Document:

Exhibit 4.2

 

 

	 

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC.,
as Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as General Master Servicer,

 

CWCapital
Asset Management LLC,

as General Special Servicer,

 

NATIONAL
COOPERATIVE BANK, N.A.,

as NCB Master Servicer,

 

NATIONAL
COOPERATIVE BANK, N.A.,

as NCB Special Servicer,

 

Pentalpha
Surveillance LLC,

as Trust Advisor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator, as Tax Administrator and as Custodian,

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee

 

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of August 1, 2015

 

$740,314,909

Aggregate Initial Certificate Principal Balance

 

 

Commercial Mortgage Pass-Through Certificates

Series 2015-C30

 

	 

  

    	 

    	 

    

	 	 	 	 	 
	TABLE OF CONTENTS
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I
	 	 	 	 	 
	DEFINITIONS; GENERAL INTERPRETIVE
    PRINCIPLES;
	CERTAIN CALCULATIONS IN
    RESPECT OF THE MORTGAGE POOL
	 	 	 	 	 
	Section 1.01	 	Defined Terms	 	7
	Section 1.02	 	General Interpretive
    Principles	 	112
	Section 1.03	 	Certain Calculations
    in Respect of the Mortgage Pool	 	112
	Section 1.04	 	Cross-Collateralized
    Mortgage Loans	 	116
	Section 1.05	 	Incorporation
    of Preliminary Statement	 	117
	 	 	 	 	 
	ARTICLE II
	 	 	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
    REPRESENTATIONS AND
	WARRANTIES; ORIGINAL ISSUANCE
    OF REMIC I REGULAR INTERESTS,
	REMIC II REGULAR INTERESTS,
    REMIC III COMPONENTS, REMIC I RESIDUAL
	INTEREST, REMIC II RESIDUAL
    INTEREST, REMIC III RESIDUAL INTEREST
	AND CERTIFICATES
	 	 	 	 	 
	Section 2.01	 	Conveyance of
    Mortgage Loans	 	117
	Section 2.02	 	Acceptance of
    Mortgage Loans by Trustee	 	122
	Section 2.03	 	Certain Repurchases
    and Substitutions of Mortgage Loans by the Responsible Repurchase Parties	 	125
	Section 2.04	 	Representations
    and Warranties of the Depositor	 	134
	Section 2.05	 	Representations
    and Warranties of the Master Servicers	 	136
	Section 2.06	 	Representations
    and Warranties of the Special Servicers	 	137
	Section 2.07	 	Representations
    and Warranties of the Trust Advisor	 	139
	Section 2.08	 	Representations
    and Warranties of the Certificate Administrator	 	141
	Section 2.09	 	Representations
    and Warranties of the Tax Administrator	 	142
	Section 2.10	 	Representations,
    Warranties and Covenants of the Trustee	 	144
	Section 2.11	 	Creation of
    REMIC I; Issuance of the REMIC I Regular Interests and the REMIC I Residual Interest; Certain Matters Involving REMIC I	 	145
	Section 2.12	 	Conveyance of
    the REMIC I Regular Interests; Acceptance of the REMIC I Regular Interests by Trustee	 	148
	Section 2.13	 	Creation of
    REMIC II; Issuance of the REMIC II Regular Interests and the REMIC II Residual Interest; Certain Matters Involving REMIC II	 	149
	Section 2.14	 	Conveyance of
    the REMIC II Regular Interests; Acceptance of the REMIC II Regular Interests by Trustee	 	150
	Section 2.15	 	Creation of
    REMIC III; Issuance of the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest, the Class C
    Regular Interest, the REMIC III Components and the REMIC III	 	 

 

    	-i-

    	 

    

	 	 	 	 	 
	 	 	Residual Interest;
    Certain Matters Involving REMIC III and the Class A-S, Class B, Class C and Class PEX Certificates	 	151
	Section 2.16	 	Issuance of
    the Class R Certificates	 	154
	Section 2.17	 	Grantor Trust
    Pool; Issuance of the Class A-S, Class B, Class C, Class PEX and Class V Certificates	 	154
	 	 	 	 	 
	ARTICLE III
	 	 	 	 	 
	ADMINISTRATION AND SERVICING
    OF THE TRUST FUND
	 	 	 	 	 
	Section 3.01	 	General Provisions	 	155
	Section 3.02	 	Collection of
    Mortgage Loan Payments	 	163
	Section 3.03	 	Collection of
    Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts	 	164
	Section 3.04	 	Collection Account,
    Distribution Account, Interest Reserve Account, Excess Liquidation Proceeds Account, Serviced Pari Passu Companion Loan Custodial
    Account and Loss of Value Reserve Fund	 	168
	Section 3.05	 	Permitted Withdrawals
    From the Collection Accounts, the Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account	 	175
	Section 3.06	 	Investment of
    Funds in the Accounts	 	193
	Section 3.07	 	Maintenance
    of Insurance Policies; Errors and Omissions and Fidelity Coverage	 	195
	Section 3.08	 	Enforcement
    of Alienation Clauses	 	201
	Section 3.09	 	Realization
    Upon Defaulted Serviced Mortgage Loans	 	206
	Section 3.10	 	Trustee to Cooperate;
    Release of Mortgage Files	 	210
	Section 3.11	 	Master Servicing
    and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses; Obligations
    of the Trustee Regarding Back-up Servicing Advances	 	212
	Section 3.12	 	Property Inspections;
    Collection of Financial Statements	 	227
	Section 3.13	 	[Reserved]	 	229
	Section 3.14	 	[Reserved]	 	229
	Section 3.15	 	Access to Information	 	229
	Section 3.16	 	Title to Administered
    REO Property; REO Account	 	230
	Section 3.17	 	Management of
    Administered REO Property	 	233
	Section 3.18	 	Sale of Defaulted
    Mortgage Loans and Administered REO Properties; Sale of the Non-Trust-Serviced Pooled Mortgage Loans	 	236
	Section 3.19	 	Additional Obligations
    of Master Servicers and Special Servicers	 	244
	Section 3.20	 	Modifications,
    Waivers, Amendments and Consents	 	251
	Section 3.21	 	Transfer of
    Servicing Between Master Servicers and Special Servicers; Record Keeping	 	260
	Section 3.22	 	Sub-Servicing
    Agreements	 	262
	Section 3.23	 	Subordinate
    Class Representative	 	266
	Section 3.24	 	Asset Status
    Reports and Certain Rights and Powers of the Subordinate Class Representative	 	270
	Section 3.25	 	Application
    of Default Charges	 	278

 

    	-ii-

    	 

    

	 	 	 	 	 
	Section 3.26	 	Certain Matters
    Regarding the Serviced Loan Combinations	 	279
	Section 3.27	 	Rating Agency
    Confirmations; Communications with Rating Agencies	 	284
	Section 3.28	 	The Trust Advisor	 	288
	Section 3.29	 	Delivery of
    Excluded Information to the Certificate Administrator	 	299
	Section 3.30	 	General Acknowledgement
    Regarding Non-Serviced Companion Loan Holders	 	300
	Section 3.31	 	Matters Regarding
    the Non-Trust-Serviced Pooled Mortgage Loans	 	300
	Section 3.32	 	Litigation Control	 	300
	 	 	 	 	 
