Servicer) or (ii) are not routine and/or customary escrow and reserve fundings or disbursements

 

(xiii)         any acceptance
of an assumption agreement or any other agreement permitting a transfer of interests in the Borrowers, guarantor or other obligor,
or releasing the Borrowers, guarantor or other obligor from liability under the Whole Loan, or modifying any of the Borrowers,
guarantor or other obligor’s monetary liability under the Whole Loan other than pursuant to the specific terms thereof and
for which there is no Mortgage Loan Lender discretion;

 

(xiv)         any determination
of an Acceptable Insurance Default;

 

(xv)          the determination
of any use of proceeds of a hazard insurance claim to restore a Property if the amount of such proceeds exceeds the applicable
restoration threshold in the Loan Agreement;

 

(xvi)         the modification,
waiver, amendment, execution, termination or renewal of any lease, to the extent Mortgage Loan Lender approval is required under
the Loan Documents and if such lease constitutes a “major lease” under the Loan Documents, including entering into
any related subordination, non-disturbance and attornment agreement, subject to any deemed approval expressly set forth in the
related lease;

 

(xvii)      
any adoption or implementation of a budget for a Property submitted by the Borrowers with respect to the Whole Loan (to the
extent lender approval is required under the Loan Documents), if (a) the Whole Loan is on the CREFC® servicer
watch list or (b) such budget includes material (more than 25%) increases in operating expenses or payments to entities
actually known by the servicer to be affiliates of the Borrowers (excluding affiliated managers paid at fee rates agreed to
at the origination of the Whole Loan), subject in each case to any deemed approval expressly set forth in the Loan
Documents;

 

(xviii)       the voting
on any plan of reorganization, restructuring or similar plan in the bankruptcy of a Borrower; and

 

(xix)          the exercise
of the rights and powers granted under the Intercreditor Agreement or any related mezzanine loan intercreditor agreement to the
holder of Note A-2A, the “Senior Lender” or such other similar term as may be set forth in any such agreement, as applicable,
and/or the “Servicer” referred to therein, if and to the extent such rights or powers affect the priority, payments,
consent rights or security interest with respect to the holder of Note A-2A, the “Senior Lender” or such other similar
term;

 

provided, that
if the Special Servicer or the Servicer (if the Servicer or Special Servicer is otherwise authorized by this Agreement to take
such action, subject to the rights of

 

    	-38-

    	 

    

 

the Companion Loan Holders pursuant to the terms of the Intercreditor Agreement), as applicable,
determines that immediate action, with respect to a decision as described in the Intercreditor Agreement requiring consent of the
Applicable Control Party, or a Major Decision or any other matter requiring consent of the Controlling Class Representative, is
necessary to protect the interests of the Certificateholders, the Special Servicer or Servicer, as applicable, may take any such
action without waiting for such response; provided, further, that during any Subordinate Consultation Period, the
Special Servicer shall consult, on a non-binding basis (and consider alternative actions recommended by each party), with the Controlling
Class Certificateholder (or the Controlling Class Representative on its behalf), as to any of the Major Decisions listed above.
As used above, “material lender discretion” and “Mortgage Loan Lender discretion” require the Mortgage
Loan Lender’s discretion in making the relevant decision regarding the release of Collateral or the acceptance of substitute
or additional Collateral, as applicable, and such decision need not be based upon the satisfaction of specified objective conditions,
the satisfactory delivery of certain factual evidence or opinions or the satisfaction of any other specified objective criteria
that is set forth in the Loan Documents.

 

“Majority Controlling
Class Certificateholders”:      The Holder(s) of Certificates representing more than 50% of the Certificate Balance of the
Controlling Class.

 

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

 

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

 

“Master Servicing
Fee Rate”:     0.0025% (0.25 basis points) per annum.

 

“Material Breach”:
    As defined in Section 2.7(a).

 

“Material Document
Defect”:     As defined in Section 2.7(a).

 

“Maturity Date”:    
The Loan Payment Date in September 2035, or such other date on which the final payment of principal under the Whole Loan becomes
due and payable as provided under the Loan Agreement, whether at such stated maturity date, by declaration of acceleration, or
otherwise.

 

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

 

“Monthly Payment”:
    With respect to the Mortgage Loan and any Distribution Date, the scheduled payment of principal and/or interest on the Mortgage
Loan pursuant to the

 

    	-39-

    	 

    

 

Loan Agreement and the related Balloon Payment, if any, in each case which is due and payable on the immediately
preceding Loan Payment Date.

 

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

 

“Moody’s”:
     Moody’s Investors Service, Inc., and its successors-in-interest. If neither such rating agency nor any successor remains
in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency
or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

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

 

“Mortgages”:
     The security instruments securing the Whole Loan, as described in the Loan Agreement.

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Purchase Agreements”:     The MSMCH Mortgage Loan Purchase Agreement and the JPMCB Mortgage Loan Purchase Agreement.

 

“Mortgage Loan
Seller Percentage Interest”:     As to MSMCH, 50%, and as to JPMCB, 50%.

 

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

 

“Mortgage Rate”:
    With respect to any Interest Accrual Period and the Whole Loan, the per annum rate at which interest (but not Default Interest)
accrues thereon for such Interest Accrual Period as specified in the Loan Agreement.

 

    	-40-

    	 

    

 

“MSBNA”:
    As defined in the Introductory Statement.

 

“MSMCH”:
    As defined in the Introductory Statement.

 

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

 

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

 

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

 

“Net Mortgage
Rate”:     With respect to any Distribution Date, the annualized rate at which interest would have to accrue in respect of
the Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in each Interest Accrual Period in order to
produce the aggregate amount of interest (net of the Servicing Fee, the Certificate Administrator Fee (which includes the Trustee
Fee) and the CREFC® Intellectual Property Royalty License Fee and exclusive of Default Interest) actually accrued
on the Mortgage Loan during the related Interest Accrual Period; provided, that (i) except with respect to the final Distribution
Date, the Net Mortgage Rate that would otherwise be in effect for purposes of the scheduled Mortgage Loan payment due in January
of each year (other than a leap year and commencing in 2017) and February of each year (commencing in 2016) will be adjusted to
take into account the applicable Withheld Amounts to be deposited in the Interest Reserve Account; and (ii) the Net Mortgage Rate
that would otherwise be in effect for purposes of the scheduled Mortgage Loan payment due in March of each year (or February, if
the related Distribution Date is the final Distribution Date) commencing in 2016, will be adjusted to take into account the related
withdrawal from the Interest Reserve Account of the Withheld Amounts for the preceding January and, if applicable, February (or
only January, if the related Distribution Date in February is the final Distribution Date). For purposes of calculating the Pass-Through
Rate, the Net Mortgage Rate shall be determined without regard to any modification, waiver or amendment of the terms of the Mortgage
Loan or the Whole Loan, whether agreed to by the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding
involving the related Borrower or otherwise, and without regard to any Property becoming a Foreclosed Property.

 

“New Intercreditor
Agreement”:     As defined in Section 2.7(b).

 

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

 

    	-41-

    	 

    

 

“Nonrecoverable
Advance”:     Any Advance or portion of an Advance previously made and not previously reimbursed, or proposed to be made,
including interest on such Advance, which, the Servicer, the Special Servicer or the Trustee determines in accordance with Accepted
Servicing Practices (in the case of the Servicer or the Special Servicer) or good faith and reasonable business judgment (in the
case of the Trustee) would not be ultimately recoverable from subsequent payments or collections (including Foreclosure Proceeds,
Liquidation Proceeds, Condemnation Proceeds (to the extent not made available for the repair or restoration of the Properties)
and Insurance Proceeds) in respect of the Mortgage Loan (or, in the case of Property Protection Advances made on the Whole Loan,
out of collections on the Whole Loan) or the Properties or from funds on deposit in the Collection Account pursuant to Section 3.4(c).
In making such recoverability determination, the Servicer, Special Servicer or Trustee, as applicable, will be entitled (a) to
consider (among other things) (i) the obligations of the Borrowers under the terms of the Loan Documents as they may have
been modified and (ii) the Properties in their “as is” or then-current conditions and occupancies, as modified
by such party’s assumptions (consistent with Accepted Servicing Practices in the case of the Servicer and 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 change with respect to the Properties, (b) to estimate and consider (among other things) future
expenses and (c) to estimate and consider (consistent with Accepted Servicing Practices in the case of the Servicer and the
Special Servicer or in its good faith and reasonable business judgment in the case of the Trustee, solely in its capacity as Trustee)
(among other things) the timing of recoveries. The Trustee will be entitled to rely conclusively on the Servicer’s determination
that an Advance is a Nonrecoverable Advance, and the Trustee and the Servicer will be entitled to rely conclusively on the Special
Servicer’s determination that an Advance is a Nonrecoverable Advance.

 

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

 

“Non-Reduced
Certificates”:     As of any date of determination, any Class of Sequential Pay Certificates then outstanding for which (a)(1)
the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of, as of such date of determination,
(x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of
such Class of Certificates, (y) any Appraisal Reduction Amounts allocated to the Mortgage Loan then allocable to such Class of
Certificates and (z) any Realized Losses previously allocated to such Class of Certificates, is equal to or greater than (b) 25%
of the remainder of (1) the initial Certificate Balance of such Class of Certificates less (2) any payments of principal (whether
as principal prepayments or otherwise) previously distributed to the Holders of such Class of Certificates as of such date of determination.

 

“Non-Trust Note”:
    As defined in the Introductory Statement.

 

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

 

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

 

“Note”:
    As defined in the Introductory Statement.

 

    	-42-

    	 

    

 

“Note A-1A”:
     As defined in the Introductory Statement.

 

“Note A-1B”:    
 As defined in the Introductory Statement.

 

“Note A-2A”:
    As defined in the Introductory Statement.

 

“Note A-2B”:
    As defined in the Introductory Statement.

 

“Note A-3A”:
    As defined in the Introductory Statement.

 

“Note A-3B”:
    As defined in the Introductory Statement.

 

“Notional Amount”:
    With respect to Class X-A Certificates, the Class X-A Notional Amount, and with respect to the Class X-B Certificates, the Class
X-B Notional Amount.

 

“NRSRO”:
     Any nationally recognized statistical ratings organization under the Exchange Act, including the Rating Agencies and any Companion
Loan Rating Agency; provided that, when referred to in connection with the 17g-5 Information Provider’s Website, “NRSRO”
shall mean a nationally recognized statistical rating organization that has delivered an NRSRO Certification.

 

“NRSRO Certification”:
    A certification substantially in the form of Exhibit M executed by an NRSRO in favor of the 17g-5 Information Provider.

 

“Offering Circular”:    
That certain Confidential Offering Circular, dated September 24, 2015, relating to the offering of the Certificates.

 

“Officer’s
Certificate”:     A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Servicing
Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, any Mortgage Loan Seller or
any other entity referred to herein, as the case may be, customarily performing functions similar to those performed by any of
the above designated officers and also with respect to a particular matter, any other officer to whom such matter is referred because
of such officer’s knowledge of and familiarity with the particular subject and whose signatures and incumbency shall have
been certified to the Certificate Administrator or the Trustee, as applicable.

 

“Opinion of
Counsel”:     A written opinion of counsel (which counsel, in the case of any such opinion of counsel relating to the taxation
of the Trust Fund or any portion thereof, qualification of either REMIC formed hereunder as a REMIC or the imposition of tax under
the REMIC Provisions on any income or property of either such REMIC, compliance with the REMIC Provisions (including application
of the definition of “Independent Contractor”), shall be Independent of the Depositor, the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee), who may, without limitation, be counsel for the Depositor, the Servicer or the
Special Servicer, reasonably acceptable to the Trustee and the Certificate Administrator, as applicable.

 

    	-43-

    	 

    

 

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

 

“Origination
Date”:     means August 12, 2015.

 

“Originators”:
    As defined in the Introductory Statement.

 

“Other Certificate
Administrator”:     Any “certificate administrator” or analogous term 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 (a) that is subject to the reporting requirements
of the Exchange Act, the Other Depositor, Other Trustee, Other Certificate Administrator, Other Servicer and Other Special Servicer
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 (b) that is not the subject of the reporting requirements of the Exchange Act, and solely for purposes of Sections 10.7,
10.8 and 10.9, the Other Trustee, Other Certificate Administrator, Other Servicer, Other Special Servicer or Other
Depositor 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 or other comparable agreement governing the creation of
any Other Securitization Trust and issuance of securities backed by the assets of such Other Securitization Trust.

 

“Other Securitization
Trust”:     Any commercial mortgage securitization trust that holds a Companion Loan (or any portion thereof or interest
therein).

 

“Other Servicer”:
    Any “master servicer” or analogous term under an Other Pooling and Servicing Agreement.

 

“Other Special
Servicer”:     Any “special servicer” or analogous term under an Other Pooling and Servicing Agreement.

 

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

 

“Pass-Through
Rate”:     With respect to (i) the Class A Certificates, the Class A Pass-Through Rate; (ii) the Class X-A
Certificates, the Class X-A Pass-Through Rate; (iii) the Class X-B Certificates, the Class X-B Pass-Through Rate;
(iv) the Class B Certificates, the Class B Pass-Through Rate; (v) the Class C Certificates, the Class C
Pass-Through Rate; (vi) the Class D Certificates, the Class D Pass-Through Rate; (vii) the Class E Certificates,
the Class E Pass-Through Rate and (viii) each Uncertificated Lower-Tier Interest, the Net Mortgage Rate.

 

    	-44-

    	 

    

 

“PCAOB”:
    The Public Company Accounting Oversight Board.

 

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

 

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

 

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

 

(i)           obligations
of, or obligations fully guaranteed as to payment of principal and interest by, the United States or an agency or instrumentality
thereof, provided such obligations are backed by the full faith and credit of the United States and such obligations have
a remaining term to maturity of one year or less;

 

(ii)          repurchase
agreements on obligations specified in clause (i) of this definition, with a party agreeing to repurchase such obligations (A)
in the case of such investments with maturities of 30 days or less, (x) the short term obligations of which are rated in the highest
short-term rating category by Moody’s, and the long term obligations of which are rated at least “A2” by Moody’s,
(y) the short term obligations of which are rated at least “F1” by Fitch, and the long term obligations of which are
rated at least “A” by Fitch, and (z) the short term obligations of which are rated in the highest short-term rating
category of DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which
may include S&P, Fitch and/or Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject
of a Rating Agency Confirmation relating to the Certificates), (B) 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 are rated in the highest short-term rating category by
Moody’s, or the long term obligations of which are rated at least “A2” by Moody’s, (y) the short term obligations
of which are rated at least “F1+” by Fitch, or the long term obligations of which are rated at least “AA-”
by Fitch, and (z) the short term obligations of which are rated in the highest short-term rating category of DBRS, if then rated
by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or
Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates), (C) in the case of such investments with maturities of six months or less, but more than

 

    	-45-

    	 

    

 

three months,
(x) 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, (y) the short term obligations of which are rated “F1+”
by Fitch, and the long term obligations of which are rated at least “AA-” by Fitch, and (z) the short term obligations
of which are rated in the highest short-term rating category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)), and the long term obligations
of which are rated in the highest long-term rating category of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating
by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)) (or, in the case of any such Rating Agency, such
lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), and (D) in the case of such investments
with maturities of more than six months (but less than 365 days), (x) 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 “Aaa” by Moody’s,
(y) the short term obligations of which are rated at least “F1+” by Fitch, and the long term obligations of which are
rated at least “AA-” by Fitch, and (z) the short term obligations of which are rated in the highest short-term rating
category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which
may include S&P, Fitch and/or Moody’s)), and the long term obligations of which are rated in the highest long-term rating
category of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P,
Fitch and/or Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency
Confirmation relating to the Certificates);

 

(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) in the case of such investments with maturities
of 30 days or less, (x) the short term obligations of which are rated in the highest short-term rating category by each of Moody’s,
and the long term obligations of which are rated at least “A2” by Moody’s, (y) the short term obligations of
which are rated at least “F1” by Fitch, or the long term obligations of which are rated at least “A” by
Fitch, and (z) the short term obligations of which are rated in the highest short-term rating category by DBRS, if then rated by
DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or
Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates), (B) 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 are rated in the highest short-term rating category by Moody’s, or the long term
obligations of which are rated at least “A2” by Moody’s, (y) the short term obligations of which are rated at
least “F1+” by Fitch, or the long term obligations of which are rated at “AA-” by Fitch, and (z) the short
term obligations of which are rated in the highest short-term rating category by DBRS, if then rated by DBRS (or, if not rated
by DBRS, an 

 

    	-46-

    	 

    

 

equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)) (or,
in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates),
(C) in the case of such investments with maturities of six months or less, but more than three months, (x) the short term obligations
of which are then rated the highest short-term rating of Moody’s, and the long term obligations of which are rated at least
“Aa3” by Moody’s, (y) the short term obligations of which are rated at least “F1+” by Fitch, and
the long term obligations of which are rated at least “AA-” by Fitch, and (z) the short term obligations of which are
rated in the highest short-term rating category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher)
rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)) (or, in the case of any such Rating Agency,
such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), and (D) in the case of such
investments with maturities of more than six months (but less than 365 days), (x) 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 “Aaa”
by Moody’s, (y) the short term obligations of which are rated at least “F1+” by Fitch, and the long term obligations
of which are rated at least “AA-” by Fitch, and (z) the short term obligations of which are rated in the highest short-term
rating category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs
(which may include S&P, Fitch and/or Moody’s)), and the long term obligations of which are rated in the highest long-term
rating category of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P,
Fitch and/or Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency
Confirmation relating to the Certificates);

 

(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) in the case of such investments with maturities of 30 days or less, (x) the short term obligations of which are rated in
the highest short-term rating category by Moody’s, or the long term obligations of which are rated at least
“A2” by Moody’s, (y) the short term obligations of which are rated
at least “F1” by Fitch, and the long term obligations of which are rated at least “A” by Fitch, and (z)
the short term obligations of which are rated in the highest short-term debt rating category of DBRS, if then rated by DBRS (or,
if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s))
(or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the
Certificates), (B) 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 are rated in the highest short-term rating category by Moody’s, or the long term obligations
of which are rated at least “A2” by 

 

    	-47-

    	 

    

 

Moody’s, (y) the short term obligations of which are rated at least “F1+”
by Fitch, or the long term obligations of which are rated at “AA-” by Fitch, and (z) the short term obligations
of which are rated in the highest short-term rating category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)) (or, in the case of any such
Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), (C) in the case
of such investments with maturities of six months or less, but more than three months, (x) 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, (y) the short term obligations of which are rated at least “F1+” by Fitch, or the
long term obligations of which are rated at “AA-” by Fitch, and (z) the short term obligations of which are rated in
the highest short-term rating category by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating
by at least two NRSROs (which may include S&P, Fitch and/or Moody’s)) (or, in the case of any such Rating Agency, such
lower rating as is the subject of a Rating Agency Confirmation relating to the Certificates), and (D) in the case of such investments
with maturities of more than six months (but less than 365 days), (x) 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 “Aaa” by Moody’s,
(y) short term obligations of which are rated at least “F1+” by Fitch, or the long term obligations of which are rated
at “AA-” by Fitch, and (z) the short term obligations of which are rated in the highest short-term rating category
by DBRS, if then rated by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include
S&P, Fitch and/or Moody’s)), and the long term obligations of which are rated in the highest long-term rating category
of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or
Moody’s)) (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
relating to the Certificates);

 

(v)      
   units of taxable money market mutual funds, issued by regulated investment companies, which seek to
maintain a constant net asset value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term
Eurodollar Sweep or the Wells Fargo Advantage Heritage Money Market Fund) so long as any such fund is rated in the highest
short term unsecured debt ratings category by Fitch and Moody’s and in the highest category by DBRS (or, if not rated
by DBRS, an equivalent rating by at least two (2) NRSROs (which may include S&P, Fitch and/or Moody’s) or otherwise
acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation relating to the
Certificates); and

 

(vi)     
   any other demand, money market or time deposit, demand obligation or any other obligation, security or
investment, provided that the Servicer, Special Servicer or Certificate Administrator, as applicable, has received a
Rating Agency Confirmation relating to the Certificates.

 

    	-48-

    	 

    

 

Notwithstanding the foregoing,
“Permitted Investments” (i) for which a rating by S&P, if any, is required as set forth above, shall have
an unqualified rating (i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as
the “(sf)” subscript, and unsolicited ratings; provided, that ratings with “(p)” and “(i)”
subscripts, such as a bond rated “AAAp NRi”, would qualify as long as the analysis of the supported security takes
into consideration the credit risk of the principal and, if applicable, interest portion of the temporary investment; (ii) shall
be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change;
(iii) shall only include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6)
of the Code); and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying
investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest
may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread
(if any), and move proportionately with that index. No investment shall be made that requires a payment above par for an obligation
if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments (a) shall mature or
be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their
purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder and
(b) shall not have a maturity in excess of one (1) year.

 

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

 

“Permitted Transferee”:
    Any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by
the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person
requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate to such Person will
not cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding,
(c) a Disqualified Non-U.S. Person, (d) any entity treated as a U.S. partnership if any of its partners, directly or
indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership agreement) a Disqualified Non-U.S.
Person or (e) a U.S. Person with respect to whom income from the Class R Certificate is attributable to a foreign permanent
establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S. Person.

 

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

 

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

 

“Pricing Date”:
    September 24, 2015.

 

    	-49-

    	 

    

 

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

 

“Primary Servicing
Fee Rate”:     0.0025% (0.25 basis points) per annum.

 

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

 

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

 

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

 

“Privileged
Information”:     Any (i) correspondence or other communications between any of the Controlling Class Certificateholder (or
the Controlling Class Representative on its behalf) on the one hand, and the Special Servicer (or the Servicer and/or the Trustee),
on the other hand, related to the Mortgage Loan, any Companion Loan or the Whole Loan following a Special Servicing Loan Event
or the exercise of the consent or consultation rights of the Controlling Class Certificateholder (or the Controlling Class Representative
on its behalf) 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 Borrowers or other interested party;
and (iii) legally privileged information, in each case, as identified to the 17g-5 Information Provider; provided that a
summary of any Final Asset Status Report prepared by the Special Servicer pursuant to the terms of this Agreement is deemed not
to be Privileged Information (although no such summary shall be made available to any Property Manager or any Affiliate thereof,
any Borrower or Borrower Affiliate, or any agent of any of the foregoing).

 

“Privileged
Person”:     The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) (but
only during any Subordinate Control Period and any Subordinate Consultation Period), the Companion Loan Holders, any party to an
Other Pooling and Servicing Agreement, any NRSRO who provides an NRSRO Certification, or any Person who provides the Certificate
Administrator with an Investor Certification in the form of Exhibit K-1 (but not any Guarantor, any Property Manager or
any of

 

    	-50-

    	 

    

 

their respective Affiliates, any Borrower or any Borrower Affiliate, which shall only be entitled to access the Distribution
Date Statements).

 

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

 

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

 

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

 

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

 

“Qualified Insurer
Ratings”:     An insurance company or security or bonding company qualified to write the related insurance policy in the
relevant jurisdiction and whose claims paying ability is rated at least (a) “A-” by S&P, (b) “A(low)”
by DBRS (or, if not rated by DBRS, an equivalent rating by (A) at least two NRSROs (which may include S&P, Fitch and/or Moody’s)
or (B) one NRSRO (which may include S&P, Fitch and/or Moody’s) and “A:X” from A.M. Best), (c) “A3”
by Moody’s, (d) “A” by Fitch or (e) “A:X” by A.M. Best with respect to any fidelity bond or errors
and omissions insurance; provided, that 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.

 

“Qualified Servicer”:    
With respect to the applicable replacement Servicer or Special Servicer and the applicable non-responding Rating Agency pursuant
to Section 3.26 hereof, (a) with respect to Moody’s, (i) the applicable replacement Servicer or Special
Servicer, as applicable, confirms in writing that it was appointed to act as the master servicer or special servicer on a transaction
level basis, as applicable, on the closing date of a commercial mortgage loan securitization with respect to which Moody’s
rated one or more classes of certificates and one or more of such classes of certificates are still outstanding and rated by Moody’s
and (ii) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in any other commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time
of determination, (b) with respect to DBRS, DBRS has not cited servicing concerns of the applicable replacement as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by
the applicable servicer prior to the time of determination, and (c) with respect to Fitch, with respect to the Servicer, the successor
Servicer has a commercial master servicer rating of at least “CMS3” or, with respect to the Special Servicer, the successor
Special Servicer has a commercial special servicer rating of at least “CSS3”, as the case may be.

 

“Rated Final
Distribution Date”:    For each Class of Certificates (other than the Class R Certificates), the Distribution Date occurring
in September 2047.

 

“Rating Agencies”:
    Any of Moody’s, Fitch and DBRS.

 

    	-51-

    	 

    

 

“Rating Agency
Confirmation”:     With respect to any matter, confirmation in writing (which may be in the form of electronic mail, facsimile,
press release, posting to its internet website or such other means then considered industry standard as determined by such Rating
Agency) by a Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by
the Rating Agency); provided, that if a written waiver or other acknowledgment (or such time for a response has lapsed)
from the Rating Agency indicating its decision not to review or to decline to review the matter for which the Rating Agency Confirmation
is sought is received (such written notice, a “Rating Agency Declination”), the requirement to receive a Rating
Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further that any
Rating Agency Confirmation is subject to the terms set forth in Section 3.26.

 

“Rating Agency
Inquiry”:     As defined in Section 12.17(g) of this Agreement.

 

“Rating Agency
Q&A Forum and Document Request Tool”:     As defined in Section 12.17(g) of this Agreement.

 

“Realized Loss”:    
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the Certificate Balances of the Sequential
Pay Certificates after giving effect to distributions made on such Distribution Date exceeds (ii) the outstanding principal
balance of the Mortgage Loan after giving effect to (a) any payments of principal received with respect to the Loan Payment
Date occurring immediately prior to such Distribution Date, (b) any reduction of the outstanding principal balance of the
Mortgage Loan by the amount of any Advances of delinquent principal with respect to the Mortgage Loan that have not otherwise been
reimbursed by the Borrowers or otherwise through collections in respect of principal on the Mortgage Loan and (c) the aggregate
reductions of the principal balance of the Mortgage Loan that have been permanently made as a result of a bankruptcy proceeding,
modification or otherwise.

 

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

 

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

 

“Regular Principal
Distribution Amount”:    For each Distribution Date and the Classes of Sequential Pay Certificates, will equal (i) all
amounts collected (and allocated pursuant to the terms of the Intercreditor Agreement to) or advanced in respect of principal with
respect to the Mortgage Loan during the related Collection Period and (ii) all amounts received during the related Collection
Period in respect of principal on the Mortgage Loan from the Repurchase Price, all amounts allocated to principal with respect
to the Mortgage Loan from Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds (to the extent not made available
for the repair or restoration of the Properties) or otherwise received and allocated pursuant to the terms of the Intercreditor
Agreement to) in respect of principal on the Mortgage Loan.

 

    	-52-

    	 

    

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time in each case
as effective from time to time as of the compliance dates specified therein. Each of the parties hereto acknowledge that the Regulation
AB provisions herein shall be construed as if the Certificates were publicly registered and reporting were required at all times.

 

“Regulation S”:
Regulation S under the Act.

 

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

 

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

	  

                                                                                  Related Certificates
	  

                                                                                  Related Uncertificated Lower-Tier Interest

	 

                                                                             Class A Certificates
	  

                                                                                  Class LA 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

 

 “Relevant
Action”:     As defined in Section 3.26(f).

 

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

 

“REMIC Provisions”:
    Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections 860A through
860G of the Code.

 

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

 

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

 

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

  

    	-53-

    	 

    

 

“Reportable
Event”:     As defined in Section 10.7.

 

“Reporting Servicer”:
    The Servicer, the Special Servicer and any Servicing Function Participant (including the Certificate Administrator, the Trustee
(if and for such time as it is a Servicing Function Participant) and each Sub-Servicer), as the case may be.

 

“Repurchase
Communication”:     For purposes of Section 2.7(a) only, any communication, whether oral or written, which need
not be in any specific form.

 

“Repurchase
Mortgage File”:     With respect to any repurchase of any Mortgage Loan Seller Percentage Interest in the Mortgage Loan,
the portion of Mortgage File related to such Mortgage Loan Seller Percentage Interest.

 

“Repurchase
Price”:     An amount (without duplication) equal to (A) with respect to any repurchase of the Mortgage Loan (or any Mortgage
Loan Seller Percentage Interest therein) by the applicable Mortgage Loan Seller pursuant to Section 8 of each Mortgage Loan Purchase
Agreement, the sum of (i) the unpaid principal balance of the Mortgage Loan, (ii) accrued and unpaid interest on the
Mortgage Loan at the Mortgage Rate (exclusive of the Default Interest) to and including the last day of the related Interest Accrual
Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances together
with interest on such Advances, (iv) an amount equal to all interest on outstanding Monthly Payment Advances, (v) any
unpaid Trust Fund Expenses and (vi) any other out-of-pocket expenses reasonably incurred or expected to be incurred by the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee arising out of the enforcement of the repurchase obligation,
and (B) with respect to any sale of the Whole Loan pursuant to Section 3.16, the sum of (i) the unpaid principal balance
of the Whole Loan, (ii) accrued and unpaid interest on the Whole Loan at the Mortgage Rate (exclusive of the Default Interest)
to and including the last day of the related Interest Accrual Period in which the sale is to occur, (iii) unreimbursed Property
Protection Advances and Administrative Advances together with interest on such Advances, (iv) an amount equal to all interest
on outstanding Monthly Payment Advances and Companion Loan Advances, (v) any unpaid Trust Fund Expenses and (vi) any
other out-of-pocket expenses reasonably incurred or expected to be incurred by the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee arising out of the sale of the Whole Loan. No Liquidation Fee shall be paid by any Mortgage Loan Seller
in connection with a repurchase of the Mortgage Loan (or any Mortgage Loan Seller Percentage Interest therein) pursuant to the
Mortgage Loan Purchase Agreements.

 

“Repurchase
Request”:     As defined in Section 2.7(a).

 

“Repurchase
Request Withdrawal”:     As defined in Section 2.7(a).

 

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

 

“Required Advance
Amount”:     With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Payment Advance
(taking into account any Appraisal Reduction Amount allocable to the Mortgage Loan as of such Distribution Date) that would be
required to be made on the related Remittance Date by the Servicer pursuant to this Agreement if

 

    	-54-

    	 

    

 

the Borrowers have not made any
portion of the Monthly Payment (or an Assumed Monthly Payment) for the related Loan Payment Date or Assumed Loan Payment Date less
(b) the aggregate compensation payable on such Remittance Date to the Servicer in respect of the Servicing Fee and to the
Certificate Administrator in respect of the Certificate Administrator Fee (including the portion that is the Trustee Fee) and to
CREFC® in respect of the CREFC® Intellectual Property Royalty License Fee.

 

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

 

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

 

“Responsible
Officer”:     With respect to (i) the Trustee and the Certificate Administrator, any director, vice president, assistant
vice president, assistant secretary, treasurer, assistant treasurer, trust officer or other officer in the Corporate Trust department
of the Trustee or the Certificate Administrator, as the case may be, having direct responsibility for the administration of this
Agreement, and (ii) the Depositor, any director, vice president, assistant vice president, assistant secretary, treasurer, assistant
treasurer, trust officer or any other officer of the Depositor, customarily performing functions similar to those performed by
any of the above-designated officers with direct responsibility for the administration of this Agreement and also, with respect
to a particular matter, to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject, and, in the case of any certification or other document required to be signed by a Responsible Officer, an authorized
signatory whose name and specimen signature appears on a list furnished to the Servicer or the Special Servicer, as applicable,
by the Depositor, as such list may from time to time be amended.

 

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

 

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

 

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

 

“Rule 15Ga-1
Notice”:     As defined in Section 2.7(a).

 

“Rule 15Ga-1
Notice Provider”:     As defined in Section 2.7(a).

 

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

 

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

 

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

 

    	-55-

    	 

    

 

“Sequential
Order”:     With respect to (i) payments in respect of principal of the Sequential Pay Certificates on any Distribution Date,
the Class A, Class B, Class C, Class D and Class E Certificates, in that order; and (ii) payments in respect of
interest on the Regular Certificates on any Distribution Date, first, to the Class A, Class X-A and Class X-B
Certificates, on a pro rata basis, based on the Interest Distribution Amounts of such Classes of Certificates, and then
sequentially to the Class B, Class C, Class D and Class E Certificates, in that order. In each case under clauses (i) and (ii),
such payments shall be made until the principal or interest, as applicable, to which each such Class is entitled is paid in full.

 

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

 

“Servicer”:
    Wells Fargo Bank, National Association, in its capacity as servicer, and its successors in interest and assigns, or if any successor
servicer is appointed as herein provided, such successor servicer.

 

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

 

“Servicer Mortgage
File”:     means copies of the mortgage documents listed in the definition of “Mortgage File” relating to the
Mortgage Loan and shall also include, to the extent required to be (and actually) delivered to any Mortgage Loan Seller pursuant
to the Loan Documents, copies of the following items: any other guaranty/indemnity agreement, any insurance policies or certificates
(as applicable), any property inspection reports, any financial statements on the Properties, any escrow analysis, any tax bills,
any Appraisal, any environmental report, any engineering report, third-party management agreements, any asset summary, financial
information on the Borrowers or the Guarantor and any guarantors and any letters of credit.

 

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

 

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

 

“Service(s)”
or “Servicing”:     In accordance with Regulation AB, the act of servicing and administering the Mortgage Loan or
any other assets of the Trust or any Companion Loan by an entity that meets the definition of “servicer” set forth
in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification
purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the commercial
mortgage-backed securities industry.

 

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

 

“Servicing Fee”:
    A fee payable monthly to the Servicer pursuant to Section 3.17 equal to the sum of the Primary Servicing Fee plus
the Master Servicing Fee. For the avoidance of doubt, the Servicing Fee shall be deemed to be payable from the Lower-Tier REMIC.

 

    	-56-

    	 

    

 

“Servicing Function
Participant”:     Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person (including the Trustee, the Certificate
Administrator and the Custodian), other than the Servicer and the Special Servicer, that is performing activities that address
the Applicable Servicing Criteria as of any date of determination. The Trustee is a Servicing Function Participant only if, and
for such time as, it has made an Advance during any calendar year covered by an annual report on assessment of compliance with
servicing criteria.

 

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

 

“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 Mortgage Loan Lender under the
Loan Documents. The parties to this Agreement acknowledge that the date on which quarterly financial statements are required to
be delivered to the Mortgage Loan Lender under the Loan Documents is, with respect to net operating income information, thirty
(20) days following the end of each fiscal quarter, subject to Section 5.1.11 of the 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. The parties to this Agreement acknowledge that the date on which annual financial statements are required
to be delivered to the Mortgage Loan Lender under the Loan Documents is, with respect to net operating income information, seventy-five
(75) days following the end of each fiscal year, as applicable, subject to Section 5.1.11 of the Loan Agreement.

 

“Similar Law”:
    As defined in Section 5.3(m).

 

“Special Notice”:
    As defined in Section 5.6.

 

“Special Servicer”:
    Wells Fargo Bank, National Association, in its capacity as special servicer, and its successors in interest and assigns, or if
any successor Special Servicer is appointed as herein provided, such successor Special Servicer.

 

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

 

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

 

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

 

“Special Servicing
Fee”:     With respect to the Specially Serviced Mortgage Loan, a fee payable monthly to the Special Servicer equal to an
amount computed on the basis of the

 

    	-57-

    	 

    

 

same principal amount and for the same period respecting which any related interest payment
on the Whole Loan is computed, at a rate of 0.25% (25 basis points) per annum until the Special Servicing Loan Event with
respect to such Specially Serviced Mortgage Loan no longer exists. Such fee shall be in addition to, and not in lieu of, any other
fee or other sum payable to the Special Servicer under this Agreement. For the avoidance of doubt, the intent of Section 10.13
of the Loan Agreement is to require the Borrowers to be responsible for the payment of Special Servicing Fees and the Special Servicer
shall be entitled to, and may collect, any Special Servicing Fees payable to it from the Borrowers pursuant to such Section 10.13
of the Loan Agreement as would be calculated hereunder. For the avoidance of doubt, the Special Servicing Fee shall be deemed payable
from the Lower-Tier REMIC and shall only accrue for the actual number of days that the Special Servicing Loan Event exists.

 

“Special Servicing
Loan Event”:     With respect to the Whole Loan, Mortgage Loan or any Companion Loan, (i) the Borrowers have not made
two (2) consecutive Monthly Payments (and has not cured at least one such delinquency by the next Loan Payment Date under the Loan
Documents) in respect of the Whole Loan; (ii) the Servicer and/or the Trustee have made three (3) consecutive Monthly Payment
Advances with respect to the Mortgage Loan, or any Other Servicer and/or Other Trustee under any Other Pooling and Servicing Agreement
have made three (3) consecutive Companion Loan Advances with respect to the related Companion Loan (in each case, regardless of
whether such Monthly Payment Advances or Companion Loan Advances, as applicable, have been reimbursed); (iii) the Borrowers
fail to make the Balloon Payment, if any, when due, and the Borrowers have not delivered to the Servicer, on or before the due
date of such Balloon Payment, a written refinancing commitment from an acceptable lender and reasonably satisfactory in form and
substance to the Servicer that provides that such refinancing will occur within one hundred twenty (120) days after the date on
which such Balloon Payment will become due (provided that a Special Servicing Loan Event will occur if either (x) such
refinancing does not occur before the expiration of the time period for refinancing specified in such binding commitment or (y) the
Servicer is required to make a Monthly Payment Advance at any time prior to such refinancing); (iv) the Servicer has received
notice that a Borrower has become the subject as debtor of any bankruptcy, insolvency or similar proceeding, admitted in writing
the inability to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer has received
notice of a foreclosure or threatened foreclosure of any lien on any of the Properties securing the Whole Loan; (vi) a Borrower
has expressed in writing to the Servicer an inability to pay the amounts owed under the Whole Loan, the Mortgage Loan or any Companion
Loan in a timely manner, (vii) in the judgment of the Servicer (consistent with Accepted Servicing Practices), and in consultation
with the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) during any Subordinate Control
Period or Subordinate Consultation Period, a default in the payment of principal or interest under the Whole Loan, the Mortgage
Loan or any Companion Loan is reasonably foreseeable unless (a) such reasonably foreseeable default is solely related to a
reasonably foreseeable default in the payment of the Balloon Payment on the Maturity Date, (b) the Borrowers request the extension
of the Maturity Date, (c) the Servicer (with the consent of the Special Servicer), grants an extension of the Maturity Date
pursuant to Section 3.24 hereof and subject to the terms of the Intercreditor Agreement and (d) such extension
occurs prior to the Maturity Date; or (viii) a default under the Whole Loan, the Mortgage Loan or any Companion Loan of which
the Servicer has notice (other than a failure by the Borrowers to pay principal or interest) and that materially and adversely
affects the interests of the Certificateholders or any

 

    	-58-

    	 

    

 

Companion Loan Holder has occurred and remains unremedied for the applicable
grace period specified in the Loan Documents (or, if no grace period is specified, sixty (60) days); provided, that a Special
Servicing Loan Event will cease (a) with respect to the circumstances described in any of clauses (i), (ii) and (iii)
above, when the Borrowers have brought the Whole Loan current (including pursuant to the workout of the Whole Loan) and, with respect
to clauses (i) and (ii) above, after the occurrence of such event when the Borrowers have made three (3) consecutive full
and timely Monthly Payments on the Whole Loan, or (b) with respect to the circumstances described in clauses (iv), (v),
(vi), (vii) and (viii) above, when such circumstances cease to exist in the judgment of the Special Servicer (consistent with Accepted
Servicing Practices); provided, in any case, that at that time no other circumstance exists (as described above) that would
constitute a Special Servicing Loan Event.

 

“Specially Serviced
Mortgage Loan”:     As of any date of determination, the Whole Loan, Mortgage Loan or Companion Loan after the occurrence
and during the continuance of a Special Servicing Loan Event.

 

“Startup Day”:
    As defined in Section 13.1(c).

 

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

 

“Subordinate
Consultation Period”:     Any period when both (i) the Certificate Balance of the Class E Certificates (taking into account
the application of Appraisal Reduction Amounts allocated to the Mortgage Loan to notionally reduce the Certificate Balance of such
Certificates) is less than 25% of the initial Certificate Balance of the Class E Certificates and (ii) the Certificate Balance
of the Class E Certificates (without regard to the application of Appraisal Reduction Amounts allocated to the Mortgage Loan and
allocated to the Class E Certificates) is at least 25% of the initial Certificate Balance of the Class E Certificates; provided,
if a majority of the Controlling Class, by Certificate Balance in the aggregate, is directly or indirectly held by the Guarantor,
the Loan Sponsor, the Property Manager, an affiliate of any of the Guarantor or the Loan Sponsor or the Property Manager, or a
Borrower or a Borrower Affiliate, then a Subordinate Consultation Period will be deemed not to be in effect.

 

“Subordinate
Control Period”:     Any period when the Certificate Balance of the Class E Certificates (taking into account the application
of Appraisal Reduction Amounts allocated to the Mortgage Loan to notionally reduce the Certificate Balance of such Certificates)
is at least 25% of the initial Certificate Balance of the Class E Certificates; provided, (A) if at any time the Certificate
Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero as a result of the allocation of principal
payments on the Mortgage Loan, then a Subordinate Control Period shall be deemed to then be in effect, and (B) if a majority of
the Controlling Class, by Certificate Balance in the aggregate, is directly or indirectly held by the Guarantor, the Loan Sponsor,
the Property Manager, an affiliate of any of the Guarantor or the

 

    	-59-

    	 

    

 

Loan Sponsor or the Property Manager, or a Borrower or a Borrower
Affiliate, then a Subordinate Control Period will be deemed not to be in effect.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Trust Fund”:
    The corpus of the Trust created by this Agreement, consisting of (i) the Mortgage Loan, including the Trust Notes together
with the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections in respect of the Trust
Notes; (iii) any Foreclosed Property (but only to the extent of the Trust’s interest therein) and Foreclosed Property
Account (but only to the extent of the Trust’s interest therein); (iv) all revenues received in respect of any Foreclosed
Property (but only to the extent of the Trust’s interest therein); (v) the Servicer’s, the Special Servicer’s,
the Certificate Administrator’s and the Trustee’s rights under the insurance policies with respect to the Properties
required to be maintained pursuant to this Agreement and any proceeds thereof (but only to the extent of the Trust’s interest
therein); (vi) any Collateral Security Documents; (vii) any indemnities or guaranties given as additional security for
the Trust Notes (including any environmental indemnity agreements relating to the Properties) (but only to the extent of the Trust’s
interest

 

    	-60-

    	 

    

 

therein); (viii) all funds deposited in the Collection Account (but only to the extent of the Trust’s interest
therein), the Interest Reserve Account and the Distribution Account, including reinvestment income thereon (except as otherwise
provided herein); (ix) the rights and remedies of the Depositor under each of the Mortgage Loan Purchase Agreements; (x) the
security interest in the Reserve Accounts granted pursuant to Section 2.1 (but only to the extent of the Trust’s
interest therein); (xi) all other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier
REMIC; (xii) the Uncertificated Lower-Tier Interests; and (xiii) the proceeds of any of the foregoing.

 

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

 

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

 

“Trustee Fee”:
The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee pursuant to Section 8.5
which will accrue at the Trustee Fee Rate. For the avoidance of doubt, the Trustee Fee shall be deemed payable from the Lower-Tier
REMIC.

 

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

 

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

 

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

 

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

 

“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received by the Servicer, the Special
Servicer, the Trustee or the Certificate Administrator, as applicable, with respect to the Mortgage Loan or upon foreclosure or
liquidation of any related Properties (net of related foreclosure expenses and Liquidation Expenses) during the related Collection
Period including, but not limited to, prepayments due to acceleration of the Mortgage Loan, Net Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds (to the extent not made available for the repair or restoration of a Property or the affected portion
of any Property), Net Foreclosure Proceeds, voluntary

 

    	-61-

    	 

    

 

prepayments and other payments and collections on the Mortgage Loan not scheduled
to be received, other than Monthly Payments or the Balloon Payment, if any.

 

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

 

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

 

“U.S. Person”:    
A Person that is (i) a citizen or resident of the United States, (ii) a corporation or partnership (except as provided
in applicable Treasury regulations) created or organized in or under the laws of the United States, any State or the District of
Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, (iii) an estate whose
income is subject to United States federal income tax regardless of its source, (iv) a trust if a court within the United
States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the
authority to control all substantial decisions of such trust (or, to the extent provided as applicable Treasury regulations, certain
trusts in existence on August 20, 1996 that have elected to be treated as a U.S. Person) or (v) any other Person that
is disregarded as separate from its owner for U.S. federal income tax purposes and whose owner is described in clauses (i)
through (iv) above.

 

“Voting Rights”:
    The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At any
time that any Certificates are outstanding, the Voting Rights shall be allocated among the respective Classes of Certificateholders
as follows: (1) (x) except as described in clause (y) of this clause (1), 5% in the aggregate to the Class X-A and Class
X-B Certificates (for so long as the Notional Amounts of such Classes have not been reduced to zero) allocated to such Classes
pro rata, based on their respective Notional Amounts and (y) 0% to the Class X Certificates in the case of votes pertaining
to terminating and replacing the Special Servicer as set forth in Section 7.1 and (2) in the case of any other
Class of Certificates (other than the Class R Certificates), a percentage equal to the product of (x) the percentage of Voting
Rights remaining after allocations in clause (1) above, and (y) a percentage equal to the aggregate Certificate Balance (and
in connection with certain votes under this Agreement, including any vote to remove and replace the Special Servicer pursuant to
Section 7.1, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated
to the Mortgage Loan and allocated to the Sequential Pay Certificates) of the Class, in each case, determined as of the prior Distribution
Date, divided by the aggregate Certificate Balance (and in connection with certain votes under this Agreement, including any vote
to remove and replace the Special Servicer pursuant to Section 7.1, taking into account any notional reduction in the Certificate
Balance, for Appraisal Reduction Amounts allocated to the Mortgage Loan and allocated to the Sequential Pay Certificates) of all
Classes of Certificates, each determined as of the prior Distribution Date. The Class R Certificates shall not be entitled to any
Voting Rights.

 

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

 

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

 

    	-62-

    	 

    

 

“Work-out Fee”:    
A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% (50 basis points) of each payment of
principal and interest (other than Default Interest) made on the Whole Loan following resolution of a Special Servicing Loan Event
by a written agreement with the Borrowers negotiated by the Special Servicer for so long as another Special Servicing Loan Event
does not occur. For the avoidance of doubt, the intent of Section 10.13 of the Loan Agreement is to require the Borrowers
to be responsible for the payment of Work-out Fees and the Special Servicer will be entitled to, and may collect, any Work-out
Fees payable to it from the Borrowers pursuant to such Section 10.13 of the Loan Agreement as would be calculated hereunder.
Notwithstanding the foregoing, the Work-out Fee with respect to the Specially Serviced Mortgage Loan once the Special Servicing
Loan Event has ceased shall be reduced by any Modification Fees paid by or on behalf of the Borrowers and received by the Special
Servicer as compensation, but only to the extent those fees have not previously been deducted from a Work-out Fee or Liquidation
Fee.

 

“Yield Maintenance
Premium”:     Yield Maintenance Premium and Yield Maintenance Default Premium, as applicable, as defined in the Loan Agreement,
and as calculated by the Servicer or the Special Servicer, as applicable.

 

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

 

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

 

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

 

(d)       Interest on the Certificates (other than the Class R Certificates) shall be computed on the basis of a 360-day year consisting
of twelve 30-day months.

 

(e)       With respect to any indemnification provisions in this Agreement providing that a party to this Agreement is required to
indemnify another party to this Agreement for attorney’s fees and expenses, such fees and expenses are intended to include
attorney’s fees and expenses relating to the enforcement of such indemnity.

 

1.3.      Certain Calculations in Respect of the Mortgage Loan.    (a)  The Servicer shall apply all amounts collected
by or on behalf of the Trust in respect of the Mortgage Loan in the form of payments from the Borrowers, Liquidation Proceeds (only
the portion of such Liquidation Proceeds that are allocable to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement
will be available for distribution to Certificateholders), Condemnation Proceeds (to the extent not made available for the repair
or restoration of a Property or the

 

    	-63-

    	 

    

 

affected portion of any Property) and Insurance Proceeds (excluding any amounts payable to
the Companion Loan Holders pursuant to the Intercreditor Agreement), to amounts due and owing under the Loan Documents and the
Intercreditor Agreement (including for principal and accrued and unpaid interest) in accordance with the express provisions of
the Loan Documents and the Intercreditor Agreement; provided, however, in the absence of such express provisions
in the Loan Documents and/or the Intercreditor Agreement or if and to the extent that such terms authorize the Mortgage Loan Lender
to use its discretion and in any event for purposes of calculating distributions hereunder after a Mortgage Loan Event of Default,
the Servicer shall apply all such amounts collected in respect of the Mortgage Loan (exclusive of any amounts payable to the Companion
Loan Holders pursuant to the terms of the Intercreditor Agreement) in the following order of priority: first, as a recovery
of any related and unreimbursed Advances plus interest accrued thereon and, without duplication, unreimbursed Borrower Reimbursable
Trust Fund Expenses allocated to the Mortgage Loan; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable
Advances to the extent previously reimbursed from principal collections with respect to the Mortgage Loan (which amount is required
to be treated as a collection on the Mortgage Loan in respect of principal in calculating the Regular Principal Distribution Amount);
third, to the extent not previously allocated pursuant to clause first above, as a recovery of accrued and unpaid
interest on the Mortgage Loan (exclusive of Default Interest) to the extent of the excess of (i) accrued and unpaid interest
on the Mortgage Loan at the Mortgage Rate (without giving effect to any increase in the Mortgage Rate required under the Loan Agreement
as a result of a default under the Mortgage Loan) to, but not including, the date of receipt by or on behalf of the Trust (or,
in the case of a full Monthly Payment from the Borrowers, through the related Distribution Date), over (ii) the cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for the Mortgage
Loan that have occurred in connection with Appraisal Reduction Amounts allocated to the Mortgage Loan (to the extent that collections
have not been applied as a recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates);
fourth, as a recovery of principal of the Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage
Loan following a Mortgage Loan Event of Default (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the
extent of its entire remaining unpaid principal balance); fifth, as a recovery of accrued and unpaid interest on the Mortgage
Loan to the extent of the cumulative amounts of reductions (if any) in the amount of the interest portion of the related Monthly
Payment Advances for the Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts allocated to the
Mortgage Loan (to the extent collections have not been applied as recovery of accrued and unpaid interest pursuant to this clause fifth
on earlier dates); sixth, as a recovery of amounts to be currently applied to the payment of, or escrowed for the future
payment of, real estate taxes, assessments and insurance premiums and similar items; seventh, as a recovery of any other
reserves to the extent then required to be held in escrow; eighth, as a recovery of any Yield Maintenance Premium then due
and owing under the Mortgage Loan; ninth, as a recovery of any Default Interest or late charges then due and owing
under the Mortgage Loan; tenth, as a recovery of any assumption fees, assumption application fees, consent fees, defeasance
fees, release fees, substitution fees, Modification Fees and similar fees then due and owing under the Mortgage Loan; and eleventh,
as a recovery of any other amounts then due and owing under the Mortgage Loan; provided that, to the extent required
under the REMIC Provisions to preserve the status of each REMIC formed hereunder as a REMIC or otherwise prevent the imposition
of any tax

 

    	-64-

    	 

    

 

thereon, payment or proceeds received with respect to the release of an individual Property or any partial release of
a Property (including following a condemnation) from the lien of the related Mortgage and the other Loan Documents at a time when
the loan-to-value ratio of the Mortgage Loan (or the Whole Loan) exceeds 125% (based solely upon the value of the remaining real
property and excluding any personal property or going concern value) must be applied to reduce the principal balance of the Mortgage
Loan in the manner permitted by the REMIC Provisions.

 

(b)       Collections by or on behalf of the Trust in respect of each Foreclosed Property (exclusive of amounts to be applied to the
payment of the costs of operating, managing, leasing, maintaining and disposing of such Foreclosed Property, and exclusive of any
amounts payable to the Companion Loan Holders pursuant to the terms of the Intercreditor Agreement) shall be applied in the following
order of priority: first, as a recovery of any related and unreimbursed Advances plus interest accrued on such Advances
and, without duplication, unreimbursed Borrower Reimbursable Trust Fund Expenses allocated to the Mortgage Loan; second,
as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances to the extent previously reimbursed from principal
collections with respect to the Mortgage Loan (which amount is required to be treated as a collection on the Mortgage Loan in respect
of principal in calculating the Regular Principal Distribution Amount); third, to the extent not previously allocated pursuant
to clause first above, as a recovery of accrued and unpaid interest on the Mortgage Loan (exclusive of Default Interest)
to the extent of the excess of (i) accrued and unpaid interest on the Mortgage Loan at the Mortgage Rate (without giving effect
to any increase in the Mortgage Rate required under the Loan Agreement as a result of a default under the Mortgage Loan) to, but
not including, the Loan Payment Date in the Collection Period in which such collections were received, over (ii) the cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for the Mortgage
Loan that have occurred in connection with Appraisal Reduction Amounts allocated to the Mortgage Loan (to the extent that collections
have not been applied as a recovery of accrued and unpaid interest pursuant to clause fifth below or clause fifth
of subsection (a) above on earlier dates); fourth, as a recovery of principal of the Mortgage Loan to the extent of its
entire unpaid principal balance; fifth, as a recovery of accrued and unpaid interest on the Mortgage Loan to the extent
of the cumulative amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances
for the Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts allocated to the Mortgage Loan
(to the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to this clause fifth
or clause fifth of subsection (a) above on earlier dates); sixth, as a recovery of any Yield Maintenance Premium
then due and owing under the Mortgage Loan; seventh, as a recovery of any Default Interest or late charges then deemed to
be due and owing under the Mortgage Loan; eighth, as a recovery of any assumption fees, assumption application fees, consent
fees, defeasance fees, release fees, substitution fees, Modification Fees and similar fees then due and owing under the Mortgage
Loan; and ninth, as a recovery of any other amounts deemed to be due and owing in respect of the Mortgage Loan.