	ARTICLE IV
	 	 	 	 	 
	PAYMENTS TO CERTIFICATEHOLDERS
	 	 	 	 	 
	Section 4.01	 	Distributions	 	303
	Section 4.02	 	Distribution
    Date Statements; Servicer Reporting	 	315
	Section 4.03	 	P&I Advances	 	325
	Section 4.04	 	Allocation of
    Realized Losses and Additional Trust Fund Expenses	 	329
	Section 4.05	 	Allocation of
    Certain Trust Advisor Expenses	 	331
	Section 4.06	 	Calculations	 	333
	 	 	 	 	 
	ARTICLE V
	 	 	 	 	 
	THE CERTIFICATES
	 	 	 	 	 
	Section 5.01	 	The Certificates	 	334
	Section 5.02	 	Registration
    of Transfer and Exchange of Certificates	 	335
	Section 5.03	 	Book-Entry Certificates	 	344
	Section 5.04	 	Mutilated, Destroyed,
    Lost or Stolen Certificates	 	345
	Section 5.05	 	Persons Deemed
    Owners	 	345
	Section 5.06	 	Certification
    by Certificate Owners	 	346
	Section 5.07	 	Appointment
    of Authenticating Agents	 	346
	Section 5.08	 	[Reserved.]	 	347
	Section 5.09	 	Exchanges of
    Exchangeable Certificates	 	347
	 	 	 	 	 
	ARTICLE VI
	 	 	 	 	 
	THE DEPOSITOR, THE MASTER
    SERVICERS, THE SPECIAL SERVICERS AND THE
	TRUST ADVISOR
	 	 	 	 	 
	Section 6.01	 	Liability of
    the Depositor, the Master Servicers, the Special Servicers and the Trust Advisor	 	349
	Section 6.02	 	Merger, Consolidation
    or Conversion of the Depositor, the Master Servicers, the Trust Advisor or the Special Servicers	 	349
	Section 6.03	 	Limitation on
    Liability of the Depositor, the Trust Advisor, the Master Servicers and the Special Servicers	 	350
	Section 6.04	 	Resignation
    of a Master Servicer or a Special Servicer	 	353

 

    	-iii-

    	 

    

 

	 	 	 	 	 
	Section 6.05	 	Replacement
    of Special Servicers	 	355
	Section 6.06	 	Rights of the
    Depositor and the Trustee in Respect of the Master Servicers and the Special Servicers	 	358
	Section 6.07	 	Master Servicers
    and Special Servicers May Own Certificates	 	359
	 	 	 	 	 
	ARTICLE VII
	 	 	 	 	 
	SERVICER TERMINATION EVENTS
	 	 	 	 	 
	Section 7.01	 	Servicer Termination
    Event	 	360
	Section 7.02	 	Trustee To Act;
    Appointment of Successor	 	366
	Section 7.03	 	Notification
    to Certificateholders	 	367
	Section 7.04	 	Waiver of Servicer
    Termination Event	 	368
	Section 7.05	 	Additional Remedies
    of Trustee Upon Servicer Termination Event	 	368
	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 	 
	THE TRUSTEE, THE CUSTODIAN,
    THE CERTIFICATE ADMINISTRATOR AND THE
	TAX ADMINISTRATOR
	 	 	 	 	 
	Section 8.01	 	Duties of the
    Trustee, the Certificate Administrator and the Tax Administrator	 	369
	Section 8.02	 	Certain Matters
    Affecting the Trustee, the Certificate Administrator and the Tax Administrator	 	371
	Section 8.03	 	The Trustee,
    the Certificate Administrator and the Tax Administrator not Liable for Validity or Sufficiency of Certificates or Mortgage
    Loans	 	374
	Section 8.04	 	The Trustee,
    the Certificate Administrator and the Tax Administrator May Own Certificates	 	374
	Section 8.05	 	Fees and Expenses
    of the Trustee, the Certificate Administrator and the Tax Administrator; Indemnification of and by the Trustee, the Certificate
    Administrator and the Tax Administrator	 	375
	Section 8.06	 	Eligibility
    Requirements for the Trustee, the Certificate Administrator and the Tax Administrator	 	377
	Section 8.07	 	Resignation
    and Removal of the Trustee, the Certificate Administrator and the Tax Administrator	 	378
	Section 8.08	 	Successor Trustee,
    Certificate Administrator and Tax Administrator	 	381
	Section 8.09	 	Merger or Consolidation
    of the Trustee, the Certificate Administrator or the Tax Administrator	 	382
	Section 8.10	 	Appointment
    of Co-Trustee or Separate Trustee	 	382
	Section 8.11	 	Appointment
    of Custodian	 	383
	Section 8.12	 	Access to Certain
    Information	 	383
	Section 8.13	 	Cooperation
    Under Applicable Banking Law	 	393

 

    	-iv-

    	 

    

	 	 	 	 	 
	ARTICLE IX
	 	 	 	 	 
	TERMINATION
	 	 	 	 	 
	Section 9.01	 	Termination
    Upon Repurchase or Liquidation of All Mortgage Loans	 	393
	Section 9.02	 	Additional Termination
    Requirements	 	397
	 	 	 	 	 
	ARTICLE X
	 	 	 	 	 
	ADDITIONAL TAX PROVISIONS
	 	 	 	 	 
	Section 10.01	 	REMIC Administration	 	398
	Section 10.02	 	Grantor Trust
    Administration	 	401
	Section 10.03	 	The Depositor,
    the Master Servicers, the Special Servicers and the Trustee to Cooperate with the Tax Administrator	 	404
	 	 	 	 	 
	ARTICLE XI
	 	 	 	 	 
	EXCHANGE ACT REPORTING AND
    REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 11.01	 	Intent of the
    Parties; Reasonableness	 	404
	Section 11.02	 	Notification
    Requirements and Deliveries in Connection with Securitization of a Serviced Pari Passu Companion Loan	 	405
	Section 11.03	 	Sub-Servicers;
    Subcontractors and Agents	 	407
	Section 11.04	 	Information
    to be Provided by the Master Servicers and the Special Servicers	 	407
	Section 11.05	 	Information
    to be Provided by the Trustee	 	408
	Section 11.06	 	Filing Obligations	 	409
	Section 11.07	 	Form 10-D Filings	 	409
	Section 11.08	 	Form 10-K Filings	 	411
	Section 11.09	 	Sarbanes-Oxley
    Certification	 	414
	Section 11.10	 	Form 8-K Filings	 	416
	Section 11.11	 	Suspension of
    Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	 	417
	Section 11.12	 	Annual Compliance
    Statements	 	418
	Section 11.13	 	Annual Reports
    on Assessment of Compliance with Servicing Criteria	 	419
	Section 11.14	 	Annual Independent
    Public Accountants’ Servicing Report	 	421
	Section 11.15	 	Exchange Act
    Reporting Indemnification	 	422
	Section 11.16	 	Amendments	 	425
	Section 11.17	 	Exchange Act
    Report Signatures; Delivery of Notices; Interpretation of Grace Periods	 	425
	Section 11.18	 	Termination
    of the Certificate Administrator	 	427

 

    	-v-

    	 

    