 

(c)       All net present value calculations and determinations made under this Agreement with respect to the Whole Loan, the Mortgage
Loan, any Companion Loan or a Property or Foreclosed Property (including for purposes of the definition of “Accepted Servicing
Practices”) shall be made by the Servicer or the Special Servicer, as applicable, using a discount

 

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rate appropriate for the
type of cash flows being discounted; namely (i) for principal and interest payments on the Mortgage Loan or such Companion
Loan or sale of the Mortgage Loan or such Companion Loan if it is a defaulted loan, the highest of (1) the rate determined
by the Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrowers
on similar debt of the Borrowers as of such date of determination, (2) the Mortgage Rate, and (3) the yield on the most
recently issued 10-year U.S. treasuries and (ii) for all other cash flows, including property cash flow, the “discount
rate” set forth in the most recent Appraisal (or update of such Appraisal).

 

2.                 
DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

2.1.      Creation
and Declaration of Trust; Conveyance of the Mortgage Loan. (a)  The Depositor, concurrently with the execution
and delivery hereof, does hereby establish a trust designated as “MSJP 2015-HAUL”, hereby sells, transfers,
assigns, delivers, sets over, and otherwise conveys or causes to be conveyed in trust to the Trustee (on behalf of the
Lower-Tier REMIC) for the benefit of the Upper-Tier REMIC and the Certificateholders, without recourse (except to the extent
otherwise provided herein and in the Loan Documents), the Depositor’s right, title and interest, whether now owned or
hereafter acquired, now existing or hereafter arising, wherever located, in and to all of the items referred to in the
definition of “Trust Fund”, including without limitation (i) all rights and remedies of the Depositor under
the Mortgage Loan Purchase Agreements, (ii) all right, title and interest of the Depositor in, to and under the Reserve
Accounts, (iii) all right, title and interest of the Depositor in and to the Mortgage Loan as of the Closing Date and
(iv) all other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC. Such
sale, transfer and assignment include any related escrow accounts and any security interest under the Mortgage Loan
(whether in real or personal property and whether tangible or intangible) and all related rights to payments made or required
to be made to the Depositor by the Borrowers or any other party under the Loan Documents relating to the Mortgage Loan. Such
sale, transfer and assignment further include all Loan Documents relating to the Mortgage Loan.

 

(b)       In
connection with such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Certificate Administrator,
in its capacity as Custodian (i) the original Trust Notes (or if any Trust Note has been lost, a lost note affidavit with
respect to such Trust Note), endorsed without recourse to the order of the Trustee in the following form: “Pay to the order
of U.S. Bank National Association, solely in its capacity as Trustee for the benefit of the Certificateholders of MSJP 2015-HAUL,
Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, without recourse, representation or warranty”, which
Trust Notes and all endorsements thereon shall show a complete chain of endorsement from the original payee(s) to the Trustee
and (ii) on or before the date occurring fifteen (15) days after the Closing Date (the “Delivery Date”),
the following documents or instruments with respect to the Mortgage Loan (collectively with the original Trust Notes required
under clause (i) above, the “Mortgage File”), in each case executed by the parties thereto:

 

(A)      the original or a copy of the Loan Agreement, including all amendments thereto;

 

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(B)      the
original recorded counterpart of each Mortgage or a certified copy of the recorded counterparts of such Mortgage;

 

(C)      the
original Assignments of Mortgage, in favor of the Trustee and in a form that is complete and suitable for recording in the applicable
jurisdiction in which the related Property is located, to “U.S. Bank National Association, solely in its capacity as Trustee
for the benefit of the Certificateholders of MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL,
and on behalf of the Companion Loan Holders”, without recourse, and an original copy of any intervening Assignment of Mortgage
(with evidence of recording thereon) showing a complete chain of assignments to the assignor(s) under each such Assignment of
Mortgage in favor of the Trustee;

 

(D)      if the related Assignment of Leases is separate from a Mortgage, the original assignment of Assignment of Leases, in favor
of the Trustee and in a form that is complete and suitable for recording in the applicable jurisdiction in which the related Property
is located, to “U.S. Bank National Association, solely in its capacity as Trustee for the benefit of the Certificateholders
of MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, and on behalf of the Companion Loan Holders”,
without recourse, which assignment may be effected in the related Assignment of Mortgage, and an original copy of any intervening
assignment of Assignment of Leases (with evidence of recording thereon) showing a complete chain of assignments to the assignor(s)
under the assignment of Assignment of Leases in favor of the Trustee;

 

(E)       a
copy of each executed Non-Trust Note;

 

(F)       an original or a copy of the Environmental Indemnity related to the Whole Loan;

 

(G)      an
original or a copy of the Lock Box Agreement;

 

(H)      the
original or a copy of any guaranty of the obligations of the Borrowers under the Loan Agreement together with, as applicable,
(A)  the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment from the
Mortgage Loan Lender to the most recent assignee thereof prior to the Trustee, if any, and (B) an original or a copy of the
assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none, by the Mortgage Loan
Lender;

 

(I)        an
original or a copy of the Cash Management Agreement;

 

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

 

(K)      the
original or a copy of the lender’s title insurance policies obtained in connection with the origination of the Whole Loan
(or marked, signed commitments to insure or pro forma title insurance policies), together with any endorsements thereto;

 

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(L)       an
original or a copy of any Assignment of Management Agreement and originals or copies of the currently effective Management Agreements,
if any, for the Properties;

 

(M)     an original or a copy of any Assignment of Dealership Contract and originals or copies of the currently effective Dealership
Contracts, if any, for the Properties;

 

(N)      [Reserved];

 

(O)      an original or a copy of the Intercreditor Agreement; and

 

(P)       any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;

 

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

 

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

 

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

 

Each Assignment of Mortgage,
assignment of Assignment of Leases (if any), assignment of Collateral Security Documents (to the extent such documents are required
to be

 

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recorded or filed) and UCC-3 financing statements to be filed in the appropriate filing offices or record depositories shall
be filed or recorded, as applicable, by the Mortgage Loan Sellers or the Depositor or its applicable designee, with instructions
to return all such recorded documents, or other evidences of filing issued by the applicable governmental offices, to the Custodian,
with a copy to the Servicer. If any such document is determined to be defective or not to be in compliance with the requirements
of the applicable filing office or recording depository, or if any such document is lost or returned unrecorded because of a defect
therein, the Custodian shall request that the Mortgage Loan Sellers (i) prepare a substitute document and (ii) file or record
(or cause to be filed or recorded) such substitute document in the appropriate filing offices or record depositories and deliver
a copy of the same to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.1(b), in
those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, assignment of Assignment
of Leases (if any) or assignment of a Collateral Security Document, if applicable, after any has been recorded, the obligations
of the Depositor hereunder and the obligations of the Mortgage Loan Sellers under the Mortgage Loan Purchase Agreements shall be
deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage, assignment of
Assignment of Leases (if any) or assignment of a Collateral Security Document, if applicable, certified by the public recording
office to be a true and complete copy of the recorded original thereof.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Mortgage Loan, the obligations of each Mortgage Loan Seller to
deliver a Trust Note to the Trustee, or the Custodian appointed thereby, shall be limited to delivery of only the Trust Note held
by such party to the Trustee or the Custodian appointed thereby. With respect to the Mortgage Loan, the obligations of each Mortgage
Loan Seller to deliver the remaining portion of the Mortgage File or any document required to be delivered with respect thereto
shall be joint and several, provided that either of MSMCH and JPMCB may deliver one Mortgage File or one of any other document
required to be delivered with respect to the Mortgage Loan hereunder and such delivery shall be made in accordance with the terms
of this Agreement and shall satisfy such delivery requirements for each of MSMCH and JPMCB.

 

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

 

The conveyance of the
Mortgage Loan and the related rights and property accomplished hereby is absolute and is intended by the Depositor to constitute
an absolute sale

 

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and transfer of the Mortgage Loan and such other related rights and property by the Depositor to the Trustee in
trust for the benefit of the Certificateholders, in exchange for the Certificates being sold by the Depositor. Furthermore, it
is not intended that such conveyance be a pledge of security for the Mortgage Loan. If such conveyance is determined to be a pledge
of security for the Mortgage Loan, however, the Depositor and the Trustee intend that the rights and obligations of the parties
to the Mortgage Loan shall be established pursuant to the terms of this Agreement. The Depositor and the Trustee also intend and
agree that, in such event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor
shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in all of the Depositor’s
right, title and interest in and to the assets constituting the Trust Fund, including the Mortgage Loan subject hereto from time
to time, all amounts received on or with respect to the Mortgage Loan after the Closing Date, all amounts held from time to time
in the Collection Account, the Distribution Account, and, if established, any Foreclosed Property Account, and all of the Depositor’s
right, title and interest under the Mortgage Loan Purchase Agreements, (iii) the possession by the Custodian or its agent
of the Trust Notes with respect to the Mortgage Loan subject hereto from time to time and such other items of property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or
possession by a purchaser or Person designated by such secured party for the purpose of perfecting such security interest under
applicable law, and (iv) notifications to, and acknowledgments, receipts or confirmations from, Persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees
or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable law.

 

All relevant servicing
or loan documents and records in the possession of the Depositor or any Mortgage Loan Seller that relate to the Mortgage Loan and
that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered to the Servicer,
on or before the date that is thirty (30) days following the Closing Date and, to the extent actually received by the Servicer,
shall be held by the Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. To the extent delivered
to the Servicer by the Mortgage Loan Sellers, the Servicer Mortgage File shall include, to the extent required to be (and actually)
delivered to the Mortgage Loan Sellers pursuant to the applicable Loan Documents, copies of each item set forth in the definition
of “Servicer Mortgage File” in this Agreement. Notwithstanding the foregoing, the Mortgage Loan Sellers shall not be
required to deliver any draft documents, or any attorney-client communications that are privileged communications or constitute
legal or other due diligence analyses or attorney work product, or internal communications of either Mortgage Loan Seller or its
respective affiliates among themselves or with their respective attorneys, or credit underwriting or other analyses or data (and,
if received, shall be returned and any copies thereof destroyed). Delivery of any of the foregoing documents to a sub-servicer
shall be deemed delivery to the Servicer and satisfy the Depositor’s obligations under this paragraph. Neither the Servicer
nor the Special Servicer shall have any liability for the absence of any of the foregoing items from the Servicer Mortgage File
if such item was not delivered to the Servicer by the Mortgage Loan Sellers.

 

2.2.      Acceptance by the Trustee and Certificate Administrator. (a)  By its execution and delivery of this Agreement,
the Trustee acknowledges the assignment to it of the Mortgage Loan in good faith without notice of adverse claims and the Custodian
declares that it

 

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holds and will hold or will cause to be held such documents as are delivered to it constituting the Mortgage File
(to the extent the documents constituting the Mortgage File are actually delivered to it) in trust, upon the conditions herein
set forth, for the use and benefit of all present and future Certificateholders and for the use and benefit of the Companion Loan
Holders.

 

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

 

(c)       Upon the first anniversary of the Closing Date, the Custodian shall (i) deliver to the Depositor, the Trustee, the
Certificate Administrator, each Mortgage Loan Seller, the Borrowers, the Servicer and the Special Servicer a final exception report
as to any remaining documents that are not in the Mortgage File and (ii) request that the Mortgage Loan Sellers cause such
document deficiency to be cured.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)     to
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement; and

 

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

 

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

 

2.4.       Representations and Warranties of the Certificate Administrator. (a)  The Certificate Administrator hereby
represents and warrants to the other parties hereto, and for the benefit of the Certificateholders, that as of the Closing Date:

 

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

 

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

 

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

 

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

 

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

 

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Certificate
Administrator or that would materially affect the performance of its duties hereunder or thereunder;

 

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

 

(vii)     to
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement;
and

 

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

 

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

 

2.5.      Representations
and Warranties of the Servicer and the Special Servicer. (a)  Wells Fargo Bank, National Association, as the Servicer
and Special Servicer, hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders,
that as of the Closing Date:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)      the
execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated hereby
and thereby

 

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do
not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect
of, any state, federal or other governmental authority or agency, except such as has been obtained, given, effected or taken prior
to the date hereof;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)       Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to
Section 2.6(a) and (b), neither the Certificateholders, the Trustee or the Certificate Administrator on their
behalf shall have any rights or remedies

 

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against the Depositor for any losses or other claims in connection with the Certificates
or the Mortgage Loan except as expressly set forth herein.

 

2.7.      Representations
and Warranties Contained in the Mortgage Loan Purchase Agreements.    (a)  If (i) any party hereto (A) discovers
or receives notice alleging that any document required to be delivered to the Custodian pursuant to Section 2.1 is
not delivered as and when required, is not properly executed or is defective on its face (each, a “Defect”)
or (B) discovers or receives notice alleging a breach of any representation or warranty made by a Mortgage Loan Seller relating
to the Mortgage Loan as set forth in Exhibit A to a Mortgage Loan Purchase Agreement (a “Breach”) or (ii) the
Special Servicer or the Depositor receives a Repurchase Communication of a request or demand for repurchase of the Mortgage Loan
(or any Mortgage Loan Seller Percentage Interest therein) alleging a Defect or Breach (any such request or demand, a “Repurchase
Request”), then such party shall give prompt written notice of such Defect, Breach or Repurchase Request to each Mortgage
Loan Seller, the other parties hereto and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website), to the extent notice has not previously been delivered to such Persons pursuant to this sentence, provided,
the Custodian shall have no obligation to determine if a Breach has occurred. The Special Servicer shall determine if any such
Defect or Breach materially and adversely affects the value of the Mortgage Loan or the interests of the Certificateholders therein
(any such Defect or Breach, a “Material Document Defect” and a “Material Breach,” respectively).
If such Defect or Breach has been determined to be a Material Document Defect or Material Breach, then the Special Servicer shall
promptly give written notice thereof to each Mortgage Loan Seller, the other parties hereto and the 17g-5 Information Provider
(which shall promptly post the same to the 17g-5 Information Provider’s Website). A Defect or Breach that causes the Mortgage
Loan to fail to be a “qualified mortgage”, within the meaning of Section 860G(a)(3) of the Code (without regard
to the rule in Treasury Regulations Sections 1.860G-2(f)(2) that treats certain “defective obligations” as “qualified
mortgages”) will automatically be a Material Document Defect or Material Breach, respectively. If such determination is
that the Defect or the Breach is a Material Document Defect or a Material Breach, the Special Servicer shall request that the
applicable Mortgage Loan Seller(s) (i) repurchase its respective Mortgage Loan Seller Percentage Interest in the Mortgage
Loan at an amount equal to the related Mortgage Loan Seller Percentage Interest of the Repurchase Price or (ii) promptly
cure such Material Document Defect or Material Breach, as the case may be, in each case in accordance with the terms of the related
Mortgage Loan Purchase Agreement. In the case of a Material Document Defect or Material Breach that causes the Mortgage Loan to
be other than a “qualified mortgage” within the meaning of Code Section 860G(a)(3), such repurchase or cure shall
occur within 85 days of the date of discovery of such Material Document Defect or Material Breach by any party to this Agreement.
If a Responsible Officer of the Certificate Administrator or a Servicing Officer of the Servicer or the Special Servicer, has
actual knowledge that either Mortgage Loan Seller has defaulted on its obligation to repurchase its related Mortgage Loan Seller
Percentage Interest in the Mortgage Loan under the related Mortgage Loan Purchase Agreement, such entity shall promptly notify
the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, as applicable, and the Certificate Administrator
shall notify the Certificateholders of such default. The Special Servicer shall enforce the obligations of each Mortgage Loan
Seller under Section 8 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without limitation,
the legal prosecution of claims, shall be carried out in such form, to such extent and at such time as if it

 

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were, in its individual
capacity, the owner of the Mortgage Loan. The Special Servicer shall be reimbursed for the reasonable costs of such enforcement
(it being understood that a Liquidation Fee shall be payable to the Special Servicer as and only to the extent provided herein):
first, from a specific recovery of costs, expenses or attorneys’ fees against the applicable Mortgage Loan Seller;
second, out of the Repurchase Price (or the Mortgage Loan Seller Percentage Interest thereof), to the extent that such
expenses are a specific component thereof; and third, if at the conclusion of such enforcement action it is determined
that the amounts described in clauses first and second are insufficient, then pursuant to clause (viii) of Section 3.4(c)
out of collections on the Mortgage Loan on deposit in the Collection Account.

 

If the Special Servicer
or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously
received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
such party shall give written notice of such Repurchase Request Withdrawal to each Mortgage Loan Seller, the other parties hereto
and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website), to the
extent notice has not previously been delivered to such Persons pursuant to this sentence.

 

Each notice of a Repurchase
Request or Repurchase Request Withdrawal required to be given by a party pursuant to this Section 2.7(a) (each, a “Rule
15Ga-1 Notice”) shall be given no later than the tenth (10th) Business Day after receipt of a Repurchase Communication
of such Repurchase Request or receipt of a Repurchase Communication of such Repurchase Request Withdrawal, and shall include (i) the
identity of the Mortgage Loan, (ii) the date such Repurchase Request was received or the date such Repurchase Request Withdrawal
was received, as applicable, (iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request)
and (iv) in the case of Rule 15Ga-1 Notices provided by the Special Servicer, a statement as to whether the Special Servicer
currently plans to pursue such Repurchase Request.

 

In the event that the
Trustee, the Certificate Administrator or the Servicer receives a Repurchase Communication of a Repurchase Request or Repurchase
Request Withdrawal, such party shall promptly forward such Repurchase Request or Repurchase Request Withdrawal to the Special Servicer
and include the following statement in the related correspondence: “This is a “Repurchase Request” or a “Repurchase
Request Withdrawal” under Section 2.7(a) of the Trust and Servicing Agreement relating to the MSJP 2015-HAUL, Commercial
Mortgage Pass-Through Certificates, Series 2015-HAUL, requiring action by you as the recipient of such Repurchase Request or Repurchase
Request Withdrawal thereunder”. Upon receipt of such Repurchase Request or Repurchase Request Withdrawal by the Special Servicer,
the Special Servicer shall be deemed to be the recipient of such Repurchase Request or Repurchase Request Withdrawal, and the Special
Servicer shall comply with the notice procedures set forth in this Section 2.7(a) with respect to such Repurchase Request
or Repurchase Request Withdrawal.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.7(a) (a “Rule 15Ga-1 Notice Provider”)
shall be required to provide any information in a Rule 15Ga-1 Notice that is protected by the attorney-client privilege or the
attorney work product doctrine. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided
pursuant to this Section 2.7(a) is so provided only to assist the related

 

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Mortgage Loan Seller, the Depositor and their
respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement
of law or regulation and (ii)(A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information
provided pursuant to this Section 2.7(a) by a Rule 15Ga-1 Notice Provider in a Rule 15Ga-1 Notice shall be deemed to
constitute a waiver or defense to the exercise of any legal right that such Rule 15Ga-1 Notice Provider may have with respect to
the Mortgage Loan Purchase Agreements, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

(b)           Upon
receipt by the Servicer from any Mortgage Loan Seller of its Mortgage Loan Seller Percentage Interest of the Repurchase Price
for the related Mortgage Loan Seller Percentage Interest in the Mortgage Loan, (i) the Servicer shall deposit such amount in the
Collection Account, and shall cause a Servicing Officer to certify to the Trustee and the Certificate Administrator as to the
receipt by the Servicer of the Mortgage Loan Seller Percentage Interest of the Repurchase Price and the deposit of the Mortgage
Loan Seller Percentage Interest of the Repurchase Price into the Collection Account pursuant to this Section 2.7(b)
and shall deliver to the Custodian a Request for Release, in the form of Exhibit B hereto, the Repurchase Mortgage File
related to the applicable Mortgage Loan Seller Percentage Interest in the Mortgage Loan, (ii) the Trustee and the Certificate
Administrator shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation
or warranty (except that the applicable Mortgage Loan Seller Percentage Interest in the Mortgage Loan is owned by the Trust and
is being sold free and clear of liens and encumbrances), as shall be prepared by such designee to vest in such designee the applicable
Mortgage Loan Seller Percentage Interest in the Mortgage Loan released pursuant hereto and the Certificate Administrator, the
Trustee, the Servicer and the Special Servicer shall have no further responsibility with regard to the related Mortgage Loan Seller
Percentage Interest in the Repurchase Mortgage File, (iii) the Custodian shall release the Repurchase Mortgage File pursuant to
the Request for Release and (iv) the Servicer shall release or cause to be released to the applicable Mortgage Loan Seller
any escrow payments and reserve funds held on the Trustee’s behalf, in respect of the related Mortgage Loan Seller Percentage
Interest in the Mortgage Loan (to the extent any action of the Servicer is required to be taken in order to release any such escrow
payments or reserve funds under the terms of the Loan Documents). If the Servicer continues to service the Whole Loan under this
Agreement pursuant to the terms of the Intercreditor Agreement following any Mortgage Loan Seller’s repurchase of its related
Mortgage Loan Seller Percentage Interest in the Mortgage Loan in accordance with the terms of the related Mortgage Loan Purchase
Agreement, then the Servicer shall not be required to make any Monthly Payment Advances with respect to such Mortgage Loan Seller
Percentage Interest in the Mortgage Loan.

 

To the extent that the
Mortgage Loan Sellers repurchase the Mortgage Loan as contemplated by Section 8 of the Mortgage Loan Purchase Agreements, unless
otherwise agreed to by each Mortgage Loan Seller and the Companion Loan Holders, the Whole Loan shall continue to be serviced by
the Servicer, and if applicable, the Special Servicer in accordance with the terms of this Agreement, on behalf of the Mortgage
Loan Sellers and the Companion Loan Holders as a collective whole, until the Mortgage Loan Sellers and the Companion Loan Holders
have entered into a co-lender agreement (the “New Intercreditor Agreement”) or have otherwise notified the Servicer,
the Special Servicer, the Custodian, the Certificate Administrator

 

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and the Trustee in writing. Unless otherwise agreed by the Mortgage
Loan Sellers and the Companion Loan Holders, the Servicer shall be the only Servicer under the New Intercreditor Agreement. Each
of the Mortgage Loan Sellers and the Companion Loan Holders shall contemporaneously work and mutually cooperate in good faith within
10 days after such repurchase to enter into the New Intercreditor Agreement reasonably satisfactory to the Mortgage Loan Sellers,
the Companion Loan Holders and, if applicable, the Depositor. Until a New Intercreditor Agreement is entered into and unless otherwise
agreed to by the Mortgage Loan Sellers and the Companion Loan Holders, all servicing and other decisions regarding the Whole Loan
shall be made by the Mortgage Loan Sellers and the Companion Loan Holders as and to the extent set forth in the Intercreditor Agreement.

 

Notwithstanding anything
contained herein to the contrary, to that extent that either Mortgage Loan Seller does not repurchase its respective Mortgage Loan
Seller Percentage Interest in the Mortgage Loan pursuant to Section 8 of the Mortgage Loan Purchase Agreements, (i) the Whole Loan
shall continue to be serviced by the Servicer and, if applicable, the Special Servicer, in accordance with the terms of this Agreement
and the Intercreditor Agreement on behalf of the repurchasing party, the Certificateholders and the Companion Loan Holders as a
collective whole, and the Servicer, or the Special Servicer, as applicable, shall be the sole representative of the Mortgage Loan
Lender in connection with any enforcement, bankruptcy or other proceeding, (ii) the Custodian shall retain all portions of the
Mortgage File (other than the Trust Note relating to the repurchasing Mortgage Loan Seller’s Mortgage Loan Seller Percentage
Interest in the Mortgage Loan), (iii) the repurchasing Mortgage Loan Seller shall be entitled to remittances on or prior to the
Distribution Date of its pro rata share, based on its Mortgage Loan Seller Percentage Interest, of all amounts that would
otherwise be available for distribution on such Distribution Date pursuant to this Agreement to Certificateholders (other than
any Monthly Payment Advance or Administrative Advances and in all cases subject to the allocation and distribution provisions of
the Intercreditor Agreement) with respect to the Mortgage Loan and such amounts shall be wired in accordance with the directions
provided to the Trustee and the Servicer by such repurchasing Mortgage Loan Seller at least 10 Business Days prior to the related
Distribution Date, (iv) the repurchasing Mortgage Loan Seller shall be entitled to receive any and all reports and have access
to any and all information that a Certificateholder would otherwise have under the terms of this Agreement, (v) no amendment may
be made to this Agreement that would materially and adversely affect the rights of such repurchasing Mortgage Loan Seller in respect
of the repurchasing Mortgage Loan Seller’s Mortgage Loan Seller Percentage Interest in the Mortgage Loan without the consent
of such repurchasing Mortgage Loan Seller, (vi) the Trustee shall remain the mortgagee of record, (vii) compensation shall be paid
to the Master Servicer and the Special Servicer with respect to each repurchased Note as provided in this Agreement as if each
such Note were a Companion Loan (unless otherwise agreed between the Servicer and the applicable Mortgage Loan Seller), and (viii)
to the extent this Agreement refers to the “Mortgage File”, such references shall be construed to mean the Mortgage
File for the entire Mortgage Loan (except that references to any Trust Note in favor of the repurchasing Mortgage Loan Seller shall
be construed to instead refer to a copy of such Trust Note). Neither the Servicer nor the Trustee shall make any Monthly Payment
Advance or Administrative Advance with respect to any Mortgage Loan Seller Percentage Interest in the Mortgage Loan that has been
repurchased as described herein.

 

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(c)       Notwithstanding
anything to the contrary herein, no Defect (except for a Defect with respect to the document described in clause (i)
of Section 2.1(b) and the documents described in clauses (ii)(B), (C), (D) and (H)
of Section 2.1(b)) shall be considered to be a Material Document Defect unless the document with respect to which
a Defect exists is required in connection with (A) an imminent enforcement of the Mortgage Loan Lender’s rights or
remedies under the Mortgage Loan; (B) defending any claim asserted by the Borrowers or third party with respect to the Mortgage
Loan; (C) establishing the validity or priority of any lien on any collateral securing the Mortgage Loan; or (D) any
immediate significant servicing obligations, including without limitation, making a claim under a title policy. Notwithstanding
the foregoing, the failure of the Mortgage Loan Sellers to deliver to the Trustee and the Custodian copies of the UCC financing
statements with respect to the Mortgage Loan shall not be a Material Document Defect. The Trust’s sole remedy against each
Mortgage Loan Seller in connection with a Material Document Defect shall be to enforce the repurchase claim in accordance with
the provisions of the applicable Mortgage Loan Purchase Agreement.

 

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

 

2.9.      Miscellaneous
REMIC Provisions.

 

(a)       The Class A, Class X-A, Class X-B, Class B, Class C, Class D and Class E Certificates are hereby designated as the “regular
interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UT-R Interest,
represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Upper-Tier
REMIC within the meaning of Section 860G(a)(2) of the Code.

 

(b)       The Class LA, Class LB, Class LC, Class LD and Class LE Uncertificated Interests are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest,
represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier
REMIC within the meaning of Section 860G(a)(2) of the Code.

 

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3.                 
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

 

3.1.      Servicer
to Act as the Servicer; Special Servicer to Act as the Special Servicer.    The Servicer (other than during the continuance of
a Special Servicing Loan Event) and the Special Servicer (during the continuance of a Special Servicing Loan Event), each as an
independent contractor, shall service and administer the Mortgage Loan (and each Companion Loan) and administer any Foreclosed
Properties solely on behalf of the Trust Fund, in the best interest of, and for the benefit of, the Certificateholders and the
Companion Loan Holders as a collective whole as if such Certificateholders and Companion Loan Holders constituted one lender (as
determined by the Servicer or the Special Servicer, as applicable, in the exercise of its good faith and reasonable judgment)
in accordance with applicable law (including the REMIC Provisions), the terms of this Agreement, the Intercreditor Agreement and
the Loan Documents and, to the extent consistent with the foregoing, the following standards: (i) the higher of (a) the
same manner in which and with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as
applicable, services and administers similar loans and administers foreclosed properties for other third-party portfolios, giving
due consideration to customary and usual standards of practice of prudent institutional commercial mortgage lenders in servicing
their own loans and administering their own foreclosed properties and (b) the care, skill, prudence and diligence the Servicer
or the Special Servicer, as applicable, uses for loans which it owns or for foreclosed properties it owns and administers; (ii) with
a view to the timely collection of (a) all scheduled payments of principal and interest under the Mortgage Loan and the Companion
Loans or, if the Mortgage Loan or any Companion Loan comes into and continues in default and if no satisfactory arrangements can
be made for the collection of the delinquent payments, the maximization of the recovery on the Whole Loan to the Certificateholders
and the Companion Loan Holders (as a collective whole as if the Certificateholders and the Companion Loan Holders constituted
a single lender) on a net present value basis and (b) all Borrower Reimbursable Trust Fund Expenses and other amounts due
under the Loan Documents and (iii) without regard to any conflicts that may arise with respect to:

 

(A)
    any relationship that the Servicer or the Special Servicer or any affiliate thereof may have with the
Borrowers, either Mortgage Loan Seller, any Companion Loan Holder, the Depositor or any of their respective affiliates;

 

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

 

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

 

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

 

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

 

    	-82-

    	 

    

 

Subject to the above-described
servicing standards (hereinafter referred to as “Accepted Servicing Practices”) and the terms of this Agreement,
the Intercreditor Agreement and of the Loan Documents, the Servicer and the Special Servicer each shall have full power and authority,
acting alone and/or through one or more sub-servicers as provided in Section 3.2, to do or cause to be done any and
all things (including exercising the rights of the lender) in connection with such servicing and administration which it may deem
necessary or desirable. The Servicer and the Special Servicer shall service and administer the Whole Loan in accordance with applicable
state and federal law. At the written request of the Servicer or the Special Servicer, as applicable, accompanied by the form of
power of attorney or other documents being requested, the Trustee shall furnish to the Servicer or the Special Servicer any powers
of attorney (substantially in the form of Exhibit N hereto or such other form as reasonably acceptable to the Trustee and
the Servicer or the Special Servicer, as applicable) and other documents necessary or appropriate to enable such Servicer or the
Special Servicer to carry out its servicing and administrative duties hereunder, and the Trustee shall not be held responsible
(and shall be indemnified by the Servicer or the Special Servicer; provided, should a claim for indemnity arise from the
use of a power of attorney including a specific indemnification provision, such a claim for indemnity shall be interpreted as set
forth more specifically therein) for any negligence or misuse by the Servicer or the Special Servicer in its uses of any such powers
of attorney or other document. Notwithstanding anything contained herein to the contrary, the Servicer and the Special Servicer
shall not without the Trustee’s prior written consent: (i) initiate any action, suit or proceeding solely under the
Trustee’s name without indicating the representative capacity of the Servicer or the Special Servicer, as applicable, or
(ii) take any action with the intent to, and which actually does cause, the Trustee to be registered to do business in any
state.

 

The liability of each
of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as Servicer and the Special
Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3).
Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer
of the collectibility of the Mortgage Loan or the Companion Loans.

 

The parties hereto acknowledge
that the Whole Loan is subject to the terms and conditions of the Intercreditor Agreement, and each such party agrees that the
provisions of the Intercreditor Agreement that are required by their terms to be set forth in this Agreement are hereby incorporated
herein. With respect to the Whole Loan, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer recognize
the respective rights and obligations of the Trust and each Companion Loan Holder under the Intercreditor Agreement, including
(i) with respect to the allocation of collections on or in respect of the Trust Notes and the Non-Trust Notes, (ii) with respect
to the allocation of expenses and losses on or in respect of the Trust Notes and Non-Trust Notes and (iii) the consultation rights
of the Companion Loan Holders, in each case as and to the extent provided in the Intercreditor Agreement. Each of the Servicer
and the Special Servicer shall comply with the provisions of the Intercreditor Agreement and shall perform all duties and obligations
to be performed by a servicer and perform all servicing-related duties and obligations to be performed by the holder of the related
Mortgage Loan pursuant to the Intercreditor Agreement. The parties hereto agree that any conflict between the terms of this Agreement
and the terms of the Intercreditor Agreement shall be resolved in favor of the Intercreditor Agreement.

 

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With respect to each
Companion Loan, the Servicer or the Special Servicer as applicable shall prepare and make available (or to the extent required
pursuant to the terms of the Intercreditor Agreement, deliver) to each Companion Loan Holder all notices, reports, statements and
communications required to be delivered or made available to any Companion Loan Holder pursuant to the terms of the Intercreditor
Agreement.

 

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

 

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

 

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

 

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applicable,
alone were servicing and administering the Mortgage Loan, the Companion Loans or any Foreclosed Properties, as applicable,.

 

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

 

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

 

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

 

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

 

3.4.      Collection Account.   (a)  The Servicer shall establish and maintain in the name of “Wells Fargo Bank,
National Association, as Servicer on behalf of U.S. Bank National Association, as Trustee for the benefit of the Certificateholders
of MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL” and/or “Wells Fargo Bank,
National Association, as Servicer on behalf of U.S. Bank National Association, as Trustee for the benefit of the Holders of the
Companion Loans with respect to MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL” one
or more segregated deposit accounts (the “Collection Account”). The Collection Account must be an Eligible Account.
The Servicer shall deposit or cause to be deposited into the Collection Account within two (2) Business Days after receipt of properly
identified and available funds, the following amounts representing payments and collections received or made during each Collection
Period on or with respect to the Whole Loan:

 

(i)        all
payments on account of principal on the Mortgage Loan (or the Companion Loans, as applicable);

 

(ii)       all
payments on account of interest on the Mortgage Loan (or the Companion Loans, as applicable), including Default Interest;

 

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

 

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

 

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

 

(vi)          all
Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14 and all Net Liquidation Proceeds,
Insurance Proceeds and Condemnation Proceeds (to the extent not made available for the repair or restoration of a Property or
the affected portion of any Property); and

 

(vii)         any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer, including,
without limitation, any (1) proceeds of any repurchase of the Mortgage Loan (or any Mortgage Loan Seller

 

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Percentage
Interest therein) pursuant to Section 2.7(b) and the Mortgage Loan Purchase Agreements, (2) proceeds of the sale
of the Mortgage Loan and/or the Companion Loans by the Special Servicer pursuant to Section 3.16, or (3) amounts
payable under the Loan Documents by any Person to the extent not specifically excluded.

 

The foregoing requirements
for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments (if any) in the nature of additional compensation (other than Default Interest and late
payment charges) to which the Servicer or Special Servicer, as applicable are entitled pursuant to Section 3.17 and
any reimbursement made by the Borrowers of expenses of the Servicer or the Special Servicer need not be deposited in the Collection
Account by the Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Mortgage Loan
and the Companion Loans. Upon receipt of any of the amounts described in clauses (i) through (iv) and (vi)
through (vii) of the first paragraph of this Section 3.04(a) with respect to any Specially Serviced Mortgage
Loan, the Special Servicer shall promptly, but in no event later than one Business Day after receipt, remit such amounts to the
Servicer for deposit into the Collection Account, unless the Special Servicer determines, consistent with the Servicing Standard,
that a particular item should not be deposited because of a restrictive endorsement.

 

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

 

(c)       On
or prior to each Remittance Date, prior to the remittance of funds to the Certificate Administrator for deposit in the Distribution
Account pursuant to Section 3.5, the Servicer shall make withdrawals from the Collection Account (which withdrawals
shall be the only permitted withdrawals from the Collection Account by the Servicer) as described below (the order set forth below
not constituting an order of priority for such withdrawals unless otherwise indicated):

 

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

 

(ii)       to
reimburse (or pay) the Trustee and the Servicer, in that order, for any unreimbursed Nonrecoverable Advances made by each together
with unpaid interest thereon at the Advance Rate;

 

(iii)      concurrently,
to pay (a) the Servicing Fee to the Servicer and (b) the Certificate Administrator Fee (including the portion that is the Trustee
Fee) to the Certificate Administrator, as applicable;

 

(iv)      to
pay (a) first, the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b))
on the investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the

 

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Borrowers);
and (b) second, the Special Servicer, the Special Servicing Fee, Work-out Fee and Liquidation Fee (in each case, if
any);

 

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

 

(vi)     to
remit to the Companion Loan Holders all remaining amounts on deposit in the Collection Account payable to the Companion Loan Holders
pursuant to the Intercreditor Agreement with respect to the Companion Loans, exclusive of any amounts reimbursable to the Servicer,
the Special Servicer, the Trustee or the Trust and allocable to the Companion Loans in accordance with the Intercreditor Agreement,
including (a) if any Companion Loan is part of an Other Securitization Trust, to the extent required by the Intercreditor Agreement,
to pay the applicable party to the related Other Pooling and Servicing Agreement for any interest accrued on (x) Companion Loan
Advances made thereby and (y) administrative advances, if any, made in respect of the related Companion Loan; and (b) to make
any other required payments due under the Intercreditor Agreement to the Companion Loan Holders;

 

(vii)         to
reimburse the Trustee, the Servicer and the Special Servicer, in that order, for expenses incurred by them in connection with
the liquidation of the Whole Loan or any Property and not otherwise covered and paid by an insurance policy or deducted from the
proceeds of liquidation;

 

(viii)        concurrently,
to pay to the Servicer and the Special Servicer, as applicable, as additional compensation, (A) to the extent actually received
from the Borrowers and allocated as such pursuant to the terms of the Loan Documents and this Agreement and deposited into the
Collection Account by the Servicer, any payments in the nature of late payment fees and Default Interest (to the extent remaining
after payments pursuant to clause (v) above), assumption fees, assumption application fees, substitution fees, release fees, Modification
Fees, defeasance fees, loan service transaction fees, insufficient funds fees and similar fees and expenses and (B) any income
earned (net of losses) on the investment of funds deposited in any Foreclosed Property Account; provided, that such amounts
received during each Collection Period shall not be required to be deposited into the Collection Account and withdrawn pursuant
to this clause (x) solely for the purpose of determining the Available Funds Reduction Amount in connection with the calculation
of Available Funds for the related Distribution Date;

 

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

 

(x)        to the extent not previously paid or advanced pursuant to this Agreement and subject to the terms of the Intercreditor
Agreement with respect to amounts allocable to the Companion Loans, to pay to the Certificate Administrator (or set aside for
eventual payment) any and all taxes imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided,
that, if such taxes are the result of the Depositor’s, Servicer’s, Special Servicer’s, the Certificate Administrator’s
or Trustee’s, as applicable, negligence, bad faith or willful misconduct in performing its obligations hereunder, such amounts
may not be withdrawn from the Collection Account, but shall be paid by such party pursuant to Sections 6.5 and 8.12,
as applicable; and

 

(xi)       to pay any accrued and unpaid CREFC® Intellectual Property Royalty License Fees to CREFC®.

 

Notwithstanding the foregoing,
Monthly Payment Advances and Administrative Advances and interest on such Advances are reimbursable and payable solely out collections
allocable to the Mortgage Loan pursuant to the Intercreditor Agreement. Companion Loan Advances and any administrative advances
related to such Companion Loan, if applicable, and interest on such advances are reimbursable solely out of collections allocable
to the related Companion Loan pursuant to the Intercreditor Agreement, and amounts allocable to the Companion Loans under the Intercreditor
Agreement shall not otherwise be available to the Trust for purposes of making distributions on the Certificates or for payment
of other amounts relating only to the Trust.

 

Notwithstanding the foregoing,
with respect to any Remittance Date, in no event will the Servicer be permitted to make a withdrawal pursuant to clauses (iii),
(iv)(b), (v), (vii), (ix) or (xi) above to the extent that, (1) the item proposed to be withdrawn, if not withdrawn, would be required
to be advanced by the Servicer as an Administrative Advance or a Monthly Payment Advance with respect to such Remittance Date and
(2) as a result of such withdrawal, the amount on deposit in the Collection Account after giving effect to the withdrawal would
be less than the amount of the Required Advance Amount; provided that the Servicer shall be permitted to make withdrawals
from the Collection Account in the order of priority set forth above in this Section 3.4(c) up to an amount that would result
in funds remaining in the Collection Account equaling or exceeding the Required Advance Amount. Notwithstanding the foregoing,
such withdrawal limitations shall not apply upon (1) the final liquidation of the Whole Loan and/or a Foreclosed Property,
(2) the final payment of the Whole Loan and release of the Mortgages or (3) the determination that any Advance that would
increase the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance. In addition, notwithstanding the
foregoing, the Servicer shall make Administrative Advances in the amounts, and under the circumstances and conditions, set forth
in Section 3.23. In addition, the Servicer shall remit each Companion Loan Holder’s share of any late collections
received by the Servicer from the Borrowers to each Companion Loan Holder (or, to the extent any Companion Loan is

 

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included in
an Other Securitization Trust, the Other Master Servicer under the related Other Pooling and Servicing Agreement) within two (2)
Business Days of receipt of properly identified funds.

 

The Servicer shall pay
to the Certificate Administrator and the Trustee and advance or pay to the Special Servicer or the Depositor, if applicable, from
the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the Certificate Administrator, the
Trustee and the Depositor therefrom, on the Remittance Date following receipt of certificates (received at least two (2) Business
Days prior to the Remittance Date) of a Servicing Officer of the Special Servicer, a Responsible Officer of the Certificate Administrator
or the Trustee or an officer of the Depositor, as applicable, describing the item and amount to which the Special Servicer, the
Certificate Administrator, the Trustee or the Depositor, respectively, are entitled; provided, however, the Servicer
shall pay the Certificate Administrator Fee to the Certificate Administrator without requiring the delivery of such certificate.
The Servicer may rely conclusively on any such certificate, shall have no duty to recalculate the amounts stated therein and shall
have no liability if the amount paid in reliance thereon is an amount to which the Special Servicer, the Certificate Administrator,
the Trustee or the Depositor, as applicable, is not entitled.

 

(d)       The
Certificate Administrator shall establish and maintain in the name of the Certificate Administrator and for the benefit of the
Trustee and the Certificateholders, a segregated non-interest bearing reserve account that is an Eligible Account or subaccount
of an Eligible Account (and which may be a subaccount of the Distribution Account) (the “Interest Reserve Account”).
Funds on deposit in the Interest Reserve Account shall be uninvested. On each Distribution Date occurring in January of each year
(other than a leap year and commencing in 2017) and February of each year (commencing in 2016) (unless, in either case, such Distribution
Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve Account an amount
equal to one day’s net interest collected on the principal balance of the Mortgage Loan as of the Loan Payment Date occurring
in the calendar month in which such Distribution Date occurs at the Net Mortgage Rate to the extent a full Monthly Payment or
Monthly Payment Advance is made in respect thereof (all amounts so deposited in any January or February, “Withheld Amounts”).
For purposes of this calculation, the Net Mortgage Rate for those months will be calculated without regard to any adjustment for
Withheld Amounts or the interest accrual basis as described in the definition of “Net Mortgage Rate”. On each Remittance
Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator
shall withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and, if applicable,
February (or only January, if the related Distribution Date in February is the final Distribution Date), if any, and transfer
such amounts into the Distribution Account.

 

3.5.      Distribution
Account.    (a)  The Certificate Administrator shall establish and maintain in the name of the Certificate Administrator
for the benefit of the Trustee and the Certificateholders a segregated non-interest bearing trust account (the “Distribution
Account”), which shall be deemed to include the Lower-Tier Distribution Account and the Upper-Tier Distribution Account,
which shall be subaccounts of the Distribution Account for the benefit of the Certificateholders and the Trustee, as holder of
the Uncertificated Lower-Tier Interests. The Distribution Account must be an Eligible Account. On each Remittance Date, the Available

 

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Funds in the Collection Account (other than any Withheld Amounts to be added to such funds pursuant to Section
3.4(d)) shall be remitted by the Servicer to the Certificate Administrator for deposit into the Distribution Account (or, in
the case of Withheld Amounts, as and to the extent provided in Section 3.4(d), into the Interest Reserve Account). The Certificate
Administrator shall credit the funds remitted by the Servicer from the Collection Account to the Distribution Account. Amounts
held in the Distribution Account shall be uninvested.

 

(b)       The
Certificate Administrator shall make withdrawals from the Distribution Account (i) to withdraw any amounts deposited therein
in error, (ii) to deposit any required Withheld Amounts into the Interest Reserve Account pursuant to Section 3.4(d)
and (iii) to make distributions to the Holders of the Certificates pursuant to Section 4.1.

 

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

 

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

 

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

 

(iii)      to
clear and terminate the Lower-Tier Distribution Account pursuant to Section 11.2.

 

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

 

(i)    
   to withdraw amounts deposited in error;

 

(ii)       to
make distributions to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest)
on each Distribution Date pursuant to Section 4.1 or Section 11.1 and Section 11.2 as
applicable; and

 

(iii)      to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 11.2.

 

3.6.      Foreclosed Property Account.    The Special Servicer shall establish and maintain one or more deposit accounts (the
“Foreclosed Property Account”) in the name of “Wells Fargo Bank, National Association, as Special Servicer
on behalf of U.S. Bank National Association, as Trustee for the benefit of the Certificateholders of MSJP 2015-HAUL, Commercial
Mortgage Pass-Through Certificates, Series 2015-HAUL and the Companion Loan Holders” in each case related to each Foreclosed
Property, if any, held in the name of the Special Servicer for the benefit of the Trustee on behalf of the Certificateholders and
the Companion Loan Holders. Each Foreclosed Property Account must be an Eligible Account. The Special Servicer shall deposit or
cause to be deposited into the Foreclosed Property Account within two

 

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(2) Business Days of receipt all funds collected and received
in connection with the operation or ownership of such Foreclosed Property. On or before the last day of each Collection Period,
the Special Servicer shall withdraw the funds in any Foreclosed Property Account, net of certain expenses and/or reserves, and
remit the funds received as of the end of the immediately preceding Collection Period to the Collection Account in accordance with
Section 3.4(a). The Special Servicer shall notify the Trustee and the Certificate Administrator in writing of the location
and account number of each Foreclosed Property Account and shall notify the Trustee and the Certificate Administrator in writing
prior to any subsequent change thereof.

 

3.7.      Appraisal
Reductions.   (a)  Within thirty (30) days after the occurrence of an Appraisal Reduction Event, the Special Servicer
shall notify the Servicer, the Certificate Administrator, the Trustee, the Applicable Control Party and each Companion Loan
Holder (or, to the extent any Companion Loan is included in an Other Securitization Trust, the related Other Servicer and Other
Special Servicer), of such occurrence of an Appraisal Reduction Event and order an independent Appraisal of each of the Properties
unless an Appraisal of a Property was performed within nine (9) months prior to the Appraisal Reduction Event and the Special
Servicer is not aware of any material change in the market or condition or value of such Property. The Special Servicer shall
use efforts consistent with Accepted Servicing Practices to obtain such updated Appraisal within sixty (60) days after the occurrence
of an Appraisal Reduction Event. The Special Servicer shall determine on the basis of the applicable Appraisals whether there
exists any Appraisal Reduction Amount and shall give notice thereof to the Trustee, the Certificate Administrator, the Servicer
and each Companion Loan Holder (or, to the extent any Companion Loan is included in an Other Securitization Trust, the Other Depositor,
Other Servicer, and Other Certificate Administrator with respect to such Other Securitization Trust). The cost of obtaining such
Appraisal shall be paid by the Servicer as a Property Protection Advance unless it would constitute a Nonrecoverable Advance and
in such case, subject to the allocation provisions of the Intercreditor Agreement, as an expense of the Trust. Updates of Appraisals
shall be obtained by the Special Servicer and paid for by the Servicer as a Property Protection Advance (or, subject to the allocation
provisions of the Intercreditor Agreement, paid for by the Trust if the Servicer determines that such Advance would constitute
a Nonrecoverable Advance) every nine (9) months for so long as the Whole Loan remains specially serviced, and the Appraisal Reduction
Amount shall be adjusted accordingly. If required in accordance with such adjustment, each Class of Certificates and any Companion
Loan that has been notionally reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance or
principal balance, as applicable, notionally restored to the extent required by such adjustment of the Appraisal Reduction Amount,
and there shall be a redetermination of whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect.
Any such Appraisal obtained shall be delivered by the Special Servicer to the Certificate Administrator (with a copy to the Trustee
and the Servicer), the Applicable Control Party and each Companion Loan Holder (or, to the extent any Companion Loan is included
in an Other Securitization Trust, the Other Depositor, Other Servicer, Other Special Servicer, Other Trustee and Other Certificate
Administrator with respect to such Other Securitization Trust), in electronic format and the Certificate Administrator shall make
such Appraisal available to Privileged Persons pursuant to Section 8.14(b). Any Appraisal Reduction Amount will be
calculated in respect of the Whole Loan taken as a whole and any such Appraisal Reduction Amount will be allocated, first,
to the Junior Notes, on a pro rata and pari passu basis (based on

 

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the principal balance of each Junior Note) and,
then, to the Senior Notes, on a pro rata and pari passu basis (based on the principal balance of each Senior
Note).

 

(b)       To
the extent that an Appraisal Reduction Amount exists and is allocated to the Mortgage Loan, (i) the amount of any Monthly
Payment Advances shall be reduced as provided in Section 3.23(a) and (ii) the existence thereof will be taken
into account for purposes of determining the Voting Rights of certain Classes of Certificates as provided in Section 3.7(c)
and the definition of “Voting Rights”.

 

(c)        To the extent that an Appraisal Reduction Amount exists and is allocated to the Mortgage Loan, the Certificate Balances
of the Sequential Pay Certificates (other than the Class A Certificates) shall be notionally reduced (solely for purposes of determining
the Voting Rights of the related Classes) on any Distribution Date to the extent of the Appraisal Reduction Amount allocated to
such Class on such Distribution Date. Any Appraisal Reduction Amount allocated to the Mortgage Loan for any Distribution Date shall
be applied to notionally reduce the Certificate Balances of the Sequential Pay Certificates in the following order of priority:
first, to the Class E Certificates, second, to the Class D Certificates; third, to the Class C Certificates;
and fourth, to the Class B Certificates (provided in each case that no Certificate Balance in respect of any such
Class may be notionally reduced below zero). Appraisal Reduction Amounts allocated to the Mortgage Loan shall not be applied to
notionally reduce the Certificate Balance of the Class A Certificates.

 

(d)       In the event that a portion(s) of one or more Monthly Payment Advances with respect to the Mortgage Loan was reduced as
a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced
by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be
increased by such amount, and if the amounts of the Net Liquidation Proceeds to be applied to principal have been applied to pay
the principal of the Mortgage Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued
and unpaid interest on the Mortgage Loan in accordance with Section 1.3.

 

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

 

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deemed Appraisal Reduction Amounts
imposed pursuant to clause (x) of the preceding sentence shall not be allocated to any Class of Certificates for purposes of determining
whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect or the allocation of Voting Rights
for purposes of any termination or replacement of the Special Servicer pursuant to the terms of this Agreement; provided,
however, this sentence will not affect in any manner the effect of Appraisal Reduction Amounts based upon anything other
than clause (x) of this paragraph, including when the related Appraisals are received.

 

3.8.      Investment of Funds in the Collection Account and Any Foreclosed Property Account.    (a)  The Servicer (and,
with respect to the Foreclosed Property Accounts, the Special Servicer) may direct any depository institution maintaining the Collection
Accounts or the Foreclosed Property Account, respectively (each, for purposes of this Section 3.8, an “Investment
Account”), to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or
are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such
funds are required to be withdrawn from such Investment Account pursuant to this Agreement. Any direction by the Servicer or the
Special Servicer, as applicable, to invest funds on deposit in an Investment Account shall be in writing and shall certify that
the requested investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand.
All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account
shall be made in the name of the Trustee for the benefit of the Certificateholders (in its capacity as such) or in the name of
a nominee of the Trustee. The Trustee shall have sole control (except with respect to investment direction, which shall be in the
control of the Servicer (or the Special Servicer, with respect to any Foreclosed Property Accounts) as an independent contractor
to the Trust Fund) over each such investment and any certificate or other instrument evidencing any such investment shall be delivered
directly to the Trustee or its agent (which shall initially be the Servicer or the Special Servicer, as applicable), together with
any document of transfer, if any, necessary to transfer title to such investment to the Trustee for the benefit of the Certificateholders
or its nominee. The Trustee and the Certificate Administrator shall have no responsibility or liability with respect to the investment
directions of the Servicer or the Special Servicer, as applicable, or any losses resulting therefrom, whether from Permitted Investments
or otherwise. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable
on demand, the Servicer and the Special Servicer, as applicable, shall:

 

(i)        consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the
amount required to be withdrawn on such date; and

 

(ii)       demand
payment of all amounts due thereunder promptly upon determination by the Servicer or Special Servicer, as applicable, that such
Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment
Account.

 

(b)       All net income and gain realized from investment of funds deposited in the Collection Account shall be for the benefit of
the Servicer in accordance with the terms and

 

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priorities of this Agreement. All net income and gain realized from investment of
funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer. Any net losses on funds in
the Collection Account or the Foreclosed Property Account shall be reimbursed by the Servicer or the Special Servicer, as applicable,
from its own funds promptly, but in any event on or prior to the Remittance Date following the realization of such loss.

 

(c)       Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Servicer shall take such action as
may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
In the event the Servicer takes any such action, the Trust Fund shall pay or reimburse the Servicer, pursuant to Section 3.4(c),
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Servicer in connection therewith.

 

(d)       Notwithstanding the foregoing, neither the Servicer, nor the Special Servicer shall cover any losses from the bankruptcy
or insolvency of a depository institution holding an account described in this Section 3.8, so long as (i) such
depositary institution or trust company satisfied the qualifications set forth in the definition of Eligible Institution at the
time such deposit was made and such institution was not an Affiliate of the Servicer or the Special Servicer, as applicable and
(ii) such loss was incurred within 30 days after the date of such bankruptcy or insolvency.