	 	 	 	 	 
	ARTICLE XII
	 	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 12.01	 	Amendment	 	427
	Section 12.02	 	Recordation
    of Agreement; Counterparts	 	430
	Section 12.03	 	Limitation on
    Rights of Certificateholders	 	430
	Section 12.04	 	Governing Law;
    Consent to Jurisdiction; Waiver of Trial by Jury	 	431
	Section 12.05	 	Notices	 	432
	Section 12.06	 	Communications
    by Electronic Mail	 	433
	Section 12.07	 	Severability
    of Provisions	 	434
	Section 12.08	 	Successors and
    Assigns; Beneficiaries	 	434
	Section 12.09	 	Article and
    Section Headings	 	435
	Section 12.10	 	Notices to Subordinate
    Class Representative	 	435
	Section 12.11	 	Complete Agreement	 	435

 

    	-vi-

    	 

    

 

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A-1	 	Form of Certificates
    (other than Class R, Class V Certificates)
	EXHIBIT A-2	 	Form of Class
    R Certificates
	EXHIBIT A-3	 	Form of Class
    V Certificates
	EXHIBIT B	 	Letter of Representations
    Between Issuer and Initial Depository
	EXHIBIT C-1A	 	Form of Transferor
    Certificate (For Use in Connection With Transfers of Non-Registered Certificates to Non-QIB Accredited Investors)
	EXHIBIT C-1B	 	Form of Transferee
    Certificate (For Use in Connection with Transfers of Non-Registered Certificates to Non-QIB Accredited Investors)
	EXHIBIT C-2A	 	Form of Transferor
    Certificate (For Use in Connection with Transfers of Non-Registered Certificates to QIBs)
	EXHIBIT C-2B	 	Form of Transferee
    Certificate (For Use in Connection with Transfers of Non-Registered Certificates to QIBs)
	EXHIBIT C-3A	 	Form of Transferor
    Certificate (For Use in Connection with Transfers of Non-Registered Certificates Under Regulation S)
	EXHIBIT C-3B	 	Form of Transferee
    Certificate (For Use in Connection with Transfers of Non-Registered Certificates Under Regulation S)
	EXHIBIT D-1	 	Form of Transferee
    Certificate in Connection with ERISA (Non-Investment Grade Certificates Held in Physical Form)
	EXHIBIT D-2	 	Form of Transferee
    Certificate in Connection with ERISA (Certificates Held in Book-Entry Form)
	EXHIBIT E-1	 	Form of Transfer
    Affidavit and Agreement for Transfers of Class R Certificates
	EXHIBIT E-2	 	Form of Transferor
    Certificate for Transfers of Class R Certificates
	EXHIBIT F-1	 	Form of Master
    Servicer Request for Release
	EXHIBIT F-2	 	Form of Special
    Servicer Request for Release
	EXHIBIT F-3A	 	Form of Transferor
    Certificate for Transfer of the Excess Servicing Fee Rights
	EXHIBIT F-3B	 	Form of Transferee
    Certificate for Transfer of the Excess Servicing Fee Rights
	EXHIBIT G-1	 	Form of Distribution
    Date Statement
	EXHIBIT G-2	 	Minimum Information
    for Distribution Date Statement
	EXHIBIT H	 	[Reserved]
	EXHIBIT I-1	 	Form of Notice
    and Acknowledgment Concerning Replacement of Special Servicer
	EXHIBIT I-2	 	Form of Acknowledgment
    of Proposed Special Servicer
	EXHIBIT J	 	Form of UCC-1
    Financing Statement
	EXHIBIT K-1A	 	Form of Investor
    Certification for Non-Borrower Parties (for Persons other than the Subordinate Class Representative and/or a Subordinate Class
    Certificateholder)
	EXHIBIT K-1B	 	Form of Investor
    Certification for Non-Borrower Parties (for the Subordinate Class Representative and/or a Subordinate Class Certificateholder)
	EXHIBIT K-2A	 	Form of Investor
    Certification for Borrower Parties (for Persons other than the Subordinate Class Representative and/or a Subordinate Class
    Certificateholder)

 

    	-vii-

    	 

    

 

	 	 	 
	EXHIBIT K-2B	 	Form of Investor
    Certification for Borrower Parties (for the Subordinate Class Representative and/or a Subordinate Class Certificateholder)
	EXHIBIT K-3A	 	Form of Notice
    of [Excluded Holder][Excluded Controlling Class Holder]
	EXHIBIT K-3B	 	Form of Notice
    of [Excluded Holder][Excluded Controlling Class Holder] to Certificate Administrator
	EXHIBIT K-4	 	Form of Investor
    Confidentiality Agreement
	EXHIBIT K-5	 	Form of Notice
    of Mezzanine Collateral Foreclosure
	EXHIBIT L	 	Form of Power
    of Attorney by Trustee for Master Servicers and Special Servicers
	EXHIBIT M	 	Form of Final
    Certification of Custodian
	EXHIBIT N	 	Form of Defeasance
    Certification
	EXHIBIT O-1	 	Form of Trust
    Advisor Annual Report (Subordinate Control Period)
	EXHIBIT O-2	 	Form of Trust
    Advisor Annual Report (Collective Consultation Period and Senior Consultation Period)
	EXHIBIT O-3	 	Form of Notice
    from Trust Advisor Recommending Replacement of Special Servicer
	EXHIBIT P	 	Form of NRSRO
    Certification
	EXHIBIT Q	 	Form of Online
    Vendor Certification
	EXHIBIT R	 	Additional Disclosure
    Notification
	EXHIBIT S-1	 	Form of Trustee
    Backup Certification
	EXHIBIT S-2	 	Form of Custodian
    Backup Certification
	EXHIBIT S-3	 	Form of Certificate
    Administrator Backup Certification
	EXHIBIT S-4	 	Form of Master
    Servicer Backup Certification
	EXHIBIT S-5	 	Form of Special
    Servicer Backup Certification
	EXHIBIT S-6	 	Form of Trust
    Advisor Backup Certification
	EXHIBIT T	 	Form of Sarbanes-Oxley
    Certification
	EXHIBIT U	 	Form of Outside
    Master Servicer Notice
	EXHIBIT V	 	[Reserved]
	EXHIBIT W	 	[Reserved]
	EXHIBIT X	 	Form of Notice
    of Exchange of Exchangeable Certificates
	EXHIBIT Y	 	Form of Intercreditor
    Agreement and Subordination Agreement for NCB Co-op Mortgage Loans
	 	 	 
	SCHEDULES	 	 
	 	 	 
	SCHEDULE I	 	Mortgage Loan
    Schedule
	SCHEDULE II	 	Schedule of
    Exceptions to Mortgage File Delivery (under Section 2.02(a))
	SCHEDULE III	 	Servicing Criteria
    to be Addressed in Assessment of Compliance
	SCHEDULE IV	 	Designated Sub-Servicers
	SCHEDULE V	 	Additional Form
    10-D Disclosure
	SCHEDULE VI	 	Additional Form
    10-K Disclosure
	SCHEDULE VII	 	Form 8-K Disclosure
    Information
	SCHEDULE VIII	 	Schedule of
    Initial Serviced Pari Passu Companion Loan Holders
	SCHEDULE IX	 	Class A-SB Planned
    Principal Balance Schedule
	SCHEDULE X	 	Designated Escrow/Reserve
    Mortgage Loans

 

    	-viii-

    	 

    

 

This
Pooling and Servicing Agreement (this “Agreement”), is dated and effective
as of August 1, 2015, among WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC., as Depositor, WELLS FARGO BANK, NATIONAL ASSOCIATION,
as General Master Servicer, CWCAPITAL ASSET MANAGEMENT, LLC, as General Special Servicer, NATIONAL COOPERATIVE BANK, N.A., as
NCB Master Servicer, NATIONAL COOPERATIVE BANK, N.A., as NCB Special Servicer, PENTALPHA SURVEILLANCE LLC, as Trust Advisor, WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, as Tax Administrator and as Custodian, and WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Trustee.