 

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

 

3.10.    Appointment of Special Servicer.    (a)  Wells Fargo Bank, National Association is hereby appointed as the
initial Special Servicer to service the Whole Loan after a Special Servicing Loan Event has occurred and is continuing and perform
the other obligations of the Special Servicer hereunder.

 

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(b)       If
there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed and replaced
pursuant to Section 7.1. The Trustee shall, promptly after such removal, so notify the Servicer, each Companion Loan
Holder (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Servicer and Other Special
Servicer under the related Other Pooling and Servicing Agreement) and the 17g-5 Information Provider (which shall promptly post
the same to the 17g-5 Information Provider’s Website). The appointment of any such successor Special Servicer shall not
relieve the Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided, however,
the initial Special Servicer specified above shall not be liable for any actions or any inaction of such successor Special Servicer.
No termination fee shall be payable to the terminated Special Servicer. No termination of the Special Servicer and appointment
of a successor Special Servicer shall be effective until the successor Special Servicer has assumed all of its responsibilities,
duties and liabilities hereunder in writing, a Companion Loan Rating Agency Confirmation with respect to such appointment has
been delivered to the Trustee and each Other Trustee, Other Servicer, Other Special Servicer and Other Certificate Administrator,
and Rating Agency Confirmation with respect to such appointment has been delivered to the Trustee. Any successor Special Servicer
shall be deemed to make the representations and warranties provided for in Section 2.4(a) mutatis mutandis
as of the date of its succession. The terminated Special Servicer shall retain all rights accruing to it under this Agreement,
including the right to receive fees accrued prior to its termination and other amounts payable to it (including indemnification
payments).

 

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

 

(d)       Upon determining that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall immediately give
notice thereof to the Servicer, the Trustee, the Certificate Administrator and each Companion Loan Holder (or, to the extent a
Companion Loan is included in an Other Securitization Trust, the Other Depositor, Other Servicer and Other Certificate Administrator
under the related Other Pooling and Servicing Agreement), and upon giving such notice such Special Servicing Loan Event shall cease,
the

 

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Special Servicer’s obligation to service the Mortgage Loan and the Companion Loans shall terminate and the obligations
of the Servicer to service and administer the Mortgage Loan and the Companion Loans shall resume and the Special Servicer shall
return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c) to the Servicer.

 

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

 

(f)        During any period in which a Special Servicing Loan Event is continuing, no later than the Business Day preceding each date
on which the Servicer is required to furnish a report under Section 3.18(a) to the Certificate Administrator, the Special
Servicer shall deliver to the Servicer a written statement describing (i) the amount of all payments on account of interest
received on the Mortgage Loan and/or the Companion Loans, the amount of all payments on account of principal received on the Mortgage
Loan and/or the Companion Loans, the amount of Insurance Proceeds, Condemnation Proceeds and Net Liquidation Proceeds received,
the amount of any Foreclosure Proceeds received with respect to the Property, and the amount of net income or net loss, as determined
from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any rental income that does not constitute Rents from Real Property with respect to, the Foreclosed Property, in each case in
accordance with Section 3.15 and (ii) such additional information relating to the Whole Loan as the Servicer,
the Trustee or the Certificate Administrator reasonably requests to enable it to perform its duties under this Agreement.

 

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

 

(h)       Within 60 days after a Special Servicing Loan Event occurs, the Special Servicer shall prepare a report (the “Asset
Status Report”) for the Mortgage Loan, the Companion Loans and the Properties and deliver the Asset Status Report to
the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Controlling Class Certificateholder (or the Controlling
Class Representative on its behalf) (during any Subordinate Control Period or any Subordinate Consultation Period), the 17g-5 Information
Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and each Companion Loan Holder.
Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

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(i)        summary
of the status of the Mortgage Loan and/or the Companion Loans and any negotiations with the Borrowers;

 

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

 

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

 

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

 

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

 

(vi)      the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional Mortgage Loan
Events of Default;

 

(vii)     a
description of any proposed actions;

 

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

 

(ix)       the
decision that the Special Servicer made or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives; and an analysis of whether
or not taking such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action,
setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation
(including the applicable discount rate used) and all related assumptions. In connection with the foregoing analysis, if the Borrowers
have indicated their refusal to pay any Work-out Fees, Special Servicing Fees or Liquidation Fees due to the Special Servicer,
the Special Servicer must consider the costs to the Trust and the Companion Loan Holders and analyze as an alternative a sale
of the Mortgage Loan and Companion Loans or of the related Foreclosed Property or other exercise of remedies;

 

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

 

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

 

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The Special Servicer
shall be required to (x) deliver to the Certificate Administrator a proposed notice to the Certificateholders and each Companion
Loan Holder (or, to the extent that a Companion Loan is included in an Other Securitization Trust, to the Other Depositor and Other
Special Servicer under the related Other Pooling and Servicing Agreement) that will include a summary of the current Asset Status
Report in an electronic format which format is reasonably acceptable to the Certificate Administrator (which shall be a brief summary
of the current status of the Properties and current strategy with respect to the Mortgage Loan and the Companion Loans), and the
Certificate Administrator shall be required to post such notice and summary (but not the Asset Status Report) on the Certificate
Administrator’s Website and (y) implement the Asset Status Report in the form delivered to the Depositor. The Special
Servicer may, from time to time, modify any Asset Status Report it has previously delivered and, following delivery of such modified
Asset Status Report to the Depositor and a summary of the same to the Certificate Administrator, which the Depositor and the Certificate
Administrator, respectively shall post on their respective websites pursuant to Section 8.14(b) or Section 12.17,
as applicable, implement such report.

 

The Servicer and the
Special Servicer, as applicable, shall consult with each Companion Loan Holder (to the extent such Companion Loan Holder requests
consultation), on a strictly non-binding basis, with respect to any recommended actions set forth in an Asset Status Report related
to the Whole Loan and certain other decisions and actions to the extent set forth in the Intercreditor Agreement.

 

In addition, each of
the Servicer and the Special Servicer shall make itself available to each Companion Loan Holder for an annual meeting (which meeting
may be held telephonically), upon reasonable notice and at times reasonably acceptable to the Servicer or the Special Servicer,
as applicable, in which servicing issues related to the Whole Loan are discussed to the extent required by the Intercreditor Agreement.

 

If (i) the Applicable
Control Party affirmatively approves in writing an Asset Status Report, (ii) after ten (10) Business Days from receipt of
an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably necessary for
the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) to make a decision regarding the
Asset Status Report, the Applicable Control Party does not object to such Asset Status Report or (iii) within ten (10) Business
Days after receipt of an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably
necessary for the Applicable Control Party to make a decision regarding the Asset Status Report, the Applicable Control Party objects
to such Asset Status Report and the Special Servicer makes a determination in accordance with Accepted Servicing Practices that
such objection is not in the best interest of all the Certificateholders and the Companion Loan Holders as a collective whole,
then the Special Servicer shall take the recommended actions described in the Asset Status Report. Within ten (10) Business Days
after receipt of an Asset Status Report, together with all information reasonably requested by the Applicable Control Party in
the possession of the Special Servicer that is reasonably necessary to make a decision regarding the Asset Status Report, the Applicable
Control Party may object to such Asset Status Report; provided that following the occurrence of an extraordinary event with
respect to a Property, or if a failure to take any such action at such time would be inconsistent with Accepted Servicing Practices,
the Special Servicer may take actions with respect to such Property before the expiration of such ten

 

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(10) Business Day period
if the Special Servicer reasonably determines in accordance with Accepted Servicing Practices that failure to take such action
before the expiration of such ten (10) Business Day period would materially and adversely affect the interest of the Certificateholders
or the Companion Loan Holders, as applicable, and, the Special Servicer has made a reasonable effort to contact the Applicable
Control Party.

 

If the Applicable Control
Party objects to an Asset Status Report within the above-referenced ten (10) Business Day period, then the Special Servicer (absent
a determination set forth in clause (iii) of the first sentence of the immediately preceding paragraph) shall revise such Asset
Status Report as soon as practicable thereafter, but in no event later than thirty (30) days after the objection to the Asset Status
Report by the Applicable Control Party. The Special Servicer shall revise such Asset Status Report as provided in the prior sentence
until the earlier of (a) the delivery by the Applicable Control Party of an affirmative approval in writing of such revised
Asset Status Report, (b) the failure of the Applicable Control Party to disapprove such revised Asset Status Report in writing
within ten (10) Business Days of its receipt thereof or (c) the determination of the Special Servicer, consistent with the Accepted
Servicing Practices, that the objection of the Applicable Control Party is not in the best interests of all the Certificateholders
and the Companion Loan Holders. In any event, if the Applicable Control Party does not approve an Asset Status Report within ninety
(90) days from the submission of such Asset Status Report or the Special Servicer’s determination to take the recommended
action as provided in the immediately preceding paragraph, the Special Servicer shall take such action as directed by the Applicable
Control Party, provided that such action does not violate Accepted Servicing Practices.

 

The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement the new action in such revised
report so long as such revised report has been prepared, reviewed and either approved or not rejected as provided above.

 

The Controlling Class
Certificateholder (or Controlling Class Representative on its behalf) (during any Subordinate Consultation Period) shall be entitled
to consult with the Special Servicer and propose alternative courses of action in respect of any Asset Status Report. The Special
Servicer shall consider such alternative courses of action and any other feedback provided by the Controlling Class Certificateholder
(or Controlling Class Representative on its behalf) (during any Subordinate Consultation Period). The Special Servicer may revise
the Asset Status Reports as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input
and/or recommendations of the Controlling Class Certificateholder (or Controlling Class Representative on its behalf).

 

The Asset Status Report
is not intended to replace or satisfy any other specific consent or approval right which the Applicable Control Party may have.
The Special Servicer may not take any action inconsistent with an Asset Status Report that has been adopted as provided above,
unless such action would be required in order to act in accordance with Accepted Servicing Practices. If the Special Servicer takes
any action inconsistent with an Asset Status Report that has been adopted as provided above, the Special Servicer shall promptly
notify the Controlling Class Certificateholder (or Controlling Class Representative on its behalf)

 

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(during any Subordinate Control
Period or Subordinate Consultation Period) of such inconsistent action and provide a reasonably detailed explanation of the reasons
therefor.

 

The Special Servicer
shall deliver to the Servicer, the Controlling Class Certificateholder (or Controlling Class Representative on its behalf) (during
any Subordinate Control Period or Subordinate Consultation Period), the Trustee, the Certificate Administrator, the 17g-5 Information
Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and, subject to Section 12.5,
each Rating Agency, a copy of each Final Asset Status Report, in each case with reasonable promptness following the adoption thereof
and in an electronic format reasonably acceptable to the Certificate Administrator. Upon request, the Initial Purchasers shall
be entitled to a copy of the Final Asset Status Reports. Notwithstanding anything herein to the contrary: (i) the Special
Servicer shall have no right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class
Certificateholder (or Controlling Class Representative on its behalf) prior to acting (and provisions of this Agreement or the
Intercreditor Agreement requiring such consultation, consent or approval shall be of no effect) during the period following any
resignation or removal of a Controlling Class Certificateholder (or Controlling Class Representative on its behalf) and before
a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf), as contemplated by Section 9.3, or pursuant to any other provision
of this Agreement, as contemplated by this Agreement or the Intercreditor Agreement, may (and the Special Servicer shall ignore
and act without regard to any such advice, direction or objection that the Special Servicer has determined, in its reasonable,
good faith judgment, would): (A) require or cause the Special Servicer to violate applicable law, the terms of the Loan Documents,
the Intercreditor Agreement or this Agreement, including the Special Servicer’s obligation to act in accordance with Accepted
Servicing Practices, (B) result in the imposition of federal income tax on the Trust, cause either the Lower-Tier REMIC or
the Upper-Tier REMIC to fail to qualify as a REMIC under the Code, (C) expose the Trust, the Depositor, the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee or any of their respective Affiliates, members, managers, officers,
directors, employees or agents, to any material claim, suit or liability or (D) materially expand the scope of the Servicer’s
or Special Servicer’s responsibilities under this Agreement.

 

(i)          During the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the
Borrowers and, subject to the rights of the Controlling Class Certificateholder (or Controlling Class Representative on its behalf)
(during any Subordinate Control Period or Subordinate Consultation Period), take any actions consistent with Section 3.24,
Accepted Servicing Practices and the most recent Asset Status Report.

 

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

 

(k)         Beginning in 2016 for the fiscal year ending 2015, if applicable, the Special Servicer shall prepare and file on a timely
basis the reports of foreclosures and abandonments of the Properties required by Section 6050J of the Code and the reports
of

 

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discharges of indebtedness income in respect of the Mortgage Loan required by Section 6050P of the Code.

 

3.11.      Maintenance
of Insurance and Errors and Omissions and Fidelity Coverage. (a)  The Servicer, consistent with Accepted Servicing
Practices and the Loan Documents, shall use efforts consistent with Accepted Servicing Practices to cause to be maintained by
the Borrowers (or if the Borrowers fail to maintain such insurance in accordance with the Loan Agreement, the Servicer shall cause
to be maintained to the extent the Trustee, as mortgagee of record, has an insurable interest) insurance with respect to the Properties
of the types and in the amounts required to be maintained (to the extent such insurance is available at commercially reasonable
rates, provided, that the commercially reasonable requirement shall not apply with respect to terrorism insurance which will be
governed by the Loan Documents) by the Borrowers under the Loan Documents. The cost of any such insurance maintained by the Servicer
shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance in which case
the Servicer shall make such payment from the Collection Account, which payment shall be a Trust Fund Expense (unless such expense
is reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor
Agreement). If funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement
are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit
in the Collection Account allocable to the Senior Notes on a pro rata and pari passu basis (based on the outstanding
principal balances of the Senior Notes) pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed from
amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment from amounts on deposit in the
Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially
reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement
to obtain reimbursement from each Companion Loan Holder for a pro rata portion (based on the principal balances of the
Senior Notes) of such amount allocable to the related Companion Loan. Neither the Servicer nor the Special Servicer shall be required
to maintain all-risk casualty insurance that does not contain any carve-out for terrorist or similar acts (and the Borrowers’
failure to obtain such insurance shall not be declared a default under the Loan Documents), if and only if the Special Servicer
has determined that such failure is an Acceptable Insurance Default, evaluated on an annual basis. In making any determination
related to an Acceptable Insurance Default, the Special Servicer, to the extent consistent with Accepted Servicing Practices,
is entitled to rely on the opinion of an insurance consultant, the cost of which shall constitute an Administrative Advance (or
to the extent such cost does not constitute a Borrower Reimbursable Trust Fund Expense, a Property Protection Advance). Neither
the Servicer nor the Special Servicer shall be required to obtain terrorism insurance pursuant to this Agreement to the extent
the Borrowers would not be obligated to maintain terrorism insurance under the Loan Documents as in effect on the date thereof.

 

(b)         The Special Servicer, consistent with Accepted Servicing Practices and the Loan Documents, shall cause to be maintained
such insurance (including environmental insurance) with respect to any Foreclosed Property as the Borrowers are required to maintain
with respect to such Property referred to in subsection (a) of this Section 3.11 or, at the Special Servicer’s
election, coverage satisfying insurance requirements consistent with Accepted

 

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Servicing Practices. The cost of any such insurance
with respect to a Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed Property Account or shall be
advanced by the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable Advance. If funds in the
Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse
any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable
to the Senior Notes, on a pro rata and pari passu basis (based on the outstanding principal balances of the Senior
Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed from amounts allocable to the Mortgage
Loan, the Servicer will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the
Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise
on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement from
each Companion Loan Holder for a pro rata portion (based on the principal balances of the Senior Notes) of such amount allocable
to the related Companion Loan. Any such insurance (other than terrorism insurance, which shall be maintained to the extent required
under subsection (a)) that is required to be maintained with respect to a Foreclosed Property shall only be so required
to the extent such insurance is available at commercially reasonable rates. If the Special Servicer requests the Servicer to make
a Property Protection Advance in respect of the premiums due in respect of such insurance (which request shall be made in writing
not less than five (5) Business Days’ before the date on which the Servicer is requested to make such Property Protection
Advance; provided that only three (3) Business Days’ notice shall be required in respect of such a Property Protection Advance
required to be made on an urgent or emergency basis), the Servicer shall, as soon as practicable after receipt of such request,
make such Property Protection Advance unless such Advance would be a Nonrecoverable Advance, and if the Servicer does not make
such Advance, the Trustee (within five (5) Business Days of its receipt of notice of the Servicer’s failure to make such
Advance) shall make an Advance of the premiums to maintain such insurance, provided that, in each such case, such obligations
shall be subject to the provisions of this Agreement concerning Nonrecoverable Advances, the Trustee as mortgagee of record having
an insurable interest and the availability of such insurance at commercially reasonable rates.

 

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

 

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(d)         Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect
throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy, the issuer of which
has the applicable Qualified Insurer Ratings, covering its directors, officers, employees of the Servicer or the Special Servicer,
as applicable, in connection with its activities under this Agreement. Each such insurance policy shall protect the Servicer or
the Special Servicer, as applicable, against losses resulting directly from forgery, theft, embezzlement, fraud, errors and omissions
of such covered persons. Coverage of the Servicer or the Special Servicer under a policy or bond obtained by an Affiliate thereof
and providing the coverage required by this Section 3.11(d) shall satisfy the requirements of this Section 3.11(d).
The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory
power over the Servicer and the Special Servicer. If no such coverage amounts are imposed by such regulatory authorities, the amount
of coverage shall be at least equal to the coverage that would be required by FNMA or FHLMC with respect to the Servicer and the
Special Servicer if each were servicing and administering the Mortgage Loan for FNMA or FHLMC or as otherwise approved by FNMA
or FHLMC. In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable,
shall obtain a comparable replacement bond or policy. Each shall use reasonable efforts to cause each and every sub-servicer, if
any, to maintain a blanket fidelity bond and an errors and omissions insurance policy meeting the requirements as described above.
In lieu of the foregoing, but subject to this Section 3.11, each of the Servicer and the Special Servicer shall be
entitled to self-insure with respect to such risks so long as its (or its immediate or ultimate parent’s) long-term unsecured
debt rating is no lower than “A2” by Moody’s, “A-” by Fitch and “A(low)” by DBRS (to
the extent rated by DBRS).

 

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

 

3.12.      Procedures
with Respect to Mortgage Loan; Realization upon the Properties. (a)  Upon a Mortgage Loan Event of Default, the
Special Servicer on behalf of the Trustee (with notification to and consent of the Applicable Control Party and, during any Subordinate
Consultation Period, upon consultation with the Controlling Class Certificateholder (or the Controlling Class Representative on
its behalf)), subject to the terms of the Loan Documents and consistent with Accepted Servicing Practices, shall promptly pursue
the remedies set forth therein, including foreclosure or otherwise realization on the Properties and the other collateral for
the Whole Loan. In connection with any foreclosure, enforcement of the applicable Loan Documents or other realization on the Collateral,
the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such proceedings
as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance
would constitute a Nonrecoverable Advance, in which case, if the Special Servicer determines (with the Servicer permitted to conclusively
rely upon

 

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any such determination) that such payment would be in the best interests of the Certificateholders and each Companion
Loan Holder (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender) the Special
Servicer shall direct the Servicer to make such payment from the Collection Account, which payment shall be a Trust Fund Expense
(unless such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms
of the Intercreditor Agreement). If funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the
Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid
from amounts on deposit in the Collection Account allocable to the Senior Notes, on a pro rata and pari passu basis
(based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement. If such
amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment from
amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan
Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity
under the Intercreditor Agreement to obtain reimbursement from each Companion Loan Holder for a pro rata portion (based
on the principal balances of the Senior Notes) of such amount allocable to the related Companion Loan.

 

(b)          Such proposed acceleration of the Mortgage Loan and/or foreclosure on the Properties shall be taken unless the Special Servicer
waives such Mortgage Loan Event of Default (or modifies or amends the Mortgage Loan to cure the Mortgage Loan Event of Default),
which the Special Servicer may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and
does not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or
constitute a “significant modification” of the Mortgage Loan under Treasury Regulations Section 1.860G-2(b).

 

(c)          In
connection with such foreclosure as set forth in Section 3.12(a) or other realization on the Properties, the Special
Servicer shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted
to direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore
any Property damaged by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance
policy to lapse in violation of its respective obligations hereunder. If the Servicer does expend its own funds to restore a Property
damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations), such expense
shall be a Property Protection Advance. In connection with any foreclosure, enforcement of the Loan Documents or other realization
on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any
such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices,
that such Advance would constitute a Nonrecoverable Advance. If funds in the Collection Account allocable to the Junior Notes
pursuant to the terms of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then
any deficiency shall be paid from amounts on deposit in the Collection Account allocable to the Senior Notes, on a pro rata
and pari passu basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the
Intercreditor Agreement. If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the

 

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Servicer will be required,
after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly
notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the
rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement from each Companion Loan Holder for a pro
rata portion (based on the principal balances of the Senior Notes) of such amount allocable to the related Companion Loan.

 

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

 

If the Special Servicer
has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in the best economic
interest of the Trust Fund and the Companion Loan Holders (as determined in accordance with Accepted Servicing Practices) to institute
a foreclosure or take any other actions described in the immediately preceding paragraph, then subject to the rights of the Controlling
Class Certificateholder (or the Controlling Class Representative on its behalf) to consult in respect of such action pursuant to
the terms of this Agreement, the Special Servicer shall take such proposed action.

 

The Special Servicer
shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean up or remediation
as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance
would constitute a Nonrecoverable Advance. If funds in the Collection Account allocable to the Junior Notes pursuant to the terms
of the Intercreditor Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be
paid from amounts on deposit in the Collection Account allocable to the Senior Notes, on a pro rata and pari passu
basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.
If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment
from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion
Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing
Entity under the Intercreditor

 

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Agreement to obtain reimbursement from each Companion Loan Holder for a pro rata portion
(based on the principal balances of the Senior Notes) of such amount allocable to the related Companion Loan.

 

(e)          The
environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who regularly
conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a manner consistent
with Accepted Servicing Practices. The cost of each such environmental site assessment shall qualify as a Property Protection
Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute a Nonrecoverable
Advance. If funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement
are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit
in the Collection Account allocable to the Senior Notes, on a pro rata and pari passu basis (based on the outstanding
principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed
from amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment from amounts on deposit in
the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use
commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor
Agreement to obtain reimbursement from each Companion Loan Holder for a pro rata portion (based on the principal balances
of the Senior Notes) of such amount allocable to the related Companion Loan.

 

(f)           Notwithstanding
any provision herein to the contrary, the Special Servicer shall not hold for the benefit of the Trust Fund any personal property
pursuant to this Section 3.12 unless:

 

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

 

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

 

(g)          Notwithstanding
any acquisition of title to any Property following a Mortgage Loan Event of Default under the Whole Loan and cancellation of the
Whole Loan, the Mortgage Loan and each Companion Loan, the Whole Loan, the Mortgage Loan and each Companion Loan shall be deemed
to remain outstanding and, with respect to the Mortgage Loan, held in the Trust Fund for purposes of the application of collections
and shall be reduced only by collections net of expenses. For purposes of all calculations hereunder, so long as the Mortgage
Loan and each Companion Loan shall be deemed to remain outstanding, (i) it shall be assumed that the unpaid principal balance
of the Mortgage Loan and each Companion Loan immediately

 

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after any discharge is equal to the unpaid principal balance of the Mortgage
Loan and each Companion Loan, respectively, immediately prior to such discharge and (ii) Foreclosure Proceeds shall be applied
as provided in Section 1.3(b).

 

3.13.      Custodian
and Trustee to Cooperate; Release of Items in the Mortgage File. From time to time and as appropriate for the servicing of
the Mortgage Loan or Foreclosure of or realization on any Property, the Custodian shall, upon receipt from a Servicing Officer
of the Servicer or the Special Servicer of a Request for Release in the form of Exhibit B hereto, release or cause to be
released any items from the Mortgage File to the Servicer or the Special Servicer, as the case may be, within the lesser of (i) seven
(7) calendar days and (ii) five (5) Business Days of its receipt of the related receipt for release. All Foreclosures shall
be instituted in the Special Servicer’s own name, as an authorized delegate of the Trustee, on behalf of the Trust Fund,
pursuant to a limited power of attorney substantially in the form of Exhibit N hereto from the Trustee to the Special Servicer.
In the event the Special Servicer cannot institute a Foreclosure in its own name, the Special Servicer shall notify the Trustee
and the Trustee shall, at the written request of a Servicing Officer of the Special Servicer, execute such documents furnished
to it as shall be necessary to the prosecution of any such Foreclosure. Such receipt for release shall obligate the Servicer or
the Special Servicer to (and the Servicer or Special Servicer, as applicable, shall) return such items to the Custodian when the
need therefor by the Servicer or the Special Servicer no longer exists.

 

3.14.      Title
and Management of Foreclosed Property. (a)  In the event that title to any Property is acquired for the benefit
of the Certificateholders and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed,
certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include
the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10.
Title may be taken in the name of a limited liability company wholly-owned by the Trust and which is managed by the Special Servicer
(the costs of which shall be advanced by the Servicer, provided that such Advance would not be a Nonrecoverable Advance).
Promptly after such acquisition of title, the Special Servicer shall consult with counsel to determine when an Acquisition Date
shall be deemed to occur under the REMIC Provisions with respect to such Property, the expense of such consultation being treated
as a reimbursable expense of the Servicer related to the foreclosure. The Special Servicer, on behalf of the Trust Fund (and the
Companion Loan Holders), shall dispose of any Foreclosed Property in accordance with, and subject to the conditions set forth
in, Sections 3.15 and 13.2. Subject to Sections 13.2 and 3.14(d), the Special Servicer shall
hire on behalf of the Trust Fund and the Companion Loan Holders a Successor Manager to manage, conserve, protect and operate such
Foreclosed Property for the Certificateholders (and the Companion Loan Holders) solely for the purpose of its prompt disposition
and sale. In connection with such management and subject to Section 3.4(c)(xi), the Successor Manager shall be entitled
to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account pursuant to Section 3.4(c)(xi).

 

(b)         The
Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed
Property separate and apart from its own funds and general assets and shall establish and maintain with respect to each Foreclosed
Property a Foreclosed Property Account in the name of the Special Servicer for the benefit of the

 

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Trustee on behalf of the Certificateholders
(and the Companion Loan Holders) pursuant to Section 3.6.

 

(c)          The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements
and prohibitions of this Agreement and the Intercreditor Agreement, to do any and all things in connection with any Foreclosed
Property for the benefit of the Trust Fund and Companion Loan Holders on such terms as are appropriate and necessary for the efficient
operation or liquidation, as applicable, of such Foreclosed Property, so long as the Special Servicer deems such actions to be
consistent with Accepted Servicing Practices. Without limiting the generality of the foregoing, the Special Servicer may retain
an independent contractor to operate and manage any Foreclosed Property; however, the retention of an independent contractor
will not relieve the Special Servicer of its obligations hereunder with respect to such Foreclosed Property.

 

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

 

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

 

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

 

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

 

To the extent that amounts
on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above,
the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer
determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If funds
in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement are insufficient to
reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on deposit in the Collection Account
allocable to the Senior Notes, on a pro rata and pari passu basis (based on the outstanding principal balances of
the Senior Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed from amounts allocable
to the Mortgage Loan, the Servicer will be required, after receiving payment from amounts on deposit in the Collection Account
allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable
efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain
reimbursement from each Companion Loan Holder for a pro rata portion (based on the principal balances of the Senior Notes)
of such amount allocable to the related Companion Loan.

 

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

 

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

 

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

 

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

 

The Special Servicer
shall be entitled, and to the extent required by the REMIC Provisions, shall be required, to enter into an agreement with any Independent
Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer
by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. All REO
Management Fees shall be an expense of the Trust Fund payable from the Foreclosed Property Account or subject to reimbursement
pursuant to Section 3.4(c)(xi). The Special Servicer agrees to monitor the performance of the Successor Manager and
to enforce the obligations of the Successor Manager on behalf of the Trust Fund and the Companion Loan Holders. Expenses incurred
by the Special Servicer in connection herewith shall qualify as Property Protection Advances.

 

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

 

3.15.      Sale of Foreclosed Property. (a)  In the event that title to any Property is acquired by the Special Servicer
for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise,
the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee

 

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(which shall
not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant
to Section 8.10. Title may be taken in the name of a limited liability company wholly-owned by the Trust and that is
managed by the Special Servicer (the costs of which shall be advanced by the Servicer, provided that such Advance would
not be a Nonrecoverable Advance). The Special Servicer, on behalf of the Trust Fund (and the Companion Loan Holders), shall sell
any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later
than the time period set forth in Section 13.2 hereof in a manner provided under this Section 3.15.

 

(b)         If the Special Servicer acquires any Foreclosed Property in the name of and on behalf of the Trust Fund and the Companion
Loan Holders, the Special Servicer shall be empowered, subject to the Code and to the specific requirements and prohibitions of
this Agreement and the Intercreditor Agreement, to do any and all things in connection with the management and operation thereof
in accordance with Accepted Servicing Practices, all on such terms as the Special Servicer deems to be in the best interest of
the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders and Companion Loan
Holders constituted a single lender) and consistent with the REMIC Provisions.

 

(c)         Subject
to the consent and consultation rights of the Controlling Class Certificateholder (or the Controlling Class Representative on
its behalf), the Special Servicer shall accept the highest cash bid for a Foreclosed Property received from any Person. However,
in no event may such bid be less than an amount at least equal to the portion of the Repurchase Price attributable to such Foreclosed
Property. Notwithstanding the foregoing, in the absence of any such bid, the Special Servicer shall accept the highest cash bid,
if the highest offeror is a Person other than the Trustee or an Interested Person, that the Special Servicer (or the Trustee as
provided in the next sentence) determines is a fair price based on Appraisals obtained within the last nine (9) months. If the
highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid by an Interested Person. The
Trustee may (at its option at the expense of the Trust Fund (unless such expenses are reimbursed with funds otherwise paid from
amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement)) designate an Independent third
party expert in real estate or commercial mortgage loan matters with at least five (5) years’ of experience in valuing or
investing in properties similar to the Foreclosed Property, that has been selected with reasonable care by the Trustee to determine
if such bid constitutes a fair price for the Foreclosed Property. The Trustee shall be entitled to conclusively rely upon any
such third party determination, and all reasonable fees and costs of any Appraisals, inspection reports, and broker opinions of
value incurred by any such third party shall be covered by, and be reimbursable from, the Trust (unless such expenses are reimbursed
with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement).
If funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement are insufficient
to reimburse any such fees and costs, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable
to the Senior Notes, on a pro rata and pari passu basis (based on the outstanding principal balances of the Senior
Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed from amounts allocable to the Mortgage
Loan, the Servicer will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the
Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise
on behalf of the Issuing Entity the rights of the

 

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Issuing Entity under the Intercreditor Agreement to obtain reimbursement from
each Companion Loan Holder for a pro rata portion (based on the principal balances of the Senior Notes) of such amount allocable
to the related Companion Loan. The requirements of this Agreement and/or the Intercreditor Agreement may result in lower sales
proceeds than would otherwise be the case. Notwithstanding the foregoing, the Special Servicer shall not be obligated to accept
the higher cash offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection of such
offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if such
Certificateholders and the Companion Loan Holders constituted a single lender), and the Special Servicer may accept a lower cash
offer (from any Person other than an Interested Person) if it determines, in accordance with Accepted Servicing Practices, that
acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective
whole as if such Certificateholders and the Companion Loan Holders constituted a single lender). Neither the Trustee nor any of
its affiliates, in their individual capacity, may make an offer for or purchase any Foreclosed Property.

 

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

 

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

 

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

 

3.16.      Sale of the Mortgage Loan and the Companion Loans. (a)  (i) Within sixty (60) days after the occurrence
of a Special Servicing Loan Event, the Special Servicer shall

 

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order (but shall not be required to have received) an Appraisal.
The Servicer shall promptly notify in writing the Special Servicer, the Trustee, the Controlling Class Certificateholder (or the
Controlling Class Representative on its behalf (during any Subordinate Control Period or any Subordinate Consultation Period) and
each Companion Loan Holder (or, to the extent a Companion Loan is included in an Other Securitization Trust, the Other Depositor,
Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement) of the occurrence of
such Special Servicing Loan Event. Upon delivery by the Special Servicer of the notice described in the preceding sentence, the
Special Servicer may offer to sell to any Person the Whole Loan or may offer to purchase the Whole Loan, if and when the Special
Servicer determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection
of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and the Companion Loan Holders
on a net present value basis. The Special Servicer shall provide the Trustee, the Certificate Administrator, the Controlling Class
Certificateholder (or the Controlling Class Representative on its behalf) (during any Subordinate Control Period or any Subordinate
Consultation Period) and each Companion Loan Holder (or, to the extent a Companion Loan is included in an Other Securitization
Trust, the Other Depositor, Other Servicer and Other Certificate Administrator under the related Other Pooling and Servicing Agreement),
not less than five (5) Business Days’ prior written notice of its intention to sell the Whole Loan, in which case the Special
Servicer is required to accept the highest offer received from any Person (other than any Interested Person) for the Whole Loan
in an amount at least equal to the Repurchase Price or, at its option, if it has received no offer at least equal to the Repurchase
Price therefor, the Special Servicer may purchase the Whole Loan at the Repurchase Price, subject to any consent or consultation
rights of the Controlling Class Certificateholder (or Controlling Class Representative on its behalf) to the extent set forth in
this Agreement. For the avoidance of doubt the Special Servicer shall be required to sell the Mortgage Loan together with the Companion
Loans, as one whole loan.

 

(ii)          In the absence of any offer at least equal to the Repurchase Price (or purchase by the Special Servicer for the Repurchase
Price), the Special Servicer shall accept the highest offer received from any Person that is determined by the Special Servicer
to be a fair price for the Whole Loan, if the highest offeror is a Person other than an Interested Person. If the highest bidder
is an Interested Person, the Trustee shall determine the fairness of the highest bid based upon an Appraisal (which may be an
Appraisal obtained in the last nine (9) months by the Special Servicer) obtained at the expense of the Trust Fund (unless such
expense is reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor
Agreement), and the Trustee may conclusively rely on the opinion of such Appraisal and such determination shall be binding upon
all parties. All reasonable costs and fees of the Trustee in making such determination will be reimbursable to it first, by the
Servicer as an Advance, subject to the Servicer’s determination that such amounts are not Nonrecoverable Advances, and then
as an expense of the Trust (unless such expense is reimbursed with funds otherwise paid from amounts allocable to the Companion
Loans pursuant to the terms of the Intercreditor Agreement). Neither the Trustee nor any of its affiliates, in their individual
capacity, may make an offer for or purchase the Whole Loan. In addition, if the Trustee shall be required to determine the fairness
of the highest bid by an Interested Person, the Trustee may (at its option at the expense of the Trust Fund (unless such expense
is reimbursed with funds otherwise paid from amounts

  

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allocable to the Companion Loan Holders pursuant to the terms of the Intercreditor Agreement))
designate an Independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’
of experience in valuing or investing in loans similar to the Whole Loan, that has been selected with reasonable care by the Trustee
to determine if such bid constitutes a fair price for the Whole Loan. The Trustee shall be entitled to conclusively rely upon any
such third party determination, and all reasonable fees and costs of any Appraisals, inspection reports, and broker opinions of
value incurred by any such third party shall be covered by, and be reimbursable from, the Trust (unless such expenses are reimbursed
with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement) If
funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor Agreement are insufficient
to cover any such fees and costs, then any deficiency shall be paid from amounts on deposit in the Collection Account allocable
to the Senior Notes, on a pro rata and pari passu basis (based on the outstanding principal balances of the Senior
Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are reimbursed from amounts allocable to the Mortgage
Loan, the Servicer will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the
Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise
on behalf of the Issuing Entity the rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement from
each Companion Loan Holder for a pro rata portion (based on the principal balances of the Senior Notes) of such amount allocable
to the related Companion Loan. 

 

(iii)         The
Special Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance with Accepted
Servicing Practices, that the rejection of such offer would be in the best interests of the Holders of the Certificates and the
Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single
lender). In addition, the Special Servicer may accept a lower offer if it determines, in accordance with Accepted Servicing Practices,
that the acceptance of such offer would be in the best interests of the Holders of the Certificates and the Companion Loan Holders
(as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single lender), 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 efforts consistent with Accepted Servicing Practices to sell the Whole Loan prior to the Rated Final Distribution Date.

 

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

 

(b)          The right of the Special Servicer to purchase or sell the Whole Loan after the occurrence of a Special Servicing Loan Event
shall terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Whole
Loan has not yet occurred, the Special Servicer’s right shall terminate and such exercise shall be of no further

 

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force or
effect) if the Whole Loan is no longer delinquent as a result of any of the following: (i) the Special Servicing Loan Event
has ceased to exist pursuant to the terms of this Agreement, (ii) the Whole Loan has become subject to a fully executed agreement
reflecting the terms of the workout arrangement, (iii) the Whole Loan has otherwise been resolved (including by a full or
discounted pay-off) or (iv) a mezzanine lender has exercised its purchase option under the related mezzanine intercreditor agreement.

 

(c)         Any sale of the Whole Loan shall be for cash only.

 

(d)         Notwithstanding
anything contained herein to the contrary, the Special Servicer shall not sell the Whole Loan pursuant to this Section 3.16
without the written consent of each Companion Loan Holder unless the Special Servicer has followed the procedures for the
sale of the Whole Loan set forth in the Intercreditor Agreement.

 

3.17.      Servicing
Compensation.    The Servicer shall be entitled to receive the Master Servicing Fee with respect to the
Mortgage Loan and the Primary Servicing Fee with respect to the Whole Loan and any Foreclosed Properties payable monthly from
the Collection Account or otherwise in accordance with and subject to Section 3.4(c). The Servicer shall be entitled to
retain as compensation any late payment charges and certain other customary charges and fees to the extent described below, as
well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder, in each case, to the
extent actually received from the Borrowers and permitted to be allocated to such amounts by the terms of the Loan Documents,
this Agreement and the Intercreditor Agreement and subject in all cases to the rights of the Companion Loan Holders to any such
amounts as may be set forth in the Intercreditor Agreement, other than: (i) fees of any sub-servicer and the expenses of
any sub-servicer that would not be reimbursable to Servicer if such expenses were incurred by the Servicer; (ii) the cost
of any fidelity bond or errors and omissions policy required by Section 3.11(d); (iii) overhead expenses of the
Servicer including but not limited to those which may properly be allocable under the Servicer’s accounting system or otherwise
to the Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Servicer
associated with employees of the Servicer performing services in connection with the obligations of the Servicer hereunder; and
(iv) costs and expenses arising from the negligence, bad faith or willful misconduct of the Servicer in performing its obligations
hereunder (the “Servicer Customary Expenses”). So long as no Special Servicing Loan Event has occurred and
is continuing and subject to the terms of the Intercreditor Agreement, the Servicer shall also be entitled to retain as additional
servicing compensation any late payment fees and Default Interest (including any late payment fees and Default Interest collected
after the occurrence of a Special Servicing Loan Event but accrued prior to such Special Servicing Loan Event) (to the extent
not applied pursuant to Section 3.4(c)), assumption fees, assumption application fees, substitution fees, release
fees (including, without limitation, any fees payable in connection with a defeasance), Modification Fees (subject to the last
paragraph of this Section 3.17), loan service transaction fees, insufficient funds fees and similar fees and expenses
to the extent, with respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise prohibited
by) the terms of the Loan Documents, this Agreement and the Intercreditor Agreement; provided, however, that the
Servicer shall not be entitled to apply or retain any Default Interest or any late payment charges, with respect to the Mortgage
Loan or the Companion Loans, with respect to which a default thereunder or Mortgage Loan Event of

 

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Default is continuing unless and until
such default or Mortgage Loan Event of Default has been cured and all delinquent amounts (including any Default Interest) due
with respect to the Mortgage Loan or the Companion Loans have been paid in full and all interest on Advances has been paid in
full. In addition, the Servicer, subject to the terms of the Intercreditor Agreement, shall be entitled to retain as
additional servicing compensation release fees (including, without limitation, any fees payable in connection with a
defeasance of the Whole Loan) and any income earned (net of losses to the extent provided in this Agreement) on the
investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the
Borrowers).

 

If a Special Servicing
Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with respect to
the Mortgage Loan and the Companion Loans for so long as such Special Servicing Loan Event continues as well as reimbursement for
all other costs or expenses incurred by it in performing its duties hereunder other than: (i) the cost of any fidelity bond
or errors and omissions policy required by Section 3.11(d); (ii) overhead expenses of the Special Servicer including
but not limited to those which may properly be allocable under the Special Servicer’s accounting system or otherwise to the
Special Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Special
Servicer associated with employees of the Special Servicer performing services in connection with the obligations of the Special
Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful misconduct of the Special Servicer
in performing its obligations hereunder (the “Special Servicer Customary Expenses”). If at any time the Mortgage
Loan or any Companion Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer shall use efforts consistent with Accepted
Servicing Practices and the REMIC Provisions, to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Work-out
Fee from the Borrowers pursuant to Section 10.13 of the Loan Agreement, including exercising all remedies available under
the Loan Agreement that would be in accordance with Accepted Servicing Practices, specifically taking into account the costs or
likelihood of success of any such collection efforts and the Realized Loss or related loss that would be incurred by Certificateholders
or the Companion Loan Holders, as applicable, in connection therewith as opposed to the Realized Loss that would be incurred as
a result of not collecting such amounts from the Borrowers. Notwithstanding anything herein to the contrary, with respect to any
Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.

 

If a Special Servicing
Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrowers negotiated
by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee. In the event that (i) the Applicable
Control Party, sends notice to the Trustee under Section 7.1(d), directing the Trustee to terminate the Special Servicer,
or (ii) the Special Servicer resigns or has been terminated, and in each case, prior or subsequent to such resignation or termination,
either (A) the Specially Serviced Mortgage Loan or the related Property was liquidated or modified, as applicable, pursuant to
an action plan submitted by the initial Special Servicer, or (B) the Specially Serviced Mortgage Loan was being monitored by the
initial Special Servicer and the related Special Servicing Loan Event is terminated following resolution of such Special Servicing
Loan Event by a written agreement with the Borrowers negotiated by the initial Special Servicer, then in the case of either clause
(A) or (B), the Special Servicer (and not the

 

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successor special servicer) shall be paid the related Work-out Fee or
Liquidation Fee, as applicable.

 

The Special Servicing
Fee and any Liquidation Fee payable from Liquidation Proceeds (and not the Borrowers) shall be payable from funds on deposit in
the Collection Account as provided in Section 3.4(c). The Special Servicer during the continuance of a Special Servicing
Loan Event shall also be entitled to retain as additional servicing compensation, solely to the extent such amounts are received
from the Borrowers, any late payment fees (to the extent not applied pursuant to Section 3.4(c)), Default Interest
(to the extent not applied pursuant to Section 3.4(c)), assumption fees, assumption application fees, Modification
Fees (subject to the last paragraph of this Section 3.17), Mortgage Loan service transaction fees, insufficient funds
fees and similar fees and expenses and any income earned (net of losses to the extent provided in this Agreement) on the investment
of funds deposited in the Foreclosed Property Account.

 

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

 

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

 

With respect to each
Collection Period during which the Special Servicer or any of its Affiliates received any Disclosable Special Servicer Fees, the
Special Servicer shall deliver or cause to be delivered to the Servicer on or prior to the related Determination Date, and the
Servicer (if it has received such report from the Special Servicer) shall deliver such report to the Certificate Administrator
without charge on or prior to the Remittance Date with respect to such Determination Date, an
electronic report that
discloses and contains an itemized listing
of any Disclosable
Special Servicer Fees received by the Special
Servicer or any of its Affiliates during the related Collection Period. The Special Servicer and its Affiliates shall be prohibited
from receiving or retaining any Disclosable Special Servicer
Fees.

 

Notwithstanding anything
herein to the contrary, the Servicer and the Special Servicer shall each be entitled to 50% of any Modification Fees received in
connection with (i)

 

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the extension of the Maturity Date of the Mortgage Loan to which Special Servicer’s consent is required
pursuant to clause (vii)(c) of the definition of Special Servicing Loan Event and (ii) any Major Decision for which the Special
Servicer’s consent is required pursuant to the terms of this Agreement.

 

3.18.      Reports
to the Certificate Administrator; Account Statements. (a)  The Servicer shall prepare, or cause to be prepared,
and deliver to the Certificate Administrator and each Companion Loan Holder (or, to the extent a Companion Loan is included in
an Other Securitization Trust, to the Other Servicer and the Other Certificate Administrator under the related Other Pooling and
Servicing Agreement), in an electronic format which format is reasonably acceptable to the Certificate Administrator, consistent
with Accepted Servicing Practices, not later than (i) 2:00 p.m. (New York time) two Business Days prior to each Distribution
Date, the CREFC® Loan Periodic Update File and (ii) 3:00 p.m. (New York time) on the Remittance Date immediately
preceding each Distribution Date, the remaining CREFC® Reports (except the CREFC® Bond Level File,
the CREFC® Special Servicer Loan File, the CREFC® Operating Statement Analysis Report and the CREFC®
NOI Adjustment Worksheet). The Certificate Administrator shall prepare the CREFC® Bond Level File and the
CREFC® Collateral Summary File.

 

The CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be made available on the Servicer’s
internet website (www.wellsfargo.com/com/comintro) on a calendar quarterly basis within 30 days after the Servicer’s
(or, with respect to a Specially Serviced Mortgage Loan, the Special Servicer who shall promptly provide the CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet to the Servicer) receipt of the Borrowers’
quarterly financials (commencing with the quarter ending March 31, 2016) and annually within 45 days after receipt of the Borrowers’
annual financials for the year ending December 31, 2016); provided, with respect to any obligation of the Servicer
or the Special Servicer to provide year-end or quarterly analysis or updates, such analysis or updates shall not be required to
the extent not required to be provided in the then current applicable CREFC® guidelines.

 

(b)         The
Servicer shall furnish to the Certificate Administrator in electronic format which format is reasonably acceptable to the Certificate
Administrator, the CREFC® Reports produced by it pursuant to this Agreement not later than the time period specified
in Section 3.18(a), and thereafter, subject to Section 12.17, if requested by the Rating Agencies pursuant
to Section 12.17, furnish to the 17g-5 Information Provider the CREFC® Reports produced by it pursuant to
this Agreement (which shall promptly post the same to the 17g-5 Information Provider’s Website).

 

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

 

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(d)         Notwithstanding
anything contained herein to the contrary, the Servicer and the Special Servicer shall provide to each Companion Loan Holder (or,
to the extent a Companion Loan is included in an Other Securitization Trust, to the party under the related Other Pooling and
Servicing Agreement corresponding to the party under this Agreement to which delivery of such items is required): (i) all documents,
certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Whole Loan that
such party would be required to deliver to any Controlling Class Certificateholder or Controlling Class Representative pursuant
to the terms of this Agreement, (ii) all CREFC® Reports that such party delivers to any other party to this
Agreement, (iii) any annual statements as to compliance delivered pursuant to Sections 10.8 and 10.9 and any annual independent
public accountants’ servicing reports delivered pursuant to Section 10.10, and (iv) any other material documents,
certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Whole Loan that
such party delivers to any other party to this Agreement.

 

3.19.      [Reserved].

 

3.20.      [Reserved].

 

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

 

(b)         The
Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to BlackRock
Financial Management, Markit, CMBS.com, Bloomberg, L.P., Trepp, LLC, Thomson Reuters Corporation and Intex Solutions, Inc. or
such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit
K-3 to this Agreement, all the Distribution Date Statements, CREFC® Reports and supplemental notices delivered
or made available pursuant to Section 8.14(c) to Privileged Persons.

 

3.22.      Inspections. The Servicer shall inspect or cause to be inspected each of the Properties not less frequently than
once each year commencing in 2017, so long as a Special Servicing Loan Event is not then continuing; provided, that the
Servicer shall not be required to inspect a Property if it has been inspected by the Special Servicer in the preceding 12 months.
The Special Servicer shall inspect or cause to be inspected each Property as applicable and as soon as practicable following the
occurrence of a Special Servicing Loan Event and annually thereafter so long as the Whole Loan is a Specially Serviced Mortgage
Loan. The Servicer or the Special Servicer, as applicable, shall also inspect, or cause to be inspected, a Property whenever

 

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it
receives information that such Property has been damaged, left vacant, or abandoned, or if waste is being committed on such Property.
All such inspections shall be performed in a manner consistent with Accepted Servicing Practices. The cost of the annual inspections
referred to in the first sentence of this paragraph shall be an expense of the Servicer; the cost of all additional inspections
referred to in this paragraph shall be a Trust Fund Expense (unless such expense is required to be borne by the Companion Loans
pursuant to the terms of the Intercreditor Agreement) and, if paid by the Servicer or Special Servicer, shall constitute a Property
Protection Advance. If funds in the Collection Account allocable to the Junior Notes pursuant to the terms of the Intercreditor
Agreement are insufficient to reimburse any such Property Protection Advance, then any deficiency shall be paid from amounts on
deposit in the Collection Account allocable to the Senior Notes, on a pro rata and pari passu basis (based on the
outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement. If such amounts are
reimbursed from amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment from amounts on
deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and
(ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing Entity under the
Intercreditor Agreement to obtain reimbursement from each Companion Loan Holder for a pro rata portion (based on the principal
balances of the Senior Notes) of such amount allocable to the related Companion Loan. The Servicer or Special Servicer, as the
case may be, shall prepare a written report of inspection and deliver it to the Certificate Administrator and each Companion Loan
Holder. The Certificate Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

3.23.      Advances.
(a)  If a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment, if any) or
any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon Payment, if any) on the
Mortgage Loan has not been received by the close of the Business Day immediately prior to the Remittance Date (to the extent such
Monthly Payment or Assumed Monthly Payment would be allocable to the Mortgage Loan pursuant to the Intercreditor Agreement), the
Servicer, subject to its determination that such amounts would not be Nonrecoverable Advances, shall make an advance for deposit
into the Distribution Account on such Remittance Date, in an amount equal to the Monthly Payment or an Assumed Monthly Payment,
as applicable, (with respect to the portion of such Monthly Payment or Assumed Monthly Payment that is allocable to principal,
only to the extent such principal would be allocable to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement)
or any such portion of the Monthly Payment or an Assumed Monthly Payment, as applicable, (with respect to the portion of such
Monthly Payment or Assumed Monthly Payment that is allocable to principal, only to the extent such principal would be allocable
to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement) on such Mortgage Loan that was delinquent as of the
close of the Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be
paid to the Servicer until the funds in the Collection Account are available for payment of such fee).  The portion of
any such Advance that is equal to any accrued and unpaid CREFC® Intellectual Property Royalty License Fee shall
not be deposited into the Distribution Account but shall instead be remitted directly to CREFC® by the Servicer.
 For the avoidance of doubt, in the event that the amount of interest on the Mortgage Loan is reduced as a result of any
modification to the Mortgage Loan, any future Monthly Payment Advance made with respect to such modified Mortgage Loan shall be
in such amounts as may be required as a result of such reduction. Neither the Servicer nor the

 

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Trustee
shall be entitled to interest on any Monthly Payment Advance on the Mortgage Loan until the related Loan Payment Date has
passed and any grace period for late payments applicable to the Mortgage Loan has expired. The Servicer shall maintain a
record of each Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the Mortgage Loan and
shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit
allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not remit any
amounts required to be remitted to the Certificate Administrator on each Remittance Date (including any amounts required to
be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator
for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator
interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the
Distribution Date or, if earlier, the actual remittance date.

 

The Servicer and the
Trustee, as applicable, shall be entitled to reimbursement for a Monthly Payment Advance (and interest thereon) and any Administrative
Advance (and interest thereon) from any collections on the Mortgage Loan prior to any distributions to the Certificateholders;
provided that such reimbursement shall be deemed allocable first, from amounts due to the Trust (and therefore the
Certificateholders as beneficial owners thereof) as holder of the Junior Notes, on a pro rata and pari passu basis
(based on the principal balances of the Junior Notes) and, then, from amounts due to the Trust (and therefore the Certificateholders
as beneficial owners thereof) as holder of the Group 2 Notes, on a pro rata and pari passu basis (based on the principal
balances of the Group 2 Notes). Neither the Servicer nor the Trustee shall be required to make (i) any Monthly Payment Advance
with respect to any delinquent payment amounts due on the Companion Loans or (ii) any Administrative Advance with respect to any
Companion Loans.

 

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

 

Neither the Servicer
nor the Trustee is obligated to advance any principal payment with respect to the Group 2 Notes unless (i) a Cross Over Period
has occurred and is continuing under the Intercreditor Agreement or (ii) the Group 1 Notes have been satisfied in full. Neither
the Servicer nor the Trustee is obligated to advance any principal payment with respect to the Group 3 Notes until the Group 1
Notes and Group 2 Notes are satisfied in full.