 

PRELIMINARY
STATEMENT:

 

The
Depositor intends to sell Certificates, to be issued hereunder in multiple Classes, which in the aggregate will evidence the entire
beneficial ownership interest in the Trust to be created hereunder.

 

REMIC
I

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive
of certain amounts payable thereon) and certain other assets as a REMIC for federal income tax purposes, and such segregated pool
of assets will be designated as “REMIC I”. The Class R Certificates will evidence ownership of (among other things)
the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions. The Latest Possible Maturity
Date for each REMIC I Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC I Regular Interests
will be certificated.

 

REMIC
II

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests
as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The
Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in
REMIC II for purposes of the REMIC Provisions. The following table sets forth the designation, the REMIC II Remittance Rate and
the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests. The Latest Possible Maturity Date for
each REMIC II Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC II Regular Interests will
be certificated.

  

	Designation
	 	REMIC
                                         II

                                         Remittance Rate
	 	Initial

                                         Uncertificated

                                         Principal Balance

	A-1	 	Variable(1)	 	$             38,940,000
	A-2	 	Variable(1)	 	$               4,385,000
	A-3	 	Variable(1)	 	$           150,000,000
	A-4	 	Variable(1)	 	$           263,131,000

 

    	 

    	 

    

 

	A-SB	 	Variable(1)	 	$             61,764,000
	A-S	 	Variable(1)	 	$             51,822,000
	B	 	Variable(1)	 	$             43,493,000
	C	 	Variable(1)	 	$             31,464,000
	D	 	Variable(1)	 	$             39,792,000
	E	 	Variable(1)	 	$             16,657,000
	F	 	Variable(1)	 	$               8,328,000
	G	 	Variable(1)	 	$               8,329,000
	H	 	Variable(1)	 	$              22,209,909

 

 

		(1)	The
                                         REMIC II Remittance Rate for each REMIC II Regular Interest shall be a variable rate
                                         per annum calculated in accordance with the definition of “REMIC II Remittance
                                         Rate”.

 

REMIC
III

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests
as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class D, Class E, Class F,
Class G and Class H Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B,
Class X-E, Class X-FG and Class X-H Certificates will evidence ownership of six (6), one (1), one (1), two (2), and
one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-S Certificates
and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Regular
Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of a specified portion from
time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence
ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence
ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions.
The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Interest Only Certificates), the Class A-S
Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the date
that is the Rated Final Distribution Date.

 

Designations
of the REMIC III Components

 

The
REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designations under
the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under
“Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are
hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of
Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”.
The REMIC III Component of the Class X-E Certificates  is hereby irrevocably assigned the alphanumeric designation
under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears
under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-FG
Certificates are  hereby irrevocably

 

    	-2-

    	 

    

 

assigned the alphanumeric designations
under the column heading “REMIC III Component of Class X-FG Certificates” in the table that appears under
“Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-H Certificates is
hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-H
Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”.

 

Corresponding
REMIC II Regular Interests

 

The
following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX
Component and/or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest and (ii) the
REMIC III Component of the Class X-A, Class X-B, Class X-E, Class X-FG or Class X-H Certificates, in
each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: 

 

	
        REMIC II

Regular

Interest
	
        Class of Certificates

or REMIC III

Regular Interest
	
        REMIC III

Component

of

Class X-A

Certificates
	
        REMIC III

Component

of

Class X-B

Certificates
	
        REMIC III

Component

of

Class X-E

Certificates
	
        REMIC III

Component

of

Class X-FG

Certificates
	
        REMIC III

Component

of

Class X-H

Certificates

	A-1	A-1 Certificates	A-1-X-A	N/A	N/A	N/A	N/A
	A-2	A-2 Certificates	A-2-X-A	N/A	N/A	N/A	N/A
	A-3	A-3 Certificates	A-3-X-A	N/A	N/A	N/A	N/A
	A-4	A-4 Certificates	A-4-X-A	N/A	N/A	N/A	N/A
	A-SB	A-SB Certificates	A-SB-X-A	N/A	N/A	N/A	N/A
	A-S	A-S Certificates and A-S-PEX Component (collectively representing the Class A-S Regular Interest)	A-S-X-A	N/A	N/A	N/A	N/A
	B	B Certificates and B-PEX Component (collectively representing the Class B Regular Interest)	N/A	B-X-B	N/A	N/A	N/A
	C	C Certificates and C-PEX Component (collectively representing the Class C Regular Interest)	N/A	C-X-B	N/A	N/A	N/A
	D	D Certificates	N/A	N/A	N/A	N/A	N/A
	E	E Certificates	N/A	N/A	E-X-E	N/A	N/A
	F	F Certificates	N/A	N/A	N/A	F-X-FG	N/A
	G	G Certificates	N/A	N/A	N/A	G-X-FG	N/A
	H	H Certificates	N/A	N/A	N/A	N/A	H-X-H

  

    	-3-

    	 

    

 

Each
of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular
Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the
initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates)
and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will be $740,314,909.

 

Class
Designations of the Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest.

 

The
following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class
of Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C
Regular Interest. 

 

	Class
                                         Designation
	 	Pass-Through
                                         Rate
	 	Initial
                                         Class Principal Balance

	Class
    A-1	 	1.6520%
    per annum	 	$         38,940,000
	Class
    A-2	 	2.5730%
    per annum	 	$           4,385,000
	Class
    A-3	 	3.4110%
    per annum	 	$       150,000,000
	Class
    A-4	 	3.6640%
    per annum	 	$       263,131,000
	Class
    A-SB	 	3.4120%
    per annum	 	$         61,764,000
	Class
    X-A	 	Variable(1)	 	(2)
	Class
    X-B	 	Variable(1)	 	(3)
	Class X-E	 	Variable(1)	 	(4)
	Class X-FG	 	Variable(1)	 	(5)
	Class X-H	 	Variable(1)	 	(6)
	Class
    A-S(7)	 	Variable(1)	 	$         51,822,000
	Class
    A-S-PEX Component(7)	 	Variable(1)	 	$                         0
	Class
    A-S Regular Interest(7)	 	Variable(1)	 	$         51,822,000
	Class
    B(7)	 	Variable(1)	 	$         43,493,000
	Class
    B-PEX Component(7)	 	Variable(1)	 	$                         0
	Class
    B Regular Interest(7)	 	Variable(1)	 	$         43,493,000
	Class
    C(7)	 	Variable(1)	 	$         31,464,000
	Class
    C-PEX Component(7)	 	Variable(1)	 	$                         0
	Class
    C Regular Interest(7)	 	Variable(1)	 	$         31,464,000
	Class
    PEX(7)	 	(8)	 	$       126,779,000
	Class
    D	 	Variable(1)	 	$         39,792,000
	Class
    E	 	3.2500%
    per annum	 	$         16,657,000
	Class
    F	 	3.2500%
    per annum	 	$           8,328,000
	Class
    G	 	3.2500%
    per annum	 	$           8,329,000
	Class
    H	 	3.2500%
    per annum	 	$         22,209,909
	Class
    R	 	None	 	None
	Class
    V	 	None	 	(9)