 

(b)         Subject
to Section 3.23(e), the Servicer shall advance, to the extent it determines that such amount is recoverable, all customary
and reasonable out-of-pocket costs and expenses incurred by the Servicer or the Special Servicer in the performance of its servicing
obligations, including, but not limited, to the costs and expenses incurred in connection with (i) the preservation, restoration,
operation and protection of any Property which, in the Servicer’s or the Special Servicer’s, as applicable, sole discretion,
exercised in accordance with Accepted Servicing Practices, are necessary to prevent an immediate or material loss to the Trust
Fund’s

 

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interest in such Property, (ii) the payment of (A) real estate taxes, assessments and governmental charges
that may be levied or assessed against the Borrowers or any of their affiliates or any Property or revenues therefrom or which
become liens on any Property, (B) insurance premiums and (C) the out-of-pocket costs and expenses of the Servicer or
the Special Servicer, as applicable (including, without limitation, reasonable attorneys’ fees and expenses) to the extent
not paid by the Borrowers that are incurred in connection with assumption of the Whole Loan or a release of any Property securing
the Whole Loan from the lien of the related Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures
and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third-party experts,
including appraisers and environmental and engineering consultants, and (iv) the management, operation and liquidation of
a Property if such Property is acquired by the Special Servicer or its affiliate in the name of the Trustee on behalf of the Trust
and the Companion Loan Holders (collectively, “Property Protection Advances”). In addition, subject to Section 3.23(e),
the Servicer shall advance, regarding only the Mortgage Loan for the benefit of the Certificateholders, to the extent it determines
such amount is recoverable and, to the extent required to be paid by the Borrowers (but not so paid), the amount of any Borrower
Reimbursable Trust Fund Expenses that would be allocated to the Mortgage Loan pursuant to the terms of the Intercreditor Agreement
(collectively, “Administrative Advances”). Neither the Servicer nor the Trustee shall be obligated to make
any Administrative Advances in respect of the Companion Loans. During the continuation of a Special Servicing Loan Event, the
Special Servicer shall give the Servicer and the Trustee not less than five Business Days’ written notice before the date
on which the Servicer is requested to make any Property Protection Advance with respect to the Whole Loan or any Foreclosed Property;
provided, however, that only three Business Days’ written notice shall be required in respect of Property
Protection Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property Protection
Advances required to make tax or insurance payments). In addition, the Special Servicer shall provide the Servicer with such information
in its possession as the Servicer may reasonably request to enable the Servicer to determine whether a requested Property Protection
Advance would constitute a Nonrecoverable Advance. Notwithstanding anything herein to the contrary, if the Special Servicer requests
that the Servicer make an Advance, the Trustee and the Servicer may (but shall not be obligated to) conclusively rely on such
request as evidence that such advance is not a Nonrecoverable Advance.

 

Any determination by
the Servicer that a Property Protection Advance, if made, will be, or any Property Protection Advance previously made, is, a Nonrecoverable
Advance, will be conclusive and binding on the holder of any Companion Loan (and related Other Servicer or Other Trustee).

 

With respect to a Property
Protection Advance, the Servicer shall be entitled to reimbursement from any collections on the Whole Loan prior to any distributions
to the Certificateholders or the Companion Loan Holders; provided that such reimbursement shall be deemed allocable first,
from amounts due to the Trust (and therefore the Certificateholders as beneficial owners thereof) as holder of the Junior Notes,
on a pro rata and pari passu basis (based on the principal balances of the Junior Notes) and, then, from amounts
due to the Trust (and therefore the Certificateholders as beneficial owners thereof) and the Companion Loan Holders as holders
of the Senior Notes, on a pro rata and pari passu basis (based on the principal balances of the Senior Notes); provided,
that the Servicer will be required, after receiving

 

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payment from amounts on deposit in the Collection Account, if any, to (i) promptly
notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the
rights of the Issuing Entity under the Intercreditor Agreement to obtain reimbursement for a pro rata portion (based on
the principal balances of the Senior Notes) of such amount allocable to each Companion Loan from the respective Companion Loan
Holder.

 

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

 

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

 

(e)         Notwithstanding any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to
make an Advance only to the extent that the Servicer or the Trustee, as applicable, has determined that such Advance, together
with any previous unreimbursed Advances and interest on all those Advances at the Advance Rate, would not constitute a Nonrecoverable
Advance if made. The Trustee and the Servicer, in that order, shall be entitled to reimbursement for any such Advances from the
Collection Account (provided that, in the case of interest on Property Protection Advances, the Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, promptly notify the Companion Loan Holders (or, to the extent
that a Companion Loan is included in an Other Securitization Trust, the Other Servicer under the related Other Pooling and Servicing
Agreement)) and shall obtain such reimbursement in accordance with Section 3.4(c). If the context requires, each reference
to the reimbursement or payment of an Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement
of interest thereon at the Advance Rate through the date of payment or reimbursement.

 

(f)         The
determination by the Servicer or the Trustee, as applicable, that it has made a Nonrecoverable Advance or that any proposed Advance,
if made, would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to the
Certificate Administrator, the Trustee (if such determination is made by the Servicer), the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) (during any Subordinate Control Period and any Subordinate Consultation
Period) and each Companion Loan Holder (or, to the extent that a Companion Loan is included in an Other

 

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Securitization Trust, the
related Other Servicer and Other Trustee) detailing the reasons for such determination together with, to the extent such information,
report or document is in the Servicer’s possession, and, if such information, reports or documents are used by the Servicer
to determine that an Advance would be a Nonrecoverable Advance, any related financial information such as related income and expense
statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months
on the Properties, any engineers’ reports, environmental surveys, internal final valuations or other information relevant
thereto which support such determination. The determination by the Special Servicer that an Advance is Nonrecoverable or that any
proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate to the
Certificate Administrator, the Trustee, the Controlling Class Certificateholder (or the Controlling Class Representative on its
behalf) (during any Subordinate Control Period or Subordinate Consultation Period) and each Companion Loan Holder (or, to the extent
that a Companion Loan is included in an Other Securitization Trust, the related Other Servicer and Other Trustee) detailing the
reasons for such determination together with, to the extent such information, report or document is in the Special Servicer’s
possession, and, if such information, reports or documents are used by the Special Servicer to determine that an Advance would
be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy
status, property inspections and any Appraisals performed within the last twelve (12) months on the Properties, any engineers’
reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination.
Such Officer’s Certificate shall be made available to any Privileged Person by the Certificate Administrator posting such
Officer’s Certificate to the Certificate Administrator’s Website pursuant to Section 8.14(b). The Servicer
or the Trustee, as applicable, shall be entitled to rely conclusively on the Special Servicer’s determination that an Advance
is a Nonrecoverable Advance. The costs of any appraisals, reports or surveys and other information requested by the Servicer or
the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund Expenses (unless such expenses are
reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement),
payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection Advance
if paid by the Servicer or the Trustee from its funds. If funds in the Collection Account allocable to the Junior Notes pursuant
to the terms of the Intercreditor Agreement are insufficient to reimburse any Property Protection Advance, then any deficiency
shall be paid from amounts on deposit in the Collection Account allocable to the Senior Notes, on a pro rata and pari
passu basis (based on the outstanding principal balances of the Senior Notes), pursuant to the terms of the Intercreditor Agreement.
If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer will be required, after receiving payment
from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion
Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the Issuing Entity the rights of the Issuing
Entity under the Intercreditor Agreement to obtain reimbursement from each Companion Loan Holder for a pro rata portion
(based on the principal balances of the Senior Notes) of such amount allocable to the related Companion Loan from each Companion
Loan Holder (including, if such amounts cannot be recovered from the Whole Loan, from general collections of the related Other
Securitization Trust, if applicable). The Servicer’s determination of nonrecoverability in accordance with the above provisions
shall be conclusive and binding on the Trustee and the Trustee shall be entitled

 

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to rely conclusively thereupon. In addition, if
the Special Servicer determines that the Servicer or the Trustee has made a Nonrecoverable Advance or that any proposed Advance,
if made, would constitute a Nonrecoverable Advance, the Servicer and the Trustee shall be entitled to rely conclusively thereupon.
The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination
in its good faith business judgment.

 

(g)         The Servicer and the Trustee are not obligated to advance (i) the Balloon Payment, if any, with respect to the Mortgage
Loan (but are required to advance the Assumed Monthly Payment), (ii) any Default Interest, (iii) amounts required to
cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure of a
Property to comply with any applicable law, including any environmental law, or (except in connection with the foreclosure or other
acquisition of a Property in accordance with Section 3.12 upon the occurrence of a Mortgage Loan Event of Default)
to investigate, test, monitor, contain, clean up, or remedy an environmental condition present at a Property, (iv) any losses
arising with respect to defects in the title to a Property, (v) any costs of capital improvements to a Property other than
those necessary to prevent an immediate or material loss to the Trust’s interest in such Property, (vi) any yield maintenance
amounts or prepayment premiums, including any Yield Maintenance Premiums, (vii) any monthly payment advances of principal or interest
with respect to any Companion Loan or (viii) any Administrative Advances with respect to any Companion Loan. The Servicer or the
Trustee, as applicable, will not be entitled to reimbursement of any Monthly Payment Advance or Administrative Advance that is
a Nonrecoverable Advance from any amounts in the Collection Account allocable to the Companion Loans.

 

(h)         Notwithstanding
anything contained herein to the contrary, the Servicer and the Trustee shall each be entitled to make its own determination that
a Monthly Payment Advance previously made with respect to the Mortgage Loan is a Nonrecoverable Advance or that any proposed Monthly
Payment Advance, if made, would constitute a Nonrecoverable Advance with respect to the Mortgage Loan in accordance with the terms
of this Agreement, independently of any determination made by any Other Servicer or Other Trustee under any related Other Pooling
and Servicing Agreement in respect of any Companion Loan following the deposit of such Companion Loan into an Other Securitization
Trust, and each Other Servicer and Other Trustee, as applicable, shall each make its own determination that a Monthly Payment
Advance is or, if made, will be a Nonrecoverable Advance (both as defined in the related Other Pooling and Servicing Agreement)
or that any proposed Monthly Payment Advance, if made, would constitute a Nonrecoverable Advance (both as defined in the related
Other Pooling and Servicing Agreement) with respect to the related Companion Loan, in accordance with the related Other Pooling
and Servicing Agreement. No determination by the Servicer or the Trustee that any such Monthly Payment Advance is a Nonrecoverable
Advance shall be binding on the Other Servicer or the Other Trustee or the holders of any Companion Loan Securities. No determination
by the Other Servicer or the Other Trustee that any Monthly Payment Advance (as defined in the related Other Pooling and Servicing
Agreement) is nonrecoverable shall be binding on the Servicer, the Trustee or the Certificateholders.

 

The Servicer shall not
be required to make a Monthly Payment Advance with respect to the Mortgage Loan after its receipt of notice from the related Other
Servicer or Other Trustee that it has determined that a Monthly Payment Advance (as defined in the related Other

 

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Pooling and Servicing
Agreement) is or, if made, will be, a Nonrecoverable Advance on the related Companion Loan, or that any proposed Monthly Payment
Advance, if made, would constitute a Nonrecoverable Advance pursuant to the relevant Other Pooling and Servicing Agreement. If
the Servicer determines that a Monthly Payment Advance would be (if made), or any outstanding Monthly Payment Advance previously
made is, a Nonrecoverable Advance, the Servicer shall provide the Other Servicer written notice of such determination. If the Servicer
or Trustee receives written notice by the Other Servicer or the Other Trustee that it has determined, with respect to the Mortgage
Loan, that any proposed future Monthly Payment Advance would be, or any outstanding Monthly Payment Advance is, a Nonrecoverable
Advance, the Servicer shall use reasonable efforts to consult on a non-binding basis with the Other Servicer or the Other Trustee,
as applicable, regarding the circumstances with respect to the Mortgage Loan, but the Servicer or Trustee, as applicable, shall
be allowed to ultimately make its own determination.

 

Following a securitization
of a Companion Loan, the Servicer shall deliver to the related Other Servicer the following information: (i) any loan related
information (in the form received), including without limitation CREFC® Reports relating to the Mortgage Loan, applicable
to a determination that an Advance is or would be a Nonrecoverable Advance, within one (1) Business Day of the Servicer’s
receipt or creation thereof, (ii) notice of any Monthly Payment Advance, Property Protection Advance or Administrative Advance
it or the Trustee makes with respect to the Mortgage Loan (in the case of any Monthly Payment Advance or Administrative Advance)
or the Whole Loan (with respect to any Property Protection Advance) within one (1) Business Day of the making of such Advance
and (iii) notice of any determination that any Monthly Payment Advance, Property Protection Advance or Administrative Advance
is a Nonrecoverable Advance within one (1) Business Day thereof.

 

3.24.      Modifications of Loan Documents. (a)  (i) The Servicer (if no Special Servicing Loan Event has occurred
and is continuing) or the Special Servicer (during the existence of a Special Servicing Loan Event) may, subject to the rights
of the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) (during any Subordinate Control
Period or Subordinate Consultation Period), modify, waive or amend any term of the Mortgage Loan or the Companion Loans if such
modification, waiver or amendment (A) is consistent with Accepted Servicing Practices and (B) does not either (1) cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (2) constitute a “significant
modification” of the Mortgage Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special
Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination).
Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the
Maturity Date beyond the date that is seven (7) years prior to the Rated Final Distribution Date.

 

In connection with the
taking of any portion of any Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require
the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining applicable Property
or the fair market value of the real property constituting the remaining applicable Property, for purposes of REMIC qualification
of the Mortgage Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal
property and going concern value, if any.

 

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(b)         All
modifications, waivers or amendments of the Mortgage Loan or the Companion Loans shall be in writing and shall be effected in
a manner consistent with Accepted Servicing Practices, the REMIC Provisions and the provisions of the Intercreditor Agreement.
The Servicer or the Special Servicer, as applicable, shall notify the Servicer (if notice is from the Special Servicer), the Special
Servicer (if such notice is from the Servicer), the Trustee, the Certificate Administrator, the Depositor and each Companion Loan
Holder (or, to the extent that a Companion Loan is included in an Other Securitization Trust, the Other Servicer under the related
Other Pooling and Servicing Agreement), in writing, of any modification, waiver or amendment of any term of the Mortgage Loan
or any Companion Loan and the date thereof, and shall deliver to the Certificate Administrator (or the Custodian on its behalf)
an original recorded counterpart of the agreement relating to such modification, waiver or amendment within ten (10) Business
Days following the execution (with a copy thereof to the Servicer) and within ten (10) Business Days of the recordation thereof
(with a copy thereof to the Servicer, the Special Servicer and each Companion Loan Holder). If the Servicer or Special Servicer
modifies the interest rate applicable to the Mortgage Loan or a Companion Loan, any aggregate adverse economic effect of the modification
shall be borne first by the Junior Notes on a pro rata and pari passu basis (based on the principal balance
of each Junior Note) and then by the Senior Notes on a pro rata and pari passu basis (based on the principal
balance of each Senior Note), and any such adverse economic effect allocable to the Mortgage Loan shall be applied to the Certificates
in reverse order of priority. If the Mortgage Loan is modified, the Mortgage Rate shall not change for purposes of calculating
distributions on the Certificates. Notwithstanding the foregoing, neither the Servicer nor the Special Servicer shall modify the
Mortgage Rate unless the Whole Loan is in default or default is reasonably foreseeable.

 

(c)         Any
modification, extension, waiver or amendment of the payment terms of the Mortgage Loan and any Companion Loan will be required
to be structured to be consistent with the allocation and payment priorities in the related Loan Documents and the Intercreditor
Agreement, such that neither the Trust as holder of the Mortgage Loan nor any Companion Loan Holder gains a priority over the
other such holder that is not reflected in the related Loan Documents and the Intercreditor Agreement. Any modification, waiver
or amendment with respect to a Companion Loan may be subject to the consent of the related Companion Loan Holder(s) and the Special
Servicer as described pursuant to the terms of the Intercreditor Agreement and this Agreement.

 

(d)         Subject
to Section 3.26, any modification of the Loan Documents that requires a Rating Agency Confirmation (including an Companion
Loan Rating Agency Confirmation) pursuant to the Loan Documents, or any modification that would eliminate, modify or alter the
requirement of obtaining such Rating Agency Confirmation (or Companion Loan Rating Agency Confirmation) in the Loan Documents,
shall not be made without the Servicer’s or the Special Servicer’s, as applicable, first receipt of such Rating Agency
Confirmation (or Companion Loan Rating Agency Confirmation). Such Rating Agency Confirmation shall be obtained at the Borrowers’
expense in accordance with the Loan Agreement or, if not so provided in the Loan Agreement or if the Borrowers do not pay, at
the expense of the Trust Fund.

 

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

 

(i)          any
substitution, acquisition or release of real property collateral or defeasance collateral with respect to the Mortgage Loan (other
than releases of immaterial and non-income producing real property collateral or defeasance collateral) except as expressly permitted
by the Loan Documents without the Mortgage Loan Lender’s consent;

 

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

 

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

 

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

 

(v)         approval
of the termination or replacement of a property manager, to the extent the Mortgage Loan Lender’s approval is required by
the Loan Documents.

 

(f)          Notwithstanding the foregoing, the Servicer and Special Servicer (if a Special Servicing Loan Event is continuing) may,
if in accordance with the Accepted Servicing Practices (but without any Rating Agency Confirmation or consent of the Controlling
Class Certificateholder (or the Controlling Class Representative on its behalf)), grant the Mortgage Loan Borrowers’ request
for consent to subject a Property to an easement, right-of-way or similar agreement for utilities, access, parking, public improvements
or another similar purpose and may consent to subordination of the Mortgage Loan or the Companion Loans to such easement, right-of-way
or similar agreement.

 

(g)         If the Mortgage Loan permits release of a Property through defeasance:

 

(i)          If
the Mortgage Loan requires that the Mortgage Loan Lender purchase the required government securities, then the Servicer shall
purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the Borrowers’ expense, in accordance
with the terms of the Mortgage Loan; provided, that the Servicer shall not

 

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accept the amounts paid by the Borrowers to
effect defeasance until acceptable government securities have been identified;

 

(ii)         To
the extent not inconsistent with the Mortgage Loan, the Servicer shall require the Borrowers to provide an Opinion of Counsel
(which shall be an expense of the Borrowers) to the effect that the Trustee has a first priority perfected security interest in
the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable;

 

(iii)        To
the extent not inconsistent with the Mortgage Loan, the Servicer shall require a certificate at the Borrowers’ expense from
an Independent certified public accountant certifying to the effect that the government securities will provide cash flows sufficient
to meet all payments of interest and principal (including payments at maturity) on the Mortgage Loan in compliance with the requirements
of the terms of the related Loan Documents;

 

(iv)        Prior
to permitting release of a Property through defeasance, the Servicer shall require an Opinion of Counsel to the effect that such
release will not cause either the Lower Tier REMIC or the Upper Tier REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided, that
to the extent not inconsistent with the Mortgage Loan, the Borrowers shall pay the cost related to the Opinion of Counsel (and
shall otherwise be a Property Protection Advance);

 

(v)         No
defeasance shall occur on or prior to the second anniversary of the startup date of any REMIC established in connection with the
last securitization involving any Note;

 

(vi)        The
Servicer shall, at the expense of the Borrowers (to the extent not inconsistent with the related Loan Documents), cause the U.S.
government securities to be held for the benefit of the Certificateholders, and apply payments of principal and interest received
on the government obligations in respect of the defeased Mortgage Loan in accordance with the terms of the Loan Documents;

 

(vii)       The
Servicer shall, in accordance with Accepted Servicing Practices, enforce any provisions in the Mortgage Loan requiring the Borrowers
to pay all reasonable expenses associated with a defeasance;

 

(viii)      To
the extent not inconsistent with the Mortgage Loan, or to the extent the Loan Documents provide the Mortgage Loan Lender with discretion,
the Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities
related to the Mortgage Loan, to act as a successor borrower;

 

(ix)        To
the extent not inconsistent with the Mortgage Loan, each Rating Agency must provide a Rating Agency Confirmation; and

 

(x)         To
the extent not required or permitted to be placed in a separate account, the Servicer shall deposit all payments received by it
from defeasance collateral

 

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substituted for any Property into the Collection Account and treat any such payments as payments made
on the Mortgage Loan in advance of its Loan Payment Date in accordance with clause (i) of the definition of Regular Principal Distribution
Amount, and not as a prepayment of the Mortgage Loan. Notwithstanding anything herein to the contrary, in no event shall the Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.

 

Notwithstanding the
foregoing, the Servicer shall not permit the substitution of a Property pursuant to the defeasance provisions of the Mortgage Loan
(or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and satisfies
the conditions set forth in this Section 3.24(f). In addition, notwithstanding anything herein or in the Loan Documents
to the contrary, the Servicer may permit the substitution of direct, non-callable “government securities” within the
meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations
Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible defeasance collateral
under then-current guidelines of the Rating Agencies) for a Property pursuant to the defeasance provisions of the Mortgage Loan
(or any portion thereof) in lieu of the defeasance collateral specified in the Loan Documents; provided that, the Servicer
receives an Opinion of Counsel (at the expense of the Borrowers to the extent permitted under the Loan Documents) to the effect
that such use would not be and would not constitute a “significant modification” of the Mortgage Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise endanger the status of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or result in the imposition of a tax upon the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Fund (including but
not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure
property”).

 

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

 

3.26.      Rating
Agency Confirmations; Companion Loan Rating Agency Confirmations. (a)  Notwithstanding the terms of any Loan Documents
or other provisions of this Agreement, if any action under any Loan Documents or this Agreement requires a Rating Agency Confirmation
as a condition precedent to such action, if the party (the “Requesting Party”) attempting to obtain such Rating
Agency Confirmation from each Rating Agency has made a request to any such Rating Agency for such Rating Agency Confirmation and,
within 10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website,
and such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is
neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation, then such Requesting Party shall
be required (without providing notice to the 17g-5 Information Provider) to (i) confirm that the applicable Rating Agency
has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation
again and (ii) if there is no response to either

 

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Rating Agency Confirmation request within 5 Business Days of such confirmation
or such second request (after seeking to confirm that the applicable Rating Agency received such second Rating Agency Confirmation
request), as applicable, then (x) with respect to any condition in the Loan Documents requiring a Rating Agency Confirmation
or any other matter under this Agreement relating to the servicing of the Mortgage Loan or the Whole Loan (other than as set forth
in clause (y) below), the Requesting Party (or, if the Requesting Party is a Borrower, then the Servicer or the Special Servicer,
as applicable) will be required to determine, in accordance with its duties under this Agreement and in accordance with Accepted
Servicing Practices, whether or not such action would be in the best interest of Certificateholders and the Companion Loan Holders,
and if the Requesting Party (or, if the Requesting Party is a Borrower, then the Servicer or the Special Servicer, as applicable)
determines that such action would be in the best interest of the Certificateholders and the Companion Loan Holders, then the requirement
for a Rating Agency Confirmation shall not apply, for such agency and such matter at such time (provided, that with respect
to defeasance, any Rating Agency Confirmation requirement that the Servicer or Special Servicer would have been permitted to waive
pursuant to this Agreement will not apply without any such determination by the Requesting Party (or the Servicer or the Special
Servicer, as applicable) (it being understood that the Requesting Party (or the Servicer, or the Special Servicer, as applicable)
will in any event review the conditions required under the Loan Documents with respect to such defeasance and confirm to its satisfaction
in accordance with the Accepted Servicing Practices that such conditions (other than the requirement for a Rating Agency Confirmation)
have been satisfied)), and (y) with respect to a replacement of the Servicer or Special Servicer, such condition will not
apply if such replacement Servicer or Special Servicer is a Qualified Servicer (provided, that such Servicer or Special
Servicer shall be required to certify to the parties hereto as to its status as a Qualified Servicer). For all other matters or
actions (a) not specifically discussed above in clauses (x) or (y) or (b) that are not the subject of a Rating
Agency Declination, the applicable Requesting Party shall be required to obtain a Rating Agency Confirmation from each of the
Rating Agencies.

 

(b)         Any
Rating Agency Confirmation requests made by the Servicer, Special Servicer, Certificate Administrator or the Trustee, as applicable,
pursuant to this Agreement, shall be made in writing (an email shall be sufficient as a writing), which writing shall contain
a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as applicable, deems necessary for the Rating Agency to process
such request. Subject to Section 12.17, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as applicable, shall furnish such written Rating Agency Confirmation to the 17g-5 Information Provider (which shall promptly post
the same to the 17g-5 Information Provider’s Website).

 

(c)         Promptly
following the Special Servicer’s determination to take any action described in Section 3.26(a) without receiving
Rating Agency Confirmation, the Special Servicer shall provide written notice to the 17g-5 Information Provider (which shall promptly
post the same to the 17g-5 Information Provider’s Website).

 

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

 

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(e)         Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.26
following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer,
as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular
item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website
in accordance with Section 12.17 of this Agreement.

 

(f)          Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the Intercreditor Agreement, with respect to
any Companion Loan as to which there exists Companion Loan Securities, if any action relating to the servicing and administration
of the Whole Loan or any Foreclosed Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation
as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action
will also require delivery of a Companion Loan Rating Agency Confirmation as a condition precedent to such action from each Companion
Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall be sought by the Servicer or Special Servicer, as applicable,
depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action.
The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to any Companion Loan Securities will be subject
to, will be permitted to be waived by the Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation,
shall forward to the Other Servicer and the Other Special Servicer, as applicable, the 17g-5 Information Provider’s counterpart,
or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable, and the applicable parties
for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the extent not borne by the Borrowers,
and in such format as the sender and recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation
and all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency
Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5
Information Provider, and (ii) any other materials that the applicable Companion Loan Rating Agency may reasonably request in
connection with such Companion Loan Rating Agency Confirmation promptly following such request.

 

(g)         The
Certificate Administrator shall, promptly following the written request from the Servicer or the Special Servicer, provide to
the Servicer or the Special Servicer, as applicable, the contact information for the related Other Servicer, Other Special Servicer,
Other Certificate Administrator, Other Trustee any other 17g-5 information provider for the Other Securitization Trust related
to a Companion Loan, solely to the extent actually known to a Responsible Officer of the Certificate Administrator.

 

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4.           
PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS

 

4.1.        Distributions. (a)  On each Distribution Date, to the extent of Available Funds, amounts held in the Distribution
Account shall be withdrawn and paid in the following amounts:

 

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

 

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

 

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

 

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

 

fifth, to the
Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class
is reduced to zero;

 

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

 

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

 

eighth, to the
Class C Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class
is reduced to zero;

 

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

 

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

 

eleventh, to
the Class D Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class
is reduced to zero;

 

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

 

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

 

fourteenth, to
the Class E Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Distribution Date (reduced by any portion thereof distributed to a more senior Class) until the Certificate Balance of such Class
is reduced to zero;

 

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

 

sixteenth, to
the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.

 

In no event will any
Class of Certificates receive distributions in reduction of its Certificate Balance (i) that in the aggregate exceed the original
Certificate Balance of such Class or (ii) subject to the immediately preceding paragraph, prior to the reduction of the Certificate
Balance of each Class of Certificates with an earlier alphabetical and/or numerical designation to such Class to zero.

 

(b)         On each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of
principal or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses
actually distributable to its respective Related Certificates as provided in Sections 4.1(a) and 4.1(g). On
each Distribution Date, each Uncertificated Lower-Tier 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 and, in the case of the Class LA
Uncertificated Interest, the Interest Distribution Amount in respect of the Class X-A Certificates (based on the proportion of
interest accrued at the Class X Strip Rate related to the Class A Certificates, to the interest on the Class A Certificates) and
in the case of the Class LB Uncertificated Interest, the Interest Distribution Amount in respect of the Class X-B Certificates
(based on the proportion of interest accrued at the Class X Strip Rate related to the Class B Certificates, to the interest on
the Class B Certificates), in each case to the extent actually distributable thereon as provided in Section 4.1(a).
Amounts distributable pursuant to this paragraph and any Yield Maintenance Premium distributed pursuant to Section 4.3(b)
are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be deemed to be made
by the Certificate Administrator by being deemed to deposit such Lower-Tier Distribution Amount into the Upper-Tier Distribution
Account on each Distribution Date.

 

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

 

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

 

Distributions to the
Class R Certificateholders (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account and to the Class R
Certificateholders (in respect of the Class UT-R Interest) and to other Certificateholders from the Upper-Tier Distribution Account
on each Distribution Date shall be made by the Certificate Administrator to each Certificateholder of record on the related Record
Date (other than as provided in Section 11.1 in respect of the final distribution), by wire transfer in immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom,
or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been
received at least five (5) Business Days prior to the Distribution Date.

 

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

 

(d)          The Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate
Administrator that the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder
of such Class of Certificates on such date a notice to the effect that:

 

(i)           the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of
such Certificates at the office of the Certificate Administrator therein specified; and

 

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

 

(e)          Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their

 

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

 

(f)          Subject
to the following sentence, the Certificate Administrator shall be responsible for the calculations with respect to distributions
from the Trust so long as the Trust Fund has not been terminated in accordance with this Agreement; provided, however,
that the Certificate Administrator shall have no duty to recompile, recalculate or verify the accuracy of information provided
to it by the Servicer pursuant to Section 3.18(a) and, in the absence of manifest error in such information, may conclusively
rely upon it.

 

(g)         On each Distribution Date, Realized Losses with respect to the Mortgage Loan shall be allocated to and applied as a reduction
of the Certificate Balance of each Class of Sequential Pay Certificates in the following order: first, to the Class E Certificates;
second, to the Class D Certificates; third, to the Class C Certificates; fourth, to the Class B Certificates;
and fifth, to the Class A Certificates, in each case, until the Certificate Balance thereof has been reduced to zero.

 

On any Distribution Date,
allocations of Realized Losses to the Class A and Class B Certificates shall result in a corresponding reduction in the Notional
Amount of the Class X-A Certificates or Class X-B Certificates, as applicable, on the same Distribution Date. Allocations
of Realized Losses to any Class of Sequential Pay Certificates shall be deemed to result in a

 

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corresponding reduction of the Lower-Tier
Principal Amount of the Related Uncertificated Lower-Tier Interest.

 

To the extent any Realized
Losses are subsequently recovered, the amount of such recovery shall be reimbursed to the Certificateholders in the following order:
first, to the Class A Certificates, second, to the Class B Certificates, third, to the Class C Certificates,
fourth, to the Class D Certificates, and fifth, to the Class E Certificates (and the Related Uncertificated
Lower-Tier Interests), in each case up to the amount of unreimbursed Realized Losses, if any, that have been allocated to such
Class of Certificates

 

4.2.         Withholding
Tax. Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding
requirements with respect to payments to Certificateholders that the Certificate Administrator reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event the Certificate
Administrator withholds any amount from interest payments or advances thereof to any Certificateholder pursuant to federal withholding
requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder, and the Certificate
Administrator shall indicate the amount withheld to such Certificateholder through a report.

 

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

 

4.3.         Allocation
and Distribution of Yield Maintenance Premiums. Any Yield Maintenance Premiums collected with respect to prepayments of the Mortgage Loan during any particular Collection Period
shall be distributed by the Certificate Administrator on the following Distribution Date as follows:

 

(a)  (i) The
respective Classes of Sequential Pay Certificates (excluding the Class E Certificates) then entitled to distributions of principal
for such Distribution Date shall be entitled to, and the Certificate Administrator shall pay to such Classes, an amount equal to,
in the case of each such Class, the product of (A) a fraction, the numerator of which is the amount distributed as principal to
that Class on that Distribution Date, and the denominator of which is the total amount distributed as principal to the Holders
of all such Classes of Certificates on that Distribution Date, multiplied by (B) the Base Interest Fraction for the related principal
prepayment and that Class, multiplied by (C) the amount of the Yield Maintenance Premium collected in respect of such principal
prepayment during the related Collection Period.

 

(ii) Any portion of any
such Yield Maintenance Premium that is not so distributed to any of the Sequential Pay Certificates in accordance with the immediately
preceding clause (i) (the applicable “Class X YM Distribution Amount”) shall be distributed to the Holders of
the respective Classes of Class X Certificates as follows: first, to the Holders of the Class X-A Certificates in an amount
equal to the product of (A) a fraction, the numerator of which is the

 

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total amount distributed as principal with respect to the
Class A Certificates on the applicable Distribution Date, and the denominator of which is the total amount distributed as principal
with respect to all Classes of Sequential Pay Certificates on the applicable Distribution Date, multiplied by (B) the Class X YM
Distribution Amount for the applicable Distribution Date; and second, to the Holders of the Class X-B Certificates in an
amount equal to any portion of the applicable Class X YM Distribution Amount remaining after the foregoing distribution to the
Holders of the Class X-A Certificates.

 

(b)         All
Yield Maintenance Premiums distributable pursuant to Section 4.3(a) shall first be deemed to have been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest (whether or not the Lower-Tier
Principal Amount of such Uncertificated Lower-Tier Interest has been reduced to zero).

 

(c)         Yield
Maintenance Premiums shall first be allocated to the Whole Loan pursuant to the terms of the Intercreditor Agreement and any such
amount allocable to the Companion Loans pursuant to the terms of the Intercreditor Agreement shall be distributed to the Companion
Loan Holders in accordance with the terms of the Intercreditor Agreement.

 

4.4.        Statements
to Certificateholders. (a)  On each Distribution Date, based in part on information provided by the Servicer or
the Special Servicer, as applicable, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website pursuant to Section 8.14(b) to any Privileged Person (including the Guarantor, the Loan Sponsor, the Property
Manager or any Affiliate of any of the foregoing, any Borrower or Borrower Affiliate, or any agent of any of the foregoing) that
certifies that it is a Certificateholder or Beneficial Owner of a Certificate, a statement in respect of the distributions made
on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:

 

(i)          for each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on
such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying
the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums
collected on the Mortgage Loan allocable to each Class of Certificates and (c) the amount of interest paid on Advances from
Default Interest and allocable to such Class of Certificates;

 

(ii)         if the amount of the distributions to the Holders of each Class of Certificates was less than the full amount that would
have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to
such Class of Certificates, stating separately the amounts allocable to interest and principal;

 

(iii)        the amount of any Monthly Payment Advance, Property Protection Advance or Administrative Advance for such Distribution
Date;

 

(iv)        the
Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after
giving effect to any distribution

 

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in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution
Date, the allocation of Realized Losses on such Distribution Date, and the amount of Realized Losses allocated to each Class;

 

(v)         the principal balance of the Mortgage Loan and the Companion Loans as of the end of the Collection Period for such Distribution
Date;

 

(vi)        the aggregate amount of unscheduled payments made during the related Collection Period;

 

(vii)       a statement as to whether the Mortgage Loan was modified, extended or waived during the related Collection Period (including
a description of any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during
the Collection Period or that have cumulatively become material over time);

 

(viii)      the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with
respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges retained
by the Servicer or Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the portion that is the Trustee
Fee) and the Special Servicing Fee, and the amount of compensation paid to CREFC® listing the CREFC®
Intellectual Property Royalty License Fee with respect to such Distribution Date;

 

(ix)        the number of days the Borrowers are delinquent in the event that the Borrowers are delinquent at least 30 days and the
date upon which any foreclosure proceedings have been commenced;

 

(x)         a
list of each Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date had become
a Foreclosed Property;

 

(xi)        information with respect to any declared bankruptcy of any Borrower or the Property Manager;

 

(xii)       as
to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item
and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;

 

(xiii)      statement as to whether the Mortgage Loan was defeased since the previous Determination Date;

 

(xiv)      the
aggregate amount of all Advances, if any, not yet reimbursed;

 

(xv)       the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;

 

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(xvi)       any Appraisal Reduction Amount and the amount of the Appraisal Reduction Amount allocated to the Mortgage Loan as of such
Distribution Date;

 

(xvii)      an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xviii)     the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrowers during the related Collection
Period;

 

(xix)       the
original rating of each Class of Certificates and the current rating of each Class of Certificates; and

 

(xx)        the aggregate amount of Borrower Reimbursable Trust Fund Expenses.

 

The Depositor, the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution
Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained
by calling the Certificate Administrator’s customer service desk at (866) 252-4360.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and
(xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person
was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable, or
that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their
tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements
of the Code as from time to time are in force.

 

The Certificate Administrator
will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification.
The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied
by the Borrowers without independent verification.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates
may access any notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s
Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such
notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.

 

(b)          The Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged
Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to
Certificateholders and 

 

 

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others shall be contingent on the Certificate Administrator’s receipt of such information from the
Servicer and the Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided
to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to
be furnished by the Servicer is based on information required to be provided by the Borrowers or the Special Servicer, the Servicer’s
obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information
from the Borrowers or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special
Servicer is based on information required to be provided by the Borrowers, the Special Servicer’s obligation to furnish such
information shall be contingent upon its receipt of such information from the Borrowers. The Servicer, the Special Servicer, the
Trustee and the Certificate Administrator shall be entitled to rely on information supplied by the Borrowers without independent
verification.

 

The Certificate Administrator
shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b)
reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall be prepared
pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and
periodic statements and rent rolls with respect to the Properties obtained by the Servicer from the Borrowers.

 

If so authorized by the
Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged
Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 8.14).

 

In addition, the Certificate
Administrator shall make available on the Certificate Administrator’s Website such information as set forth in Section 8.14(b)
herein. The Certificate Administrator may require payment for the reasonable costs and expenses of providing the copies and may
also require a confirmation executed by the requesting Person, in a form reasonably acceptable to the Certificate Administrator,
to the effect that the Person making the request is a Beneficial Owner or prospective purchaser of Certificates, is requesting
the information solely for use in evaluating its investment in the Certificates and will otherwise keep the information confidential.
Certificateholders, by the acceptance of their Certificates, shall be deemed to have agreed to keep this information confidential.

 

4.5.        Investor Q&A Forum and Investor Registry. (a)  The Certificate Administrator shall make available to
Privileged Persons only, the Investor Q&A Forum. The “Investor Q&A Forum” shall be a service available
on the Certificate Administrator’s Website, where Privileged Persons may (i) submit questions to the Certificate Administrator
relating to the Distribution Date Statement, or submit questions to be forwarded to the Servicer or the Special Servicer, as applicable,
relating to the reports being made available pursuant to Section 8.14(b)(ii)(B) and 8.14(b)(iii)(A)(B) and (C),
the Mortgage Loan, the Companion Loans or the Properties (each, an “Inquiry” and, collectively, “Inquiries”),
and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt
of an Inquiry for the Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry to the Servicer
or the Special Servicer, as applicable, in each case via email within a reasonable period of time following receipt thereof. Following
receipt of an Inquiry, the

 

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Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless it determines
not to answer such Inquiry as provided below, shall reply to the Inquiry, which in the case of a reply of the Servicer or Special
Servicer shall be by email to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable
period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the
Certificate Administrator’s Website. If the Certificate Administrator, Servicer or Special Servicer determines, in its respective
sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the
best interests of the Trust Fund and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable
law, the Loan Documents or this Agreement, (iv) answering any Inquiry would, or is, reasonably expected to result in a waiver
of attorney client privilege or the disclosure of attorney client work-product; (v) answering any Inquiry would materially
increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, Servicer or Special
Servicer, as applicable, (vi) answering any Inquiry would violate the applicable confidentiality provisions or (vii) answering
any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the
Servicer or Special Servicer, shall promptly notify the Certificate Administrator. The Certificate Administrator shall notify the
Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate Administrator
to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because the Trust
and Servicing Agreement provides that the Certificate Administrator, Servicer or Special Servicer shall not answer an Inquiry if
it determines, in its respective sole discretion, that (i) any Inquiry is not of a type described in the Trust and Servicing
Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering
any Inquiry would be in violation of applicable law or the Loan Documents, (iv) answering any Inquiry would, or is, reasonably
expected to result in a waiver of attorney client privilege or the disclosure of attorney client work-product, (v) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
Servicer or Special Servicer, as applicable, (vi) answering any Inquiry would violate the applicable confidentiality provisions
or (vii) answering any Inquiry is otherwise, for any reason, not advisable to answer, no inference should be drawn from the
fact that the Certificate Administrator, Servicer or Special Servicer has declined to answer the Inquiry.” Answers posted
on the Investor Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the
Depositor, any Initial Purchaser or the Certificate Administrator (as applicable) or any of their respective affiliates. None of
the Initial Purchasers, Depositor, or any of their respective affiliates will certify to any of the information posted in the Investor
Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Certificate
Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that
the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. No party shall post
or otherwise disclose information known to such party to be Privileged Information; provided, that the Certificate Administrator
shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum to determine
if such inquiry or answer contains any such direct communication with the Controlling Class Certificateholder (or the Controlling
Class Representative on its behalf), or otherwise to consult with the party from whom such Inquiry or answer is received to confirm
the same, and the Certificate Administrator shall have no liability in connection with its

 

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posting to the Investor Q&A Forum
of any Inquiry or answer containing such direct communication. The Investor Q&A Forum will not reflect questions, answers and
other communications that are not submitted via the Certificate Administrator’s Website. In addition to the Certificate Administrator’s
receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require
acceptance of an additional waiver and disclaimer for access to the Investor Q&A Forum.

 

(b)         The
Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service via the Certificate Administrator’s Website, where Certificateholders and
Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial Owner
that has so registered. Any Person registering to use the Investor Registry shall certify that (a) it is a Certificateholder
or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information
available on the Investor Registry for at least forty-five (45) days from the date of such certification to other registered Certificateholders
and registered Beneficial Owners and such other certifications as the Certificate Administrator may require. Such Person shall
then be asked to provide certain mandatory fields such as the individual’s name, the company name and email address, as
well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial
Owner notifies the Certificate Administrator in writing that it wishes to be removed from the Investor Registry (which notice
may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor
Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor
Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. In addition to the Certificate Administrator’s
receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require
acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)         An
Investor Certification is required for any Person to access the Certificate Administrator’s Website and to receive other
information available pursuant to this Agreement, and the Investor Certification will be substantially in the form of one or more
exhibits to this Agreement or may be in the form of an electronic certification contained on the Certificate Administrator’s
Website. Investor Certifications may be submitted electronically via the Certificate Administrator’s Website. The Certificate
Administrator may require that Investor Certifications be resubmitted from time to time in accordance with its policies and procedures.

 

5.           
THE CERTIFICATES

 

5.1.        The Certificates. (a)  The Certificates shall be issued in substantially the respective forms set forth
as Exhibits A-1 through A-8 hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary,
appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith,
be determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

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(b)         The
Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $25,000 initial Certificate
Balance and integral multiples of $1,000 initial Certificate Balance in excess of $25,000. If the Original Certificate Balance
of any Class of Sequential Pay Certificates does not equal an integral multiple of $1,000, then a single additional Certificate
of such Class may be issued in a minimum denomination of authorized Original Certificate Balance that includes the excess of (i) the
Original Certificate Balance of such Class over (ii) the largest integral multiple of $1,000 that does not exceed such amount.
The Class X Certificates shall be issued in minimum denominations of $1,000,000 initial Notional Amount and in integral multiples
of $1 initial Notional Amount in excess of $1,000,000. The Class R Certificates shall be issued, maintained and transferred in
minimum percentage interests of 10% of each such Class R Certificates and in integral multiples of 1% in excess of 10%.

 

(c)         One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

5.2.        Form and Registration. (a)  Each Class of the Certificates (other than the R Certificates) sold to non-U.S.
persons (within the meaning of Regulation S under the Act) in offshore transactions in reliance on Regulation S under the
Act shall be initially be represented by a temporary global certificate in definitive, fully registered form without interest coupons,
substantially in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”),
which shall be deposited on the Closing Date on behalf of the purchasers of the Certificates represented thereby with the Certificate
Registrar, at its Corporate Trust Office, as custodian, for the Depository, and registered in the name of the Depository or the
nominee of the Depository for the account of designated agents holding on behalf of the Euroclear System (“Euroclear”)
and/or Clearstream Banking, société anonyme (“Clearstream”). Prior to the expiration of the 40-day
period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted Period”),
beneficial interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or Clearstream.
After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate may be
exchanged for a beneficial interest in the related permanent global certificate of the same Class (a “Regulation S
Global Certificate”) in definitive, fully registered form without interest coupons as set forth as an exhibit hereto
in accordance with the procedures set forth in Section 5.3(f). During the Restricted Period, distributions due in respect
of a beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate
Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of
the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate
shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S
Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S
Global Certificate or a Regulation S

 

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Global Certificate may from time to time be increased or decreased by adjustments made
on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(b)         Certificates
of each Class (other than the Class R Certificates) offered and sold to QIBs in reliance on Rule 144A under the Act (“Rule 144A”)
shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate” and, together
with the Temporary Regulation S Global Certificates and the Regulation S Global Certificates, the “Global Certificates”),
which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository,
and registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A
Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar,
as custodian for the Depository, as hereinafter provided.

 

(c)         Certificates of each Class that are initially offered and sold to investors that are Institutional Accredited Investors
that are not QIBs and the Class R Certificates (the “Non-Book Entry Certificates”) shall be in the form of Definitive
Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such
investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry Certificates
to the respective beneficial owners or owners.

 

(d)         Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within 90
days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce
the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it
is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Certificates be issued to beneficial owners of a Temporary Regulation S
Global Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with respect
to any Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any Global
Certificate of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar shall
issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued
for a Rule 144A Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate), and
thereafter the Certificate Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under this
Agreement.

 

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5.3.        Registration of Transfer and Exchange of Certificates. (a)  The Certificate Administrator shall keep or
cause to be kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such
reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and
of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate
Registrar”). In such capacity, the Certificate Administrator shall be responsible for, among other things, (i) maintaining
the Certificate Register and a record of the aggregate holdings of Certificates of each Class represented by a Temporary Regulation S
Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting Certificates for
exchange and registration of transfer and (ii) transmitting to the Depositor, the Trustee, the Servicer and the Special Servicer
any notices from the Certificateholders.

 

(b)         Subject
to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)          Rule 144A
Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A
Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its
interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the
same Class, or to transfer its interest in such Rule 144A Global Certificate to an entity that is required to take delivery
thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject
to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest
in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in
the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate
in the form of Exhibit C hereto given by the holder of such beneficial interest stating that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance
with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary
Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global
Certificate to be exchanged, to credit or cause to be credited to the account of the entity specified in such instructions (who
shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global
Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause
to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global
Certificate that is being exchanged or transferred.

 

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(d)         Rule 144A
Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global
Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest
in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate of the same Class, or to
transfer its interest in such Rule 144A Global Certificate to an entity that is required to take delivery thereof in the
form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures of the Depository,
exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) instructions
given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to
credit or cause to be credited a beneficial interest in the Regulation S Global Certificate in an amount equal to the beneficial
interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s
procedures containing information regarding the participant account of the Depository to be credited with such increase and (3) a
certificate in the form of Exhibit D hereto given by the holder of such beneficial interest stating (A) that
the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates
and pursuant to and in accordance with Regulation S or (B) that the transferee is otherwise entitled to hold its interest
in the applicable Certificates in the form of an interest in the Regulation S Global Certificate, without any registration
of such Certificates under the Act (in which case such certificate shall enclose an Opinion of Counsel to such effect and such
other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar shall instruct the Depository
to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase, or cause
to be increased, the Certificate Balance of the Regulation S Global Certificate by the aggregate Certificate Balance of the
beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account
of the entity specified in such instructions a beneficial interest in the Regulation S Global Certificate equal to the reduction
in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of
the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged
or transferred.

 

(e)         Temporary
Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder
of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited
with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S
Global Certificate or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same
Class, or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global Certificate
to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate, such
holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same
Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of
(1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as
registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial
interest in the Temporary Regulation S Global Certificate or Regulation S Global

 

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Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase, (2) with
respect to a transfer of an interest in the Regulation S Global Certificate, information regarding the participant account
of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S
Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A Global Certificate,
a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating that the
entity transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring
such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase,
or cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance
of the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be
exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause
to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global
Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S
Global Certificate and to debit, or cause to be debited, from the account of the entity making such transfer the beneficial interest
in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)          Temporary Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary
Regulation S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case
may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream,
as applicable, has received a certificate substantially in the form of Exhibit F hereto from the holder of a beneficial
interest in such Temporary Regulation S Global Certificate, shall be exchanged after the Restricted Period, for interests
in the Regulation S Global Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering
to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global
Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Global Certificate
initially exchanged for interests in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear
or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar
as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream
pursuant to the terms of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests
in the Temporary Regulation S Global Certificate for interests in the Regulation S Global Certificate, the Certificate
Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction in the Certificate Balance
represented thereby by the amount so exchanged and shall endorse the Regulation S Global Certificate to reflect the corresponding
increase in the amount represented thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S
Global Certificate, and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement
as the Regulation S Global Certificate and Rule 144A Global Certificate authenticated and delivered hereunder.

 

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(g)         Non-Book Entry Certificate to Global 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 Global Certificate
of the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in a Global Certificate, such Holder may, subject to the rules and procedures of Euroclear or Clearstream,
if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial
interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its
office designated in Section 5.7 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein,
(2) instructions from such Holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a
beneficial interest in the applicable Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry
Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository to
be credited with such increase and (3) a certificate in the form of Exhibit G hereto (in the event that the applicable
Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit H hereto (in the
event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit I
hereto (in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar,
as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute,
authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion
retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such Global Certificate by
the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be
credited, to the account of the Person specified in such instructions a beneficial interest in the applicable Global Certificate
equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)         Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and
when permitted by Section 5.2(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any
Rule 144A Global Certificate, Temporary Regulation S Global Certificate or Regulation S Global Certificate (or any
portion thereof).

 

(i)          Other
Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of clauses (c) through (f) above
(including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S
under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)          Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers
made pursuant to the provisions of clause (e) above.

 

(k)         Restrictive
Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or

 

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if a request is made to remove such legend on Certificates, the Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
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)          No Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be
an employee benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the
Code or a governmental plan (as defined in Section 3(32) of ERISA) 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 Certificate. Each prospective transferee of a Class R Certificate shall deliver to the transferor, the Certificate Registrar
and the Certificate Administrator a representation letter, substantially in the form of Exhibit J-3, stating that the prospective
transferee is not a Plan or a Person acting on behalf of or using the assets of a Plan, other than such an insurance company. Any
attempted or purported transfer in violation of these transfer restrictions shall be null and void ab initio and shall vest no
rights in any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable Certificates.

 

(n)           Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such
Residual Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any
Residual Ownership Interest are expressly subject to the following provisions:

 

(i)            Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or
hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is
not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in
its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
of a Residual Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and as fully as
possible.

 

(ii)           No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and

 

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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, other than in connection with the initial Transfer thereof to an Initial Purchaser, 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
J-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 liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends to
pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not
cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Person, (5) the proposed
transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit or as to
which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including
a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed transferee expressly
agrees to be bound by and to abide by the provisions of this Section 5.3(p) and (y) other than in connection with
the initial issuance of a Class R Certificate, require a statement from the proposed transferor substantially in the form attached
as Exhibit J-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 the preceding clauses (x)(B)(1), (3) and (4) 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, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed
transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person
that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing
restrictions, and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership
Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor
of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the
Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor
or to

 

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such agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing such information.

 

(iv)          The Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

5.4.          Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate
and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser,
the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance of
any new Certificate under this Section 5.4, the Certificate Registrar may require the payment of a sum sufficient to
cover any expenses (including the fees and expenses of the Certificate Registrar) connected therewith and such evidence as may
be reasonably requested by it to establish the identity and or signatures of the transferor and transferee. Any replacement Certificate
issued pursuant to this Section 5.4 shall constitute complete and indefeasible evidence of ownership in the Trust Fund,
as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

5.5.         
Persons Deemed Owners. The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent
of any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a party
to this Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders
has been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

5.6.         
Access to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall
maintain in as current form as is reasonably practicable the most recent list available to it of the names and addresses of the
Certificateholders. If any Certificateholder that has provided an Investor Certification (a) requests in writing from the
Certificate Registrar a list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires
to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates and (c) provides
a copy of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten
Business Days after the receipt of such request, afford such Certificateholder access during normal business hours to a current
list of the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar
shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder,
regardless of the source from which such information was derived.

 

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The Servicer, the Special Servicer, the Trustee and the Depositor
shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

Upon the written request
of any Certificateholder that (a) has provided an Investor Certification, (b) states that such Certificateholder desires
the Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted
by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact
(a “Special Notice”) and (c) provides a copy of the Special Notice which such Certificateholder proposes
to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s Website pursuant
to Section 8.14(b) and shall mail such Special Notice to all Certificateholders at their respective addresses appearing
on the Certificate Register. The costs and expenses of the Certificate Administrator associated with delivering any such Special
Notice shall be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate,
agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure
of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

5.7.         
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at U.S. Bank National Association, 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention:
Bondholder Services – MSJP 2015-HAUL as its office for such purposes. The Certificate Registrar shall give prompt written
notice to the Certificateholders and the Borrowers of any change in the location of the Certificate Register or any such office
or agency.

 

6.            
THE DEPOSITOR, THE SERVICER AND THE SPECIAL SERVICER

 

6.1.         
Respective Liabilities of the Depositor, the Servicer and the Special Servicer. The Depositor, the Servicer and the
Special Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this
Agreement.

 

6.2.         
Merger or Consolidation of the Servicer or the Special Servicer. Each of the Servicer and Special Servicer shall
keep in full effect its existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be
in compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.

 

Any Person into which
the Servicer and Special Servicer may be merged or consolidated, or any Person resulting from any merger or consolidation to which
the Servicer and Special Servicer shall be a party, or any Person succeeding to all of the servicing business of the Servicer and
Special Servicer, shall be the successor of the Servicer and Special Servicer as the case may be, hereunder, and shall be deemed
to have assumed all of the liabilities and obligations of such Servicer and Special Servicer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that (except if the successor or surviving Person is

 

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the Servicer or the Special Servicer) each
of the Certificate Administrator and the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving
Person.

 

6.3.         
Limitation on Liability of the Depositor, the Servicer, the Special Servicer and Others. (a)  Neither the
Depositor, the Servicer, the Special Servicer nor any of their respective directors, officers, members, managers, partners, employees,
Affiliates or agents shall be under any liability to the Trust, the Certificateholders or the Companion Loan Holders for any action
taken or for refraining from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the
direction of Certificateholders or the Companion Loan Holders, or for errors in judgment; provided, however, that
this provision shall not protect the Depositor, the Servicer, the Special Servicer or any such other person against any breach
of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence in the performance of its duties or by reason of negligent disregard of its obligations and duties hereunder.
The Depositor, the Servicer, the Special Servicer and any of their respective directors, officers, employees, members, managers,
partners, Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Depositor, the Servicer, the Special Servicer and any of their respective
directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling persons” within
the meaning of the Act (“Controlling Persons”), shall be indemnified by the Trust (in accordance with the procedures
set forth in Section 3.4(c)) and held harmless against any loss, liability, claim, demand or expense incurred in connection
with any legal action or other claims, losses, penalties, fines, foreclosures, judgments or liabilities relating to this Agreement,
the Intercreditor Agreement, the Mortgage Loan, a Companion Loan, the Properties, or the Certificates (except as any such loss,
liability or expense shall be otherwise reimbursable and reimbursed pursuant to this Agreement), other than any loss, liability
or expense incurred by reason of willful misfeasance, bad faith or negligence by it in the performance of its duties hereunder
or by reason of its negligent disregard of its obligations and duties hereunder. None of the Depositor, the Servicer or the Special
Servicer shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any expense or liability; provided, however,
that the Depositor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which it may deem necessary
or desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders and the Companion Loan Holders hereunder. In such event, the legal expenses
and costs of such action and any liabilities of the Trust Fund, and the Depositor, the Servicer and the Special Servicer shall
be entitled to be reimbursed therefor pursuant to Section 3.4(c) from funds on deposit in the Collection Account, first,
from amounts allocable to the Junior Notes and, then, from amounts allocable to the Senior Notes on a pro rata and
pari passu basis (based on the outstanding principal balances of the Senior Notes).