 

 

		(1)	The
respective Pass-Through Rates for the Interest Only Certificates and the Class A-S, Class B, Class C, Class and D Certificates,
the Class A-S-PEX Component, the Class B-PEX Component and the Class C-PEX 

 

    	-4-

    	 

    

 

Component and the Class A-S Regular Interest, the
                                         Class B Regular Interest and the Class C Regular Interest will, in the case of each
                                         of those Classes, be a variable rate per annum calculated in accordance with the
                                         definition of “Pass-Through Rate”.

 

		(2)	The
                                         Class X-A Certificates will not have a Class Principal Balance and will not
                                         entitle their Holders to receive distributions of principal. The Class X-A Certificates
                                         will evidence the ownership of six (6) REMIC regular interests, each corresponding to
                                         one of the components of the notional balance of the Class X-A Certificates. The
                                         Class X-A Certificates will have a Class Notional Amount which will be equal to
                                         the aggregate of the Component Notional Amounts of the REMIC III Components of such Class
                                         from time to time. As more specifically provided herein, interest in respect of such
                                         Class of Certificates will consist of the aggregate amount of interest accrued on the
                                         respective Component Notional Amounts of such Class’ REMIC III Components from
                                         time to time.

 

		(3)	The
                                         Class X-B Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class X-B Certificates
                                         will evidence the ownership of one (1) REMIC regular interest, corresponding to
                                           the components of the notional balance of the Class X-B Certificates. The
                                         Class X-B Certificates will have a Class Notional Amount which will be equal to
                                         the aggregate of the Component Notional Amounts of the REMIC III Components of such Class
                                         from time to time. As more specifically provided herein, interest in respect of such
                                         Class of Certificates will consist of the aggregate amount of interest accrued on the
                                         respective Component Notional Amounts of such Class’ REMIC III Components from
                                         time to time.

 

		(4)	The
                                         Class X-E Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class X-E Certificates
                                         will evidence the ownership of one (1) REMIC regular interest, corresponding to
                                         the component of the notional balance of the Class X-E Certificates. The Class X-E
                                         Certificates will have a Class Notional Amount which will be equal to the Component Notional
                                         Amount of the REMIC III Component of such Class from time to time. As more specifically
                                         provided herein, interest in respect of such Class of Certificates will consist of the
                                         amount of interest accrued on the Component Notional Amount of such Class’ REMIC III
                                         Component from time to time.

 

		(5)	The
                                         Class X-FG Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class X-FG Certificates
                                         will evidence the ownership of two (2) REMIC regular interests, each corresponding
                                         to one of the components of the notional balance of the Class X-FG Certificates.
                                         The Class X-FG Certificates will have a Class Notional Amount which will be equal
                                         to the aggregate of the Component Notional Amounts of the REMIC III Components of
                                         such Class from time to time. As more specifically provided herein, interest in respect
                                         of such Class of Certificates will consist of the aggregate amount of interest accrued
                                         on the respective Component Notional Amounts of such Class’ REMIC III Components
                                         from time to time.

 

		(6)	The
                                         Class X-H Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class X-H Certificates
                                         will evidence the ownership of one (1) REMIC regular interest, corresponding to
                                         the component of the notional balance of the Class X-H Certificates. The Class X-H
                                         Certificates will have a Class Notional Amount which will be equal to the Component Notional
                                         Amount of the REMIC III Component of such Class from time to time. As more specifically
                                         provided herein, interest in respect of such Class of Certificates will consist of the
                                         amount of interest accrued on the Component Notional Amount of such Class’ REMIC III
                                         Component from time to time.

 

		(7)	The
                                         Class A-S, Class B and Class C Certificates are not regular interests
                                         in REMIC III but represent ownership of the Class A-S Percentage Interest, the Class B
                                         Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S
                                         Regular Interest, Class B Regular Interest and Class C Regular Interest, respectively.
                                         The Class A-S-PEX Component, Class B-PEX Component and Class C-PEX Component
                                         are not regular interests in REMIC III but represent ownership of the Class A-S-PEX
                                         Percentage Interest, the Class B-PEX Percentage Interest and the Class C-PEX
                                         Percentage Interest, respectively, in the Class A-S Regular Interest, Class B
                                         Regular Interest and Class C Regular Interest, respectively. The Class PEX
                                         Certificates are not regular interests in REMIC III but represent ownership of the Class PEX
                                         Components.

 

		(8)	The
                                         Class PEX Certificates will not have a Pass-Through Rate but will be entitled to
                                         receive the sum of the interest distributable on the Class PEX Components.

 

    	-5-

    	 

    

 

		(9)	The
                                         Class V Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class V Certificates will
                                         evidence the beneficial ownership of the assets of the portion of the Grantor Trust consisting
                                         of the Class V Specific Grantor Trust Assets.

 

Grantor
Trust

 

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

 

	Class
                                         Designation
	 	Corresponding
                                         Grantor Trust Assets

	Class
    A-S	 	Class
    A-S Specific Grantor Trust Assets
	Class
    B	 	Class
    B Specific Grantor Trust Assets
	Class
    C	 	Class
    C Specific Grantor Trust Assets
	Class
    PEX	 	Class
    PEX Specific Grantor Trust Assets
	Class
    V	 	Class
    V Specific Grantor Trust Assets

 

Split
Loan Structures

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “Somerset
Park Apartments Mortgage Loan”) also secures four companion loans to the same Borrower, which consists of promissory
notes designated as notes A-1-2, A-2-2, A-1-3 and A-2-3 in the original principal balance of $106,500,000, and each of which is
pari passu in right of payment with the Somerset Park Apartments Mortgage Loan (the “Somerset Park Apartments
Pari Passu Companion Loans” and, collectively with the Somerset Park Apartments Mortgage Loan, the “Somerset
Park Apartments Loan Combination”). The Somerset Park Apartments Pari Passu Companion Loans and all amounts attributable
thereto will not be assets of the Trust Fund, the REMIC Pools or the Grantor Trust and will be beneficially owned by the related
Serviced Pari Passu Companion Loans Holders.

 

The
Somerset Park Apartments Loan Combination will be serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement.

 

Capitalized
terms used but not otherwise defined in this Preliminary Statement have the respective meanings assigned thereto in Section 1.01
of this Agreement.

 

In
consideration of the mutual agreements herein contained, the Depositor, the General Master Servicer, the General Special Servicer,
the NCB Master Servicer, the NCB Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax Administrator and
the Trustee hereby agree as follows:

 

    	-6-

    	 

    

 

ARTICLE
I

DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES;

CERTAIN CALCULATIONS IN RESPECT OF THE MORTGAGE POOL

 

Section
1.01     Defined Terms. Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this Section 1.01, subject to modification in
accordance with Section 1.04.

 

“30/360
Basis”: The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“30/360
Mortgage Loan”: A Mortgage Loan that accrues interest on a 30/360 Basis.

 

“Acceptable
Insurance Default”: As defined in Section 3.07(a).

 

“Accrued
Certificate Interest”: The interest accrued from time to time with respect to any Class of Regular Certificates
and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, the amount of which
interest shall equal: (a) in the case of any Class of Principal Balance Certificates (other than the Class A-S, Class B,
Class C and Class PEX Certificates) or the Class A-S Regular Interest, Class B Regular Interest or Class C
Regular Interest, as applicable, for any Interest Accrual Period, one-twelfth of the product of (i) the Pass-Through Rate
applicable to such Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest, as applicable, for such Interest Accrual Period, multiplied by (ii) the Class Principal
Balance of such Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest, as applicable, outstanding immediately prior to the related Distribution Date; and (b) in
the case of any Class of Interest Only Certificates for any Interest Accrual Period, the aggregate amount of Accrued Component
Interest for all of such Class’ REMIC III Components for such Interest Accrual Period.

 

“Accrued
Component Interest”: The interest accrued from time to time with respect to any REMIC III Component of any Class
of Interest Only Certificates, the amount of which interest shall equal, for any Interest Accrual Period, one-twelfth of the product
of (i)(A) in the case of each REMIC III Component of the Class X-A Certificates, the Class X-A Strip Rate applicable
to such REMIC III Component for such Interest Accrual Period, (B) in the case of each REMIC III Component of the Class X-B
Certificates, the Class X-B Strip Rate applicable to such REMIC III Component for such Interest Accrual Period, (C) in
the case of the REMIC III Component of the Class X-E Certificates, the Class X-E Strip Rate applicable to such
REMIC III Component for such Interest Accrual Period, (D) in the case of each REMIC III Component of the Class X-FG
Certificates, the Class X-FG Strip Rate applicable to such REMIC III Component for such Interest Accrual Period or (E) in
the case of the REMIC III Component of the Class X-H Certificates, the Class X-H Strip Rate applicable to such
REMIC III Component for such Interest Accrual Period multiplied by (ii) the Component Notional Amount of such
REMIC III Component outstanding immediately prior to the related Distribution Date.

 

    	-7-

    	 

    

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar
month (or other applicable recurring accrual period) in a year assumed to consist of 360 days.

 

“Actual/360
Mortgage Loan”: A Mortgage Loan that accrues interest on an Actual/360 Basis.

 

“Additional
Collateral”: Any non-real property collateral (including any Letters of Credit or Reserve Funds) pledged and/or
delivered by or on behalf of the related Borrower and held by the related Mortgagee to secure payment on any Mortgage Loan which,
in the case of any Loan Combination, also secures payment on the related Pari Passu Companion Loan.

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.07.

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.08.

 

“Additional
Master Servicing Compensation”: As defined in Section 3.11(b).

 

“Additional
Servicer”: Each Affiliate of any Master Servicer, any Mortgage Loan Seller, the Depositor, any Non-Trust Master
Servicer, any Non-Trust Special Servicer or any of the Underwriters, that Services any of the Mortgage Loans and each Person,
other than the Special Servicers, who is not an Affiliate of any Master Servicer, any Mortgage Loan Seller, the Depositor or any
of the Underwriters and who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance). For clarification
purposes, the Certificate Administrator is an Additional Servicer and the Trustee is not an Additional Servicer. For further clarification
purposes, the Special Servicers and the Trust Advisor are not Additional Servicers, it being acknowledged that the Special Servicers
and the Trust Advisor constitute Reporting Servicers regardless of the number or percentage of Mortgage Loans serviced on any
particular date.

 

“Additional
Special Servicing Compensation”: As defined in Section 3.11(d).

 

“Additional
Trust Fund Expense”: Any expense of the Trust Fund that (i) arises out of a default on a Mortgage Loan or
a Serviced Pari Passu Companion Loan or an otherwise unanticipated event, (ii) is not included in the calculation of a Realized
Loss, (iii) is not covered by a Servicing Advance or a corresponding collection from the related Borrower, and (iv) is
not covered by Default Charges collected on the Mortgage Loans to the extent provided herein.

 

“Additional
Yield Amount”: As defined in Section 4.01(c).

 

“Adjusted
Actual/360 Accrued Interest Amount”: As defined in Section 2.11(f).

 

“Administered
REO Property”: Any REO Property other than any REO Property related to a Non-Trust-Serviced Pooled Mortgage Loan.

 

“Administrative
Fee Rate”: With respect to each Mortgage Loan, the sum of (i) the Certificate Administrator Fee Rate, (ii) the
CREFC® License Fee Rate, (iii) the Trust Advisor Ongoing Fee Rate, (iv) the applicable Master Servicing Fee Rate;
and (v) in the case of

 

    	-8-

    	 

    

 

each Pari Passu Mortgage Loan, a rate per annum equal to the applicable Pari Passu Primary
Servicing Fee Rate.

 

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

 

“Advance
Interest”: The interest accrued on any Advance (other than any Unliquidated Advance) at the Reimbursement Rate,
which is payable to the party hereto that made that Advance, all in accordance with Section 3.11(g) or Section 4.03,
as applicable.

 

“Adverse
Grantor Trust Event”: Either: (i) any impairment of the status of the Grantor Trust Pool as a Grantor Trust;
or (ii) the imposition of a tax upon the Grantor Trust Pool or any of its assets or transactions.

 

“Adverse
Rating Event”: With respect to any Class of Rated Certificates and any Rating Agency that has assigned a rating
thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such Class
of Rated Certificates by such Rating Agency (or the placement of such Class of Rated Certificates on “negative
credit watch” status in contemplation of any such action with respect thereto).

 

“Adverse
REMIC Event”: Either: (i) any impairment of the status of any REMIC Pool as a REMIC, including (insofar
as it relates to a proposed modification, waiver or amendment of any term of a Mortgage Loan) any impairment that could result
by virtue of the exercise of a “unilateral option” (within the meaning of Treasury Regulations Section 1.1001-3(c)(3))
of the Borrower; or (ii) except as permitted by Section 3.17(a), the imposition of a tax upon any REMIC Pool
or any of its assets or transactions (including the tax on prohibited transactions as defined in Section 860F(a)(2) of the
Code, the tax on contributions under Section 860G(d) of the Code and the tax on income from foreclosure property under Section 860G(c)
of the Code).

 

“Affected
Loan(s)”: As defined in Section 2.03(b)(A).

 

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

 

“Affected
Reporting Party”: As defined in Section 11.15.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Agreement”:
This Pooling and Servicing Agreement, as it may be amended, modified, supplemented or restated following the Closing Date.

 

“Anticipated
Repayment Date”: With respect to any ARD Mortgage Loan, the date specified in the related Mortgage Note, as of
which Post-ARD Additional Interest shall

 

    	-9-

    	 

    

 

begin to accrue on such Mortgage Loan, which date is prior to the Stated Maturity Date
for such Mortgage Loan.