 

With respect to a Companion
Loan, the expenses, costs and liabilities described in the above paragraph that are allocable to such Companion Loan pursuant to
the terms of the Intercreditor Agreement shall be paid out of amounts allocated to such Companion Loan in accordance with the expense
allocation provision of the Intercreditor Agreement. If such amounts relating to such Companion Loan are insufficient, then any
deficiency shall be paid

 

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from amounts on deposit in the Collection Account with respect to the Mortgage Loan or such other Companion
Loan, first, from amounts allocable to the Junior Notes and then, from amounts allocable to the Senior Notes on a
pro rata and pari passu basis (based on the outstanding principal balances of the Senior Notes); provided that the
Servicer shall, after receiving payment from amounts on deposit in the Collection Account with respect to the Mortgage Loan, if
any, (i) promptly notify the respective Companion Loan Holder and (ii) use commercially reasonable efforts to exercise on behalf
of the Trust the rights of the Trust under the Intercreditor Agreement to obtain reimbursement for a pro rata portion (based
on the principal balances of the Senior Notes) of such amount allocable to such Companion Loan from the related Companion Loan
Holder.

 

(b)          
The Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator under this Agreement. The Depositor may, but shall not be obligated to, enforce the obligations
of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator under this Agreement.

 

(c)          
In no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual Property
Royalty License Fee so paid or to make available any Distribution Date Statement to any party (or in particular, CREFC®).

 

6.4.         Servicer and Special Servicer Not to Resign. (a)  Each of the Servicer and Special Servicer may resign
and assign its respective rights and delegate its duties and obligations under this Agreement to any Person or to an entity, provided
that:

 

(i)           
the Person accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank
or mortgage servicing institution having a net worth of not less than $25,000,000, organized and doing business under the laws
of the United States or of any state of the United States or the District of Columbia, authorized under such laws to perform the
duties of the Servicer or Special Servicer, as the case may be, (B) shall execute and deliver to the Trustee an agreement
in form and substance reasonably satisfactory to the Trustee, which contains an assumption by such Person of the performance and
observance of each covenant and condition to be performed or observed by the Servicer or the Special Servicer, as the case may
be, under this Agreement from and after the date of such agreement; provided, however that to the extent such agreement
modifies in any respect any of the covenants, terms or conditions in this Agreement to be performed by the Servicer or Special
Servicer, as the case may be, such agreement shall be subject to the approval of the Trustee, such approval not to be unreasonably
withheld, (C) shall make such representations and warranties of the Servicer or Special Servicer, as the case may be, as provided
in Section 2.4, (D) (x) with respect to the Special Servicer, is reasonably acceptable to the Applicable Control Party,
(y) during any Subordinate Consultation Period, with respect to the Special Servicer, is reasonably acceptable to the Controlling
Class Certificateholder (or Controlling Class Representative on its behalf), and (z) is reasonably acceptable to the Depositor
and the Trustee, in each case such approval not to be unreasonably withheld or delayed;

 

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(ii)           Rating Agency Confirmation has been received (or the requirements of Section 3.26 with respect to a Rating Agency
Confirmation are otherwise satisfied);

 

(iii)          the Servicer or Special Servicer, as the case may be, shall not be released from its obligations under this Agreement that
arose prior to the effective date of such assignment and delegation under this Section 6.4(a);

 

(iv)          the rate at which the Servicing Fee or Special Servicing Fee, as applicable (or any component thereof) is calculated shall
not exceed the rate then in effect; and

 

(v)           the Servicer or Special Servicer, as the case may be, shall reimburse the Trustee, the Certificate Administrator, the Trust,
and the Rating Agencies for any expenses of such assignment, sale or transfer.

 

Upon satisfaction of the foregoing requirements
and acceptance of such assignment, such Person shall be the successor Servicer or Special Servicer, as the case may be, hereunder.

 

(b)           Subject to the provisions of Sections 6.2 and 6.4(a), none of the Servicer and the Special Servicer shall
resign from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder
is no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities
carried on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be,
shall be evidenced by an Opinion of Counsel delivered to the Depositor and the Trustee. No resignation by the Servicer or the Special
Servicer, as applicable, under this Agreement shall become effective until a successor Servicer or Special Servicer, as applicable,
shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement
in accordance with Section 7.2. In connection with any such resignation, the successor special servicer shall be appointed
by the Trustee, and otherwise satisfy the requirements for a successor special servicer set forth in Section 6.4(a)(i);
provided that in either case the Trustee shall have obtained a Rating Agency Confirmation from each Rating Agency. Notwithstanding
the previous sentence, each of the Servicer or Special Servicer may assign its duties and obligations under this Agreement under
certain limited circumstances as described herein.

 

6.5.        
Indemnification by the Servicer, the Special Servicer and the Depositor. Each of the Servicer, the Special Servicer
and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust and each other party to this Agreement
and each Companion Loan Holder from and against any claims, losses, liabilities, damages, penalties, fines, forfeitures, reasonable
legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Trust, the Trustee, the Certificate
Administrator, the Servicer, the Special Servicer, the Depositor or any Companion Loan Holder, as applicable, that arise out of
or are based upon (i) a breach by the Servicer, the Special Servicer or the Depositor, as the case may be, of its representations
and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Servicer, the Special
Servicer or the Depositor, as the case may be, in the performance of its obligations and duties under this Agreement (or for or
its negligent disregard thereof).

 

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7.          
SERVICER TERMINATION EVENTS; SPECIAL SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

 

7.1.         Servicer
Termination Events; Special Servicer Termination Events. (a)  ”Servicer Termination Event,”
or “Special Servicer Termination Event” wherever used herein with respect to the Servicer or the Special
Servicer, as the case may be, means any one of the following events whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)           
any failure by the Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by
it (other than Advances described under clause (ii) below), when required to be remitted under the terms of this Agreement,
which failure is not cured by 11:00 a.m., New York time, on the first Business Day following the date on which such remittance
was required to be made;

 

(ii)          
any failure of the Servicer (a) to make any Monthly Payment Advance required to be made pursuant to this Agreement
on or prior to the applicable Remittance Date that is not cured by 11:00 a.m., New York time, on the related Distribution Date,
(b) to make any Administrative Advance or Property Protection Advance required to be made pursuant to this Agreement when
the same is due and such failure continues unremedied for 10 Business Days (or such shorter period (not less than one Business
Day) as would prevent a lapse in insurance or a delinquent payment of real estate taxes or ground rents) following the date on
which the Servicer receives notice thereof or should have had notice thereof if it had been acting in accordance with Accepted
Servicing Practices or (c) to remit to Companion Loan Holders, as and when required by this Agreement or the Intercreditor Agreement,
any amount required to be so remitted which failure is not cured within two (2) Business Days following the date on which such
remittance was required to be made;

 

(iii)          any failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other
of its covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure
or breach shall continue unremedied for a period of 30 days after the date on which written notice of such failure or breach is
given to the Servicer or Special Servicer, as applicable, by the Trustee or to the Servicer or Special Servicer, as applicable,
and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates
or by a Companion Loan Holder, if affected; provided, however, that with respect to any such failure or breach that
is not curable within such 30-day period, the Servicer or the Special Servicer, as applicable, will have an additional cure period
of 30 days to effect such cure so long as the Servicer or the Special Servicer, as appropriate, has commenced to cure such failure
within the initial 30-day period and has provided the Trustee with an officer’s certificate certifying that it has diligently
pursued, and is continuing to diligently pursue, such cure;

 

(iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or

 

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state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable,
and such decree or order has remained in force undischarged or unstayed for a period of sixty (60) days; provided, that,
with respect to any such decree or order that cannot be discharged, dismissed or stayed within such sixty (60) day period, the
Servicer or the Special Servicer, as appropriate, will have an additional period of thirty (30) days to effect such discharge,
dismissal or stay so long as it has commenced proceedings to have such decree or order dismissed, discharged or stayed within the
initial sixty (60) day period and has diligently pursued, and is continuing to pursue, such discharge, dismissal or stay;

 

(v)          
the Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator
or liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation,
or similar proceedings of or relating to the Servicer or the Special Servicer or of or relating to all or substantially all of
its property;

 

(vi)         
the Servicer or the Special Servicer, as applicable, shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for
the benefit of its creditors, or voluntarily suspend payment of its obligations;

 

(vii)         (a) Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade
or withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn
by Moody’s within sixty (60) days), and, in the case of either of clause (A) or (B), citing servicing concerns
with the Servicer or the Special Servicer, as the case may be, as the sole or a material factor in such rating action; (b) the
Servicer ceases to have a special servicing rating of at least “CMS3” from Fitch, or the Special Servicer ceases to
have a special servicing rating of at least “CSS3” from Fitch, as the case may be, and such rating is not reinstated
within sixty (60) days; or (c) DBRS has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of
Certificates, or (2) placed one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade
or withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by
DBRS within 60 days) and, in the case of either of clauses (1) or (2), cited servicing concerns with the Servicer or the Special
Servicer, as the case may be, as the sole or a material factor in such rating action;

 

(viii)        a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of
Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), citing servicing concerns with the Servicer
or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification, downgrade,

 

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withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60)
days of such event); and

 

(ix)          if and for so long as any Companion Loan is included in an Other Securitization Trust that is subject to the reporting requirements
of the Exchange Act, the Servicer or the Special Servicer, as applicable, or any primary servicer, Sub-Servicer or Servicing Function
Participant (such entity, the “Sub-Servicing Entity”) retained by the Servicer or the Special Servicer, shall
fail to deliver the items required to be delivered by this Agreement (including any applicable grace periods) to enable such Other
Securitization Trust to comply with its reporting obligations under the Exchange Act (any Sub-Servicing Entity that defaults in
accordance with this clause (ix) shall be terminated at the direction of the Depositor) or, in the case of such failure
by a Sub-Servicing Entity, the failure of the Servicer or Special Servicer, as applicable to terminate such Sub-Servicing Entity;
provided, that the Depositor may waive any such Servicer Termination Event or Special Servicer Termination Event, as applicable,
under this clause (ix) in its sole discretion without the consent of the Trustee or any Certificateholders.

 

(b)           Upon written notice or receipt by a Responsible Officer of the Trustee of actual knowledge of the occurrence of any Servicer
Termination Event or Special Servicer Termination Event, unless such Servicer Termination Event or Special Servicer Termination
Event has been cured or waived, the Trustee shall promptly notify the Certificate Administrator in writing. The Certificate Administrator
shall, upon receipt of such notice, (i) provide written notice to the Depositor and post notice of the same upon its receipt
thereof on the Certificate Administrator’s Website; (ii) provide written notice to the 17g-5 Information Provider (who
shall promptly post to the 17g-5 Information Provider’s Website) pursuant to Section 12.17; and (iii) provide
notice thereof to all Certificateholders and the Companion Loan Holders by mail to the addresses set forth on the Certificate Register.
For avoidance of doubt, (i) the occurrence of a Servicer Termination Event with respect to the Servicer shall not cause there
to have occurred a Special Servicer Termination Event with respect to the Special Servicer unless the relevant event also constitutes
a Special Servicer Termination Event and (ii) the occurrence of a Special Servicer Termination Event with respect to the Special
Servicer shall not cause there to have occurred a Servicer Termination Event with respect to the Servicer unless the relevant event
also constitutes a Servicer Termination Event.

 

(c)           If a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case,
so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied, either (i) the
Trustee may, or (ii) upon the written direction of Holders of Certificates having at least 25% of the Voting Rights (taking
into account the application of the Appraisal Reduction Amount allocated to the Mortgage Loan to notionally reduce the Certificate
Balances of the Certificates) of the Certificates, the Trustee shall terminate all of the rights and obligations of the Servicer
or the Special Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination,
and in and to the Mortgage Loan or the Whole Loan and the proceeds thereof by notice in writing to the Servicer or the Special
Servicer, as applicable; provided that, notwithstanding anything to the contrary, if a Servicer Termination Event or Special
Servicer Termination Event, as applicable, under clauses (i), (ii), (iii), (viii) and/or (ix)
of Section 7.1(a) only has an adverse effect on a Companion Loan, a Companion Loan Holder or a rating on any

 

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Companion Loan
Securities, but has no adverse effect on the Mortgage Loan, the Certificateholders or a rating on any of the Certificates, then
(x) with respect to a Servicer Termination Event or Special Servicer Termination Event under clause (ix) of Section 7.1(a),
the related Other Depositor or (y) with respect to a Servicer Termination Event or Special Servicer Termination Event under clauses
(i), (ii), (iii) and/or (viii) of Section 7.1(a), the related affected Companion Loan Holder, shall
be able to require the appointment of a subservicer with respect to the Mortgage Loan and the Companion Loans. Upon any termination
of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or the Special Servicer,
as applicable, the Trustee shall notify the Servicer or the Special Servicer, to the extent it is not the party being terminated,
and the Certificate Administrator who shall post to the Certificate Administrator’s Website such written notice thereof,
and forward the same to the Depositor, the Certificateholders and the Companion Loan Holders and, comply with giving notice to
the Rating Agencies pursuant to Section 12.17. Notwithstanding anything herein to the contrary, the Depositor shall
have the right, but not the obligation, to notify the Trustee of any Servicer Termination Event or Special Servicer Termination
Event of which the Depositor becomes aware.

 

(d)           The Applicable Control Party shall have the right to direct the Trustee to terminate the Special Servicer (subject to such
terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights set forth in this
Agreement which survive termination) at any time, with or without cause, and the Applicable Control Party shall have the right
to, and shall, appoint a successor Special Servicer who shall execute and deliver to the other parties hereto an agreement, in
form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform
punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee (who shall provide
it to the Certificate Administrator) shall have received a Rating Agency Confirmation from each Rating Agency prior to the termination
of the Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor Special Servicer
shall have been appointed. All costs and expenses of any such removal made by the Applicable Control Party without cause shall
be paid by the Applicable Control Party. Notwithstanding anything to the contrary in this Agreement, no successor Special Servicer
appointed by the Applicable Control Party pursuant to Sections 6.4 or 7.1(c) or this Section 7.1(d)
or otherwise pursuant to this Agreement will be required to meet any net worth requirements.

 

(e)           If the Special Servicer becomes a Borrower Affiliate, the Special Servicer shall resign at its own expense. In connection
with any resignation by the Special Servicer because it is a Borrower Affiliate, the Controlling Class Representative (so long
as it is not also a Borrower Affiliate and only during any Subordinate Control Period or any Subordinate Consultation Period) shall
be entitled to appoint a successor Special Servicer that is not a Borrower Affiliate. If the Controlling Class Representative is
a Borrower Affiliate, then in connection with any resignation by the Special Servicer because it is a Borrower Affiliate during
any Subordinate Control Period or any Subordinate Consultation Period, the largest Holder of the Controlling Class, by Certificate
Balance, that is not a Borrower Affiliate shall be entitled to appoint the successor Special Servicer that is not also a Borrower
Affiliate. If there is no Holder of the Controlling Class that is not also a Borrower Affiliate, then in connection with any resignation
by the Special Servicer because it is a Borrower Affiliate, the successor Special Servicer shall be appointed in accordance with
the provisions in the next paragraph.

 

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Other than during a
Subordinate Control Period or Subordinate Consultation Period (or if there is no Holder of the Controlling Class that is not also
a Borrower Affiliate during any Subordinate Control Period or Subordinate Consultation Period), in connection with any resignation
by the Special Servicer because it is a Borrower Affiliate, at the expense of the resigning Special Servicer, the Certificate Administrator,
upon receipt of a written notice from the Special Servicer, shall promptly provide written notice of such pending resignation to
all Certificateholders by posting the Special Servicer’s notice on its internet website. Following such notice, a successor
Special Servicer that is not also a Borrower Affiliate may be appointed upon the written direction of more than 50% of the Voting
Rights of the Certificates that exercise their right to vote (provided that Holders of at least 20% of the Voting Rights
of the Certificates exercise their right to vote). If a successor Special Servicer that is not a Borrower Affiliate has not been
appointed pursuant to the preceding sentence within thirty (30) days after the Special Servicer has provided its written notice
of resignation, the Certificate Administrator shall provide written notice to the resigning Special Servicer that an Independent
successor Special Servicer has not been appointed and the resigning Special Servicer shall appoint a successor Special Servicer
that is not a Borrower Affiliate.

 

(f)            At any time other than during a Subordinate Control Period, upon (i) the written direction of Holders of Certificates
evidencing not less than 25% of the aggregate Voting Rights allocable to the Sequential Pay Certificates (taking into account Realized
Losses, principal payments and the application of any Appraisal Reduction Amounts allocated to the Mortgage Loan to notionally
reduce the Certificate Balances of the Certificates) requesting a vote to terminate and replace the Special Servicer with a proposed
successor Special Servicer meeting the requirements of Section 6.4(a)(i), (ii) 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, (iii) delivery by such holders to the
certificate administrator (if any) and the trustee for each Other Securitization Trust (with a copy to the Certificate Administrator
and the Trustee) of a Companion Loan Rating Agency Confirmation with respect to the appointment of such new special servicer (which
Companion Loan Rating Agency Confirmations shall be obtained at the expense of such holders) and (iv) delivery by such Certificateholders
to the Certificate Administrator of a Rating Agency Confirmation from each Rating Agency with respect to the appointment of such
new special servicer (which Rating Agency Confirmations shall be obtained at the expense of those Holders requesting such vote),
the Certificate Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on
the Certificate Administrator’s Website pursuant to Section 8.14(b) and by mailing at their addresses appearing
in the Certificate Register and shall conduct the solicitation of votes of all Certificates in such regard. Upon the written direction
of (x) Holders of Sequential Pay Certificates evidencing at least 75% of a Certificateholder Quorum or (y) Holders of Non-Reduced
Certificates evidencing more than 50% of the Voting Rights allocable to each Class of Non-Reduced Certificates, the Trustee shall
terminate all of the rights and obligations of the Special Servicer under this Agreement by written notice to the Special Servicer
and appoint the successor Special Servicer designated by such Certificateholders; provided, that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace
the Special Servicer, then such written direction shall have no force and effect. Upon any such termination of the Special Servicer
and appointment of a successor to the Special Servicer, the Certificate Administrator shall, as soon as

 

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possible, post notice of
such event on the Certificate Administrator’s Website and give written notice of such termination and appointment to the
Servicer, the Depositor, the Certificateholders, the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly
post to the 17g-5 Information Provider’s Website). The Certificateholders that initiated the vote to replace the Special
Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant
to this paragraph. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder
may access such notices on the Certificate Administrator’s Website and that each Certificateholder may register to receive
email notifications when such notices are posted thereon. The Certificate Administrator shall be entitled to reimbursement from
the requesting Certificateholders or the Companion Loan Holders for the reasonable expenses of posting notices of such requests.
The Special Servicer shall not be terminated pursuant to this paragraph until a successor Special Servicer shall have been appointed.

 

(g)           Any termination of the Special Servicer under this Section 7.1 and appointment of a successor special servicer shall
not be effective until (i) the delivery of a Rating Agency Confirmation from each Rating Agency and a Companion Loan Rating Agency
Confirmation from each Companion Loan Rating Agency to the Trustee and the Certificate Administrator, (ii) the assumption by the
successor special servicer of all of the responsibilities, duties and liabilities of the Special Servicer under this Agreement
pursuant to a writing reasonably satisfactory to the Trustee and the Certificate Administrator and (iii) receipt by the Trustee
and the Certificate Administrator of an opinion of counsel to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and
(z) this Agreement will be enforceable against such replacement in accordance with its terms.

 

(h)           In the event that the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the Trustee (the
“Terminating Party”) shall, by notice in writing to the Servicer or Special Servicer, as the case may be (the
“Terminated Party”) (with a copy to the Borrowers), terminate all of its rights and obligations under this Agreement
and in and to the Mortgage Loan and the Companion Loans and the proceeds thereof, other than any rights the Terminated Party may
have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued or owing to it under this Agreement with respect to periods prior to the date of such
termination (including, to the extent described in Section 3.17, any Work-out Fees relating to a written agreement entered
into by the Terminated Party prior to the earlier of (i) notice from the Applicable Control Party under Section 7.1(d) directing
the Trustee to terminate the Special Servicer, or (ii) termination) and the right to the benefits of Section 6.3 notwithstanding
any such termination). On or after the receipt by the Terminated Party of such written notice, subject to the foregoing, all of
its authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated Party shall
retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder) or the Whole Loan or otherwise,
shall pass to and be vested in the Terminating Party pursuant to and under this Section (absent the appointment of a successor,
and such successor’s assumption of obligations hereunder) and the Terminated Party shall reasonably cooperate with the Terminating
Party to execute and deliver, on behalf of and at the expense of the Terminated Party, 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,

 

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whether to complete the transfer and endorsement or assignment of the Mortgage Loan and related documents, or otherwise; provided,
however that if the Terminated Party fails to reasonably cooperate in executing such power of attorney, then the Terminating Party,
without limitation, is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated
Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement
or assignment of the Mortgage Loan and related documents, or otherwise. The Servicer and the Special Servicer, as applicable, each
agrees that, in the event it is terminated pursuant to this Section 7.1, or resigns under Section 6.4(b),
to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating
Party (which term shall include for the purposes of the remainder of this Section 7.1(h), the Trustee (or a successor
Servicer or Special Servicer) in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b))
with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its functions hereunder,
and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting the termination of
its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Servicer or Special Servicer,
as applicable, or the Terminating Party, as applicable, for administration by it of all cash amounts which shall at the time be
or should have been credited by the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.1(h),
the resigning party in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b))
to the Collection Account, any Foreclosed Property Account or shall thereafter be received with respect to the Whole Loan, and
shall promptly provide the Terminating Party or such successor Servicer or Special Servicer, as applicable (which may include the
Trustee), as applicable, all documents and records reasonably requested by it, such documents and records to be provided in such
form as the Terminating Party or such successor Servicer or the Special Servicer, as applicable, shall reasonably request (including
electronic form), to enable it to assume the function of the Servicer or Special Servicer, as applicable, hereunder. All reasonable
out-of-pocket costs and expenses of the Terminating Party or the successor Servicer or Special Servicer, as applicable, incurred
in connection with transferring the Mortgage File to the Terminating Party or to the successor Servicer or Special Servicer, as
applicable, and amending this Agreement to reflect such succession pursuant to this Section 7.1 shall be paid by the
Terminated Party upon presentation of reasonable documentation of such costs and expenses. If the Terminated Party has not reimbursed
the Terminating Party or such successor Servicer or Special Servicer, as applicable, for such expenses within 90 days after the
presentation of reasonable documentation, such expense shall be reimbursed by the Trust pursuant to Section 3.4(c);
provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. Notwithstanding the
foregoing, in the event that the Special Servicer is terminated by the Controlling Class Certificateholder (or the Controlling
Class Representative on its behalf) without cause pursuant to Section 7.1(d), all out-of-pocket costs and expenses
incurred or payable by the terminated Special Servicer under this Section 7.1 shall be paid by the Trust Fund.

 

(i)            Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the
Trustee of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor becomes aware. In no event
shall the Trustee be deemed to have knowledge of or be aware of any Servicer Termination Event or

 

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Special Servicer Termination
Event until a Responsible Officer of the Trustee has received written notice thereof or has actual knowledge thereof.

 

7.2.         
Trustee to Act; Appointment of Successor. On and after the time the Servicer or Special Servicer, as the case may
be, receives a notice of termination pursuant to Section 7.1, or resigns pursuant to Section 6.4(b), the
Terminating Party (which term shall include, for the purposes of the remainder of this Section 7.2, the Trustee (or
a successor Servicer or Special Servicer including a successor appointed under Section 6.4(a)) in connection with a
resignation of the Servicer or the Special Servicer under Section 6.4(b)) shall, unless prohibited by law, be the successor
to the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.2, the resigning
party in connection with a resignation of the Servicer of the Special Servicer under Section 6.4(b)) in all respects
under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to
all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the
Terminated Party by the terms and provisions hereof; provided, however, that (i) neither the Trustee nor the
Terminating Party (nor any successor Servicer or Special Servicer, as the case may be) shall have any responsibilities, duties,
liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform, or
delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing,
records, tapes, disks, information or monies or failure to cooperate as required by this Agreement shall not be considered a default
by the Terminating Party or such successor hereunder. The Trustee, as successor Servicer or Special Servicer, and any other successor
Servicer or Special Servicer, as the case may be, shall be indemnified to the full extent provided to the Trustee under this Agreement.
The appointment of a successor Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated
Party that may have arisen prior to its termination as such. The Terminating Party shall not be liable for any of the representations
and warranties of the Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated
Party or for any losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party
or any successor Servicer or Special Servicer be required to purchase the Mortgage Loan hereunder. None of the Terminating Party,
the Trustee or the successor Servicer or successor Special Servicer will be responsible for delays attributable to Terminated Party’s
failure to deliver information, defects in the information supplied by the Terminated Party or other circumstances beyond the control
of the Terminating Party, the Trustee or the successor Servicer. The Terminating Party (or any successor Servicer or Special Servicer)
will make arrangements with the Terminated Party for the prompt and safe transfer of, and the Terminated Party shall use commercially
reasonable efforts to provide to the successor Servicer and Special Servicer, all necessary servicing files and records on the
close of business on the day immediately preceding the assumption of the servicing or special servicing by the successor Servicer
or Special Servicer (but in any event such necessary servicing files and records shall be provided by the close of business on
the 5th Business Day following the assumption of the servicing or special servicing by the successor Servicer or Special
Servicer). None of the Trustee, the Terminating Party, the successor Servicer or the Special Servicer shall have any responsibility
nor shall any of them be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying
out any of its duties under this Agreement if any such failure or delay results from the Trustee, the Terminating Party, successor
Servicer or successor Special Servicer acting in accordance with information prepared or supplied by any other Person

 

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or the failure of any
such Person to prepare or provide such information. None of the Trustee, the Terminating Party, the successor Servicer or the
successor Special Servicer shall have any responsibility, shall be in default or shall incur any liability (i) for any act or
failure to act by any third party, including the predecessor Servicer, the predecessor Special Servicer, the current Servicer
or Special Servicer (if the successor is not succeeding to such capacities), the Depositor or the Trustee or for any inaccuracy
or omission in a notice or communication received by the successor from any third party or (ii) which is due to or results from
the invalidity, unenforceability of the Whole Loan, Loan Agreement or any other agreement with applicable law or the breach or
the inaccuracy of any representation or warranty made with respect thereto. As compensation therefor, the Terminating Party as
successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with respect to the Whole Loan
to which the Terminated Party would have been entitled that accrues after the date of the Terminating Party’s succession
to which the Terminated Party would have been entitled if it had continued to act hereunder and, in the case of a successor Special
Servicer, the Special Servicing Fee. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall,
if it is unable to so act, or if the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then
outstanding Certificates so request in writing to the Trustee, or the Trustee is not approved by the Rating Agencies as a Servicer
or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation, or if the Rating Agencies do not provide
written confirmation that the succession of the Trustee as Servicer or Special Servicer, as the case may be, will not cause a
downgrade, qualification or withdrawal of the then-current ratings of the Certificates, promptly appoint, or petition a court
of competent jurisdiction to appoint, any established loan servicing institution reasonably satisfactory to the Trustee the appointment
for which a Rating Agency Confirmation is obtained, as the successor to the Servicer or Special Servicer, as applicable, hereunder
in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as applicable,
hereunder. No appointment of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor
of all the Terminated Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to
a Terminated Party hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in the applicable
capacity as herein above provided. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer
hereunder shall be subject to the right of the Applicable Control Party to replace the Special Servicer. In connection with such
appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out
of payments on the Whole Loan as it and such successor shall agree; provided, however, that no such compensation
shall be in excess of that permitted the Terminated Party hereunder, except that if no successor to the Terminated Party can be
obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and
such amounts in excess of that permitted the Terminated Party shall be paid pursuant to Section 3.4(c) (subject to
the terms of the Intercreditor Agreement). The Depositor, the Trustee, the Certificate Administrator, the Servicer (as applicable),
the Special Servicer (as applicable) and such successor shall take such action, consistent with this Agreement, as shall be necessary
to effectuate any such succession.

 

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7.3.         
Notification to Certificateholders, the Depositor and the Rating Agencies.

 

(a)          
Upon any termination of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or
appointment of a successor to the Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon
as practicable, give written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register,
the Companion Loan Holders and to the Depositor and 17g-5 Information Provider (who shall promptly post to the 17g-5 Information
Provider’s Website).

 

(b)           Within 30 days after the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which a Responsible
Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders
of Certificates, the Companion Loan Holders and to the Depositor and 17g-5 Information Provider (who shall promptly post to the
17g-5 Information Provider’s Website) notice of such Servicer Termination Event or Special Servicer Termination Event, as
the case may be, unless such Servicer Termination Event or Special Servicer Termination Event shall have been cured or waived.

 

7.4.          Other Remedies of Trustee. During the continuance of any Servicer Termination Event or Special Servicer Termination
Event, as the case may be, or so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been
remedied, the Trustee, in addition to the rights specified in Section 7.1, shall have the right, in its own name as
trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights
and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders and the Companion Loan
Holders (including the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs
of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Trustee shall be entitled to be reimbursed therefor
pursuant to Section 3.4(c) from the Collection Account. Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and
in addition to any other remedy and no delay or omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Servicer Termination Event or Special Servicer Termination Event.

 

7.5.          Waiver
of Past Servicer Termination Events and Special Servicer Termination Events.  The Holders of Certificates evidencing not less
than 66 2/3% of the aggregate Voting Rights of all then outstanding Certificates and the Companion Loan Holders may, on behalf
of all Certificateholders and the Companion Loan Holders and upon adequate indemnification of the Trustee by the requesting Holders
of Certificates and the Companion Loan Holders, waive any Servicer Termination Event or Special Servicer Termination Event and
its consequences, except a failure to make any required deposits (including Monthly Payment Advances) to or payments from the
Collection Account, the Distribution Account or any Foreclosed Property Account or in remitting payments as received, in each
case in accordance with this Agreement. Upon any such waiver of a past Servicer Termination Event or Special Servicer Termination
Event, such event shall cease to exist, and the related Servicer Termination Event or Special Servicer Termination Event arising
therefrom shall be deemed to have been

 

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remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent
or other Servicer Termination Event or Special Servicer Termination Event or impair any right related thereto.

 

7.6.          Trustee as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make any
Advances (other than any Advance which has been determined, in accordance with this Agreement, to be a Nonrecoverable Advance if
made), the Trustee shall perform such obligations (w) within five Business Days (or such shorter period (but not less than
one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Loan Documents
or this Agreement with respect to the Properties (or any Property) or to avoid any foreclosure or similar action with respect to
the Properties (or any Property) by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges)
of a Responsible Officer of the Trustee obtaining knowledge of such failure by the Servicer or the Special Servicer with respect
to Property Protection Advances and Administrative Advances and (x) by 12:00 noon New York time on the related Distribution
Date with respect to Monthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed
to all of the Servicer’s and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including,
without limitation, the rights of reimbursement and interest on each Advance at the Advance Rate, and rights to determine that
a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused by
such Servicer’s and/or the Special Servicer’s default in its obligations hereunder and further subject to the Trustee’s
standard of good faith and reasonable business judgment); provided, however, that if Advances made by the Trustee,
the Servicer and/or the Special Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and
unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances
outstanding to the Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior
to reimbursement of the Servicer and/or the Special Servicer, as applicable, for such Advances and interest accrued thereon. The
Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable,
with respect to a Nonrecoverable Advance hereunder. The Trustee shall notify the Other Servicer and Other Trustee with respect
to each Other Securitization Trust of the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6
within two (2) Business Days of making such Advance.

 

8.             THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

8.1.          Duties
of the Trustee and the Certificate Administrator. (a)  The Certificate Administrator and the Trustee (with
respect to the Trustee, prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the
case may be, and after the curing or waiver of any Servicer Termination Event or Special Servicer Termination Event that may
have occurred) undertakes with respect to the Trust Fund to perform such duties and only such duties as are specifically set
forth in this Agreement. None of the Depositor, the Servicer or the Special Servicer shall be obligated to monitor or
supervise the performance by the Trustee or the Certificate Administrator of its duties hereunder. In case a Servicer
Termination Event or Special Servicer Termination Event has occurred (that has not been cured or waived), the Trustee,
subject to the provisions of Section 7.2 and Section 7.4, shall exercise such of the rights and
powers vested in it by this Agreement, and shall use the same degree of

 

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care and skill in their exercise, as a prudent institution would exercise or use under the circumstances in the conduct of such
institution’s own affairs. Any permissive right of the Trustee or the Certificate Administrator set forth in this Agreement
shall not be construed as a duty and the Trustee or the Certificate Administrator shall not be answerable for other than its negligence
or willful misconduct in performance of such right.

 

(b)           Subject to Sections 8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt
of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee
and the Certificate Administrator that are specifically required to be furnished pursuant to any provision of this Agreement, shall
examine, or cause to be examined, such instruments to determine whether they conform to the requirements of this Agreement to the
extent specifically set forth herein. If any such instrument is found on its face not to conform to the requirements of this Agreement
in a material manner, the Trustee and the Certificate Administrator shall make a request to the Depositor to have the instrument
corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s reasonable satisfaction,
the Trustee or the Certificate Administrator shall provide notice thereof to the Certificateholders. Neither the Trustee nor the
Certificate Administrator shall be responsible for the accuracy or content of any resolution, certificate, statement, opinion,
report, document, order or other instrument furnished by the Depositor, the Servicer, or the Special Servicer and accepted by the
Trustee or the Certificate Administrator, as the case may be, in good faith, pursuant to this Agreement.

 

(c)           Subject to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate
Administrator from liability for its own negligent action, its own negligent failure to act, its own willful misconduct or bad
faith or for any failure to perform its obligations in compliance with this Agreement, provided, however, that:

 

(i)            no implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator
and each of the Trustee and the Certificate Administrator may 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
(including those provided pursuant to Section 11.1) and conforming to the requirements of this Agreement which it
reasonably believes in good faith to be genuine and to have been duly executed by the proper authorities respecting any matters
arising hereunder;

 

(ii)           neither the Trustee nor the Certificate Administrator shall be liable for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, unless it shall be proved that the Trustee or the Certificate Administrator
or such Responsible Officer, as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)          neither the Trustee nor the Certificate Administrator shall be liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in
the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting
any proceeding for any remedy available to the

 

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Trustee or the Certificate Administrator, or exercising any trust or power conferred
upon the Trustee or the Certificate Administrator, under this Agreement;

 

(iv)          neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any failure by the Servicer or
the Special Servicer to comply with any of their respective obligations referred to in Section 7.1 or any other act
or circumstance upon the occurrence of which the Trustee or the Certificate Administrator, as applicable, may be required to take
action unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of
such failure, act or circumstance or the Trustee or the Certificate Administrator, as applicable, receives written notice of such
failure from the Servicer, the Special Servicer, the Depositor, the Borrowers or Holders of the Certificates evidencing, in the
aggregate, not less than 25% of the Voting Rights of the Certificates. In the absence of receipt of such notice or actual knowledge
of a Responsible Officer, the Trustee may conclusively assume that there is no Servicer Termination Event, Special Servicer Termination
Event or any other act or circumstance described in Section 7.1 has occurred.

 

(v)           subject to the other provisions of this Agreement and without limiting the generality of Sections 8.1 and 8.2,
neither the Trustee nor the Certificate Administrator shall have any duty except in the capacity as a successor Servicer or successor
Special Servicer (A) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or
any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording
or filing or depositing or to any re-recording, refiling or redepositing thereof (except as set forth in Section 2.1(b)),
(B) to see to any insurance, and (C) to confirm or verify the contents of any reports or certificates of the Servicer
or the Special Servicer delivered to the Trustee or the Certificate Administrator pursuant to this Agreement reasonably believed
by the Trustee or the Certificate Administrator to be genuine and to have been signed or presented by the proper party or parties;
and

 

(vi)          for all purposes under this Agreement, neither the Trustee nor the Certificate Administrator shall be required to take any
action with respect to, or be deemed to have notice or knowledge of any Mortgage Loan Event of Default, Servicer Termination Event
or Special Servicer Termination Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable,
has actual knowledge thereof or shall have received written notice thereof. In the absence of receipt of such notice and such actual
knowledge otherwise obtained, the Trustee and the Certificate Administrator may conclusively assume that there is no Mortgage Loan
Event of Default, Servicer Termination Event or Special Servicer Termination Event.

 

(d)           None of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator
to (i) expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers hereunder if, in the opinion of the Trustee or the Certificate Administrator,
as the case may be, there are reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it, or (ii) perform, or be responsible for the manner of performance of, any
of the

 

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obligations of the Servicer or the Special Servicer under this Agreement, except with respect to the Trustee, during such
time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Servicer
or the Special Servicer in accordance with the terms of this Agreement. Notwithstanding anything contained herein, neither the
Trustee nor the Certificate Administrator shall be responsible or shall have any liability in connection with the duties assumed
by the Authenticating Agent, the Custodian and the Certificate Registrar hereunder, unless the Trustee or the Certificate Administrator
is acting in any such capacity hereunder; provided, further, that in any such capacity the Trustee and the Certificate
Administrator shall have all of the rights, protections and indemnities provided to it as Trustee and the Certificate Administrator
hereunder, as applicable.

 

In no event shall the
Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond the Trustee’s or the Certificate Administrator’s control, including, but not limited to force
majeure.

 

8.2.         
Certain Matters Affecting the Trustee and the Certificate Administrator. (a)  Except as otherwise provided
in Section 8.1:

 

(i)            each of the Trustee and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, auditor’s certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

 

(ii)            each of the Trustee and the Certificate Administrator may consult with any nationally recognized counsel, and the advice
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or suffered or omitted by it hereunder in good faith and in accordance therewith;

 

(iii)           neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise the trusts or powers vested
in it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order
or direction of any of the Certificateholders or any Companion Loan Holders, pursuant to the provisions of this Agreement, unless
such Certificateholders or Companion Loan Holders 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, including reasonable legal fees,
which may be incurred therein or thereby; provided, however, that nothing contained herein shall relieve the Trustee
or the Certificate Administrator of the obligation, upon the occurrence of a Servicer Termination Event or Special Servicer Termination
Event (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Agreement, and, with
respect to the Trustee, to use the same degree of care and skill in its exercise as a prudent institution would exercise or use
under the circumstances in the conduct of such institution’s own affairs;

 

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(iv)          neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted
by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon
it by this Agreement;

 

(v)           prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing
or waiver of such Servicer Termination Event or Special Servicer Termination Event that may have occurred, neither the Trustee
nor the Certificate Administrator shall be bound to ascertain or inquire as to the performance or observance of any of the terms,
conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in the aggregate,
not less than 25% of the Voting Rights of the outstanding Certificates; provided, however, that if the payment within
a reasonable time to the Trustee or the Certificate Administrator of the costs, expenses or liabilities likely to be incurred by
either party in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, not reasonably
assured to it by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable,
may require indemnity satisfactory to it against such costs, expenses or liabilities as a condition to taking any such action.
The reasonable expense of every such investigation shall be paid by the Trust pursuant to Section 3.4(c) in the event
that such investigation relates to a Servicer Termination Event or Special Servicer Termination Event, if such an event shall have
occurred and is continuing, and otherwise by the Certificateholders requesting the investigation;

 

(vi)          each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys selected by it with due care;

 

(vii)         neither the Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection
with the execution and performance of its duties hereunder, and in no event shall the Trustee or the Certificate Administrator
be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to
lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised of the likelihood of such
loss or damage;

 

(viii)        notwithstanding anything to the contrary herein, any and all communications (both text and attachments, excluding any notice
to the Servicer or the Special Servicer under Section 7.1(a)) by or from either the Trustee or the Certificate Administrator,
as the case may be, in any of its capacities, that either the Trustee or the Certificate Administrator, as applicable, in its sole
discretion deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail will be encrypted.
The recipient of the email communication will be required to complete a one-time registration process. Information and assistance
on registering and using the email

 

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encryption technology can be found at the Certificate Administrator’s Website or by calling
the Certificate Administrator’s customer support desk at 866-252-4360;

 

(ix)          for as long as the Person that serves as the Certificate Administrator hereunder also serves as Custodian, 17g-5 Information
Provider, Authenticating Agent and/or Certificate Registrar, the protections, immunities and indemnities afforded to that Person
in its capacity as Certificate Administrator hereunder shall also be afforded to such Person in its capacity as Custodian, 17g-5
Information Provider, Authenticating Agent and/or Certificate Registrar, as the case may be; and

 

(x)           No provision of this Agreement or any other transaction document shall be deemed to impose any duty or obligation on the
Trustee or the Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the
performance of its duties or obligations under the transaction documents, or to exercise any right or power thereunder, to the
extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate applicable law
binding upon it (which determination may be based on the advice or opinion of counsel).

 

(b)           Following the Closing Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets
to the Trust Fund not specifically contemplated by this Agreement.

 

(c)           All rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate
Administrator may be enforced by such party without the possession of any of the Certificates, or the production thereof at the
trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate
Administrator, as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to
the provisions of this Agreement.

 

(d)           In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Laws”),
the Trustee and the Certificate Administrator are required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly,
each of the parties agrees to provide to the Trustee and the Certificate Administrator, upon their request from time to time such
identifying information and documentation as may be available for such party in order to enable the Trustee and the Certificate
Administrator to comply with Applicable Laws.

 

8.3.          Neither the Trustee Nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan. The recitals
contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates)
shall not be taken as the statements of the Trustee or the Certificate Administrator and the Trustee and the Certificate Administrator
assume no responsibility for their correctness. The Trustee and the Certificate Administrator make no representations as to the
validity or sufficiency of this Agreement, the Certificates, the Mortgage Loan or of the Whole Loan or related documents except
as expressly set forth herein. The Trustee and the Certificate Administrator shall not be

 

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liable for any action or failure to take
any action by the Depositor, the Servicer or the Special Servicer hereunder or any action or failure to take any action by the
Mortgage Loan Sellers under the Mortgage Loan Purchase Agreements, including, without limitation, in connection with (i) any
failure of the Mortgage Loan Sellers to properly prepare each Assignment of the Mortgage, assignment of the Collateral Security
Document and UCC-3 financing statements pursuant to the Mortgage Loan Purchase Agreements or (ii) any failure of the Special
Servicer or any sub-servicer, agent of or counsel to the Special Servicer to conduct a Foreclosure in accordance with the terms
of this Agreement and applicable law, and neither the Trustee nor the Certificate Administrator shall be required to take any action
in connection with any of the foregoing matters referred to in clauses (i) and (ii) above (except to the extent otherwise
expressly required pursuant to this Agreement). The Trustee and the Certificate Administrator shall not at any time have any responsibility
or liability for or with respect to the legality, ownership, title, validity or enforceability of any of the Mortgages or Collateral
Security Documents or the Mortgage Loan or any Companion Loan, or the perfection, sufficiency and priority of any of the Mortgages
or Collateral Security Documents or the maintenance of any such perfection and priority, or for or with respect to the efficacy
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement, including,
without limitation, the existence, condition and ownership of any Property; the existence and enforceability of any hazard insurance
thereon; the validity of the assignment of the Mortgage Loan to the Trust; the performance or enforcement of the Mortgage Loan
(other than with respect to the Servicer or the Special Servicer, if the Trustee shall assume the duties of the Servicer and/or
the Special Servicer, respectively, pursuant to Section 7.2 and then only to the extent of the obligations of the Servicer
or the Special Servicer, as applicable, hereunder); the compliance by the Depositor, the Borrowers, the Servicer or the Special
Servicer with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty
or representation made under this Agreement or in any related document prior to the Trustee’s or the Certificate Administrator’s,
as applicable, receipt of notice or other discovery of any noncompliance therewith or any breach thereof; any investment of monies
by or at the direction of the Servicer or the Special Servicer or any loss resulting therefrom; the failure of the Servicer or
the Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action by the Trustee or
the Certificate Administrator taken at the direction of the Servicer or the Special Servicer (other than with respect to the Trustee,
if the Trustee shall assume the duties of the Servicer or the Special Servicer, respectively); provided, that the foregoing shall
not relieve the Trustee or the Certificate Administrator, as applicable, of its obligation to perform its duties under this Agreement.
Except with respect to a claim based on either the Trustee’s or the Certificate Administrator’s negligent action, negligent
failure to act or willful misconduct (or such other standard of care as may be provided herein with respect to any particular matter),
no recourse shall be had for any claim based on any provisions of this Agreement, the Certificates, the Mortgages, the Properties,
the Collateral Security Documents or the Mortgage Loan or assignment thereof against the Trustee or the Certificate Administrator,
as applicable, in its respective individual capacity, and neither the Trustee nor the Certificate Administrator shall have any
personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such claim,
and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in
this Agreement. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or
continuation statements in any public

 

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office at any time or to otherwise perfect or maintain the perfection of any security interest
or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become
the successor Servicer or Special Servicer). Neither the 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 Loan to the Trust Fund, or any
funds deposited in or withdrawn from the Collection Account or any account maintained by or on behalf of the Servicer or the Special
Servicer, as applicable (except to the extent that the Collection Account is held by the Trustee or the Certificate Administrator
in its commercial capacity), or for investment of such amounts (other than investments made with the Trustee or the Certificate
Administrator in their commercial capacity).

 

The Trustee and the Certificate
Administrator, by reason of the action or inaction of its directors, officers, members, managers, partners, employees or agents
shall have no liability to the Trust, the Certificateholders or any Companion Loan Holder for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement or for actions taken or not taken at the direction of Certificateholders
or any Companion Loan Holder, or for errors in judgment; provided, however, that this provision shall not protect the Trustee,
the Certificate Administrator or any such Person against any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence of the Trustee, the Certificate Administrator or any such Person. The Trustee, the Certificate Administrator
in each of its capacities under this Agreement and any of their respective directors, officers, members, managers, partners, employees,
Affiliates, agents or Controlling Persons shall be indemnified by the Trust Fund pursuant to Section 3.4(c) out of amounts
on deposit in the Collection Account, and held harmless against any loss, liability, claim, demand or expense incurred in connection
with or related to the Trustee’s or the Certificate Administrator’s performance of its powers and duties under this
Agreement (including, without limitation, performance under Section 8.1 hereof), the Mortgage Loan, the Companion Loans,
the Properties or the Certificates; provided, however, that this provision shall not protect the Trustee, the Certificate Administrator
or any such Person against any breach of its representations or warranties made in this Agreement or any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence of the Trustee, the Certificate Administrator or
any such Person. The indemnification provided hereunder shall survive the resignation or removal of the Trustee or the Certificate
Administrator and the termination of this Agreement. Anything herein to the contrary notwithstanding, the Trustee shall be responsible
for its acts or failure to act as Servicer and/or Special Servicer during the time the Trustee is serving as such pursuant and
subject to the terms of this Agreement.

 

With respect to the Companion
Loans, the expenses, costs and liabilities described in the previous paragraph that are allocable to the Companion Loans pursuant
to the terms of the Intercreditor Agreement shall be paid out of amounts allocated to the Companion Loans in accordance with the
expense allocation provision of the Intercreditor Agreement. If such amounts relating to the Non-Trust are insufficient, then any
deficiency shall be paid from amounts on deposit in the Collection Account with respect to the Mortgage Loan; provided that the
Servicer shall, after receiving payment from amounts on deposit in the Collection Account with respect to the Mortgage Loan, if
any, to (i) promptly notify the Companion Loan Holders and (ii) use commercially reasonable efforts to exercise on behalf of the
Trust the rights of the

 

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Trust under the Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the Companion Loans from the Companion Loan Holders.

 

8.4.          Trustee and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their
individual or any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as
it would have if it were not the Trustee or the Certificate Administrator.

 

8.5.          Trustee’s and Certificate Administrator’s Fees and Expenses. The Trustee and the Certificate Administrator
shall be entitled to the Trustee Fee and the Certificate Administrator Fee, respectively payable pursuant to Section 3.4(c).
The Certificate Administrator Fee and 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 Certificate Administrator’s and the Trustee’s sole form of compensation,
respectively (unless otherwise set forth herein) for all services rendered by it in the execution of the trust hereby created and
in the exercise and performance of any of the powers and duties of the Certificate Administrator and the Trustee hereunder. The
Trustee Fee shall be paid monthly by the Certificate Administrator out of amounts received by the Certificate Administrator as
the Certificate Administrator Fee. The Trustee and the Certificate Administrator shall be entitled to be reimbursed for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or the Certificate Administrator, as applicable, in accordance
with any of the provisions of this Agreement (including the fees and expenses of its counsel and of all Persons not regularly in
its employ), provided such cost would qualify as an “unanticipated expense incurred by the REMIC” within the meaning
of the REMIC Provisions, except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith or which is expressly the responsibility of a Certificateholder or Certificateholders hereunder, all of which reimbursements
to be paid from amounts on deposit in the Collection Account pursuant to Section 3.4(c); provided, however, that neither
the Trustee nor the Certificate Administrator shall refuse to perform any of its obligations hereunder solely as a result of the
failure to be paid any fees and expenses so long as (a) payment of such fees and expenses are reasonably assured to it or (b) to
the extent that the Trustee’s obligation hereunder is expressly contingent upon receipt of an indemnity from the Certificateholders,
that it has received that indemnity. The Trustee and the Certificate Administrator shall provide the Servicer with an invoice,
on or prior to each Loan Payment Date, setting forth the actual expenses incurred in connection with the performance of its duties
hereunder for which it seeks payment or reimbursement. Notwithstanding any other provision of this Agreement, neither the Trustee
nor the Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred under this Agreement
in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement is expressly
provided for herein or otherwise permitted hereunder.

 

8.6.          Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance. (a)  Each
of the Trustee and the Certificate Administrator hereunder shall at all times be a corporation, association or trust company organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred under this Agreement, which has, a combined capital and surplus of at least $50,000,000
and (x) a rating on its unsecured long-term debt of at least “A2” by Moody’s, (y) a rating on its unsecured long-term
debt of at

 

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least “A-” by Fitch, and (z) a rating on its unsecured long-term debt obligations of at least “A”
by DBRS (or, if such institution is not rated by DBRS, “A” or higher by any two other NRSROs); provided that
the Trustee is subject to supervision or examination by federal or state authority and shall not be an Affiliate of the Servicer
or the Special Servicer (except during any period when the Trustee has assumed the duties of the Servicer and/or Special Servicer
pursuant to Section 7.2). If a corporation, association or trust company publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section the
combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In the event that the place of business from which the Trustee or the Certificate Administrator,
as applicable, administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust, the Trustee or the
Certificate Administrator, as applicable, shall elect either to (i) resign immediately in the manner and with the effect specified
in Section 8.7, (ii) pay such tax from its own funds and continue as Trustee or Certificate Administrator, as applicable,
or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case at any time the
Trustee or the Certificate Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section,
the Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified
in Section 8.7.

 

(b)           The Trustee and
the Certificate Administrator shall each obtain and maintain at its own expense, and keep in full force and effect throughout the
term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Trustee’s or Certificate
Administrator’s, as applicable, directors, officers and employees acting on behalf of the Trustee or the Certificate Administrator,
as applicable, in connection with its activities under this Agreement; provided that such applicable error and omissions insurance
policy must be issued by an insurer with Qualified Insurer Ratings. Such insurance policy shall protect the Trustee and the Certificate
Administrator, as applicable, against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered Persons.
The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory
power over the Trustee or the Certificate Administrator, as applicable. If any such bond or policy ceases to be in effect, the
Trustee or the Certificate Administrator, as applicable, shall obtain a comparable replacement bond or policy. In lieu of the foregoing,
the Trustee and the Certificate Administrator shall each be entitled to self-insure with respect to such risks so long as the Trustee
or the Certificate Administrator, as applicable, is rated at least “A3” by Moody’s, “A-” by Fitch
and “A(low)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may
include S&P, Fitch and/or Moody’s).

 

8.7.          Resignation and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by (i) giving written notice of resignation
to the Depositor, the Borrowers, the Servicer, the Special Servicer, the Certificate Administrator (in the case of the Trustee),
the Trustee (if other than the Certificate Administrator), the Certificate Registrar (if other than the Certificate Administrator),
the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s
Website) and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders and the Companion
Loan Holders at their addresses appearing on the Certificate Register, not less

 

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than 60 days before the date specified in such
notice when, subject to Section 8.8, such resignation is to take effect, and (ii) acceptance by a successor Trustee
or successor Certificate Administrator, as applicable, appointed by the Depositor in accordance with Section 8.8 meeting
the qualifications set forth in Section 8.6. Upon such notice of resignation, the Depositor shall promptly appoint
a successor Trustee or successor Certificate Administrator, as applicable. If no successor Trustee or successor Certificate Administrator
shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment
of a successor Trustee or Certificate Administrator, as applicable.