 

“Applicable
Banking Law”: As defined in Section 8.13.

 

“Applicable
State Law”: For purposes of Article X, the Applicable State Law shall be (1) the laws of the
State of New York; (2) to the extent brought to the attention of the Tax Administrator (by either (i) an Opinion of
Counsel delivered to it or (ii) written notice from the appropriate taxing authority as to the applicability of such state
law), (a) the laws of the states in which the Corporate Trust Offices of the Certificate Administrator and the Trustee and
the Primary Servicing Offices of the Master Servicers and the Special Servicers are located and (b) the laws of the states
in which any Mortgage Loan Documents are held and/or any REO Properties are located; and (3) such other state or local law
as to which the Tax Administrator has actual knowledge of applicability.

 

“Appraisal”:
With respect to any Mortgaged Property or REO Property as to which an appraisal is required to be performed pursuant to the terms
of this Agreement, a narrative appraisal complying with USPAP (or, in the case of a Mortgage Loan or an REO Mortgage Loan with
a Stated Principal Balance as of the date of such appraisal of less than $2,000,000, at the applicable Special Servicer’s
option, either a limited appraisal and a summary report or an internal valuation prepared by the applicable Special Servicer)
that (i) indicates the “market value” of the subject property (within the meaning of 12 C.F.R. § 225.62(g))
and (ii) is conducted by a Qualified Appraiser (except that, in the case of a Mortgage Loan or an REO Mortgage Loan with
a Stated Principal Balance as of the date of such appraisal of less than $2,000,000, the appraiser may be an employee of the applicable
Special Servicer, which employee need not be a Qualified Appraiser but shall have experience in commercial and/or multifamily
properties, as the case may be, and possess sufficient knowledge to value such a property).

 

“Appraisal-Reduced
Interest Amount”: With respect to any Mortgage Loan or REO Mortgage Loan, the amount of any reduction in any
P&I Advance that occurs as result of Appraisal Reduction Amounts pursuant to the proviso to Section 4.03(b).

 

“Appraisal
Reduction Amount”: With respect to any Serviced Mortgage Loan (or, as described in the fourth-to-last paragraph
of this definition, for any Mortgage Loan relating to a Serviced Loan Combination) that is a Required Appraisal Loan, an amount
(calculated initially as of the Determination Date immediately following the later of the date on which the subject Mortgage Loan
became a Required Appraisal Loan and the date on which the applicable Appraisal was obtained) equal to the excess, if any, of:

 

(a)          the
sum of, without duplication, (i) the Stated Principal Balance of such Required Appraisal Loan, (ii) to the extent not
previously advanced by or on behalf of the applicable Master Servicer or the Trustee, all unpaid interest on such Required Appraisal
Loan through the most recent Due Date prior to the date of determination (exclusive of any portion thereof that represents Default
Interest and/or Post-ARD Additional Interest), (iii) all accrued and unpaid Special Servicing Fees in respect of such Required
Appraisal Loan, (iv) all related unreimbursed Advances (together with Unliquidated Advances)

 

    	-10-

    	 

    

 

made by or on behalf of (plus
all accrued and unpaid interest on such Advances (other than Unliquidated Advances) payable to) the applicable Master Servicer,
the applicable Special Servicer and/or the Trustee with respect to such Required Appraisal Loan, (v) any other outstanding
Additional Trust Fund Expenses (other than Trust Advisor Expenses) with respect to such Required Appraisal Loan, and (vi) all
currently due and unpaid real estate taxes and assessments, insurance premiums and, if applicable, ground rents, and any unfunded
improvement or other applicable reserves, in respect of the related Mortgaged Property or REO Property, as the case may be (in
each case, net of any amounts escrowed with the applicable Master Servicer or the applicable Special Servicer for such items);
over

 

(b)          an
amount equal to the sum of: (a) the excess, if any, of (i) 90% of the Appraised Value of the related Mortgaged Property
(or REO Property) as determined by the most recent Appraisal or any letter update of such Appraisal, over (ii) the amount
of any obligations secured by liens on such Mortgaged Property (or REO Property) that are prior to the lien of the related Required
Appraisal Loan; plus (b) the amount of any Escrow Payments and/or Reserve Funds held by the applicable Master Servicer
or the applicable Special Servicer with respect to such Required Appraisal Loan, the related Mortgaged Property or any related
REO Property that (i) are not being held in respect of any real estate taxes and assessments, insurance premiums or, if applicable,
ground rents, (ii) are not otherwise scheduled to be applied or utilized (except to pay debt service on such Required Appraisal
Loan) within the twelve-month period following the date of determination and (iii) may be applied toward the reduction of
the principal balance of such Required Appraisal Loan; plus (c) the amount of any Letter of Credit constituting additional
security for such Required Appraisal Loan and that may be applied towards the reduction of the principal balance of such Required
Appraisal Loan.

 

Notwithstanding
the foregoing, if (i) any Serviced Mortgage Loan or Serviced Loan Combination becomes a Required Appraisal Loan, (ii) either
(A) no Appraisal or update thereof has been obtained or conducted, as applicable, in accordance with Section 3.19(a),
with respect to the related Mortgaged Property or REO Property, as the case may be, during the nine-month period prior to the
date such Mortgage Loan or Serviced Loan Combination became a Required Appraisal Loan or (B) there shall have occurred since
the date of the most recent Appraisal or update thereof a material change in the circumstances surrounding the related Mortgaged
Property or REO Property, as the case may be, that would, in the applicable Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property or REO Property, as the case may be, and (iii) no new Appraisal is obtained
or conducted, as applicable, in accordance with Section 3.19(a), within sixty (60) days after such Mortgage Loan or
Serviced Loan Combination became a Required Appraisal Loan, then (x) until such new Appraisal is obtained or conducted, as
applicable, in accordance with Section 3.19(a), the Appraisal Reduction Amount shall equal 25% of the Stated Principal
Balance of such Required Appraisal Loan, and (y) upon receipt or performance, as applicable, in accordance with Section 3.19(a),
of such Appraisal or update thereof by the applicable Special Servicer, the Appraisal Reduction Amount for such Required Appraisal
Loan shall be recalculated in accordance with the preceding sentence of this definition.

 

    	-11-

    	 

    

 

In
connection with the foregoing, each Cross-Collateralized Mortgage Loan that is part of a single Cross-Collateralized Group shall
be treated separately (in each case as a single Mortgage Loan without regard to the cross-collateralization and cross-default
provisions) for purposes of calculating an Appraisal Reduction Amount.

 

Also
notwithstanding the foregoing, as of any date of determination, in the case of any Serviced Loan Combination, (a) any Appraisal
Reduction Amounts will be calculated with respect to the entirety of such Serviced Loan Combination as if it were a single Mortgage
Loan and allocated to the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro rata and pari
passu basis in accordance with, the respective outstanding principal balances of such Serviced Pari Passu Companion Loan and
the related Mortgage Loan, and (b) the resulting portion of such Appraisal Reduction Amount that is so allocated to the related
Mortgage Loan shall be the “Appraisal Reduction Amount” of that Mortgage Loan for purposes of P&I Advances and
the determination of whether a Subordinate Control Period is in effect under this Agreement.