 

If at any time any of
the following occur: (x) the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of Section 8.6 and shall fail to resign after written request for the Trustee’s or the Certificate Administrator’s
resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the Trustee or the Certificate Administrator
shall materially default in the performance of its obligations under this Agreement; or (z) if at any time the Trustee or
the Certificate Administrator shall become incapable of action, or shall be adjudged a bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator or of either of their property shall be appointed, or any public officer shall take
charge or control of the Trustee or Certificate Administrator or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation then, in any such case, (1) the Depositor may remove the Trustee or the Certificate Administrator,
as applicable, and appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument, in duplicate,
executed by an authorized officer of the Depositor, one copy of which instrument shall be delivered to the Trustee or the Certificate
Administrator, as applicable, so removed and one copy to the successor Trustee or the Certificate Administrator, as applicable,
or (2) any Certificateholder who has been a bona fide Certificateholder for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Certificate
Administrator and the appointment of a successor Trustee or the Certificate Administrator, as applicable. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, remove the Trustee or the Certificate Administrator, as applicable,
which removal and appointment shall become effective upon acceptance of appointment by the successor Trustee or the Certificate
Administrator, as applicable as provided in Section 8.8. The successor Trustee or the Certificate Administrator, as
applicable so appointed by such court shall immediately and without further act be superseded by any successor Trustee or the Certificate
Administrator, as applicable appointed by the Certificateholders as provided below within one year from the date of appointment
by such court. Holders of Certificates evidencing, in the aggregate, not less than a majority of the Voting Rights of the outstanding
Certificates, may at any time remove the Trustee or the Certificate Administrator and appoint a successor Trustee or the Certificate
Administrator, as applicable, by written instrument or instruments, in triplicate, signed by such Holders or their attorney-in-fact
duly authorized, one complete set of which instrument or instruments shall be delivered to the Depositor (with a copy to the Servicer,
the Special Servicer and the Borrowers), one complete set to the Trustee or the Certificate Administrator, as applicable, so removed
and one complete set to the successor(s) so appointed; provided, that the costs and expenses associated with such removal
of the Trustee or the Certificate Administrator without cause shall be paid by such Holders. Notice of any removal of the Trustee
or the Certificate Administrator and acceptance of

 

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appointment by the successor Trustee or the Certificate Administrator shall
be given to the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website) by the successor Certificate Administrator. No removal of the Trustee or the Certificate Administrator
shall be effective until all reasonable fees, costs, expenses and Advances (including interest thereon), together with any other
amounts owing to the Trustee or the Certificate Administrator, as applicable, have been paid to the Trustee or the Certificate
Administrator, as applicable, in full.

 

Any resignation or removal
of the Trustee or Certificate Administrator and appointment of a successor trustee or successor certificate administrator shall
not become effective until acceptance of the appointment by the successor Trustee or successor Certificate Administrator, as applicable,
as provided in Section 8.8. Upon any resignation or removal of the Certificate Administrator, the Certificate Administrator
shall also resign or be removed as in each of its capacities hereunder (other than in its capacity as Trustee unless such resignation
or removal also applies to the Trustee).

 

8.8.         
Successor Trustee or Successor Certificate Administrator. Any successor Trustee or Certificate Administrator appointed
as provided in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special Servicer
and to its predecessor trustee or certificate administrator an instrument (i) accepting such appointment hereunder and (ii) making
the representations and warranties of the Trustee or Certificate Administrator, as applicable, as provided in Section 2.3
and Section 2.4, respectively, and thereupon the resignation or removal of the predecessor trustee or certificate administrator,
as applicable, shall become effective and such successor Trustee or Certificate Administrator, as applicable, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder,
with the like effect as if originally named as trustee or certificate administrator herein. The predecessor certificate administrator
shall deliver or cause to be delivered to the successor Certificate Administrator the Mortgage File and related documents and statements
held by it hereunder, and the Depositor, the Servicer, the Special Servicer and the predecessor trustee or certificate administrator
shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Trustee or Certificate Administrator all such rights, powers, duties and obligations.

 

No successor Trustee
or Certificate Administrator shall accept appointment as provided in this Section unless at the time of such acceptance such
successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6 and its appointment
shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of the Certificates (prior
to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon acceptance of appointment
by a successor Trustee or Certificate Administrator as provided in this Section, the successor Trustee or Certificate Administrator
shall mail notice of the succession of such trustee or certificate administrator hereunder to all Holders of Certificates at their
addresses as shown in the Certificate Register, the Companion Loan Holders, the Depositor, the Borrowers and the Rating Agencies.

 

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8.9.        
Merger or Consolidation of the Trustee or the Certificate Administrator. Any Person into which the Trustee or the
Certificate Administrator may be merged or converted or with which either may be consolidated or any Person resulting from any
merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator shall be the successor
of the Trustee or the Certificate Administrator, as applicable, hereunder; provided that such Person shall be eligible under
the provisions of Section 8.6, without the execution or filing of any paper or further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.

 

8.10.      
Appointment of Co-Trustee or Separate Trustee. (a)  At any time or times, for the purpose of meeting any
legal requirements of any jurisdiction in which any or any part of the Properties may at the time be located or in which any action
of the Trustee may be required to be performed or taken, the Trustee, the Depositor or the Holders of Certificates evidencing,
in the aggregate, a majority of the Voting Rights of the outstanding Certificates, by an instrument in writing signed by it or
them, may appoint one or more individuals or corporations to act as separate trustee or separate trustees or co-trustees, acting
jointly with the Trustee, of all or any part of such Property, to the full extent that local law makes it necessary for such separate
trustee or separate trustees or co-trustee acting jointly with the Trustee to act. The fees and expenses of any separate trustee
or co-trustee shall be paid by the Trust Fund pursuant to Section 3.4(c).

 

(b)           The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of
any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such
title, rights or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such
title to the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument
of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by
the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all
the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or acts are
to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the case may be.
Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Trustee, its
attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf
and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable of acting, resign
or be removed, the title to any applicable Property and all assets, property, rights, powers, duties and obligations of such separate
trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee, without the appointment of a
successor to such separate trustee or co-trustee unless and until a successor is appointed.

 

(c)           All provisions of this Agreement which are for the benefit of the Trustee and the Certificate Administrator shall extend
to and apply to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10,
and to the Trustee and Certificate Administrator in each capacity that either may assume hereunder, including without limitation,
the Certificate Administrator’s capacity as Certificate Administrator, Custodian, Certificate Registrar, 17g-5 Information
Provider and Authenticating Agent, as applicable.

 

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(d)           Every co-trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee
shall act, subject to the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon
the Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all
other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised
or performed by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed
by such co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee
shall be exercised hereunder by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee;
and (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustees hereunder.

 

If, at any time, the
Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute and deliver
all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the foregoing,
the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations, duties, or
responsibilities in any way or to any degree.

 

(e)          
Any request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant
to such co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.

 

(f)           
Notwithstanding any other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall
not exceed those of the Trustee hereunder, and such co-trustee or separate trustee must meet the eligibility requirements set forth
in Section 8.6.

 

(g)           The Certificate Administrator may, at its own expense, appoint one or more custodians (each, a “Custodian”)
to hold all or a portion of the Mortgage File on behalf of the Trustee. Each Custodian shall be a depository institution subject
to supervision by federal or state authority, shall have combined capital and surplus (or shall have its performance guaranteed
by an Affiliate with a combined capital and surplus) of at least $10,000,000, shall have a long-term debt rating of at least “Baa2”
by Moody’s, “BBB” by Fitch and “A” by DBRS or, if such institution is not rated by DBRS, “A”
or higher by any two other NRSROs), or shall be the subject of a Rating Agency Confirmation from each Rating Agency. Each Custodian
shall be qualified to do business in the jurisdiction in which it holds the Mortgage File, shall have in place and maintain a fidelity
bond and errors and omissions policy in form and amount as is customarily required of custodians acting on behalf of 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 FNMA or FHLMC and shall not be (i) the Depositor or an Affiliate thereof or (ii) a Borrower or any
Borrower Affiliate. Each Custodian shall be subject to the same obligations and standard of care as would be imposed on the Trustee
and the Certificate Administrator hereunder in connection with the retention of Mortgage File directly by the Trustee or the Certificate
Administrator, as applicable. The appointment of one or more Custodians shall not relieve the Certificate Administrator from any
of its duties, liabilities or

 

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obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and
omissions of any Custodian. Promptly upon the appointment (or termination) of any Custodian, the Certificate Administrator shall
notify the Servicer, the Special Servicer, the Trustee and the Depositor of such appointment (or termination). The Certificate
Administrator shall have all of the duties, obligations and liability of the Custodian hereunder and shall perform all of such
duties and obligations in accordance with this Agreement.

 

8.11.      
Appointment of Authenticating Agent. (a)  The Certificate Administrator may appoint an agent or agents
which shall be authorized to act on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating
Agent”), and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid and
obligatory for all purposes as if authenticated by the Certificate Administrator hereunder. Wherever a reference is made in this
Agreement to the authentication and delivery of Certificates by the Certificate Administrator or the Certificate Administrator’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Certificate
Administrator by an Authenticating Agent and a certificate of authentication executed on behalf of the Certificate Administrator
by an Authenticating Agent. Each Authenticating Agent shall, at all times, be a corporation or association organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such law
to act as Authenticating Agent, having a combined capital and surplus of not less than $15,000,000, authorized under such laws
to do trust business and subject to supervision or examination by federal or state authorities. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If, at any time, an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section. The initial Authenticating Agent shall be the Certificate Administrator.

 

(b)           Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding
to the corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such
Person shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Certificate Administrator or the Authenticating Agent.

 

(c)           An Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the Certificate
Administrator, the Servicer or Special Servicer, as applicable and the Depositor. The Certificate Administrator may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Servicer or
Special Servicer, as applicable and the Depositor. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Certificate
Administrator may appoint a successor Authenticating Agent and shall mail written notice of such appointment by first class mail,
postage prepaid to all Certificateholders as

 

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their names and addresses appear in the Certificate Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

 

8.12.       
Indemnification by Trustee and the Certificate Administrator. The Trustee and the Certificate Administrator, as applicable,
severally and not jointly, shall indemnify and hold harmless the Trust, the Servicer, the Special Servicer and the Depositor from
and against any claims, losses, liabilities, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and related
costs, judgments and other costs and expenses incurred by the Trust, the Servicer, the Special Servicer or the Depositor, as applicable,
that arise out of or are based upon (i) a breach by the Trustee or the Certificate Administrator, as applicable, of its representations
and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Trustee or the
Certificate Administrator, as applicable, in the performance of its obligations under this Agreement or its negligent disregard
of its obligations and duties under this Agreement.

 

8.13.       
Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information. In connection with any
Distribution Date and a voluntary prepayment or the payment at maturity by the Borrowers of the Mortgage Loan or any portion thereof,
the Certificate Administrator shall report the amount of such prepayment or payment to the Depository based on information received
from the Servicer or Special Servicer in reliance on notices received from the Borrowers. In the event of any inconsistencies in
payments or prepayments made by the Borrowers with the previously delivered notices by the Borrowers, all costs and expenses incurred
as a result of a failure by the Borrowers to make any such payments or prepayment, shall be paid by the Borrowers in accordance
with the Loan Agreement provided that the amount of payment reported to the Depository by the Certificate Administrator
was consistent with the information received from the Servicer or Special Servicer. If the Borrowers fail to do so, such costs
and expenses shall be reimbursed to the Certificate Administrator and to the Servicer or Special Servicer, as applicable, by the
Trust pursuant to Section 3.4(c) from funds on deposit in the Collection Account. Neither the Certificate Administrator,
the Servicer nor the Special Servicer shall be liable for any inability or delay of the Depository to make a distribution as a
result of such inconsistencies. Notwithstanding the foregoing, the Certificate Administrator shall notify the Depository on the
Remittance Date or as soon as reasonably possible of any such inconsistencies.

 

8.14.       
Access to Certain Information. (a)  The Certificate Administrator shall afford to any Privileged Person
and to the Office of the Comptroller of the Currency, the FDIC and any other banking or insurance regulatory authority that may
exercise authority over any Certificateholder, access to any documentation
regarding the Mortgage Loan or the other assets of the Trust Fund that are in its possession or within its control (or,
upon request, make copies thereof available to any Privileged Person at the reasonable cost and expense of such Privileged Person).
Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at
the offices of the Certificate Administrator.

 

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(b)          The Certificate Administrator shall make available to Privileged Persons, via the Certificate Administrator’s Website,
the following items (provided that with respect to items not prepared by the Certificate Administrator, the Certificate Administrator
shall make such items available only to the extent it has received such items in a readable, uploadable and unlocked electronic
format (including, HTML, Word, Excel or searchable PDF)):

 

(i)           The
following “deal documents”:

 

(A)          the Offering Circular;

 

(B)          this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the CREFC® Loan Setup File delivered by the Servicer to the Certificate Administrator;

 

(ii)          The
following “periodic reports”:

 

(A)         
all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(a); and

 

(B)         
all CREFC® Reports prepared by, or delivered to, the Certificate Administrator pursuant to Section 3.18(a)
(other than the CREFC® Loan Setup File);

 

(iii)         The
following “additional documents”:

 

(A)          summaries of Final Asset Status Reports delivered to the Certificate Administrator pursuant to Section 3.10;

 

(B)          all inspection reports delivered to the Certificate Administrator pursuant to Section 3.22; and

 

(C)          all Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a);

 

(iv)         The
following “special notices”:

 

(A)          any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);

 

(B)          any notice of termination of the Servicer or the Special Servicer delivered by the Certificate Administrator pursuant to
Section 7.1(c);

 

(C)          any notice of a Servicer Termination Event or Special Servicer Termination Event delivered by the Certificate Administrator
pursuant to Section 7.1(b);

 

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(D)          any request by the Certificateholders representing at least 25% of the Voting Rights to terminate the Special Servicer pursuant
to Section 7.1(f);

 

(E)          any notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by
the successor Trustee or successor Certificate Administrator pursuant to Section 8.7, as applicable;

 

(F)         
any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance,
pursuant to Section 3.23(f);

 

(G)         
any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(H)         
any Assessment of Compliance delivered to the Certificate Administrator;

 

(I)          
any Attestation Reports delivered to the Certificate Administrator;

 

(J)          
any amendment to this Agreement pursuant to Section 12.1(f).

 

(K)         
any amendment to the Intercreditor Agreement;

 

(L)         
[Reserved];

 

(M)        
notice of any request by the holders of Certificates evidencing at least 25% of the Voting Rights of the Certificates to
terminate and replace the Special Servicer;

 

(N)         
the “Investor Q&A Forum” pursuant to Section 4.5(a);

 

(O)         
solely to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b);

 

(P)          
any Tenant Sales Reports relating to the Properties received by the Certificate Administrator pursuant to Section 3.18(a);
and

 

(Q)         
any notice of prepayment from the Borrowers that has been delivered to the Certificate Administrator.

 

In connection with providing,
or causing to be provided, access to or copies of the items described in the preceding paragraph pursuant to this Section 8.14(b),
the Certificate Administrator shall require: (a) in the case of Certificateholders, an Investor Certification executed by
the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information to its auditors, legal counsel and regulators and to any other Person
that holds or is

 

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contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms
in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (b) in
the case of a prospective purchaser of a Certificate or an interest therein or a licensed or registered investment advisor acting
on behalf of such purchaser, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate
or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates and will otherwise
keep such information confidential.

 

Except as otherwise provided
in this Agreement and subject to Section 6.3(a), the Certificate Administrator shall not be liable for providing or
disseminating information in accordance with the terms of this Agreement. The Certificate Administrator shall not be responsible
or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant
to this Section 8.14(b) unless such information was produced by the Certificate Administrator. The obligations of the
Certificate Administrator to provide access to those certain documents, information and other items described in this Section 8.14
shall extend only to those such documents, information and other items actually in possession of the Certificate Administrator.
The Certificate Administrator may deny any of the foregoing Privileged Persons access to confidential information with respect
to which the Certificate Administrator is restricted from disclosing by applicable law.

 

(c)           The Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
make available through its website or otherwise, any CREFC® Reports and any additional information relating to the
Mortgage Loan, the Companion Loans, the Properties or the Borrowers, for review by any Privileged Person, and subject to Section 12.16
and Section 12.17, the Rating Agencies, in each case except to the extent doing so is prohibited by this Agreement,
the Intercreditor Agreement, applicable law or by the Loan Documents. Each of the Servicer and Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or
(ii) require that the recipient of such information (A) except for the Depositor and the Certificate Administrator, enter
into an Investor Certification or other confidentiality agreement acceptable to the Servicer or Special Servicer, as the case may
be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously provide such information to any other
Privileged Person. In addition, to the extent access to such information is provided via the Servicer’s or the Special Servicer’s
website, the Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer
and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access
to or copies of the items described in this Section 8.14(c) to current and prospective Certificateholders the form
of confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall require: (a) in the case of
a Certificateholder or a licensed or registered investment advisor acting on behalf of such Certificateholder, an Investor Certification
executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential
(except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to
any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such
other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information
confidential)); and (b) in the case of a prospective purchaser of Certificates or interests therein or a licensed or registered
investment

 

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advisor acting on behalf of such prospective purchaser, an Investor Certification indicating that such Person is a prospective
purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment
in Certificates and will otherwise keep such information confidential.

 

Except as otherwise provided
in this Agreement and subject to Section 6.3(a), none of the Trustee, the Servicer or the Special Servicer shall be
liable for the dissemination of information in accordance with this Agreement. None of the Trustee, the Servicer or the Special
Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or
otherwise made available pursuant to this Section 8.14(c) unless such information was produced by the Trustee, the
Servicer or the Special Servicer, as applicable.

 

9.             CERTAIN MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE

 

9.1.         
Selection and Removal of the Controlling Class Representative.

 

(a)           The Majority Controlling Class Certificateholders may elect the Controlling Class Representative. There shall be no Controlling
Class Representative on the Closing Date.

 

(b)           The Controlling Class Representative shall be the Controlling Class Representative (or other representative) selected by
the Majority Controlling Class Certificateholders, as determined by the Certificate Registrar from time to time; provided
that (A) if a majority of the Controlling Class, by Certificate Balance in the aggregate, is not directly or indirectly held by
the Guarantor, the Loan Sponsor, the Property Manager, an Affiliate of any of the Guarantor or the Loan Sponsor or the Property
Manager, or a Borrower or Borrower Affiliate, then (i) absent such selection, or (ii) until a Controlling Class Representative
is so selected, or (iii) upon receipt by the Servicer, the Special Servicer, the Certificate Administrator and the Trustee
of notice from the Majority Controlling Class Certificateholders that a Controlling Class Representative is no longer so designated,
the Controlling Class Certificateholder that owns, and is identified (with contact information) to the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee as owning, the largest aggregate Certificate Balance of Certificates of the Controlling
Class shall be the Controlling Class Representative, and (B) if a majority of the Controlling Class by Certificate Balance in the
aggregate, is directly or indirectly held by the Guarantor, the Loan Sponsor, the Property Manager, an Affiliate of any of the
Guarantor or the Loan Sponsor or the Property Manager, or a Borrower or Borrower Affiliate, then there shall be no Controlling
Class Representative and a Subordinate Control Period and a Subordinate Consultation Period shall be deemed not to be in effect
such that no Holder of the Controlling Class shall have any consent of consultation rights with respect to Major Decisions or any
other matter under this Agreement. Each Holder of the Certificates of the Controlling Class shall be entitled to vote in each election
of the Controlling Class Representative; provided that, for the avoidance of doubt, the Controlling Class Representative cannot
be a Property Manager, the Guarantor, the Loan Sponsor, an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate,
or an agent of any of the foregoing.

 

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(c)           The Majority Controlling Class Certificateholders shall give written notice (which shall be required to include a statement
that each Majority Controlling Class Certificateholder and the Controlling Class Representative is not a Property Manager, the
Guarantor, the Loan Sponsor, an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate, or an agent of any of the
foregoing) to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee of the appointment of any initial
and any subsequent Controlling Class Representative (in order to receive notices hereunder).

 

(d)           The Controlling Class Representative may be removed at any time by the written vote of the Majority Controlling Class Certificateholders,
and a copy of the results of such vote must be delivered to the Trustee.

 

(e)           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 Certificate Administrator in writing of the transfer of
any Certificate of the Controlling Class, the selection of a Controlling Class Representative or the resignation or removal thereof.
Any Certificateholder or its designee at any time appointed Controlling Class Representative is hereby deemed to have agreed by
virtue of its purchase of a Certificate to notify the Certificate Administrator in writing when such Certificateholder or its designee
is appointed Controlling Class Representative and when it is removed or resigns or if it becomes a Property Manager, the Guarantor,
the Loan Sponsor, an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate, or an agent of any of the foregoing.
Upon receipt of such notice, the Certificate Administrator shall notify the Special Servicer and the Servicer of the identity of
the Controlling Class Representative and any resignation or removal thereof or if such Person has become a Property Manager, the
Guarantor, the Loan Sponsor, an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate, or an agent of any of the
foregoing. In addition, upon the request of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall
provide the name of the then-current Controlling Class and a list of the Certificateholders (or Beneficial Owners, if applicable,
at the expense of the requesting party) of the Controlling Class to such requesting party.

 

(f)            Once a Controlling Class Representative has been selected, each of the Depositor, the Servicer, the Special Servicer, the
Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled
to rely on such selection unless the Majority Controlling Class Certificateholders shall have notified each other party to this
Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling Class Representative
or the selection of a new Controlling Class Representative.

 

(g)           Until it receives written notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent
notification with respect to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

(h)           The Controlling Class Representative shall be responsible for its own expenses.

 

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9.2.          Limitation on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders.

 

(a)           The Controlling Class Representative will have no liability to the Trust or Certificateholders for having acted in accordance
with or as permitted by this Agreement.

 

(b)           Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Controlling Class
Representative and/or any Controlling Class Certificateholder may each have relationships and interests that conflict with those
of Holders of one or more other Classes of Certificates; (ii) the Controlling Class Representative and/or any Controlling
Class Certificateholder may act solely in the interests of the Controlling Class Certificateholders; (iii) the Controlling
Class Representative and the Controlling Class Certificateholders do not have any duties to the Trust or to the Holders of any
Class of Certificates; (iv) the Controlling Class Representative and/or any Controlling Class Certificateholder may take actions
that favor interests of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates; (v) neither
the Controlling Class Representative nor the Controlling Class Certificateholders shall have any liability whatsoever to the Trust,
the other parties to this Agreement, the Certificateholders or any other Person (including any Borrower Party) for having acted
in accordance with or as permitted under the terms of this Agreement and the Intercreditor Agreement; and (vi) the Holders
of the Certificates may not take any action whatsoever against the Controlling Class Representative or any Controlling Class Certificateholders
or any of the respective affiliates, directors, officers, shareholders, members, partners, agents or principals thereof as a result
of the Controlling Class Representative or the Controlling Class Certificateholders having acted in accordance with the terms of
and as permitted under this Agreement.

 

9.3.          Rights and Powers of the Controlling Class Representative.

 

(a)           Notwithstanding anything herein to the contrary, (i) the Servicer shall not be permitted to take any of the actions
constituting a Major Decision unless it has obtained the consent of the Special Servicer (which approval shall be deemed given
if the Special Servicer does not object within fifteen (15) Business Days (or, in the case of a determination of an Acceptable
Insurance Default, ninety (90) days) of receipt of the Servicer’s written analysis and recommendation together with any information
in the possession of the Servicer that is reasonably required to make a decision regarding the subject action) and (ii)  during
any Subordinate Control Period, the Special Servicer shall not be permitted to consent to the Servicer’s taking any of such
actions constituting a Major Decision, nor will the Special Servicer itself be permitted to take any of such actions constituting
a Major Decision, as to which the Controlling Class Representative has objected in writing within ten (10) Business Days (or, in
the case of a determination of an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and
analysis from the Special Servicer, together with any information in the possession of the Special Servicer that is reasonably
necessary to make a decision regarding the subject action (provided that if such written objection has not been received
by the Special Servicer within such ten (10) Business Day (or, in the case of a determination of an Acceptable Insurance Default,
thirty (30) day) period, then the Controlling Class Representative shall be deemed to have approved such action); provided,
that if the Special Servicer or the Servicer (if the Servicer is otherwise authorized by this Agreement to take such

 

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action determines
that immediate action, with respect to a Major Decision, or any other matter requiring consent of the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) during any Subordinate Control Period, is necessary to protect the interests
of the Certificateholders, the Special Servicer or Servicer, as applicable, may take any such action without waiting for a response
from the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) (or, if applicable, the Special
Servicer’s) response; provided, further, that the Special Servicer is not required to obtain the consent of
the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) for any of the foregoing actions,
during any Subordinate Consultation Period; provided, further, that the Special Servicer shall consult, solely on a non-binding
basis (and consider alternative actions recommended by each such party), during any Subordinate Consultation Period, with the Controlling
Class Certificateholder (or the Controlling Class Representative on its behalf) with respect to any of the Major Decisions contained
in clauses (xi) and (xix) of the definition thereof and any other matter as to which consent of the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) would have been required during any Subordinate Control Period.

 

(b)           In addition, during any Subordinate Control Period, subject to this Section 9.3(b) and the immediately following
paragraph, the Controlling Class Certificateholder (or the Controlling Class Representative on its behalf) may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) may deem advisable or as to which provision is otherwise made herein. Notwithstanding
anything herein to the contrary, no such direction, and no direction or objection contemplated by the preceding paragraph or any
other provision of this Agreement, may require or cause the Servicer or the Special Servicer to violate any provision of the Loan
Documents, the Intercreditor Agreement, applicable law or this Agreement, including without limitation the Special Servicer’s
obligation to act in accordance with Accepted Servicing Practices, or expose any Certificateholder, the Trust, the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee or their affiliates, officers, directors or agent to any claim, suit
or liability, result in the imposition of a tax upon the Trust or materially expand the scope of the Servicer’s or Special
Servicer’s responsibilities hereunder. Furthermore, in addition to the Controlling Class Certificateholder’s (or the
Controlling Class Representative’s on its behalf) rights of consent and consultation (as applicable) as set forth in Section 9.3(a)
above, it is understood and agreed that to the extent any other provision of this Agreement requires the provision of notice to,
the obtaining of consent of, and/or consultation with, the Controlling Class Certificateholder (or the Controlling Class Representative
on its behalf), or otherwise provides for any right of the Controlling Class Certificateholder (or the Controlling Class Representative
on its behalf) thereunder, then none of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer shall
be entitled to take any action (or omit to take any action) in contravention of the applicable rights of the Controlling Class
Certificateholder (or the Controlling Class Representative on its behalf) contained in such provision; provided, that this
sentence is not intended to in any way (i) expand the rights of the Controlling Class Certificateholder (or the Controlling
Class Representative on its behalf), (ii) limit the application of the immediately preceding sentence, (iii) remove any
limitations on the exercise of such rights set forth in such other provisions, or (iv) require the Certificate Administrator,
the Servicer and/or the Special Servicer to send a notice to, obtain the consent of, or consult with a new Controlling Class Certificateholder
(or the Controlling Class

 

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Representative on its behalf) whose name and contact information have not yet been provided to the Certificate
Administrator, the Servicer and/or the Special Servicer; and provided, further, that if such other provisions are in any
way subject to this Section 9.3, then the exercise of such rights shall be subject to this Section 9.3(b)
and the immediately following paragraph.

 

(c)           If the Special Servicer or Servicer, as applicable, determines that a refusal to consent by the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) or any direction or advice from the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) would otherwise cause the Special Servicer or the Servicer, as applicable,
to violate the terms of the Loan Documents, the Intercreditor Agreement, applicable law, provisions of the Code (resulting in the
imposition of federal income tax on the Trust or causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC under the Code) or this Agreement, including without limitation, Accepted Servicing Practices or materially expand the
scope of the Servicer’s or Special Servicer’s responsibilities under this Agreement, the Special Servicer or Servicer,
as applicable, shall disregard such refusal to consent, direction or advice and notify the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf), the Certificate Administrator and the 17g-5 Information Provider of its
determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any
action by the Servicer or Special Servicer in accordance with the direction of or approval of the Controlling Class Certificateholder
(or the Controlling Class Representative on its behalf) that does not violate the Loan Documents, the Intercreditor Agreement,
any applicable law, provisions of the Code (resulting in the imposition of federal income tax on the Trust or causing either the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code) or violate Accepted Servicing Practices
or any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special Servicer.

 

(d)           At any time other than during a Subordinate Control Period or a Subordinate Consultation Period, the Controlling Class Representative
shall have no consultation rights under this Agreement and shall have no right to receive any notices, reports or information (other
than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Controlling Class
Representative; provided, that the Controlling Class Representative (if and to the extent that it is a Certificateholder)
will maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder under this Agreement.

 

(e)           The Servicer or the Special Servicer, as applicable, shall deliver to the Controlling Class Representative reasonable (as
determined by the Servicer or the Special Servicer, as applicable) prior notice of any final decision with respect to any Major
Decision, together with certain other information obtained or prepared by the Servicer or Special Servicer, as applicable, in connection
with such proposed action. Upon the request of the Controlling Class Representative, the applicable Servicer shall make a knowledgeable
Servicing Officer available by telephone conference during regular business hours to verbally answer questions from the Controlling
Class Representative during such ten (10) Business Day period. The Controlling Class Certificateholder shall be entitled but not
required to participate in any such telephone conference and shall not be required to answer questions. The Servicer or the Special
Servicer, as applicable, shall not be required to accept any advice from the Controlling Class

 

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Representative and shall not take
any action in response to a communication from the Controlling Class Representative unless the Controlling Class Certificateholder
has approved such action or the Servicer or the Special Servicer, as applicable, determines that no other action complies with
the Accepted Servicing Practices.

 

9.4.          Controlling Class Representative Contact with Servicer and Special Servicer.

 

(a)           Upon reasonable request, each of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available
to answer questions from the Controlling Class Representative (during any Subordinate Control Period and any Subordinate Consultation
Period) regarding the performance and servicing of the Mortgage Loan (or, in the case of the Special Servicer, the Special Servicer’s
operational activities on a platform level basis related to the servicing of the Mortgage Loan after a Special Servicing Loan Event
and the servicing of any Foreclosed Property) for which the Servicer or the Special Servicer, as the case may be, is responsible.

 

(b)           Notwithstanding any provision of this Agreement to the contrary, the failure of the 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 if the Servicer or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent
with Accepted Servicing Practices, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of
the Trust or otherwise materially harm the Trust or the Trust Fund.

 

10.           EXCHANGE
ACT REPORTING AND REGULATION AB COMPLIANCE

 

10.1.      
Intent of the Parties; Reasonableness. Except with respect
to Section 10.8, Section 10.9 and Section 10.10, the parties hereto acknowledge and agree that the purpose
of this Article 10 is to facilitate compliance by any Other Depositor subject to Exchange Act reporting requirements with
the provisions of Regulation AB and related rules and regulations of the Commission. Neither the Depositor nor the Certificate
Administrator shall, and no Other Depositor or Other Certificate Administrator may, exercise its right to request delivery of information
or other performance under these provisions other than in reasonable good faith, or (except with respect to Section 10.8,
Section 10.9 or Section 10.10) for purposes other than compliance with the 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, whether due to interpretive guidance provided by the Commission or its
staff, or otherwise, and agree to comply with reasonable requests made by the Depositor, the Certificate Administrator, any Other
Depositor or any Other Certificate Administrator in good faith for delivery of information under these provisions on the basis
of such evolving interpretations of the requirements of Regulation AB (to the extent such interpretations require compliance and
are not “grandfathered” and do not mandate compliance). In connection with the MSJP 2015-HAUL transaction, each of
the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and
any Other Certificate Administrator, as applicable, to deliver or make available to any such party (including any of their assignees
or designees), any and all

 

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statements, reports, certifications, records and any other information in its possession and necessary
in the reasonable good faith determination of such party to permit any Other Depositor to comply with the provisions of Regulation
AB, together with such disclosure relating to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
as applicable, and any Sub-Servicer, or the servicing of the Whole Loan, reasonably believed by the Depositor, the Certificate
Administrator, an Other Depositor or an Other Certificate Administrator, as applicable, to be necessary in order to effect such
compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written request made
under this Section 10.1, but in any event, shall, upon reasonable advance written request, provide information in sufficient
time to allow any Other Depositor or any Other Certificate Administrator, as applicable, to satisfy any related filing requirements.
For purposes of this Article 10, 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.

 

10.2.       
Information to be Provided by the Servicer, the Special Servicer, any Primary Servicer and the Certificate Administrator.
(a)  For so long as an Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer,
the Special Servicer, the Trustee and the Certificate Administrator shall (and each of the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator, as applicable, shall cause each Sub-Servicer (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Whole Loan after the Closing Date, to) (i) notify each
Other Depositor in writing of (A) any litigation or governmental proceedings pending against such party, or with respect to any
of its property, that, in each such case, would be material to Certificateholders and (B) any affiliations of the type described
in Item 1119 of Regulation AB or relationships of the type described in Item 1119 of Regulation AB that develop following the Closing
Date between the Servicer, the Special Servicer, the Trustee or the Certificate Administrator (or, if applicable, any Sub-Servicer)
(and any other parties identified in writing by the requesting party), on the one hand, and any other such party on the other,
as the case may be, as such affiliation or relationship relates to any Other Securitization Trust, and (ii) provide to each Other
Depositor a description of such legal proceedings, affiliations or relationships, in each case, in a form that would enable such
Other Depositor to satisfy its reporting obligations under Item 1117 or 1119 of Regulation AB, as applicable.

 

(b)            In connection with the succession to the Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, the
Certificate Administrator or the Trustee as servicer or trustee under this Agreement by any Person (i) into which the Servicer,
the Special Servicer, any Additional Servicer, any Sub-Servicer, the Certificate Administrator or the Trustee, as the case may
be, may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer, the Special Servicer, any Additional
Servicer, any Sub-Servicer, the Certificate Administrator or the Trustee, as the case may be, the Servicer, the Special Servicer,
any Additional Servicer, any Sub-Servicer, the Certificate Administrator or the Trustee, as the case may be, shall (and each of
the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall cause each Additional Servicer
and each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing relationship after the
Closing Date with respect to the Whole Loan, to) provide to each Other Depositor, at least fifteen (15) calendar days prior to
the effective date of such succession or appointment, as long as such

 

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disclosure prior to such effective date would not be violative
of any applicable law or confidentiality agreement, otherwise no later than the effective date of such succession or appointment,
(x) written notice to each Other Depositor of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to each Other Depositor, all information reasonably requested by any Other Depositor so that it may comply with its
reporting obligation under Item 6.02 of Form 8-K as it relates to the Servicing Function with respect to any class of certificates
related to an Other Securitization Trust.

 

(c)           With respect to any Companion Loan that is deposited into an Other Securitization Trust, the Servicer, the Special Servicer,
the Trustee and the Certificate Administrator shall, to the extent the out-of-pocket cost thereof (including any reasonable attorney
fees) is paid or caused to be paid by the applicable party set forth below in this Section 10.2(c), take all actions reasonably
requested of it to enable such Other Securitization Trust to comply with Regulation AB. For the avoidance of doubt and without
limiting the foregoing, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall, if requested by
an Other Depositor, provide disclosure (in substantially the same form as the disclosure provided by it in the Offering Circular,
to the extent reasonably necessary to comply with Regulation AB) regarding such party as reasonably and in good faith determined
by an Other Depositor to be required by Regulation AB for inclusion in disclosure documents with respect to such Other Securitization
Trust, together with an opinion of counsel as to the compliance of such disclosure with the requirements of Regulation AB and indemnification
substantially similar to that provided in connection with the offering of the Certificates regarding damages incurred in connection
with the non-compliance with the requirements of Regulation AB relating to the disclosure referred to in this sentence.

 

The out-of-pocket cost
of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Servicer,
the Special Servicer, the Trustee or the Certificate Administrator pursuant to this Section 10.2(c) shall be paid or caused
to be paid (pursuant to a payment arrangement reasonably acceptable to the delivering party and the receiving party) by the applicable
Mortgage Loan Seller that transferred the related Companion Loan to the related Other Depositor for inclusion in such Other Securitization
Trust; provided, that if any such information is provided in connection with the termination, removal, resignation or any other
replacement of the Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the out-of-pocket
cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the
Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, pursuant to this Section 10.2(c)
shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination,
removal, resignation or other replacement pursuant to this Agreement.

 

(d)           If any Person appointed as a subcontractor or agent of the Servicer, the 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, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, shall promptly
following request provide to each Other Depositor and Other Certificate Administrator a written description (in form and substance
satisfactory to each Other Depositor) of the role and function of such Person, which description shall include (i) the identity

 

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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, 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 of notice of the proposed engagement and the related agreement to each Other Depositor
and Other Certificate Administrator. Such notice shall contain all information reasonably necessary, and in such form as may be
necessary, to enable each Other Certificate Administrator to accurately and timely report the event under Item 6.02 of Form 8-K
pursuant the related Other Pooling and Servicing Agreement (if such reports under the Exchange Act are required to be filed under
the Exchange Act).

 

(e)           Each of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall (i) terminate, in accordance
with the related sub-servicing agreement, any Sub-Servicer with which it has entered into such sub-servicing agreement, if such
Sub-Servicer is in breach of any of its obligations under such sub-servicing agreement whose purpose is to facilitate compliance
by any Other Depositor with the reporting requirements of the Exchange Act or with the provisions of Regulation AB and the related
rules and regulations of the Commission; and (ii) cause each such sub-servicing agreement to entitle the Depositor or any Other
Depositor to terminate such sub-servicing agreement upon any such breach without the consent of any other Person. The Depositor
and each Other Depositor are hereby authorized to exercise the rights described in the preceding clause (ii) in its sole
discretion.

 

10.3.      
Filing Obligations. The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and each Sub-Servicer
shall (and the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and each Sub-Servicer, as applicable,
shall cause each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing relationship
after the Closing Date with respect to the Whole Loan, to) reasonably cooperate with each Other Depositor in connection with the
satisfaction of the related Other Securitization Trust’s reporting requirements under the Exchange Act.

 

10.4.      
Form 10-D Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, within five (5) calendar days after the related Distribution Date, each Person identified on Exhibit O shall
provide (or, with respect to any such Person identified on Exhibit O that is not a party to this Agreement, the applicable
party to this Agreement that engaged such party shall cause such party to provide) to each Other Depositor and Other Certificate
Administrator (a) to the extent known by such Person, the form and substance of any Additional Form 10-D Disclosure as set forth
on Exhibit O, if applicable, and in a form readily convertible to an EDGAR-compatible format (to the extent available to
such party in such format), or in such other form as otherwise agreed by the related Other Depositor, the related Other Certificate
Administrator and such party; provided, that information relating to any REO Account to be reported under Item 8: Other
Information on Exhibit O shall be reported by the Special Servicer to the Servicer within four (4) calendar days after the
related Distribution Date, and (b) an Additional Disclosure Notification. The Certificate Administrator shall provide prompt notice
to each Other Depositor to the extent the Certificate Administrator is notified of an event reportable on Form 10-D for which it
has not received the necessary

 

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Additional Form 10-D Disclosure from such party. The Certificate Administrator shall have no duty
under this Agreement to monitor or enforce the performance by the parties listed on Exhibit O (other than itself and
any such party engaged by it) of their duties under this paragraph or proactively solicit or procure from any such parties any
Additional Form 10-D Disclosure information.

 

10.5.       
Form 10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, no later than March 7 of each year subsequent to the fiscal year that such Other Securitization Trust is subject
to the Exchange Act reporting requirements, commencing in 2016, each Person identified on Exhibit P shall provide (or, with
respect to any such Person identified on Exhibit P that is not a party to this Agreement, the applicable party to this Agreement
that engaged such party shall cause such party to provide) to each Other Depositor and Other Certificate Administrator (a) to the
extent known by such Person, the form and substance of the corresponding Additional Form 10-K Disclosure as set forth on Exhibit
P, if applicable, and in a form that is readily convertible to an EDGAR-compatible form (to the extent available to such party
in such format), or in such other form as otherwise agreed by the related Other Depositor, the related Other Certificate Administrator
and such party, and (b) an Additional Disclosure Notification. The Certificate Administrator shall, at any time prior to filing
the related Form 10-K, provide prompt notice to each Other Depositor to the extent 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 such party. The
Certificate Administrator shall have no duty under this Agreement to monitor or enforce the performance by the parties listed on
Exhibit P (other than itself and any such party engaged by it) of their duties under this paragraph or to proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information.

 

10.6.       
Sarbanes-Oxley Certification. For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, each Reporting Servicer shall provide, and each Reporting Servicer shall cause each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect
to the Whole Loan to provide, to each Other Depositor (addressed to the Person who signs the Sarbanes-Oxley Certification with
respect to the related Other Securitization Trust) a performance certification in the form attached as Exhibit S by noon
(New York City time) on March 10th (with no grace period) of each year subsequent to the fiscal year in which the related
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, upon which such 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 and the Other Depositor, the “Certification Parties”) can reasonably rely. 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 and a reliance
certificate to the certifying person pursuant to this Section 10.6 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 include a reasonable reliance provision enabling the related Certification Parties to rely upon each (i) annual
compliance statement (as

 

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applicable) provided pursuant to Section 10.8, (ii) annual report on assessment of compliance with
Servicing Criteria provided pursuant to Section 10.9 and (iii) registered public accounting firm attestation report provided
pursuant to Section 10.10 and shall include a certification that each such annual report on assessment of compliance discloses
any material instances of noncompliance described to the registered public accountants of such Reporting Servicer to enable such
accountants to render the attestation provided for in Section 10.10.

 

10.7.       
Form 8-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, no later than noon (New York City time) on the second (2nd) Business Day after the occurrence of an event
requiring disclosure under Form 8-K (each, a “Reportable Event”) the applicable Person identified on such Exhibit
Q shall provide (or, with respect to any such Person identified on Exhibit Q that is not a party to this Agreement,
the applicable party to this Agreement that engaged such party shall cause such party to provide) to each Other Depositor and Other
Certificate Administrator (a) to the extent known by such Person, the form and substance of the corresponding Form 8-K Disclosure
Information as set forth on Exhibit Q, if applicable, and in a form that is readily convertible to an EDGAR-compatible format
(to the extent available to such party in such format), or in such other form as otherwise agreed by the related Other Depositor,
the related Other Certificate Administrator and such party, and (b) an Additional Disclosure Notification.

 

10.8.       
Annual Compliance Statements. The Servicer, the Special Servicer and, only for so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator (including in its capacity as
Custodian), and, if it has made an Advance during the applicable calendar year, the Trustee (each a “Certifying Servicer”)
shall (and each such party shall cause each Additional Servicer and each Sub-Servicer with which it has entered into a servicing
relationship after the Closing Date with respect to the Whole Loan, to) deliver electronically to the Depositor, the Certificate
Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website), the 17g-5 Information
Provider (who shall promptly post it to the 17g-5 Information Provider’s Website) and to the Companion Loan Holders (or,
in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor), on or before March
10th with respect to any Certifying Servicer or on or before March 1st with respect to any Additional Servicer
and each Sub-Servicer, or if any such day is not a Business Day, the immediately preceding Business Day (with no cure period),
commencing in March 2016, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying
Servicer’s or Additional Servicer’s, as the case may be, activities during the preceding calendar year or portion thereof
and of such Certifying Servicer’s or Additional Servicer’s, as the case may be, 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
or Additional Servicer, as the case may be, 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. Promptly after receipt of each such Officer’s Certificate, the Depositor
and any 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

 

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by such Certifying Servicer in the fulfillment of any of the Certifying
Servicer’s obligations hereunder, or any failures by an Additional Servicer retained by such Certifying Servicer in the fulfillment
of any of such Additional Servicer’s obligations under the applicable sub-servicing or primary servicing agreement.

 

10.9.       
Annual Reports on Assessment of Compliance with Servicing Criteria. By March 10th of each year, or if
such day is not a Business Day, the immediately preceding Business Day (with no cure period), commencing in March 2016, the Servicer,
the Special Servicer, the Certificate Administrator, including in its capacity as Custodian, (and only for so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act) and, to the extent it is a Servicing Function
Participant, the Trustee (only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act), each at its own expense, shall furnish electronically (and each of the preceding parties, as applicable, shall cause, by
March 1st (or, if such day is not a Business Day, the immediately succeeding Business Day), each Servicing Function
Participant (other than a party to this Agreement) with which it has entered into a servicing relationship after the Closing Date
with respect to the Whole Loan, to furnish, each at its own expense), to the Depositor, the Trustee, the Certificate Administrator
(who shall promptly upon receipt post it to the Certificate Administrator’s Website), the 17g-5 Information Provider (who
shall promptly post it to the 17g-5 Information Provider’s Website) and to the Companion Loan Holders (or, in the case of
a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor), a report on an assessment of compliance
with the Applicable 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 Applicable
Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and
for the period ending the end of the fiscal year, including, if there has been any material instance of noncompliance with the
Applicable Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a
registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 10.9
shall be provided via the Certificate Administrator’s Website to all Privileged Persons by the Certificate Administrator.

 

No later than ten (10)
Business Days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer, and the Trustee (if applicable)
shall each forward to the Certificate Administrator, the Depositor and each Companion Loan Holder, and the Certificate Administrator
and the Depositor shall each forward to each Mortgage Loan Seller, each Other Depositor and each Other Certificate Administrator,
the name and address of each Additional Servicer and each Servicing Function Participant engaged by it and (other than with respect
to a notice to any Mortgage Loan Seller) what Applicable Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Additional Servicer or Servicing Function Participant. When the Servicer, the Special Servicer, the Trustee (if
applicable) and each Sub-Servicer submit their respective assessments by March 1st (or the immediately succeeding Business
Day, if applicable) or March 10th, as applicable, as set forth in the preceding paragraph, each such party shall also
at such time include, in its submission the assessment (and attestation

 

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pursuant to Section 10.10) of each Servicing Function
Participant engaged by it. Not later than the end of each fiscal year for which any Other Securitization Trust is required to file
a Form 10-K and upon written request, the Certificate Administrator shall 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.

 

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 Servicer, the Special Servicer, the Certificate Administrator, the Trustee (if
applicable) and any Servicing Function Participant as to the nature of any material instance of noncompliance with the Applicable
Servicing Criteria by the Servicer, the Special Servicer, the Certificate Administrator, the Trustee (if applicable) or any Servicing
Function Participant, respectively, and (ii) the Certificate Administrator shall confirm that the assessments taken individually
address the Applicable Servicing Criteria for each party as set forth on Exhibit L and notify the Depositor and each Other
Depositor of any exceptions. 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 10.9 (coupled with an attestation statement pursuant to Section 10.10)
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 Applicable Servicing
Criteria reported on an assessment of compliance pursuant to this Section 10.9 by the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee shall not, as a result of being so reported, in and of itself, constitute a breach of
such parties’ obligations, as applicable, under this Agreement unless otherwise provided for in this Agreement.

 

10.10.     
Annual Independent Public Accountants’ Servicing Report. By March 10th of each year, or if such
day is not a Business Day, the immediately preceding Business Day (with no cure period), commencing in March 2016, the Servicer,
the Special Servicer, the Certificate Administrator, including in its capacity as Custodian, (and only for so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act) and, to the extent it is a Servicing Function
Participant, the Trustee (only for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act), each at its own expense, shall cause (and each of the preceding parties, shall cause, by March 1st (or, if such
day is not a Business Day, the immediately succeeding Business Day), each Servicing Function Participant (other than a party to
this Agreement) with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan,
to cause, each at its own expense) a registered public accounting firm (which may also render other services to the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, such Sub-Servicer or such other Servicing Function Participant, as
the case may be) that is a member of the American Institute of Certified Public Accountants to furnish electronically a report
to the Depositor, the Trustee, the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s
Website), the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s Website) and to
the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other
Depositor), to the effect that (i) it has obtained a representation regarding certain matters from the management

 

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of such Reporting
Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria, and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the PCAOB, it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Applicable 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 Applicable Servicing Criteria. If an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Each accountant’s attestation report
required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and
the Exchange Act. Such report must be available for general use and not contain restricted use language. Copies of all statements
delivered pursuant to this Section 10.10 shall be made available to any Privileged Person by the Certificate Administrator
posting such statement to the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

Promptly after receipt
of such report from the Servicer, the Special Servicer, the Certificate Administrator or the Trustee (if applicable) (or any Sub-Servicer
or Servicing Function Participant with which the Servicer, the Special Servicer, the Certificate Administrator or the Trustee (if
applicable) has entered into a servicing relationship after the Closing Date with respect to the Whole Loan (other than a party
to this Agreement)), (i) the Depositor and each Other Depositor shall have the right to review the report and, if applicable, consult
with the Servicer, the Special Servicer, the Certificate Administrator, the Trustee (if applicable), any Sub-Servicer or any such
Servicing Function Participant as to the nature of any material instance of noncompliance by the Servicer, the Special Servicer,
the Certificate Administrator, the Trustee or any such Servicing Function Participant with the Servicing Criteria applicable to
such Person, and (ii) the Certificate Administrator shall confirm that each assessment submitted pursuant to Section 10.9
is coupled with an attestation meeting the requirements of this Section and notify the Depositor and each Other Depositor of any
exceptions.

 

10.11.     
Indemnification. Each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator (each
an “Indemnifying Party”) shall indemnify and hold harmless each Certification Party, their respective directors
and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Act or Section
20 of the Exchange Act (each a “Certification Indemnitee”), 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 or based upon: (i) the failure of any Indemnifying Party to perform its obligations under
this Article 10 (including, without limitation, the failure of any information provided pursuant to Section 10.2(c)
to comply with the requirements of the items of Regulation AB applicable to such Indemnifying Party); (ii) the failure of any Servicing
Function Participant or Additional Servicer retained by it to perform its obligations to the Depositor, the Certificate Administrator,
any Other Depositor or any Other Certificate Administrator under this Article 10 by the time required after giving effect
to any applicable grace period and cure period; (iii) any untrue statement or alleged untrue statement of a material fact contained
in any information (x) regarding the Indemnifying Party or any Servicing Function Participant, Additional Servicer or subcontractor
engaged by it, (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other
agent retained by such party to prepare such information and (z) delivered by or

 

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on behalf of such Indemnifying Party in connection with the performance of such Indemnifying Party’s
obligations described in this Article 10, or the omission or alleged omission to state in any such information a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
that such Indemnifying Party shall be entitled to participate in any action arising out of the foregoing and the Depositor shall
consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing
and any potential settlement terms related thereto; (iv) negligence, bad faith or willful misconduct on the part of the Indemnifying
Party in the performance of such obligations; or (v) any Deficient Exchange Act Deliverable with respect to such Indemnifying
Party.

 

In addition, each of
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function
Participant and Sub-Servicer retained by it to cooperate under the applicable subservicing agreement) with the Depositor and any
Other Depositor as necessary for the Depositor or such 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 Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, a Servicing Function Participant or a Sub-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 (an “ARP Report”) filed by the Depositor or an Other Depositor under the Reporting
Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s, as applicable, filing
of such report, the Depositor or the Other Depositor, as applicable, 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, as applicable, 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, that if an Affected Reporting Party is a Servicing Function
Participant or Sub-Servicer retained by the Servicer or the Special Servicer, as applicable, the Servicer or the Special Servicer,
as applicable, shall require the Servicing Function Participant or Sub-Servicer to provide it with, and the Servicer or the Special
Servicer, as applicable, shall be entitled to 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, as applicable, informed of its progress with the Commission and copy the Depositor or Other
Depositor, as applicable, on all correspondence with the Commission and provide the Depositor or Other Depositor, as applicable,
with the opportunity to participate (at the Depositor’s or Other Depositor’s, as

 

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applicable, expense) in any telephone
conferences and meetings with the Commission and (ii) the Depositor or Other Depositor, as applicable, shall cooperate with such
Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate
directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to
notify the Commission of such authorization. The Depositor or Other Depositor, as applicable, and such 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 such party) in connection with the circumstances described
in the first sentence of this paragraph (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 ARP 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, as applicable.
Each of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts
to cause any Servicing Function Participant or Sub-Servicer retained by it to comply with the foregoing by inclusion of similar
provisions in the related sub-servicing or similar agreement.

 

The Servicer, the Special
Servicer, the Certificate Administrator and the Trustee shall cause each Additional Servicer (other than a party to this Agreement)
with which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan, to indemnify and
hold harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its
obligations to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation reports
pursuant to this Agreement, or the applicable sub-servicing or primary servicing agreement, as applicable, (ii) negligence, bad
faith or willful misconduct on its part in the performance of such obligations thereunder or (iii) any Deficient Exchange Act Deliverable
with respect to such Additional Servicer.

 

If the
indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the
Servicer, the Special Servicer, the Trustee and the Certificate Administrator, each Additional Servicer or other Servicing
Function Participant (the “Performing Party”) shall (and the Servicer, the Special Servicer, the
Certificate Administrator and the Trustee shall cause each Additional Servicer or other Servicing Function Participant with
which it has entered into a servicing relationship after the Closing Date with respect to the Whole Loan (other than a party
to this Agreement), 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 10 (or breach of its representations or 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 otherwise comply with the requirements of this Article
10) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith. The Servicer,
the Special Servicer, the Certificate Administrator and the Trustee shall cause each Additional Servicer or

 

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Servicing
Function Participant with which it has entered into a servicing relationship after the Closing Date with respect to the Whole
Loan (other than a party to this Agreement), to agree to the foregoing indemnification and contribution obligations.

 

Promptly after receipt
by the Certification Party of notice of the commencement of any action, such Certification Party shall, if a claim in respect thereof
is to be made against an 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 the Certification
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 the Certification 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 shall be entitled to
assume the defense thereof (jointly with any other Indemnifying Party similarly notified) with counsel reasonably satisfactory
to the Certification Party (which approval shall not be unreasonably withheld or delayed), and after notice from the Indemnifying
Party to the Certification Party of its election to so assume the defense thereof, the Indemnifying Party shall not be liable to
the Certification Party for any expenses subsequently incurred in connection with the defense thereof other than reasonable costs
of investigation. In any such proceeding, the Certification Party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of the Certification Party unless (i) the Indemnifying Party and the Certification
Party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the Indemnifying Party and the Certification Party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the Indemnifying Party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the Certification 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 the Certification
Party 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 Certification 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 Certification Party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the Certification Party in connection with all matters relating to the
proceeding that have been asserted against the Certification Party in such proceeding by the other parties to such settlement and
(ii) does not require an admission of fault by the Certification Party, without the consent of the Certification Party.

 

10.12.    Amendments.
This Article 10, Exhibit L, Exhibit O, Exhibit P and Exhibit Q may be amended by the
written consent of all of the parties hereto and, if any such amendment to Exhibit L, Exhibit O, Exhibit
P or Exhibit Q adds additional reporting obligations for a

 

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Mortgage Loan Seller, with the consent of the related
Mortgage Loan Seller, pursuant to Section 12.1 (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) for purposes of complying with Regulation AB or an Other Securitization
Trust’s Exchange Act reporting obligations.

 

10.13.    
Significant Obligors. If an Other Depositor has notified the Servicer in writing that the Properties constituted
a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization
that includes such Companion Loan, the Servicer shall, if the Servicer is in receipt of (i) the updated financial statements of
such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year),
beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or (ii) the updated financial
statements of such “significant obligor” for any calendar year, beginning with the calendar year following such notice
from the Other Depositor, deliver to the Other Depositor and Other Trustee, on or prior to the day that occurs two (2) Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant obligor”,
together with the net operating income of such “significant obligor” for the applicable period as calculated by the
Servicer in accordance with CREFC® guidelines or (B) if such financial statement receipt occurs less than twelve
(12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Mortgagor in such financial statement.

 

If the Servicer does
not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case
may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the related Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust (or the Servicer shall cause a Sub-Servicer to notify such Other Depositor) that it has not received them. The Servicer shall
use efforts consistent with the Accepted Servicing Practices (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the Borrowers under the related
Loan Documents.

 

The Servicer shall (or
shall cause a Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the
borrower related to such “significant obligor” to obtain the required financial information and is unsuccessful and,
within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the
Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the related
Other Depositor and Other Certificate Administrator. This Officer’s Certificate should be addressed to such Other Certificate

 

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Administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

10.14.   
Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan. Any other provision
of this Article 10 to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth
in this Article 10, in connection with the requirements contained in this Article 10 that provide for the delivery
of information and other items to, and the cooperation with, an Other Depositor of any Other Securitization Trust, no party hereunder
shall be obligated to provide any such items to or cooperate with such Other Depositor (i) until the Other Depositor has provided
each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other Depositor to comply
with related filing obligations, provided that (a) such Other Depositor has provided written notice as soon as reasonably practicable
and, concurrently with such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance
with Section 12.4 of this Agreement and (b) such period shall not be less than 3 Business Days’) written notice (which shall
only be required to be delivered once), except as regards the deliveries and cooperation contemplated by Section 10.8,
Section 10.9 and Section 10.10 of this Agreement, stating that (i) such Other Securitization Trust is subject to
Regulation AB and that the Other Securitization Trust is subject to Exchange Act reporting, and (ii) specifying in reasonable detail
the information and other items not otherwise specified in this Agreement that are requested to be delivered; provided that if
Exchange Act reporting is being requested. Any reasonable cost and expense of the Depositor, Servicer, Special Servicer, Trustee
and Certificate Administrator in cooperating with such Other Depositor (above and beyond their expressed duties hereunder) shall
be the responsibility of such Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm
in good faith with such Other Depositor as to whether applicable law requires the delivery of the items identified in this Article
10 to such Other Depositor prior to providing any of the reports or other information required to be delivered under this Article
10 in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth
in this Article 10 with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties
shall not be required to deliver such items; provided that no such confirmation will be required in connection with any delivery
of the items contemplated by Section 10.8, Section 10.9 and Section 10.10 of this Agreement. Such confirmation
shall be deemed given if the related Other Depositor provides a written statement to the effect that the Other Securitization Trust
is subject to the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement.
The parties hereunder shall also have the right to require that such Other Depositor provide them with the contact details of such
Other Depositor and any other parties to the related Other Pooling and Servicing Agreement.

 

11.             
Termination.

 

11.1.   
   Termination.

 

(a)        
 The respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created hereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders
after

 

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the final Distribution Date and
other than the indemnification rights and obligations of the parties hereto) shall terminate upon the last action required to be
taken by the Certificate Administrator on the final Distribution Date pursuant to this Article 11 following the later
of (i) the final payment on the Certificates or (ii) the liquidation of the Mortgage Loan (including, without limitation,
the sale of the Mortgage Loan pursuant to this Agreement, as applicable) or the liquidation or abandonment of the Properties and
all other Collateral for the Mortgage Loan; provided, however, that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the Court of St. James’s, living on the date hereof.

 

(b)          On the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a Person other
than the Certificateholders, shall be applied generally as described in Section 4.1.

 

(c)          Notice
of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for
payment of the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to
Certificateholders mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of
the Certificates shall be made upon presentation and surrender of Certificates at the office or agency of the Certificate
Administrator therein designated, (B) the amount of any such final payment and (C) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the
Certificates at the office or agency of the Certificate Administrator therein specified.

 

11.2.       Additional
Termination Requirements.

 

In connection with any
termination pursuant to Section 11.1 other than final payment on the Mortgage Loan, the Trust Fund shall be terminated
in accordance with the following additional requirements, unless the Certificate Administrator and the Trustee have obtained at
the expense of the Trust Fund, an Opinion of Counsel that any other manner of terminating either the Lower-Tier REMIC or the Upper-Tier
REMIC will not subject the Trust Fund, the Lower-Tier REMIC or the Upper-Tier REMIC to federal income tax:

 

(i)            Within
89 days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the 90-day liquidation
period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate Administrator
to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date in the final
tax return of each such REMIC;

 

(ii)       
  At or after the time of adoption of such plan of complete liquidation and at or prior to the final scheduled Distribution
Date, the Servicer shall sell any remaining assets (other than cash) of the Trust Fund and credit the proceeds thereof to the
Trust Fund; and

 

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(iii)         At
or after such time as the proceeds from the disposition of the remaining assets of the Trust Fund shall have been credited to
the Trust Fund, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC
to be distributed to the Trustee as holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class R Certificates
(in respect of the Class LT-R Interest) in accordance with Section 4.1(b) and (B) as part of the Upper-Tier REMIC
to be distributed to the Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest)
in accordance with Section 4.1(a), Section 4.1(b) and Section 4.1(g).

 

11.3.        Trusts
Irrevocable. Except as expressly provided herein, all trusts created hereby are irrevocable.

 

		12.	MISCELLANEOUS PROVISIONS

 

12.1.  
    Amendment. (a)  This Agreement may be amended from time to time by the
parties hereto, without the consent of any of the Certificateholders or the Companion Loan Holders:

 

(i)         
  to correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any
provision of this Agreement;

 

(ii)        
  to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements
made in the Offering Circular with respect to the Certificates, the Trust or this Agreement to correct or supplement any of its
provisions which may be inconsistent with any other provisions in this Agreement, or to correct any error;

 

(iii)    
     to change the timing and/or nature of deposits in the Collection Account, the Distribution
Account or the Foreclosed Property Account, provided that (A) the Remittance Date may in no event be later than the
Business Day prior to the related Distribution Date and (B) (1) the change would not adversely affect in any material
respect the interests of any Certificateholder, as evidenced by an Opinion of Counsel (at the expense of the party requesting
the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator) or
(2) a Rating Agency Confirmation is obtained (at the expense of the party requesting the amendment or at the expense
of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator);

 

(iv)          to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of the Lower-Tier
REMIC and the Upper-Tier REMIC as a REMIC at all times that any Certificate is outstanding, or to avoid or minimize the risk of
imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the Lower-Tier REMIC or the
Upper-Tier REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the
Certificate Administrator) to the

 

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effect
that (1) the action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of imposition
of any such tax and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates;

 

(v)       
  to modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with
respect to) the transfer of the Class R Certificates; provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided,
further, that the Depositor may conclusively rely upon an Opinion of Counsel to such effect;

 

(vi)   
     to make any other provisions with respect to matters or questions arising under this Agreement
or any other change, provided that the required action will not adversely affect in any material respect the interests
of any Certificateholder not consenting to such amendment, as evidenced by (a) an Opinion of Counsel (at the expense of the
party requesting the amendment or at the expense of the Trust Fund if the Trustee or the Certificate Administrator is the requesting
party) and (b) a Rating Agency Confirmation (at the expense of the party requesting the amendment or at the expense
of the Trust Fund if the requesting party is the Trustee or the Certificate Administrator); provided, that any amendment
pursuant to this clause (vi) that would adversely affect the rights of the Controlling Class or the Controlling Class Representative
shall be subject to the consent of such affected party, parties or Certificateholders, as applicable;

 

(vii)  
     to amend or supplement any provision of this 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
(at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the
Trustee or the Certificate Administrator); provided, that any amendment pursuant to this clause (vii) that would adversely
affect the rights of the Controlling Class or the Controlling Class Certificateholder (or the Controlling Class Representative
on its behalf) shall be subject to the consent of such affected party, parties or Certificateholders, as applicable;

 

(viii)     
 to modify the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (A) the
Depositor, the Servicer, the Certificate Administrator and the Trustee, determine that the commercial mortgage-backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (B) such modification does
not adversely affect the status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, as evidenced by an Opinion of Counsel
(at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee
or the Certificate Administrator), (C) a Rating Agency Confirmation is obtained from each Rating Agency (at the expense of
the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the Certificate
Administrator), and (D) during any Subordinate Control Period, the Controlling Class Representative consents to such modification;

 

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(ix)         
to modify the procedures set forth in this Agreement relating to compliance with Exchange Act Rule 17g-5, Rule 15Ga-1 or
Rule 15Ga-2; and

 

(x)           pursuant to, and in accordance with, Article 10 of this Agreement.

 

(b)           This
Agreement may also be amended by the parties to this Agreement with the consent of the Holders of Certificates of each Class adversely
affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the
Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Holders of the Certificates, except that the amendment may not (1) reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or the Companion Loans that are required
to be distributed on any Certificate or the Companion Loans, respectively; (2) alter in any manner the liens on any Collateral
securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter
Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders or
the Companion Loan Holders that are required to consent to any action or inaction under this Agreement; or (5) amend this
Section 12.1.

 

(c)          
Notwithstanding the foregoing, no amendment to this Agreement may be made that (i) would cause the Lower-Tier REMIC or
the Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion of Counsel),
(ii) changes in any manner the obligations of a Mortgage Loan Seller under its respective Mortgage Loan Purchase Agreement without
the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator, Servicer or Special Servicer may,
but will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Trustee, Certificate Administrator, Servicer or Special Servicer under this Agreement
or (iii) impairs the rights of a Companion Loan Holder under this Agreement without the consent of such Companion Loan Holder.

 

(d)           It shall not be necessary for the consent of Certificateholders under this Section 12.1 to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

(e)          
Notwithstanding the foregoing, (i) no amendment may be made to this Agreement unless the Trustee, the Certificate Administrator,
the Servicer, and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under this Agreement and all conditions precedent have been met and that the amendment
or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion of the
Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

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(f)           Promptly after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of such
amendment on the Certificate Administrator’s Website and furnish written notification of the substance of such amendment
to each Certificateholder, the Depositor, the Servicer, the Special Servicer, the Initial Purchasers, the Borrowers, the Companion
Loan Holders and the 17g-5 Information Provider (who shall promptly post to the 17g-5 Information Provider’s Website).

 

(g)          In the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 12.1
shall be effected with the consent of the Trustee, the Certificate Administrator, the Servicer, and the Special Servicer, as applicable,
and, to the extent required by this Section 12.1, the required Certificateholders and/or Companion Loan Holder, as
applicable.

 

(h)          Unless otherwise specified in Section 12.1(a), the costs and expenses associated with any such amendment, including
without limitation, Opinions of Counsel and a Rating Agency Confirmations, shall be borne by the party requesting such amendment
(or, if such amendment is required by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee
or the Certificate Administrator for any purpose described in Section 12.1(a) (which do not modify or otherwise relate
solely to the obligations, duties or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor
and, if neither the Depositor nor any successor thereto is in existence, the Trust Fund).

 

(i)           No amendment to this Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion
Loan Holders shall be effected unless such Initial Purchaser or the Companion Loan Holders, as the case may be, provides written
consent to such amendment. In addition, no amendment to this Agreement that increases the obligations or impairs the rights of
any Mortgage Loan Seller shall be effected unless such Mortgage Loan Seller provides written consent to such amendment.

 

12.2.      
Recordation of Agreement; Counterparts. (a)  This Agreement or an abstract hereof, if acceptable by the
applicable recording office, is subject to recordation in all appropriate public offices for real property records in the county
in which any Property subject to the Mortgages is situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Trustee or the Certificate Administrator at the expense of the Trust upon its receipt of
an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders
of the Trust.

 

(b)         
For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement
may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of
this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed
original counterpart of this Agreement.

 

12.3.     
Governing Law; Submission to Jurisdiction. THIS AGREEMENT AND Any claim,
controversy or dispute arising under or related to this

 

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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.

 

12.4.    
Notices. All demands, notices and communications hereunder shall be in writing, shall be deemed to have been given
upon receipt (except that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed to
have been given upon being sent by first class mail, postage prepaid) as follows:

 

If to the Depositor, to:

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

with a copy to:

Morgan Stanley Capital I Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

    	-210-

    	 

    

 

If to the Servicer, to:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSJP 2015-HAUL Asset Manager

Facsimile number: (704) 715-0036

 

and with respect to any notice relating
to Rating Agency requests:

RAInvRequests@wellsfargo.com

 

and with respect to any notice relating
to investor requests:

REAM_InvestorRelations@wellsfargo.com

 

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: MSJP 2015-HAUL Mortgage Trust

 

with a copy to:

 

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street 28202

Attention: Stacy G. Ackermann

 

If to the Special Servicer, to:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Special Servicing

MAC D1086

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: MSJP 2015-HAUL

                   Special Servicing – Daniel Marthinsen

Facsimile number: (704) 715-0055

 

    	-211-

    	 

    

 

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: MSJP 2015-HAUL Mortgage Trust

 

with a copy to:

 

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street 28202

Attention: Stacy G. Ackermann

 

If to the Trustee or the Certificate
Administrator, to:

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSJP 2015-HAUL

Facsimile number: (866) 807-8670

 

If to MSMCH, to:

Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

with a copy to:

Morgan Stanley Mortgage Capital Holdings LLC

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

If to JPMCB, to:

 

    	-212-

    	 

    

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh and Bianca A. Russo, Esq., Managing Director & Associate General Counsel

Telecopy: (917) 464-6116

 

If to any Certificateholder,
to:

the address set forth in the Certificate Register,

 

If to the Borrowers:

at the respective addresses therefor set forth in the Loan Agreement

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

12.5.   
  Notices to the Rating Agencies. None of the Servicer, the Special Servicer, the Trustee or the
Certificate Administrator shall provide any information regarding the Trust Fund to the Rating Agencies upon receipt of a
request by the Rating Agencies therefor but shall, upon receipt of a reasonable request for information pertaining to this
transaction, to the extent such party has or can obtain such information without unreasonable effort or expense, provide such
information to the Depositor in accordance with the procedures set forth in Sections 12.16 and 12.17; provided,
that the Depositor shall not disclose which Rating Agency has requested such information. Notwithstanding the foregoing, the
failure to deliver such information shall not constitute a Servicer Termination Event or Special Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be
in writing.

 

    	-213-

    	 

    

 

Any notices to the Rating Agencies
shall be sent to the following addresses:

Moody’s Investors Services, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-0300

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Michael Giordanella

Facsimile No.: (212) 635-0295

Email: britt.johnson@fitchratings.com

DBRS, Inc.

333 West Wacker Dr., Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

12.6.    
 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions
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.

 

12.7.     
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an
accounting or to take any action or to commence any proceeding in any court for a petition or winding up of the Trust Fund, or
otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by
reason of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee and the Certificate Administrator a

 

    	-214-

    	 

    

 

written notice of a Servicer
Termination Event or Special Servicer Termination Event, as the case may be, and of the continuance thereof, as herein before provided,
and unless the Holders of Certificates aggregating not less than 25% of the Voting Rights of the Certificates shall also have made
written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred
therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected
or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by
each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have
any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement,
except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of
the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

12.8.     
Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations
of the Trust Fund, the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever,
and the Certificates, upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall
be deemed fully paid.

 

12.9.     
Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents,
waivers and modifications which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial
statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic,
microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible
in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and
whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in evidence.

 

12.10.    
No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between
the parties hereto.

 

12.11.   
Actions of Certificateholders. (a)  Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing;
and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered
to the Trustee and the Certificate Administrator and, where required, to the Depositor, the Servicer, or the Special Servicer.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient

 

    	-215-

    	 

    

 

for any purpose of this
Agreement and conclusive in favor of the Certificate Administrator, the Trustee, the Depositor, the Servicer, and the Special Servicer
if made in the manner provided in this Section.

 

(b)        
The fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Trustee or the Certificate Administrator deems sufficient.

 

(c)         
Any request, demand, authorization, direction, notice, consent, waiver, or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Servicer, or the Special
Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)        
The Trustee and the Certificate Administrator may require additional proof of any matter referred to in this Section as
it shall deem reasonably necessary.

 

12.12.   
Successors and Assigns. The rights and obligations of any party hereto shall not be assigned (except pursuant to
Sections 6.2, 6.4, 8.7 or 8.9 hereof) by such party without the prior written consent of the other
parties hereto. This Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee and their respective permitted successors and assigns. No Person other than a party
to this Agreement, the Initial Purchasers and any Certificateholder shall have any rights with respect to the enforcement of any
of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically agree that (i)
each Companion Loan Holder shall be a third party beneficiary to this Agreement with respect to the rights afforded it under this
Agreement, (ii) each Other Depositor and Other Exchange Act Reporting Party shall be a third party beneficiary of this Agreement
with respect to all rights of cooperation, compensation and reimbursement afforded to it hereunder, including, without limitation
under Section 3.4, Section 3.24 and Article 10, and (iii) state that no Borrower, property manager or other
party to the Mortgage Loan is an intended third-party beneficiary of this Agreement (provided that the Borrowers shall be
entitled to notices to the extent expressly provided herein).

 

12.13.  
Acceptance by Authenticating Agent, Certificate Registrar. The Certificate Administrator hereby accepts its appointment
as Authenticating Agent and Certificate Registrar and agrees to perform the obligations required to be performed by it in each
such capacity pursuant to the terms of this Agreement.

 

12.14.   
Streit Act. Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k
or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those
conferred or imposed by this Agreement; provided, however, that to the extent that such Section 126 and/or 130-k
shall not have any effect, and if said Section 126 and/or Section 130-k should at any time be repealed or cease to apply
to this Agreement or be construed by judicial decision to be inapplicable, said Section 126 and/or Section 130-k shall
cease to have any further effect upon the provisions of

 

    	-216-

    	 

    

 

this Agreement. In a case of a conflict between the provisions of this
Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such mandatory provisions of said
Article 4-A shall prevail, provided that if said Article 4-A shall not apply to this Agreement, should at any
time be repealed, or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, such mandatory provisions
of such Article 4-A shall cease to have any further effect upon the provisions of this Agreement.

 

12.15.   
Assumption by Trust of Duties and Obligations of the Mortgage Loan Sellers Under the Loan Documents. The Trustee
on behalf of the Trust as assignee of the Mortgage Loan and the Certificate Administrator, the Servicer and Special Servicer hereby
acknowledge that the Trust assumes all of the rights and obligations of the Mortgage Loan Sellers as lender under the Loan Documents
and agrees to be bound thereby, and in accordance with the terms thereof. Such acknowledgement on behalf of the Trust is made by
the Trustee in the exercise of the powers and authority conferred and vested in it and is intended for the purpose of binding only
the Trust. Nothing contained in this Section shall be construed as creating any liability on the part of the Trustee, individually
or personally, it being agreed that all liabilities and obligations being acknowledged as assumed are solely those of the Trust,
and under no circumstances shall the Trustee be liable personally for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Trust under this Agreement, any Loan Document or any related document.

 

12.16.    Notice
to the 17g-5 Information Provider and Each Rating Agency. (a)  The Certificate Administrator shall promptly
furnish to the 17g-5 Information Provider by electronic delivery each of the following of which a Responsible Officer of the
Certificate Administrator has actual knowledge, and the 17g-5 Information Provider shall promptly upload such notice or
information to the 17g-5 Information Provider’s Website (but in no event later than five (5) Business Days after
receipt thereof):

 

(i)           
any material change or amendment to this Agreement, the Mortgage Loan Purchase Agreements, the Loan Agreement or the Intercreditor
Agreement;

 

(ii)          
notice of the merger, consolidation, resignation or termination of the Servicer, Special Servicer, the Certificate Administrator
or the Trustee;

 

(iii)         
notice of the repurchase of, or substitution of, the Mortgage Loan pursuant to Sections 2.2 and 2.7;

 

(iv)         
the final payment to any Class of Certificateholders;

 

(v)   
       any change in the location of any Reserve Account or the Distribution Account;

 

(vi)   
      any change in the lien priority of the Mortgage Loan; and

 

(vii) 
       each Distribution Date Statement described in Section 4.4(a).

 

(b)           The Servicer or the Special Servicer shall promptly furnish to the 17g-5
Information Provider by electronic delivery copies of the following (to the extent not already

 

    	-217-

    	 

    

 

delivered or made available
pursuant to the terms of this Agreement), and the 17g-5 Information Provider shall promptly upload such documents to the
17g-5 Information Provider’s Website within five (5) Business Days, and after the Servicer or the Special Servicer, as
applicable, receives written notification from the 17g-5 Information Provider (which may be in the form of email) that the
17g-5 Information Provider has uploaded such documents to the 17g-5 Information Provider’s Website, the Servicer or the
Special Servicer, as applicable, may provide such documents to the Rating Agencies:

 

(i)            each
of its annual statements as to compliance described in Section 10.9;

 

(ii)          
each of its annual independent public accountants’ servicing reports described in Section 10.10;

 

(iii)          a
copy of each operating and other financial statements or occupancy report to the extent such information is required to be delivered
under the Mortgage Loan and to the extent such information is collected by the Servicer or the Special Servicer pursuant to this
Agreement;

 

(iv)        
 each inspection report prepared in connection with any inspection conducted pursuant to Section 3.22;
and

 

(v)           each
Appraisal obtained pursuant to Section 3.7.

 

12.17.    
Exchange Act Rule 17g-5 Procedures. (a)  Except as otherwise expressly and specifically provided in Section 12.16
of this Agreement or Section 12.17 of this Agreement or otherwise in this Agreement or as required by law, none of
the Depositor, the Servicer, the Special Servicer or the Trustee shall provide any information relevant to the Rating Agencies’
surveillance of the Certificates or the Mortgage Loan directly to, or communicate with, either orally or in writing, any Rating
Agency regarding the Certificates or the Mortgage Loan, including, but not limited to, providing responses to inquiries from a
Rating Agency regarding the Certificates or the Mortgage Loan relevant to such Rating Agency’s surveillance of the Certificates.
To the extent that a Rating Agency makes an inquiry or initiates communications with any such party regarding the Certificates
or the Mortgage Loan relevant to such Rating Agency’s surveillance of the Certificates, all responses to such inquiries or
communications from such Rating Agency shall be made in writing by the responding party and delivered to the 17g-5 Information
Provider electronically as provided in Section 12.17(g), which written response the 17g-5 Information Provider shall
post to the 17g-5 Information Provider’s Website within two (2) Business Days of receipt.

 

(b)          To
the extent that any party to this Agreement is required to provide any information to, or communicate with, any Rating
Agency in accordance with its obligations under this Agreement or applicable law, such party shall provide such information
or communication to the 17g-5 Information Provider electronically as provided in Section 12.17(g), and the 17g-5
Information Provider shall upload such information or communication to the 17g-5 Information Provider’s Website within
two (2) Business Days of receipt. The 17g-5 Information Provider shall notify each other party to this Agreement in writing
of any change in the identity or contact information of the 17g-5 Information Provider. Any Rating Agency

 

    	-218-

    	 

    

 

Confirmation
request shall be made in accordance with Section 3.26. In connection with the delivery by the 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 Information Provider shall notify (which may include automatically generated
electronic notifications) the Servicer or Special Servicer when such information, report, notice or document has been posted.
The Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information report, notice or
other document to the applicable Rating Agency or Rating Agencies following the earlier of (a) receipt of notification from
the 17g-5 Information Provider that such information, report, notice or other document has been posted to the 17g-5
Information Provider’s Website and (b) after 12:00 p.m. (New York time) on the first Business Day following the date
the Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to the
17g-5 Information Provider. If the Servicer, Special Servicer, Certificate Administrator or the Trustee, as applicable,
requests a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation pursuant to the provisions of Section
3.26 of this Agreement, the applicable party making such request shall provide the Rating Agencies with written notice
(an email shall be sufficient as a writing) of such request following the earlier of (a) receipt of notice that the
related request for the Rating Agency Confirmation or Companion Loan Rating Agency Confirmation has been posted to the 17g-5
Information Provider’s Website and (b) two (2) Business Days following delivery to the 17g-5 Information Provider.

 

(c)         
Each 17g-5 Indemnifying Party hereby expressly agrees to indemnify and hold harmless the Depositor, the Mortgage Loan Sellers,
the Initial Purchasers and their respective Affiliates, directors, officers, employees, members, managers and agents, and the Trust
(each, for purposes of this Section 12.17(c), a “17g-5 Indemnified Party”), from and against any
and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including
reasonable legal fees and expenses), to which any such 17g-5 Indemnified Party may become subject, under the Act, the Exchange
Act, by contract or otherwise, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines,
forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such 17g-5
Indemnifying Party’s breach of Section 12.17(a), Section 12.17(b), Section 12.17(f) or
Section 3.26 or any other provision of this Agreement relating to the delivery of any information or communication
for posting on, or the posting of any information or communication to, the 17g-5 Information Provider’s Website, or (ii) if
the 17g-5 Indemnifying Party is the 17g-5 Information Provider, any negligence, willful misconduct or bad faith on its part in
connection with establishing, posting information and communications to, granting access to, and otherwise performing its obligations
and duties hereunder with respect to, the 17g-5 Information Provider’s Website, or (iii) a determination by any Rating
Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act
Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause (i) above by, or any negligence, willful misconduct
or bad faith referred to in clause (ii) above on the part of, the applicable 17g-5 Indemnifying Party, and will reimburse such
17g-5 Indemnified Party for any legal or other expenses reasonably incurred by such 17g-5 Indemnified Party in connection with
investigating or defending any such action or claim, as such expenses are incurred.

 

    	-219-

    	 

    

 

(d)     
    None of the Depositor, the Mortgage Loan Sellers, the Servicer, the Special Servicer or the Trustee (if
it is not also the 17g-5 Information Provider) shall have any liability for (i) the 17g-5 Information Provider’s
failure to post information provided by the Depositor, the Servicer, the Special Servicer or the Trustee (if it is not also
the 17g-5 Information Provider) in accordance with the terms of this Agreement, or (ii) any malfunction or disabling of
the 17g-5 Information Provider’s Website.

 

(e)          The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted to (but not obligated to)
orally communicate with the Rating Agencies provided that such party summarizes the information provided to the Rating
Agencies in such communication and provides the 17g-5 Information Provider with such summary in accordance with the
procedures set forth in Section 12.16(g) on the same day such communication takes place; provided that the summary of such
oral communications shall not be attributed to the Rating Agency the communication was with. The 17g-5 Information Provider
shall post such summary on the 17g-5 Information Provider’s website in accordance with the procedures set forth in
Section 12.16(g). None of the foregoing restrictions in this Section 12.17 prohibit or restrict oral or written
communications, or providing information, between the Servicer or the Special Servicer, on the one hand, and any Rating
Agency, on the other hand, with regard to (i) such Rating Agency’s review of the ratings it assigns to the
Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s approval of the Servicer or the Special
Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating
Agency’s evaluation of the Servicer’s or the Special Servicer’s, as applicable, servicing operations in
general; provided that the Servicer or the Special Servicer, as applicable, shall not provide any information relating
to the Certificates or the Mortgage Loan to such Rating Agency in connection with such review and evaluation by such
Rating Agency unless (x) Borrowers, property and other deal specific identifiers are redacted; (y) such information
has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information
Provider’s Website or the Servicer or the Special Servicer, as applicable, has in fact provided such information to
such Rating Agency in accordance with Section 12.17(b); or (z) the Rating Agency has confirmed in writing to the
Servicer or the Special Servicer, as applicable, that it will not use such information in undertaking credit rating
surveillance for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon request,
certify to the Depositor that it received the confirmation described in this clause (z) or provide the Depositor with a copy
of such confirmation from the applicable Rating Agency).

 

(f)      
   The 17g-5 Information Provider shall, at all times that any Certificates are outstanding and rated by a
Rating Agency, maintain the 17g-5 Information Provider’s Website, and grant access thereto to the Rating Agencies and
the other NRSROs, in accordance with this Agreement.

 

(g)    
     The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website and
make available solely to the Rating Agencies and other NRSROs the following items, to the extent such items are delivered to
it in an electronic document format suitable for website posting (and the parties required to deliver the following
information to the 17g-5 Information Provider agree to do so) via electronic mail at 17g5informationprovider@usbank.com,
specifically with a subject reference of “MSJP 2015-HAUL” and an identification of the type of information being
provided in the body of such

 

    	-220-

    	 

    

 

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 and all
notices or items delivered to it pursuant to Section 12.16;

 

(ii)          
any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.26;
and

 

(iii)          any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement, including pursuant to Section 12.17(a)
and Section 12.17(b).

 

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 2:00 p.m. (eastern time) or, if received
after 2:00 p.m., on the next Business Day by 2:00 p.m. (eastern time). The 17g-5 Information Provider shall have no obligation
or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the
transaction, or otherwise is or is not anything other than what it purports to be. If any information is delivered or posted in
error, the 17g-5 Information Provider may remove it from the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider has not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting
to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies,
and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit M hereto (which certification may be submitted
electronically via the 17g-5 Information Provider’s Website). Access will be provided by the 17g-5 Information Provider,
on a best efforts basis, on the same Business Day if such Exhibit M is submitted prior to 2:00 p.m. on such Business Day,
or, if such Exhibit M is received after 2:00 p.m., on the following Business Day. Questions regarding delivery of information
to the 17g-5 Information Provider may be directed to (866) 252-4360 or 17g5informationprovider@usbank.com (or such other
address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon request of the Depositor
or the Rating Agencies, 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 12.17 (which may include pre-closing materials). In no event
shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such
additional information.

 

The 17g-5 Information
Provider shall provide a mechanism to notify each Rating Agency or other NRSRO each time the 17g-5 Information Provider posts an
additional document to the 17g-5 Information Provider’s Website.

 

The 17g-5 Information
Provider shall make available, only to the Rating Agencies and 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

 

    	-221-

    	 

    

 

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 Servicer
or the Special Servicer, as applicable, relating to the reports being prepared by such parties, the Whole Loan or the Properties
(each such submission, a “Rating Agency Inquiry”),
(ii) view Rating Agency Inquiries that have been previously submitted and answered, together with the answers thereto and (iii)
submit requests for loan-level reports and information. Upon receipt of a Rating Agency Inquiry for the Certificate Administrator,
the Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following
receipt thereof. Following receipt of a Rating Agency Inquiry or request relating to the subject matters described in clauses (i)
or (iii) above, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to
answer such Rating Agency Inquiry as provided below, shall reply to the Rating Agency Inquiry, which reply of the Certificate Administrator,
the Servicer or the Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Rating
Agency Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s Website. Any report
posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link on the 17g-5 Information
Provider’s Website. If the Certificate Administrator, the Servicer or the Special Servicer determines, in its respective
sole discretion, that (i) the Rating Agency Inquiry is beyond the scope outlined above, (ii) answering any Rating Agency Inquiry
would be in violation of applicable law, the Accepted Servicing Practices, this Agreement or the applicable Loan Documents, (iii)
answering any 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 is not otherwise advisable to answer or (iv)(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 Servicer
or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable,
determines in accordance with the Accepted Servicing Practices (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, Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer
such Rating Agency Inquiry and, in the case of the Certificate Administrator, Servicer or the Special Servicer, shall promptly
notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Rating Agency Inquiry on the Rating Agency
Q&A Forum and Document Request Tool together with a statement that such Rating Agency Inquiry was not answered. Answers posted
on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed
to be answers from any of the Depositor, the Initial Purchasers, the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee or any of their respective Affiliates and no such party shall have any responsibility or liability for the content
of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s
Website any 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 between the 17g-5

 

    	-222-

    	 

    

 

Information Provider and any Person which are not submitted via the 17g-5 Information
Provider’s Website.

 

In connection with providing
access to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider may require registration and the acceptance
of a disclaimer. The 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the
terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made
available, and assumes no responsibility for such information. The 17g-5 Information Provider shall not be liable for its failure
to make any information available to the Rating Agencies or other NRSROs unless such information was delivered to the 17g-5 Information
Provider at the email address set forth herein, with a subject heading of “MSJP 2015-HAUL” and sufficient detail to
indicate that such information is required to be posted on the 17g-5 Information Provider’s Website.

 

(h)         
The costs and expenses of compliance with this Section by any party hereto shall not be expenses of the Trust Fund.

 

(i)          
The 17g-5 Information Provider shall not be obligated to determine whether any information submitted or delivered to it
constitutes Privileged Information, and shall not have any liability for posting to the 17g-5 Information Provider’s Website
any Privileged Information received from a third party in accordance with this Agreement, unless such Privileged Information is
clearly identified as such to the 17g-5 Information Provider upon delivery thereto. The Servicer and the Special Servicer shall
not deliver any Privileged Information to the 17g-5 Information Provider.

 

13.             
REMIC ADMINISTRATION

 

13.1.      REMIC
Administration. (a)  The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute,
and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC,
and the provisions hereof shall be interpreted consistently with this intention.

 

(b)         The
Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the
Upper-Tier REMIC to treat the segregated pool of assets constituting such REMIC as a REMIC under the Code. Each such election
shall be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last
day of the calendar year in which the Certificates are issued.

 

(c)       
 The Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier
REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Certificates
and the Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1) of the Code is the Rated Final Distribution
Date.

 

(d)         
The Certificate Administrator shall prepare or cause to be prepared, and file or cause to be filed with the IRS, on behalf
of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on
IRS Form SS-4 or obtain such number by other permissible means. Within thirty days of the Closing

 

    	-223-

    	 

    

 

Date, the Certificate Administrator
shall furnish or cause to be furnished to the Internal Revenue Service, on IRS Form 8811 or as otherwise may be required by the
Code, the name, title and address of the Persons that Holders of the Certificates may contact for tax information relating thereto
(and the Certificate Administrator shall act as the representative of each of the Lower-Tier REMIC and the Upper-Tier REMIC for
this purpose), together with such additional information as may be required by such Form, and shall update such information at
the time or times and in the manner required by the Code (and the Depositor agrees within (10) Business Days of the Closing Date
to provide any information reasonably requested by the Certificate Administrator and necessary to make such filing).

 

(e) 
        The Certificate Administrator shall pay without any right of reimbursement the
ordinary and usual expenses in connection with the preparation, filing and mailing of tax information reports and returns
that are incurred by it in the ordinary course of its business, but extraordinary or unusual expenses, costs or liabilities
incurred in connection with its tax-related duties under this Agreement, including without limitation any expenses, costs or
liabilities associated with audits or any administrative or judicial proceedings with respect to the Lower-Tier REMIC or the
Upper-Tier REMIC that involve the IRS or state tax authorities, shall be reimbursable from the Trust Fund.

 

(f)   
      The Certificate Administrator shall prepare, or cause to be prepared, timely furnish or
cause to be furnished to the Trustee to sign (and the Trustee shall timely sign), and the Certificate Administrator shall
timely file or cause to be timely filed all federal, state and local income or franchise or other tax and information returns
for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the direct representative for such REMIC. Except as provided in Section 13.1(e),
the expenses of preparing and filing such returns shall be borne by the Certificate Administrator. The Depositor shall
provide on a timely basis to the Certificate Administrator or its designee such information with respect to each of the
Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession, and is reasonably requested by the Certificate
Administrator to enable it to perform its obligations under this subsection (f), and the Certificate Administrator
shall be entitled to rely on such information in the performance of its obligations hereunder.

 

(g)   
     The Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the
Upper-Tier REMIC all reporting and other tax compliance duties that are the responsibility of such REMIC under the Code, the
REMIC Provisions, or other compliance guidance issued by the IRS or any state or local taxing authority. Among its other
duties, the Certificate Administrator shall provide (i) to the IRS or other Persons (including, but not limited to, the
transferor of a Class R Certificate to a Disqualified Organization or to an agent that has acquired a Class R
Certificate on behalf of a Disqualified Organization) such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Disqualified Organization and (ii) to the
Certificateholders such information or reports as are required by the Code or REMIC Provisions. The Depositor shall provide
on a timely basis (and in no event later than 30 days after the Certificate Administrator’s request) to the Certificate
Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in
its possession and is reasonably requested in writing by the Certificate Administrator to enable it to perform
its obligations under this subsection (g).

 

    	-224-

    	 

    

 

(h)     
   The Holder of the Class R Certificates holding the largest Percentage Interest therein shall be the
Tax Matters Person of the Upper-Tier REMIC and the Lower-Tier REMIC, pursuant to Treasury Regulations
Section 1.860F-4(d). The duties of the Tax Matters Persons for the Upper-Tier REMIC and the Lower-Tier REMIC are hereby
delegated to the Certificate Administrator as agent for the related Tax Matters Person, and the Class R
Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor holders
of such Class R Certificates, to such delegation to the Certificate Administrator as its agent and attorney in fact.

 

(i)       
   The Trustee, the Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the
Special Servicer shall perform their obligations under this Agreement and the REMIC Provisions in a manner consistent with
the status of each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC.

 

(j)           The Trustee, the Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer
shall not take any action or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective
control and the scope of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably
be expected to (i) endanger the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless
permitted under Section 13.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier
REMIC (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the
tax on prohibited contributions as defined in Section 860G(d) of the Code) (any such result in clause (i) or (ii),
an “Adverse REMIC Event”) unless (A) the Trustee, the Certificate Administrator and the Servicer have received
a Nondisqualification Opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken for the benefit
of the Certificateholders) with respect to such action or (B) the Trustee, the Certificate Administrator and the Servicer
have received an opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken for the benefit
of the Certificateholders) to the effect that such action will not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC and that no tax will actually be imposed.

 

(k)        
Any and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any
tax on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that
the Servicer, upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator
the amount of any such tax that the Certificate Administrator notifies the Servicer is due; provided, further, that
if such taxes shall have been imposed on account of the willful misconduct, bad faith or negligence of any party hereto, or in
connection with the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall
be paid by such party.

 

(l)    
     The Certificate Administrator shall, for federal income tax purposes, maintain books and records
with respect to the Lower-Tier REMIC and the Upper-Tier REMIC on a calendar year and on an accrual basis. Notwithstanding
anything to the contrary contained herein or in the Loan Documents (but subject to Section 1.3), all amounts
collected on the

 

    	-225-

    	 

    

 

Mortgage Loan shall, for federal income tax purposes, be allocated first to interest due and payable on the
Mortgage Loan (including interest on overdue interest) other than Default Interest. The books and records must be sufficient
concerning the nature and amount of the investments of the Lower-Tier REMIC and the Upper-Tier REMIC to show that such REMIC
has complied with the REMIC Provisions.

 

(m)         None of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement
by which either the Lower-Tier REMIC or the Upper-Tier REMIC will receive a fee or other compensation for services.

 

(n)        
In order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide,
or cause to be provided, to the Certificate Administrator within 10 days after the Closing Date, all information or data that the
Certificate Administrator reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates,
including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows of the Certificates
and the Class R Certificates, as applicable, and the projected cash flows on the Mortgage Loan. Thereafter, the Depositor,
the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such
additional information or data that the Certificate Administrator may, from time to time, reasonably request in order to enable
the Certificate Administrator to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use
any and all such information or data provided by the Depositor, the Servicer and the Special Servicer in the preparation of all
federal, state or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC and
the Upper-Tier REMIC to Certificateholders as required herein. The Depositor hereby indemnifies the Certificate Administrator for
any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising from any errors or miscalculations
of the Certificate Administrator pursuant to this Section 13.1 that result from any failure of the Depositor to provide,
or to cause to be provided, accurate information or data to the Certificate Administrator (but not resulting from the methodology
employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive the termination of this Agreement
and the termination of the Certificate Administrator.

 

The Certificate Administrator
agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall
use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section 13.1) or is required by law or applicable regulations to be disclosed.

 

The Certificate Administrator
shall be responsible for obtaining a tax identification number for any REMIC 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-

 

    	-226-

    	 

    

 

9; provided, however, the Certificate Administrator shall
also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

13.2.       Foreclosed
Property. (a)  The parties hereto acknowledge and understand that if the Trust Fund were to acquire any
Property as Foreclosed Property and were to own and operate that Property in a manner consistent with the manner in which the
Properties are currently owned and operated by the Borrowers, through a Successor Manager, some portion or all of the income
derived in the Lower-Tier REMIC from such Foreclosed Property may be considered “net income from foreclosure
property” for purposes of Section 860G(c) of the Code and subject to tax at the highest corporate income tax
rate.

 

In determining whether
to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trust Fund hereunder, shall take these
circumstances into account and shall only acquire any such Foreclosed Property if it determines, in its reasonable judgment (after,
consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible alternative
method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from
Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust Fund, after
taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, will exceed the
likely recovery to the Trust Fund if the Trust Fund were to net lease the Foreclosed Property or were not to acquire and hold the
Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trust Fund,
if the Manager would not be considered an Independent Contractor, shall either renegotiate the Management Agreement or replace
the Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so that the Foreclosed
Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable efforts, the
Special Servicer determines that it is in the best interests of Certificateholders on a net after-tax basis to operate the Foreclosed
Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net
income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained
such records of income and expense as to enable such amounts to be computed accurately, and shall pay or retain or cause to be
paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax or, to the extent such amounts are insufficient,
from the Collection Account pursuant to Section 3.4(c)(x).

 

Without limiting the
generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)           
permit the Trust Fund to enter into, renew or extend any new lease with respect to the Foreclosed Property, if the new
lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)          
permit any amount to be received or accrued under any new lease other than amounts that will constitute Rents from Real
Property;

 

(iii)         
authorize or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement
thereon, and then only if more

 

    	-227-

    	 

    

 

than
ten percent of the construction of such building or other improvements was completed before default on the Mortgage Loan became
imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)
        Directly Operate, other
than through an Independent Contractor, or allow any other Person to Directly Operate, other than through the Manager or an Independent
Contractor, the Foreclosed Property on any date more than 90 days after its acquisition date.

 

(b)         
The Special Servicer, acting on behalf of the Trust Fund hereunder, shall make reasonable efforts to sell the Foreclosed
Property for its fair market value in accordance with Section 3.16. In any event, however, the Special Servicer, acting
on behalf of the Trust Fund hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in no event later
than the close of the third calendar year following the year in which the Acquisition Date occurs unless the Special Servicer,
on behalf of the Trust Fund, has received (or has not been denied) an extension of time (an “Extension”) by
the Internal Revenue Service to sell such Foreclosed Property or an opinion of counsel to the effect that the holding by the Trust
Fund of the Foreclosed Property for an additional specified period will neither result in the imposition of taxes on “prohibited
transactions” of the Trust Fund as defined in Section 860F of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, in which event such period shall be extended
by such additional specified period, with the expenses of obtaining any such extension of time being an expense of the Trust Fund.
If the Special Servicer, on behalf of the Trust Fund, has received (or has not been denied) such Extension, then the Special Servicer,
acting on behalf of the Trust Fund hereunder, shall continue to attempt to sell the Foreclosed Property for its fair market value
for such longer period as such Extension permits (the “Extended Period”). If the Special Servicer, acting on
behalf of the Trust Fund, has not received such an Extension and the Special Servicer, acting on behalf of the Trust Fund hereunder,
is unable to sell the Foreclosed Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trust
Fund hereunder, has received such an Extension, and the Special Servicer, acting on behalf of the Trust Fund hereunder, is unable
to sell the Foreclosed Property within the Extended Period, the Special Servicer shall, before the end of the above-referenced
period or the Extended Period, as the case may be, auction the Foreclosed Property to the highest bidder (which may be the Special
Servicer) in accordance with Accepted Servicing Practices.

 

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

 

13.3.  
    Prohibited Transactions and Activities. The Special Servicer, on behalf of the Trust Fund, shall
not permit the sale or disposition of the Mortgage Loan at a time when the Mortgage Loan is not the subject of a breach of a
representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition
pursuant to (i) the

 

    	-228-

    	 

    

 

bankruptcy or insolvency of the Lower-Tier REMIC or (ii) the termination of the Lower-Tier
REMIC in a “qualified liquidation” as defined in Section 860F(a)(4) of the Code), nor acquire any assets for
either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments
in the Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation
for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC (other than a cash
contribution during the three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at
the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution
or acceptance will not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a
REMIC, or of the Certificates as representing regular interests therein, (b) affect the distribution of interest or
principal on the Regular Certificates, (c) result in the encumbrance of the assets transferred or assigned to either the
Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement), or (d) cause either the
Lower-Tier REMIC or the Upper-Tier REMIC to be subject to a tax on “prohibited transactions” or
“prohibited contributions” pursuant to the REMIC Provisions.

 

13.4.      Indemnification with Respect to Certain Taxes and Loss of REMIC Status. (a)  If either the Lower-Tier REMIC
or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax as a
result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct,
bad faith or negligent performance by the Trustee or the Certificate Administrator of its duties and obligations specifically set
forth herein, or by reason of the Trustee’s or the Certificate Administrator’s negligent disregard of its obligations
and duties thereunder, the Trustee or the Certificate Administrator shall indemnify the Trust against any and all losses, claims,
damages, liabilities or expenses (“Losses”) resulting therefrom; provided, however, that the Trustee
or the Certificate Administrator shall not be liable for any such Losses attributable to the action or inaction of the Servicer,
the Special Servicer, the Depositor, or the Holders of the Class R Certificates nor for any such Losses resulting from misinformation
provided by the Holders of the Class R Certificates, the Servicer, the Special Servicer, or the Depositor, on which the Trustee
or the Certificate Administrator has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of
successor Holders of the Class R Certificates at law or in equity.

 

If either the Lower-Tier
REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax
as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct,
bad faith or negligent performance of the Servicer or the Special Servicer in the performance of its duties and obligations set
forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations and duties
thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust against any and all losses resulting
therefrom; provided, however, that the Servicer or the Special Servicer, as the case may be, shall not be liable
for any such losses attributable to the action or inaction of the Trustee, the Depositor, the Holders of the Class R Certificates
nor for any such losses resulting from misinformation provided by the Trustee, the Certificate Administrator, the Depositor or
the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the case may

 

    	-229-

    	 

    

 

be, has relied. The
foregoing shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R Certificates
at law or in equity. 

 

[signature
page follows]

 

    	-230-

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day
and year first above written.

	 	 	 
	 	MORGAN STANLEY CAPITAL I INC., as Depositor
	 	 	 
	 	By:	/s/ Zachary Fischer
	 	 	Name: Zachary Fischer 
	 	 	Title: Vice President

  

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Servicer and Special Servicer
	 	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
	 	 	Title:   Director

  

 

	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
as Trustee and Certificate Administrator
	 	 	 
	 	By:	/s/ Edwin J. Janis
	 	 	Name: EDWIN J. JANIS
	 	 	Title:   VICE PRESIDENT

 

MSJP 2015-HAUL – Trust and
Servicing Agreement

 

    	 

    	 

    
 

	STATE OF New York	)	 
	 	)	ss:
	COUNTY OF New York	)	 

 

On this 9th
day of October 2015, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and
sworn, personally appeared Zachary Fischer, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he resides at New York, New York; that s/he is the Vice President of Morgan Stanley Capital I Inc. a
Corporation, the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	 	/s/ Matthew A. Bavoso
	 	 	NOTARY PUBLIC in and for the
	 	 	State of New York
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	 	 	 
	 	 	 
	MATTHEW A. BAVOSO
 Notary Public State of New York
 No. 02BA6276232
 Qualified in New York County 
 Commission Expires 02/11/2017	 	 

 

MSJP 2015-HAUL – Trust and
Servicing Agreement

 

    	 

    	 

    
 

	STATE OF NORTH CAROLINA	)	 
	 	):	ss.
	COUNTY OF MECKLENBURG	)	 

 

On this 12 day of October, 2015, personally appeared
before me Nachette Hadden, to me known (or proved to me on the basis of satisfactory evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within
and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for
the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her
signature on the instrument the entity upon behalf of which she acted, executed the instrument.

 

	 	/s/
    Erica L. Smith 
	 	Notary
	 	Name: 
		 
	My Commission expires: July 15, 2017	 
	 	 
	ERICA L. SMITH	 
	NOTARY PUBLIC	 
	Gaston County	 
	North Carolina	 
	My Commission Expires 7/15/2017	 

 

MSJP 2015-HAUL
-  Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF Illinois	)	 
	 	)	ss:
	COUNTY OF Cook	)	 

 

On this 8th
day of October 2015, before me, the undersigned, a Notary Public in and for the State of Illinois, duly commissioned and
sworn, personally appeared Edwin J. Janis, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he resides at Chicago, Illinois; that s/he is the Vice President of US Bank National Association, a
national banking association, the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	OFFICIAL SEAL	 	/s/ Mary Ann R Turbak
	MARY ANN R TURBAK	 	NOTARY PUBLIC in and for the
	Notary Public - State of
    Illinois	 	State of Illinois
	My Commission Expires Jun 3, 2016	 	
	 	 	
	[SEAL]	 	
	 	 	
	My Commission expires:	 	
	 	 	 
	6/3/16	 	 

 

MSJP 2015-HAUL – Trust and
Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT A-1

 

FORM OF CLASS A CERTIFICATES

 

CLASS A

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE

 

 

 

1 Temporary Regulation S Global
Certificate legend.

 

2 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

3 Global Certificate legend. 

 

    	

     

    

  

ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”)
PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE
CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-1-2

    	 

    

  

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS A

 

	Pass-Through Rate:  3.964%	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class A Certificates as of the Closing Date:  $59,000,000	 	Rated Final Distribution Date: September 2047
	 	 	 
	
        Certificate Balance of this Class A Certificate as of the Closing
        Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)

         

        CUSIP:     553697
AA14 

                         U6075N AA15

                         553697 AB96

         
	 	 
	ISIN:        US553697AA127

                 USU6075NAA108

                 US553697AB949	 	 
	 	 	 
	No.:  A-[1]	 	 

 

This certifies that
[Cede & Co.]10 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class A Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any 

 

 

 

4 For Rule 144A Certificates

 

5 For Regulation S Certificates

 

6 For IAI Certificates

 

7 For Rule 144A Certificates

 

8 For Regulation S Certificates

 

9 For IAI Certificates

 

10 For Global Certificate only. 

 

    	Exhibit A-1-3

    	 

    

 

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and
any Yield Maintenance Premiums then distributable, if any, allocable to the Class A Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-1-4

    	 

    

  

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

    	Exhibit A-1-5

    	 

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    	Exhibit A-1-6

    	 

    

  

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

 

Dated:October 15, 2015

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

Certificate of Authentication

 

This is one of the Class
A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit A-1-7

    	 

    

   

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of 

Exchange or

Payment of

 Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit A-1-8

    	 

    

  

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address: 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

    	Exhibit A-1-9

    	 

    

  

DISTRIBUTION INSTRUCTIONS 

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent. 

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification
Number:

 

    	Exhibit A-1-10

    	 

    

  

EXHIBIT A-2

 

FORM OF CLASS X-A CERTIFICATES

 

CLASS X-A

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]11

 

[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.]12

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]13

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE

 

 

 

11
Temporary Regulation S Global Certificate legend.

 

12 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

13 Global Certificate legend.

 

    	Exhibit A-2-1

    	 

    

  

MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.

 

THIS CLASS X-A CERTIFICATE
WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”)
PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE
CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT

 

    	Exhibit A-2-2

    	 

    

  

CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-2-3

    	 

    

 

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS X-A

	 	 	 	 
	Pass-Through Rate:  Variable IO	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Notional Amount of the Class X-A Certificates as of the Closing Date:  $59,000,000	 	Rated Final Distribution Date:  September 2047
	 	 	 
	
        Notional Amount of this Class X-A Certificate as of
the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)  
	 	 
	 	 	 	 
	CUSIP:	553697
AC714

U6075N
AB915

553697 AD516	 	 
	 	 	 	 
	ISIN:	US553697AC7717

USU6075NAB9218

US553697AD5019	 	 
		 	 
	No.:  X-A-[1]	 	 

   

This certifies that
[Cede & Co.]20 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class X-A Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

14 For Rule 144A Certificates

 

15 For Regulation S Certificates

 

16 For IAI Certificates

 

17 For Rule 144A Certificates

 

18 For Regulation S Certificates

 

19 For IAI Certificates

 

20 For Global Certificate only. 

 

    	Exhibit A-2-4

    	 

    

 

conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-2-5

    	 

    

  

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

    	Exhibit A-2-6

    	 

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement)
or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided, however,
that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution
of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    	Exhibit A-2-7

    	 

    

 

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

Certificate of Authentication

 

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S. BANK National Association,

    not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit A-2-8

    	 

    

  

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following exchanges of a part of this
[Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate] [Definitive Certificate]
have been made:

 

	Date of

    Exchange	 	Notional

Amount

Prior to

Exchange	 	Notional

Amount

Exchanged	 	Type of

    Certificate

    Exchanged

    for	 	Remaining

Notional

Amount

Following

Such

Exchange	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit A-2-9

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

    	Exhibit A-2-10

    	 

    

   

DISTRIBUTION INSTRUCTIONS 

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent. 

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification
Number:

  

    	Exhibit A-2-11

    	 

    

  

EXHIBIT A-3

 

FORM OF CLASS X-B CERTIFICATES

 

CLASS X-B

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]21

 

[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.]22

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]23

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE

 

 

 

21 Temporary Regulation S Global
Certificate legend.

 

22 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

23 Global Certificate legend.

 

 

    	Exhibit A-3-1

    	 

    

 

 

MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS B CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.

 

THIS CLASS X-B CERTIFICATE
WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

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) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”)
PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE
CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT

 

    	Exhibit A-3-2

    	 

    

   

CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-3-3

    	 

    

 

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS X-B 

	 	 	 	 
	Pass-Through Rate:  Variable IO	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates as of the Closing Date:  $31,700,000	 	Rated Final Distribution Date:  September 2047
	 	 	 
	
        Notional Amount of this Class X-B Certificate as of
the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)                     
	 	 
	 	 	 	 
	CUSIP:	553697
AE324	 	 
	 	U6075N
AC725	 	 
	 	553697
AF026	 	 
	 	 	 	 
	ISIN:	US553697AE3427	 	 
	 	USU6075NAC7528	 	 
	 	US553697AF0929	 	 
	       	 	 
	No.:  X-B-[1]	 	 

 

This certifies that
[Cede & Co.]30 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class X-B Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

24 For Rule 144A Certificates

 

25 For Regulation S Certificates

 

26 For IAI Certificates

 

27 For Rule 144A Certificates

 

28 For Regulation S Certificates

 

29 For IAI Certificates

 

30 For Global Certificate
only.

 

    	Exhibit A-3-4

    	 

    

  

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-3-5

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

    	Exhibit A-3-6

    	 

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement)
or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided, however,
that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date of execution
of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    	Exhibit A-3-7

    	 

    

  

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S. BANK National Association,
    

    not in its individual capacity but solely as Certificate Administrator 
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

Certificate of Authentication

 

This is one of the Class
X-B Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S. BANK National Association,
    

    not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit A-3-8

    	 

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following exchanges of a part of this
[Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate] [Definitive Certificate]
have been made:

 

	Date of

Exchange	 	Notional

Amount

Prior
    to

Exchange	 	Notional

Amount

Exchanged	 	Type of

Certificate

Exchanged

for	 	Remaining

Notional

Amount

Following

Such

Exchange	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit A-3-9

    	 

    

  

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address: 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

    	Exhibit A-3-10

    	 

    

  

DISTRIBUTION INSTRUCTIONS 

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent.  

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification
Number:

  

    	Exhibit A-3-11

    	 

    

  

EXHIBIT A-4

 

FORM OF CLASS B CERTIFICATES

 

CLASS B

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]31

 

[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.]32

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]33

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE

 

 

 

31 Temporary Regulation S
Global Certificate legend.

 

32 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

33 Global Certificate legend.

 

    	Exhibit A-4-1

    	 

    

  

ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”)
PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE
CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS B CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    	Exhibit A-4-2

    	 

    

 

 

FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-4-3

    	 

    

  

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS B 

	 	 	 	 
	Pass-Through Rate:  4.451%	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class B Certificates as of the Closing Date:  $31,700,000	 	Rated Final Distribution Date: September 2047
	 	 	 
	
        Certificate Balance of this Class B Certificate as
of the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)

 
	 	 
	CUSIP:	553697
AG834	 	 
	 	U6075N
AD535	 	 
	 	553697 AH636	 	 
	 	 	 	 
	ISIN:	US553697AG8137	 	 
	 	USU6075NAD5838	 	 
	 	US553697AH6439	 	 
	 	 	 	 
	No.:  B-[1]              	 	 

 

This certifies that [Cede
& Co.]40 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

34 For Rule 144A Certificates

 

35 For Regulation S Certificates

 

36 For IAI Certificates

 

37 For Rule 144A Certificates

 

38 For Regulation S Certificates

 

39 For IAI Certificates

 

40 For Global Certificate
only.

 

 

    	Exhibit A-4-4

    	 

    

 

 

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and
any Yield Maintenance Premiums then distributable, if any, allocable to the Class B Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-4-5

    	 

    

  

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

    	Exhibit A-4-6

    	 

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    	Exhibit A-4-7

    	 

    

  

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

Certificate of Authentication

 

This is one of the Class
B Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit A-4-8

    	 

    

  

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of

Exchange or

Payment of

Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit A-4-9

    	 

    

  

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address: 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

    	Exhibit A-4-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS 

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent.  

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification
Number:

  

    	Exhibit A-4-11

    	 

    

  

EXHIBIT A-5

 

FORM OF CLASS C CERTIFICATES

 

CLASS C

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]41

 

[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.]42

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]43

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE

 

 

 

41 Temporary Regulation S Global
Certificate legend.

 

42 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

43 Global Certificate legend.

 

    	Exhibit A-5-1

    	 

    

  

ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR
ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE CASE OF THE
REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL
INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS C CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    	Exhibit A-5-2

    	 

    

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-5-3

    	 

    

  

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS C 

	 	 	 	 
	Pass-Through Rate:  Net Mortgage Rate	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates as of the Closing Date:  $24,300,000	 	Rated Final Distribution Date: September 2047
	 	 	 
	
        Certificate Balance of this Class C Certificate as
of the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)

         
	 	 
	CUSIP:	553697
AJ244	 	 
	 	U6075N AE345	 	 
	 	 553697 AK946	 	 
	 	 	 	 
	ISIN:	US553697AJ2147	 	 
	 	USU6075NAE3248	 	 
	 	US553697AK9349	 	 
	 	 	 	 
	No.:  C-[1]	 	 

 

This certifies that
[Cede & Co.]50 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class C Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

44 For Rule 144A Certificates

 

45 For Regulation S Certificates

 

46 For IAI Certificates

 

47 For Rule 144A Certificates

 

48 For Regulation S Certificates

 

49 For IAI Certificates

 

50 For Global Certificate
only.

 

    	Exhibit A-5-4

    	 

    

  

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and
any Yield Maintenance Premiums then distributable, if any, allocable to the Class C Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-5-5

    	 

    

  

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

    	Exhibit A-5-6

    	 

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    	Exhibit A-5-7

    	 

    

  

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

Certificate of Authentication

 

This is one of the Class
C Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit A-5-8

    	 

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of 

Exchange or

Payment of

 Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

    	Exhibit A-5-9

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address: 

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

    	Exhibit A-5-10

    	 

    

  

DISTRIBUTION INSTRUCTIONS 

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent.  

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification
Number:

  

    	Exhibit A-5-11

    	 

    

 

EXHIBIT A-6

 

FORM OF CLASS D CERTIFICATES

 

CLASS D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]51

 

[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.]52

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]53

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE

 

 

 

51 Temporary Regulation S Global
Certificate legend.

 

52 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

53 Global Certificate legend.

 

     Exhibit A-6-1

     

    

  

ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR
ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE CASE OF THE
REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL
INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS D CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

     Exhibit A-6-2

     

    

 

FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

     Exhibit A-6-3

     

    

 

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS D

	 	 	 	 
	Pass-Through Rate:  Net Mortgage Rate	 	 
	 	 	 
	First Distribution Date:  November 5, 2015	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates as of the Closing Date:  $32,000,000	 	Rated Final Distribution Date:  September 2047
	 	 	 
	
        Certificate Balance of this Class D Certificate as
of the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto)
	 	 
	 	 	 	 
	CUSIP:	553697 AL754

U6075N AF055

553697 AM556	 	 
	 	 	 	 
	ISIN:	US553697AL7657

    USU6075NAF0758

    US553697AM5959	 	 
		 	 
	No.:  D-[1]	 	 

 

This certifies that [Cede
& Co.]60 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class D Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

54 For Rule 144A Certificates

 

55 For Regulation S Certificates

 

56 For IAI Certificates

 

57 For Rule 144A Certificates

 

58 For Regulation S Certificates

 

59 For IAI Certificates

 

60 For Global Certificate only.

 

     Exhibit A-6-4

     

    

  

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and
any Yield Maintenance Premiums then distributable, if any, allocable to the Class D Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

     Exhibit A-6-5

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

     Exhibit A-6-6

     

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

     Exhibit A-6-7

     

    

 

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class
D Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

     Exhibit A-6-8

     

    

  

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of 

Exchange or

Payment of

 Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

     Exhibit A-6-9

     

    

   

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

     Exhibit A-6-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent. 

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	
	 	Taxpayer Identification Number:

   

     Exhibit A-6-11

     

    

  

EXHIBIT A-7

 

FORM OF CLASS E CERTIFICATES

 

CLASS E

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]61

 

[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.]62

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]63

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE

 

 

 

61 Temporary Regulation S Global
Certificate legend.

 

62 Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

63 Global Certificate legend.

 

     Exhibit A-7-1

     

    

  

ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR
ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE CASE OF THE
REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL
INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS E CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

     Exhibit A-7-2

     

    

  

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

     Exhibit A-7-3

     

    

  

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS E 

	 	 	 
	Pass-Through Rate: Net Mortgage Rate	 
	 	 
	First Distribution Date:  November 5, 2015	 
	 	 
	Aggregate Initial Certificate Balance of the Class E Certificates as of the Closing Date:  $23,000,000	Rated Final Distribution Date: September 2047
	 	 
	
        Certificate Balance of this Class E Certificate as
of the Closing Date: $[_____] (subject to the Schedule of Exchanges attached as Schedule A hereto) 

         
	 
	CUSIP:	553697 AN364

        U6075N AG865

        553697 AP866	 
	 	 	 
	ISIN: 	US553697AN3367

USU6075NAG8968

US553697AP8069	 
	 	 	 
	No.:  E-[1]	 

 

This certifies that [Cede
& Co.]70 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class E Certificates. The Trust Fund consists primarily of four separate promissory
notes held in trust by the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage
Loan”). The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. In the case of any

 

 

 

64 For Rule 144A Certificates

 

65 For Regulation S Certificates

 

66 For IAI Certificates

 

67 For Rule 144A Certificates

 

68 For Regulation S Certificates

 

69 For IAI Certificates

 

70 For Global Certificate only.

 

     Exhibit A-7-4

     

    

  

conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate is a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the
Determination Date, commencing in November 2015 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and
any Yield Maintenance Premiums then distributable, if any, allocable to the Class E Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement.

 

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

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

     Exhibit A-7-5

     

    

  

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan or
the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively; (2) alter
in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any action or inaction
under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement regarding amendment
of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as
may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the Trustee, Certificate Administrator,
Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that
it determines affects its rights, duties or immunities or creates any additional liability for the Trustee, Certificate Administrator,
Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs the rights of a Companion Loan Holder under
the Trust and Servicing Agreement without the consent of such Companion Loan Holder. In addition, no amendment to the Trust and
Servicing Agreement that is materially adverse to the interests of any Initial Purchaser, or of the Companion Loan Holders shall
be effected unless such Initial Purchaser or the Companion

 

     Exhibit A-7-6

     

    

  

Loan Holders, as the case may be, provides written consent to such amendment.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and
that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified Person in accordance with the amendment, will not result in the imposition of a tax on any portion
of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

     Exhibit A-7-7

     

    

  

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S. BANK National Association,

    not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class
E Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

     Exhibit A-7-8

     

    

  

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:

 

	Date of 

Exchange or

Payment of

 Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

     Exhibit A-7-9

     

    

 

 ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

     Exhibit A-7-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________as its (their) agent. 

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	
	 	Taxpayer Identification Number:

 

     Exhibit A-7-11

     

    

 

Exhibit
A-8

 

FORM OF CLASS R CERTIFICATES

 

CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN SPONSOR, THE GUARANTOR, THE BORROWERS, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

THIS CERTIFICATE IS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF,
IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S.
TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT
IN THE FORM ATTACHED AS AN EXHIBIT TO THE TRUST AND SERVICING AGREEMENT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO
THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE,
(C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY,
(D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN
APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX 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 AB
INITIO AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS

 

     Exhibit A-8-1

     

    

  

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. THE HOLDER OF THIS
CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON” FOR EACH REMIC
THE RESIDUAL INTEREST OF WHICH IS REPRESENTED BY THIS CERTIFICATE AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY
IN FACT AND AGENT FOR THE TAX MATTERS PERSON OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT TO PERFORM THE FUNCTIONS
OF A “TAX MATTERS PARTNER” FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE FOR EACH SUCH REMIC.

 

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) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR
ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN THE CASE OF THE
REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL
INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

     Exhibit A-8-2

     

    

  

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.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS
NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     Exhibit A-8-3

     

    

  

MSJP 2015-HAUL

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-HAUL, CLASS R

 

	Pass-Through Rate:  N/A	Rated Final Distribution Date:  N/A
	 	 
	CUSIP:  553697 AQ6	Percentage Interest of the Class R Certificates:  100%
	 	 
	ISIN: US553697AQ63	 
	 	 
	No.:  R-[1]	 

 

This certifies that [____________]
is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund
with respect to the Class R Certificates. The Trust Fund consists primarily of four separate promissory notes held in trust by
the Trustee, issued by a special purpose entity and evidencing a fixed-rate mortgage loan (the “Mortgage Loan”).
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator and Trustee. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Class R Certificate
represents the sole “residual interest” in two “real estate mortgage investment conduits”, as those terms
are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be
the “tax matters person” for the Upper-Tier REMIC and the Lower-Tier 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”.

 

     Exhibit A-8-4

     

    

  

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the parties thereto.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate Registrar shall be affected
by any notice to the contrary; provided, however, that to the extent that a party to the Trust and Servicing 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 the Trust and Servicing Agreement shall distribute such report, statement or
other information to such beneficial owner (or prospective transferee).

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain circumstances
specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the
Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders
of Certificates of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate
Percentage Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates,
except that the amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the
Mortgage Loan or the Companion Loans that are required to be distributed on any Certificate or the Companion Loans, respectively;
(2) alter in any manner the liens on any Collateral securing payments of the Mortgage Loan, (3) alter the obligations
of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of
Voting Rights or Percentage Interests of Certificateholders or the Companion Loan Holders that are required to consent to any
action or inaction under the Trust and Servicing Agreement; or (5) amend the section of the Trust and Servicing Agreement
regarding amendment of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing
Agreement may be made that (i) would cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a

 

     Exhibit A-8-5

     

    

  

REMIC for federal income
tax purposes (as may be evidenced by an Opinion of Counsel), (ii) changes in any manner the obligations of each Mortgage Loan
Seller under the applicable Mortgage Loan Purchase Agreement without the consent of the related Mortgage Loan Seller, and the
Trustee, Certificate Administrator, Servicer or Special Servicer may, but will not be obligated to, enter into any amendment to
the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional liability
for the Trustee, Certificate Administrator, Servicer or Special Servicer under the Trust and Servicing Agreement or (iii) impairs
the rights of a Companion Loan Holder under the Trust and Servicing Agreement without the consent of such Companion Loan Holder.
In addition, no amendment to the Trust and Servicing Agreement that is materially adverse to the interests of any Initial Purchaser,
or of the Companion Loan Holders shall be effected unless such Initial Purchaser or the Companion Loan Holders, as the case may
be, provides written consent to such amendment. In addition, no amendment may be made to the Trust and Servicing Agreement unless
the Trustee, the Certificate Administrator, the Servicer and the Special Servicer have first received an Opinion of Counsel (at
the expense of the party requesting the amendment, or at the Trust Fund’s expense if the Trustee or the Certificate Administrator
is the requesting party) to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent have been met and that the amendment or the exercise of any power granted to the Servicer, the Special
Servicer, the Depositor, the Certificate Administrator, the Trustee or any other specified Person in accordance with the amendment,
will not result in the imposition of a tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the
Certificate Administrator and the Trustee created thereby (other than the obligation to make certain payments to the Companion
Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the
final Distribution Date and other than the indemnification rights and obligations of the parties thereto) shall terminate upon
the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 11 of
the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates or (ii) the liquidation
of the Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Mortgage Loan; provided,
however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date of execution of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage 

 

     Exhibit A-8-6

     

    

  

Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

     Exhibit A-8-7

     

    

  

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

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

Certificate of Authentication

 

This is one of the Class
R Certificates referred to in the Trust and Servicing Agreement.

 

Dated:October 15, 2015

 

	 	 	 	 
	 	 	U.S.
BANK National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

     Exhibit A-8-8

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 		 
	 	 		 
	Date: __________________	 	 	 
	 	 	 	 
	 	 	 Signature by or on behalf of Assignor(s):	 
	 	 	 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:	 	 	 

 

     Exhibit A-8-9

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution: 

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions: ________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _______________________________ for the
account of __________________________ account number _________________________.

 

This
information is provided by ____________________________________________ the Assignee (s) named above, or
______________________________________________ as its (their) agent. 

	 	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	
	 	Taxpayer Identification Number:

 

     Exhibit A-8-10

     

    

 

EXHIBIT B

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Mortgage Loan Information
	 	Name of Mortgagor:	
         

         

	Custodian
	 	 	 
	 	Name:	U.S. Bank National Association
	 	Address:	1133 Rankin Street, Suite 100

St. Paul, Minnesota 55116

Attention: Document Custody Services – MSJP 2015-HAUL
	 	Custodian/Certificate 

Administrator 
Mortgage File No.:	
         

         

	Depositor
	 	Name:	Morgan Stanley Capital I Inc.
	 	Address:	
        1585 Broadway

        New York, New York 10036

        
	 	Certificates:	MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL

 

The undersigned [Servicer]
[Special Servicer] hereby requests delivery from U.S. Bank National Association, as custodian (the “Custodian”),
for the Holders of MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, of the documents referred to
below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Trust and Servicing Agreement, dated as of October 1, 2015, between Morgan Stanley Capital I Inc.,
as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S. Bank National Association, as
Certificate Administrator and Trustee (the “Trust and Servicing Agreement”).

 

( )                          Note
dated [          ], 2015, in the original principal sum of $________, made by
_______, payable to, or endorsed to the order of, the Trustee.

 

( )                          Mortgage(s)
recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _________, State of
___________ in book/reel/docket ___________ of official records at page/image ________.

 

    	Exhibit B-1

    	 

    
 

( )                         Deed
of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

( )                         Deed
to Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

( )                         Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgages.

 

( )                            ___________________________

 

( )                            ___________________________

 

( )                            ___________________________

 

( )                            ___________________________

 

The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:

 

(1)          Once received,
the [Servicer] [Special Servicer] shall hold and retain possession of the Documents in accordance with the provisions of the Trust
and Servicing Agreement and the Documents will be returned to you, except if the Mortgage Loan (or the related Mortgage Loan Seller
Percentage Interest therein) has been paid in full or repurchased and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Trust and Servicing Agreement (in which case the Documents will be retained by us permanently
or, in the case of a repurchase, sent to the designee of each Mortgage Loan Seller, as the case may be), when the need therefor
no longer exists; provided, that in the case of a repurchase of a Mortgage Loan Seller Percentage Interest in the Mortgage Loan
(and not a repurchase of the entire Mortgage Loan), the Documents (other than the related Trust Note(s)) will be returned to you.

 

(2)          The [Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek to assert
any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the Trust and
Servicing Agreement.

 

(3)          The Documents,
coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account of the
Custodian, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other property in the
[Servicer’s] [Special Servicer’s] possession, custody or control.

 

    	Exhibit B-2

    	 

    

 

	 	 	 	 
	 	[SERVICER][SPECIAL SERVICER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Date: _________

 

    	Exhibit B-3

    	 

    

 

EXHIBIT C

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear]
[Clearstream]* (Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States;

 

 

 

*  Select appropriate depository.

 

    	Exhibit C-1

    	 

    
 

[(2)         at the time the
buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was an institution 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 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 Certificate Administrator, the Trustee, the Servicer, the
Special Servicer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

 

cc: Morgan Stanley
Capital I Inc.

 

 

 

**   Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit C-2

    	 

    

 

EXHIBIT D

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__] 	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

    	Exhibit D-1

    	 

    
 

[(2)        at the time the
buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was an institution 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 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 Certificate Administrator, the Trustee, the Servicer, the
Special Servicer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________

 

cc: Morgan Stanley Capital I Inc.

 

 

 

*   Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit D-2

    	 

    

 

EXHIBIT E

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__] 	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such
Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.

 

 

 

*   Select appropriate depository.

 

    	Exhibit E-1

    	 

    

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

 

cc: Morgan Stanley Capital I Inc.

 

    	Exhibit E-2

    	 

    
 

EXHIBIT F

 

FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__] 	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Trust and Servicing Agreement certifies that it is not a U.S. Person as defined 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 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

 

 

 

* Select, as applicable.

 

    	Exhibit F-1

    	 

    
 

the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.

	 	 	 	 
	 	Dated:______________
	 	 	 
		By:	 	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	Exhibit F-2

    	 

    

 

EXHIBIT G

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__] 	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States;

 

 

 

*   Select appropriate depository.

 

    	Exhibit G-1

    	 

    
 

[(2)        at the time the
buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was an institution 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 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 Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: ________

 

cc: Morgan Stanley Capital I Inc.

 

 

 

**   Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit G-2

    	 

    
 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__] 	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)         the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was an institution outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was an institution outside the United States,]*

 

 

 

*   Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit H-1

    	 

    

 

[(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 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 Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

 

cc: Morgan Stanley Capital I Inc.

 

    	Exhibit H-2

    	 

    
 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder
Services – MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__]	 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S.
Bank National Association, as Certificate Administrator and Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of

 

    	Exhibit I-1

    	 

    

 

the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

 

cc: Morgan Stanley Capital I Inc.

 

    	Exhibit I-2

    	 

    

 

EXHIBIT J-1

 

FORM OF AFFIDAVIT PURSUANT TO 

SECTION 860(E)(e) OF THE INTERNAL REVENUE CODE OF 1986

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF ______________	)	 
	 	)	ss:
	COUNTY OF ____________	)	 

 

                                     ,
being first duly sworn, deposes and says:

 

1.           That he/she is
a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.           That the Purchaser’s
Taxpayer Identification Number is                             .

 

3.           That the Purchaser
is acquiring a MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificate, Series 2015-HAUL, Class R (the “Residual
Certificate”) and, further, that the Purchaser is a Permitted Transferee (as defined in Article 1 of the Trust and Servicing
Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), entered into between Morgan Stanley
Capital I Inc., as depositor, Wells Fargo Bank, National Association, as servicer and special servicer, and U.S. Bank National
Association, as certificate administrator and trustee), or is acquiring the Residual Certificate for the account of, or as agent
(including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person or entity an
affidavit substantially in the form of this affidavit.

 

4.           That the Purchaser
historically has paid its debts as they have come due, intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Residual Certificate as they become due and the Purchaser understands that, as
the holder of a Residual Certificates, it may incur liabilities in excess of cash flows generated by the residual interest.

 

5.           That the Purchaser
understands that it may incur tax liabilities with respect to the Residual Certificate in excess of any cash flow generated by
the Residual Certificate.

 

6.           That the Purchaser
will not transfer the Residual Certificate to any person or entity from which the Purchaser has not received an affidavit substantially
in the form of this affidavit or as to which the Purchaser (i) has actual knowledge that the requirements set forth in paragraph
3, paragraph 4 or paragraph 7 hereof are not satisfied, (ii) has reason to know does not satisfy the requirements set forth in
paragraph 4 hereof or (iii) has actual knowledge that such person or entity is not a Permitted Transferee or is acting as an agent
(including a broker, nominee or other middleman) for a person or entity that is not a Permitted Transferee.

 

    	Exhibit J-1-1

    	 

    

 

7.            That the Purchaser
is not a Disqualified Non-U.S. Person and is not purchasing the Residual Certificate for the account of, or as an agent (including
as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee, and attached
hereto is an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

8.            That the Purchaser
agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Residual Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy the
requirements of paragraph 4, paragraph 7 and paragraph 11 hereof. For the purposes hereof, a “disqualified organization”
is any of the following: (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other than an
instrumentality that is a corporation if all of its activities are subject to tax and, except in the case of FHLMC, a majority
of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization
or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined
in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain farmers’ cooperatives described
in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2) of the Code or (e) any
other person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect that any transfer of a Residual
Certificate to such person may cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that
the Certificates are outstanding. The terms “United States,” “State” and “International Organization”
have the meanings set forth in Section 7701 of the Code or successor provisions.

 

9.            That, if a “tax
matters person” is required to be designated with respect to the Upper-Tier REMIC and/or Lower-Tier REMIC, the Purchaser
agrees to act as “tax matters person” and to perform the functions of “tax matters partner” of the Upper-Tier
REMIC and/or Lower-Tier REMIC pursuant to Section 13.1(h) of the Trust and Servicing Agreement, and agrees to the irrevocable designation
of the Certificate Administrator as the Purchaser’s agent in performing the function of “tax matters person”
and “tax matters partner.”

 

10.          The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.3 of the Trust and Servicing Agreement concerning registration
of the transfer and exchange of the Residual Certificate.

 

11.          The Purchaser
will not cause income from the Residual Certificate to be attributable to a foreign permanent establishment or fixed base, within
the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

12.          Check the applicable
paragraph:

 

☐           The
present value of the anticipated tax liabilities associated with holding the Residual Certificate, as applicable, does not exceed
the sum of:

 

    	Exhibit J-1-2

    	 

    

 

(i)          the
present value of any consideration given to the Purchaser to acquire such Residual Certificate;

 

(ii)         the
present value of the expected future distributions on such Certificate; and

 

(iii)        the
present value of the anticipated tax savings associated with holding such Residual Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

☐          The
transfer of the Residual Certificate complies with U.S. Treasury Regulations Section 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 Residual 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 Residual Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)        the
Purchaser determined the consideration paid to it to acquire the Residual Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

    	Exhibit J-1-3

    	 

    

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                                      
this      day of               ,
20    .

	 	 	 	 
	 	[The Purchaser] 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit J-1-4

    	 

    
 

EXHIBIT J-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

U.S. Bank National Association

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – MSJP 2015-HAUL

 

		Re:	MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL,
Class R

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
that the Transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the information contained
in paragraphs 4, 7 and 11 thereof is not true. No purpose of [Transferor] relating to the transfer of the Class R Certificate
by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

	 	 	 
	 	Very truly yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit J-2-1

    	 

    
 

EXHIBIT J-3

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

U.S. Bank National Association

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – MSJP 2015-HAUL

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

		Re:	MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL,
Class R

 

Ladies and Gentlemen:

 

(the “Purchaser”)
intends to purchase from ________ (the “Seller”) [       ]% Percentage Interest
of MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, 2015-HAUL, Class R, CUSIP No. 553697 AQ6 (the “Certificates”),
issued pursuant to the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”),
entered into between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association, as servicer and special
servicer, and U.S. Bank National Association, as certificate administrator and trustee. All capitalized terms used herein and not
otherwise defined shall have the meaning set forth in the Trust and Servicing Agreement. The Purchaser hereby certifies, represents
and warrants to, and covenants with, the Depositor, the Certificate Administrator and the Certificate Registrar that:

 

The Purchaser is not
(a) an employee benefit plan or other retirement arrangement, including an individual retirement account or a Keogh plan,
which is subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other
plan subject to any federal, state or local law (“Similar Law”) which is to a material extent similar to the
foregoing provisions of ERISA or the Code (each, a “Plan”), or (b) a collective investment fund in which
such Plans are invested, an insurance company using assets of separate accounts or general accounts which include assets of Plans
(or which are deemed pursuant to ERISA or any Similar Law to include assets of Plans) or other person acting on behalf of any such
Plan or using the assets of any such Plan, other than such an insurance company.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this       day of ___, 20__.

 

    	Exhibit J-3-1

    	 

    
	 	 	 
	 	Very truly yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit J-3-2

    	 

    
 

EXHIBIT K-1

 

FORM OF INVESTOR CERTIFICATION

 

[Date]

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__]	 

 

In accordance with
the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing
Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”), between Morgan Stanley Capital
I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S. Bank National Association,
as Certificate Administrator and Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is a [[certificateholder] [beneficial owner] [prospective purchaser] of the Class ___ Certificates] [Companion Loan Holder] [party
to an Other Pooling and Servicing Agreement] [Mortgage Loan Seller who has repurchased its respective Mortgage Loan Seller Percentage
Interest in the Mortgage Loan].

 

2.            The undersigned
is not the Guarantor, the Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower (which for purposes
of this Certification includes any owner of any interest, whether legally, beneficially or otherwise, in the Borrowers), or a Borrower
Affiliate, or any agent of any of the foregoing.

 

[3.           The undersigned
is requesting access pursuant to the Trust 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 Trust 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 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.

 

    	Exhibit K-1-1

    	 

    
 

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.           If the undersigned
intends to exercise Voting Rights under the Trust and Servicing Agreement, please check one of the following:

 

		___	The undersigned is not the Depositor, the Certificate Administrator, the Trustee, the Guarantor,
the Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower, a Borrower Affiliate, or an agent of
any of the foregoing; and the undersigned [is] [is not] the Servicer, the Special Servicer, or an Affiliate of any of the foregoing;

 

		___	The undersigned is an Affiliate of the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee and hereby certifies to the existence of an Affiliate Ethical Wall between it and the Depositor, the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable.]

 

[5.           If the undersigned
intends to become the Controlling Class Representative, exercising any rights of the Controlling Class or receiving Asset Status
Reports or any other information under the Trust and Servicing Agreement (other than the Distribution Date Statement), the undersigned
is not the Guarantor, the Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower (which for purposes
of this paragraph includes any owner of any interest (whether legally, beneficially or otherwise) in the Borrowers), or Borrower
Affiliate, or an agent of any of the foregoing.]

 

6.            The undersigned
shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.

 

	 	[Entity Name]

 

    	Exhibit K-1-2

    	 

    

 

	 	By: 	 

 

	 	Name: 	 

 

	 	Title: 	 

 

	 	Company: 	 

 

	 	Phone: 	 

 

    	Exhibit K-1-3

    	 

    
 

EXHIBIT K-2

FORM OF INVESTOR CERTIFICATION

 

FOR

 

BORROWERS, LOAN SPONSOR, PROPERTY MANAGER
AND THEIR AFFILIATES

 

[Date]

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSJP 2015-HAUL

 

		Re:	MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL, Class [__]	 

 

In accordance with
the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing
Agreement, dated as of October 1, 2015 (the “Trust Agreement”), between Morgan Stanley Capital I Inc., as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, and U.S. Bank National Association, as Certificate Administrator
and Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

1.            The undersigned
is a [[certificateholder] [beneficial owner] [prospective purchaser] of the Class ___ Certificates] [Companion Loan Holder] [party
to an Other Pooling and Servicing Agreement] [Mortgage Loan Seller who has repurchased its respective Mortgage Loan Seller Percentage
Interest in the Mortgage Loan].

 

2.            The undersigned
is the Guarantor, the Loan Sponsor, the Property Manager or an Affiliate of any of the foregoing, a Borrower (which for purposes
of this Certification includes any owner of any interest, whether legally, beneficially or otherwise, in the Borrowers), or a Borrower
Affiliate, or any agent of any of the foregoing.

 

3.            The undersigned
is requesting access to the Distribution Date Statement information in accordance with the Trust and Servicing Agreement (the “Information”)
and agrees 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 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.

 

    	Exhibit K-2-1

    	 

    

 

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 certificate by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.

		 

 

		[Entity Name]

 

	 	By: 	 

 

	 	Name: 	 

 

	 	Title: 	 

 

	 	Company: 	 

 

	 	Phone: 	 

 

    	Exhibit K-2-2

    	 

    

 

EXHIBIT K-3

FORM OF FINANCIAL MARKET PUBLISHERS CERTIFICATION

 

(Pursuant to Section 3.21(b) of the Trust
and Servicing Agreement)

 

[Date]

 

This Certification has been prepared
for provision of information to the market data providers listed in the second paragraph below pursuant to the direction of the
Depositor. If you represent a Financial Market Publisher not listed herein and would like access to the information, please contact
U.S. Bank National Association at https://www.usbank.com/abs.

 

In connection with the MSJP 2015-HAUL, Commercial
Mortgage Pass-Through Certificates, Series 2015-HAUL (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

The undersigned is an employee or agent of
[BlackRock Financial Management, Markit, Bloomberg, L.P., Trepp, LLC and Intex Solutions, Inc.] or a market data provider that
has been given access to the Distribution Date Statements, CREFC® reports and supplemental notices on https://www.usbank.com/abs
by request of the Depositor.

 

The undersigned agrees that each time it accesses
https://www.usbank.com/abs, the undersigned is deemed to have recertified that the representation above remains true and
correct.

 

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 has 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 K-3-1

    	 

    

 

	 	 	 
	 	[______________________]
	 	 
	 	By:	 
			
Name:

Title:

Phone:

E-mail:
	 	 
	 	Dated:

 

    	Exhibit K-3-2

    	 

    

 

EXHIBIT L

 

APPLICABLE SERVICING CRITERIA

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer. 

	 	 	 
	 	Servicing
    Criteria 	applicable
    

    Servicing 

    Criteria
	 
Reference	Criteria	 
	 	 
General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer

                                         Special Servicer

                                         Cert. Admin.

        Custodian
        (if such entity is not also the Cert. Admin.)

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer

        Special
        Servicer

        Cert.
        Admin.

        Trustee1

        Custodian (if such entity is not also the Cert. Admin.)

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.2	Cert.
                                         Admin.

        Servicer

        Special
        Servicer

	 	 
Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

        Special
        Servicer

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin. 
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Servicer

    Trustee 1

 

 

 

1 Solely in the event that such entity has made an Advance with respect to a Companion Loan.

 

2 The Servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.

 

    	Exhibit L-1

    	 

    

 

	 	Servicing
    Criteria 	applicable
    

    Servicing 

    Criteria
	 
Reference	Criteria	 
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Servicer

    Special Servicer

    Cert. Admin.
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Servicer

    Special Servicer

    Cert. Admin.
	 	 
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.	Cert.
    Admin.
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Cert. Admin.’s investor records, or such other number
    of days specified in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert.
    Admin.
	 	 
Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the 	Servicer

 

    	Exhibit L-2

    	 

    

 

	 	Servicing Criteria 	applicable
    

Servicing 

Criteria
	 
Reference	Criteria	 
	 	Reporting
    Servicer’s records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	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
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At all times that the Servicer and the Special
Servicer are the same entity, the 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 L-3

    	 

    

 

EXHIBIT M

 

FORM OF NRSRO CERTIFICATION

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSJP 2015-HAUL

 

		Attention:	MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates,
Series 2015-HAUL (the “Certificates”)

 

In accordance with the requirements for obtaining
certain information under the Trust and Servicing Agreement, dated as of October 1, 2015 (the “Trust and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer,
and U.S. Bank National Association, as Certificate Administrator and Trustee, executed in connection with the above-referenced
transaction with respect to MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.     (a) the undersigned is a Rating Agency;
or (b) the undersigned is an NRSRO 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 Trust and Servicing Agreement to certain information (the “Information”) on the 17g-5 Information Provider’s
Website pursuant to the provisions of the Trust 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 provided by the 17g-5 Information Provider and executed and delivered in connection
with this certification 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 related to the Certificates after the Closing Date.

 

2.     The undersigned either (a) has not accessed
information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most recently ended calendar year, or (b) has
determined and maintained credit ratings for at least 10% of the issued securities and money market instruments for which it accessed
information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior to the year covered by the SEC Certification, if
it accessed such information for 10 or more issued securities or money market instruments;

 

    	Exhibit M-1

    	 

    

 

3.     The undersigned has access to the Depositor’s
17g-5 website, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s
17g-5 website shall also be applicable to information obtained from the 17g-5 Information Provider’s Website; and

 

4.     The undersigned shall be deemed to have
recertified to the provisions herein each time it accesses the 17g-5 Information Provider’s Website.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

	 	 	 
	 	[NRSRO]
	 	 	 
	 	By: 	 

 

	 	Name: 	 

 

	 	Title: 	 

 

	 	Company: 	 

 

    	Exhibit M-2

    	 

    

 

EXHIBIT N

 

FORM
OF POWER OF ATTORNEY

 

RECORDING REQUESTED BY:

 

{insert address}

	 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association, a national
banking association organized and existing under the laws of the United States and having an office at 190 S. La Salle Street,
MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby constitutes
and appoints [Wells Fargo Bank, National Association], (“[Special] Servicer”), and in its name, aforesaid Attorney-In-Fact,
by and through any officer appointed by the [Board of Directors] of (“[Special] Servicer”), to execute and acknowledge
in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in
the items (1) through (11) below; provided however, that the documents described below may only be executed and delivered by such
Attorneys-In-Fact if such documents are required or permitted under the terms of the Trust and Servicing Agreement dated as of
October 1, 2015 (the “Agreement”) by and among Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National
Association, as Servicer (in such capacity, the “Servicer”) and Special Servicer (in such capacity, the “Special
Servicer”), and U.S. Bank National Association, as Trustee and Certificate Administrator, on behalf of the MSJP 2015-HAUL,
Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL Trust, and no power is granted hereunder to take any action that
would be adverse to the interests of U.S. Bank National Association.

 

This Limited Power of Attorney is being issued
in connection with [Special] Servicer’s responsibilities to service the mortgage loan (the “Loan”) held by the
Trustee. This Loan is secured by collateral comprised of Mortgages, Deeds of Trust, Deeds to Secure Debt and other forms of Security
instruments (collectively the “Security Instruments”) encumbering any and all real and personal property delineated
therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall have the
respective meanings assigned thereto in the Agreement.

 

1.             Demand, sue for, recover, collect and receive each and
every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging to or claimed
by the Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the
substitution of trustee serving under a Deed of Trust,

 

    	Exhibit N-1

    	 

    

 

the preparation and issuance of statements of breach, notices of default,
and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws)
and foreclosing on the properties under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary
restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other
claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof, as may be necessary
or advisable in any bankruptcy action, state or federal suit or any other action.

 

2.             Execute and/or file such documents and take such other
action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Servicer has an obligation
to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

 

3.             Transact business of any kind regarding the Loan.

 

4.             Obtain an interest therein and/or building thereon, as
the Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title in and to the property
and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.             Execute, complete, indorse or file bonds, notes, mortgages,
deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or the Property, including but not limited
to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions, assignments,
loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption agreements,
subordination agreements, property adjustment agreements, management agreements, listing agreements, purchase and sale agreements
and other instruments pertaining to mortgages or deeds of trust, and execution of deeds and associated instruments, if any, conveying
the Property, in the interest of the Trustee.

 

6.             Endorse on behalf of the undersigned all checks, drafts
and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release or amend letters
of credit as Property securing the Loan.

 

7.             Execute any document or perform any act described in items
(3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of the affected Loan to the
entity (or its designee or assignee) possessing the right to obtain ownership of the Loan.

 

8.             Such other actions and file such other instruments and
certifications as are reasonably necessary to complete or accomplish the [Special] Servicer’s duties and responsibilities
under the Agreement.

 

9.             Subordinate the lien of a mortgage, deed of trust, or
deed to secure debt (i) for the purpose of refinancing the Loan, where applicable, or (ii) to an easement in favor of a public
utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution of partial
satisfactions and releases and partial reconveyances

 

    	Exhibit N-2

    	 

    

 

reasonably required for such purpose, and the execution or requests to the
trustees to accomplish the same.

 

10.           Convey the Property to the mortgage insurer, or close
the title to the Property to be acquired as real estate owned, or convey title to real estate owned property (“REO Property”).

 

11.           Execute and deliver the following documentation with
respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation:
listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but
not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions;
and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of [date].

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

The [Special] Servicer hereby agrees to indemnify and hold U.S.
Bank National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever incurred by reason or result of the 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 U.S. Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not be assigned by the [Special]
Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective as of the date below
and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b) the termination, resignation
or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal of the [Special] Servicer as
[special] servicer of the trust.

 

    	Exhibit N-3

    	 

    

 

Witness my hand and seal this __ day of _______, 20__.

	 	 	 	 	 	 
	NO CORPORATE SEAL	 	 
	 	 	U.S. Bank National Association, as Trustee, for MSJP 2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL 
	 	 	 	 
	 	 	By: 	 
	Witness:	 	 	 	, Vice President
	 	 	 
	 	 	By:	 
	Witness:	 	 	 	, Vice President
	 	 	 
	 	 	 
	Attest: 	, Trust Officer	 	 

 

    	Exhibit N-4

    	 

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Illinois

 

County of Cook

 

On this       day of
     , 2015, before me, the undersigned, a Notary Public in and for said County and State,
personally appeared      ,       and      ,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within
instrument as Vice President, Vice President and Trust Officer, respectively of U.S. Bank National Association, a national
banking association, and acknowledged to me that such national banking association executed the within instrument pursuant to
its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

	Signature: 	 	 	 
	 	 	 
	My commission expires:	 	Document drafted by 
	 	 	 
	 	 	U.S. Bank National Association, as Trustee

 

    	Exhibit N-5

    	 

    

 

EXHIBIT O

 

Additional Form 10-D Disclosure

 

The parties identified in the “Party Responsible”
column are obligated pursuant to Section 10.4 of the Trust and Servicing Agreement to disclose to each Other Depositor and each
Other 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 Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy
of the Offering Circular (other than information with respect to itself that is set forth in or omitted from the Offering Circular),
in the absence of specific notice to the contrary from the Depositor or any Mortgage Loan Seller. For this Trust and Servicing
Agreement, each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity as such)
shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning
of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular.

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance Information:

        ·     Item
        1121 of Regulation AB (other than information contained in the Distribution Date Statement)

         
	
        ·     Servicer
(only with respect to Item 1121(a)(12) of Regulation AB as to the non-Specially Serviced Mortgage Loan)

        ·     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        ·     Certificate
        Administrator

        ·     Depositor

        ·     Each
        Mortgage Loan Seller (only with respect to 1121(c)(2))

	
        Item 2: Legal Proceedings:

        ·     Item
        1117 of Regulation AB (to the extent material to Certificateholders)
	
        ·     Servicer
        (as to itself)

        ·     Special
        Servicer (as to itself)

        ·     Certificate
        Administrator (as to itself)

        ·     Trustee
        (as to itself)

        ·     Custodian
        (as to itself) (if such entity is not also the Certificate Administrator)

        ·     Depositor
        (as to itself)

        ·     Any
        other Reporting Servicer (as to itself)

        ·     Trustee/Certificate
        Administrator/ Servicer/Depositor/Special Servicer as to the Trust

        ·     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

 

    	Exhibit O-1

    	 

    

 

	 	AB

	
        Item 3: Sale of Securities and Use of Proceeds

         
	·     Depositor

	
        Item 4: Defaults Upon Senior Securities

         
	
        ·     Certificate
        Administrator

        ·     Trustee

	
        Item 5: Submission of Matters to a Vote of Security Holders

         
	
        ·     Certificate
        Administrator

        ·     Trustee

        ·     Depositor

	Item 6: Significant Obligors of Pool Assets	
        ·     Depositor

        ·     Sponsor

        ·     Applicable
        Mortgage Loan Seller

        ·     Servicer

	
        Item 7: Significant Enhancement Provider Information

	·     Depositor

	Item 8: Other Information	
        ·     Certificate
        Administrator (including the balances of the Distribution Account and the Interest Reserve Account as of the related Distribution
        Date and the preceding Distribution Date)

        ·     Servicer
        (with respect to the balances of the Foreclosed Property Account (to the extent the related information has been received from
        the Special Servicer as specified in Section 10.4 of the Trust and Servicing Agreement) and the Collection Account as of the related
        Distribution Date and the preceding Distribution Date)

        ·     Special
        Servicer (with respect to the balance of the Foreclosed Property Account as of the related Distribution Date and the preceding
        Distribution Date)

        ·     Any
        other party responsible for Form 8-K Disclosure information (including each applicable Mortgage Loan Seller with respect to Item
        1100(e) of Regulation AB to the extent material to Certificateholders)

	Item 9: Exhibits	
        ·     Certificate
        Administrator

        ·     Depositor

        ·     Servicer

        ·     Special
        Servicer

 

    	Exhibit O-2

    	 

    

 

EXHIBIT P

 

Additional Form 10-K Disclosure

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 10.5 of the Trust and Servicing Agreement to disclose to each Other
Depositor and each Other 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 Servicer and the Special Servicer (in its capacity as such) shall be entitled to
rely on the accuracy of the Offering Circular (other than information with respect to itself that is set forth in or omitted from
the Offering Circular), in the absence of specific notice to the contrary from the Depositor or any Mortgage Loan Seller. For this
Trust and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its
capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular.

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         

         
	·     Depositor

	Item 9B: Other Information	
        ·     Certificate
        Administrator

        ·     Any
        other party responsible for Form 8-K Disclosure information (including each applicable Mortgage Loan Seller with respect to Item
        1100(e) of Regulation AB to the extent material to Certificateholders)

	Item 15: Exhibits, Financial Statement Schedules	
        ·     Certificate
        Administrator

        ·     Depositor

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB (to the extent material
        to Certificateholders)
	
        ·     Servicer
        (as to itself)

        ·     Special
        Servicer (as to itself)

        ·     Certificate
        Administrator (as to itself)

        ·     Trustee
        (as to itself)

        ·     Custodian
        (as to itself) (if such entity is not also the Certificate Administrator)

        ·     Depositor
        (as to itself)

        ·     Any
        other Reporting Servicer (as to itself)

        ·     Trustee/Certificate
        Administrator/ Servicer/Depositor/Special Servicer as to the Trust

        ·     Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

        ·     Originators
        under Item 1110 of Regulation

 

    	Exhibit P-1

    	 

    

 

	 	
        AB

        ·     Party
        under Item 1100(d)(1) of Regulation AB

	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB
	
        ·     Servicer
        (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a) with the Trustee, the
        Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the Special Servicer, significant
        obligor contemplated by Item 1112, any sub-servicer meeting any of the descriptions in Item 1108(a)(3) or any enhancement or support
        provider contemplated by Items 1114 or 1115)

        ·     Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a) with the Trustee,
        the Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the Servicer, significant
        obligor contemplated by Item 1112, any sub-servicer meeting any of the descriptions in Item 1108(a)(3) or any enhancement or support
        provider contemplated by Items 1114 or 1115)

        ·     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        ·     Trustee
        (as to itself) (to the extent material to Certificateholders)

        ·     Custodian
        (as to itself, if such entity is not also the Certificate Administrator) (to the extent material to Certificateholders)

        ·     Depositor
        (as to itself and the Trust)

        ·     Trustee/Certificate
        Administrator/Custodian (if such entity is not also the Certificate Administrator)/ Servicer/Depositor/Special Servicer as to the
        Trust

        ·     Each
        Mortgage Loan Seller as sponsors (as defined in Regulation AB)

        ·     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        ·     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation AB
	
        ·     Depositor

        ·     Each
        applicable Mortgage Loan Seller as sponsor (as defined in Regulation AB)

 

    	Exhibit P-2

    	 

    

 

	 	
        ·     Servicer

	
        Additional Item:

        Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB
	
        ·     Depositor

         

 

    	Exhibit P-3

    	 

    

 

EXHIBIT Q

 

Form 8-K Disclosure Information

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 10.7 of the Trust and Servicing Agreement to report to each Other Depositor
and each Other 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 Servicer and the Special Servicer (in its capacity as such)
shall be entitled to rely on the accuracy of the Offering Circular (other than information with respect to itself that is set forth
in or omitted from the Offering Circular), in the absence of specific notice to the contrary from the Depositor or a Seller. For
this Trust and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular.

 

	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/Custodian (if such entity is not also the Certificate Administrator)/Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

	
        Item 1.02- Termination of a Material Definitive Agreement

         

        Disclosure is required regarding termination of any definitive
        agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not
        a party.

        

        Examples: servicing agreement, custodial agreement.
	·     Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

	Item 1.03- Bankruptcy or Receivership	
        ·     Depositor

        ·     Each
Mortgage Loan Seller 

 

    	Exhibit Q-1

    	 

    

 

	
        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 (with respect to an Obligation under an Off-Balance Sheet Arrangement, if any) 

	
        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 Trust and Servicing Agreement. 
	
        ·     Certificate
Administrator 

	
        Item 5.03- Amendments to Articles of Incorporation or Bylaws;
        Change in Fiscal Year

         

        Disclosure is required of any amendment “to the
governing documents of the issuing entity”. 
	
        ·     Depositor 

	Item 5.06- Change in Shell Company Status	
        ·     Depositor 

	Item 5.07- Submission of Matters to a Vote of Security Holders	
        ·     Certificate
        Administrator

        ·     Trustee

        ·     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. 
	
        ·     Servicer
        (as to itself or a servicer retained by it)

        ·     Special
        Servicer (as to itself or a servicer retained by it)

        ·     Certificate
        Administrator (as to itself as Certificate Administrator)

        ·     Custodian
(as to itself as Custodian) (if such entity is not also the Certificate Administrator)

 

    	Exhibit Q-2

    	 

    

 

	 	
        ·     Trustee
        (as to Trustee)

        ·     Depositor 

	Reg AB disclosure about any new servicer or master servicer is required.	
        ·     Servicer
or Special Servicer, as applicable (in each case, as to itself, or a sub-servicer retained by it) 

	Reg AB disclosure about any new Trustee is required.	
        ·     Trustee 

	Reg AB disclosure about any new Certificate Administrator is required.	
        ·     Certificate
Administrator 

	Reg AB disclosure about any new Custodian is required.	
        ·     Custodian
(if such entity is not also the Certificate Administrator) 

	Item 6.03- Change in Credit Enhancement or Other External Support	
        ·     Depositor

        ·     Certificate
Administrator 

	Item 6.04- Failure to Make a Required Distribution	
        ·     Certificate
Administrator 

	
        Item 6.05- Securities Act Updating Disclosure

         

        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

        ·     Servicer,
Special Servicer and each applicable Mortgage Loan Seller as sponsor (as defined in Regulation AB) 

	Item 9.01 - Financial Statements and Exhibits	
        ·     Responsible
party for reporting/disclosing the financial statement or exhibit 

 

    	Exhibit Q-3

    	 

    

 

EXHIBIT R

 

Additional Disclosure Notification

 

INSTRUCTIONS: 

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO stephen.holmes@morganstanley.com
AND VIA FIRST CLASS MAIL TO MORGAN STANLEY CAPITAL I INC.

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESSES IMMEDIATELY BELOW

 

Morgan Stanley Capital I Inc., as Depositor

1585 Broadway

New York, New York 10036

Attn:Stephen Holmes

Facsimile: (646) 435-2881

Email: stephen.holmes@morganstanley.com

 

[OTHER DEPOSITOR]

 

[OTHER EXCHANGE ACT REPORTING PARTY]

 

		RE:	**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [ ] of the Trust and Servicing Agreement,
dated as of [          ][ ], 2015, among [               ], as [                 ], [             ], as [                 ], [             ], as [                 ] and [ ], as [                 ]. 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 Collection Account and Foreclosed Property
Account balance information:

 

	Account Name	Beginning Balance as of 

MM/DD/YYYY	Ending Balance as of 

MM/DD/YYYY
	Collection Account	 	 
	Foreclosed Property Account	 	 

 

]

 

    	Exhibit 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:

 

    	Exhibit R-2

    	 

    

 

EXHIBIT S

 

Reporting Servicer Form of Performance
Certification

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

Re:           MSJP
2015-HAUL, Commercial Mortgage Pass-Through Certificates, Series 2015-HAUL (the “Transaction”), issued pursuant
to the Trust and Servicing Agreement dated as of October 1, 2015 (the “Trust and Servicing Agreement”), executed
in connection with the Transaction.

 

Capitalized terms
used but not defined herein have the meanings set forth in the [Trust and Servicing Agreement] [the Subservicing Agreement, dated
as of [_] (the “Subservicing Agreement”) between [identify parties] or, if not defined in the Subservicing Agreement,
then the meanings set forth in the Trust and Servicing Agreement].

	 	 	 

 

I, [identity of certifying individual],
hereby certify to [Name of Certifying Person(s) for the Sarbanes-Oxley Certification], the Depositor and its officers, directors
and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the
Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by
an officer of the Depositor and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.             I [(or an officer supervised by me)]
have reviewed the report of [servicing] information provided by the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
required in accordance with the Trust and Servicing Agreement for inclusion in the Annual Report on Form 10-K (“Form 10-K”)
relating to the Trust and all reports of information by the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
required in accordance with the Trust and Servicing Agreement for inclusion in the Asset-Backed Issuer Distribution Reports on
Form 10-D (“Form 10-D”) relating to the Trust (such reports by the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer],
collectively, the “Applicable Periodic Reports”);

 

2.             Based on my knowledge, the Applicable
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 the Applicable Periodic Reports;

 

3.             Based on my knowledge, all of the
[distribution], servicing and other information required to be provided in the Applicable Periodic Reports under the provisions
of the [Trust and

 

    	Exhibit S-1

    	 

    

 

Servicing/Subservicing] Agreement for the calendar year ending December 31, [____] is included in the Applicable
Periodic Reports;

 

4.             Based on my knowledge and the compliance
review conducted in preparing the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer]’s
compliance statement under Section [10.9] of the [Trust and Servicing/Subservicing] Agreement in connection with Item 1123
of Regulation AB, and except as disclosed in the Applicable Periodic Reports, the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
has fulfilled its obligations under the [Trust and Servicing/Subservicing] Agreement; 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 under the [Trust and Servicing/Subservicing] Agreement to be included
in this certification in connection with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been delivered
in accordance with the [Trust and Servicing/Subservicing] Agreement and included as an exhibit to this certification, except as
otherwise disclosed in this certification. Any material instances of noncompliance required to be described in such reports have
been disclosed in such reports.

 

In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: [name of trustee, custodian, certificate
administrator or other similar party; name of depositor; name of servicer; name of special servicer; name of other sub-servicer].

 

This Certification is being signed by me
as an officer of the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer] responsible for reviewing
[or overseeing review of] the activities performed by the [Servicer/Special Servicer/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
under the [Trust and Servicing/Subservicing] Agreement.

 

Date: [___]

		 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit S-2

    	 

    

 

Exhibit(s)

 

[List and attach applicable Item 1122 and
Item 1123 reports.]

 

    	Exhibit S-3

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