 

Also
notwithstanding the foregoing, for purposes of determining whether a Subordinate Control Period is in effect, the determination
of Appraisal Reduction Amounts will be subject to the provisions and procedures set forth under Section 3.19.

 

An
Appraisal Reduction Amount with respect to any Serviced Mortgage Loan or Serviced Loan Combination will be reduced to zero as
of the date on which all Servicing Transfer Events have ceased to exist with respect to the related Serviced Mortgage Loan or
Serviced Loan Combination and at least ninety (90) days have passed following the occurrence of the most recent Appraisal Trigger
Event. No Appraisal Reduction Amount will exist as to any Serviced Mortgage Loan or Serviced Loan Combination after it has been
paid in full or it (or the REO Property) has been liquidated, repurchased or otherwise disposed of.

 

Notwithstanding
the foregoing, with respect to any Non-Trust-Serviced Pooled Mortgage Loan, the Appraisal Reduction Amount shall be the “Appraisal
Reduction Amount” calculated pursuant to the related Non-Trust Pooling and Servicing Agreement and the parties hereto shall
be entitled to rely on such calculations as reported to them by the related Non-Trust Master Servicer. By their acceptance of
their Certificates, the Certificateholders will be deemed to have acknowledged that any Non-Trust Pooling and Servicing Agreement
and the Intercreditor Agreement related to such Non-Trust-Serviced Pooled Mortgage Loan, taken together, provide that any such
“Appraisal Reduction Amount” shall be calculated by the Non-Trust Special Servicer under the related Non-Trust Pooling
and Servicing Agreement.

 

“Appraisal
Trigger Event”: As defined in Section 3.19(a).

 

“Appraised
Value”: (i) With respect to each Mortgaged Property or REO Property (other than a Mortgaged Property securing
a Co-op Mortgage Loan), the appraised value thereof based upon the most recent Appraisal obtained or conducted, as appropriate,
pursuant to this Agreement; and (ii) with respect to each Mortgaged Property securing a Co-op Mortgage Loan, the appraised
value thereof based upon the most recent Appraisal obtained or conducted, as appropriate, pursuant to this Agreement and determined
as if such property were operated as a residential cooperative (such “Appraised Value” generally equaling the sum
of

 

    	-12-

    	 

    

 

(x) the gross sellout value of all cooperative units in such residential cooperative property (applying a discount for
units that are subject to existing rent-regulated or rent-controlled rental tenants as and if deemed appropriate by the appraiser),
based in part on various comparable sales of cooperative apartment units in the market, plus (y) the amount of the
underlying debt encumbering such residential cooperative property).

 

“ARD
Mortgage Loan”: A Mortgage Loan that provides for the accrual of Post-ARD Additional Interest thereon if such
Mortgage Loan is not paid in full on or prior to its Anticipated Repayment Date.

 

“Asset
Status Report”: As defined in Section 3.24(a).

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar document
or instrument executed by the related Borrower in connection with the origination of the related Mortgage Loan(s) or Loan Combination,
as applicable, as such assignment may be amended, modified, renewed or extended through the date hereof and from time to time
hereafter.

 

“Assumed
Monthly Payment”: With respect to (a) any Mortgage Loan that is a Balloon Mortgage Loan delinquent in respect
of its Balloon Payment beyond the Determination Date immediately following its scheduled maturity date (as such date may be extended
in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower or by reason of a modification,
waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special Servicer), for that scheduled
maturity date and for each subsequent Due Date as of which such Mortgage Loan remains outstanding and part of the Trust Fund,
the scheduled monthly payment of principal and/or interest deemed to be due with respect to such Mortgage Loan on such Due Date
equal to the amount (exclusive of Default Interest and any Post-ARD Additional Interest) that would have been due in respect thereof
on such Due Date if such Mortgage Loan had been required to continue to accrue interest in accordance with its terms, and to pay
principal in accordance with the amortization schedule (if any), in effect immediately prior to, and without regard to the occurrence
of, such maturity date; and (b) any REO Mortgage Loan, for any Due Date as of which the related REO Property (or, in the
case of any REO Mortgage Loan that is a successor to any Mortgage Loan in a Loan Combination, any interest in the related REO
Property) remains part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due in respect
thereof on such Due Date equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan described in clause (a)
of this definition, the Assumed Monthly Payment) that was due (or deemed due) with respect to the related Mortgage Loan on
the last Due Date prior to its becoming an REO Mortgage Loan.

 

“Assumption
Application Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all assumption
application fees for transactions effected under Section 3.08 of this Agreement actually collected from the related
Borrower and not prohibited from being charged by the lender under the related Mortgage Loan Documents, with respect to any application
submitted to the applicable Master Servicer or the applicable Special Servicer for a proposed assumption or substitution transaction
or proposed transfer of an interest in such Borrower.

 

    	-13-

    	 

    

 

“Assumption
Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all assumption fees for
transactions effected under Section 3.08 of this Agreement actually collected from the related Borrower and not prohibited
from being charged by the lender under the related Mortgage Loan Documents, with respect to any assumption or substitution agreement
entered into by the applicable Master Servicer or the applicable Special Servicer on behalf of the Trust Fund pursuant to Section 3.08
of this Agreement or paid by the related Borrower with respect to any transfer of an interest in such Borrower pursuant to
Section 3.08 of this Agreement.

 

“ASTM”:
ASTM International (originally known as The American Society for Testing and Materials).

 

“Authenticating
Agent”: Any authenticating agent appointed pursuant to Section 5.07 (or, in the absence of any such
appointment, the Certificate Administrator).

 

“Available
Distribution Amount”: With respect to any Distribution Date, an amount equal to (a) the sum of (i) all
amounts on deposit in the Distribution Account as of 11:00 a.m., New York City time, on such Distribution Date, (ii) to the
extent not included in the amount described in clause (a)(i) of this definition, any P&I Advances and/or Compensating
Interest Payments that were made hereunder in respect of such Distribution Date, (iii) to the extent not included in the
amount described in clause (a)(i) of this definition, the aggregate amount transferred (pursuant to Section 3.05(d))
from the Excess Liquidation Proceeds Account to the Distribution Account in respect of such Distribution Date and (iv) to
the extent not included in the amount described in clause (a)(i) of this definition, if such Distribution Date occurs
during the month of March of any year (or if the Final Distribution Date occurs during the month of January (except in a leap
year) or February of any year, during such January or February), the aggregate of the Interest Reserve Amounts with respect to
the Interest Reserve Loans transferred from the Interest Reserve Account to the Distribution Account during such month of March
(or if the Final Distribution Date occurs during the month of January (except in a leap year) or February of any year, during
such January or February) for distribution on such Distribution Date, net of (b) any portion of the amounts described in
clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments that
are due on a Due Date following the end of the related Collection Period, (ii) any payments of principal (including Principal
Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust after the
end of the related Collection Period, (iii) any Prepayment Premiums, Yield Maintenance Charges and/or Post-ARD Additional
Interest, (iv) any amounts payable or reimbursable to any Person from the Distribution Account pursuant to clauses (iii)
through (viii) of Section 3.05(b), (v) if such Distribution Date occurs during the month of February
of any year or during the month of January of any year that is not a leap year, the aggregate of the Interest Reserve Amounts
with respect to the Interest Reserve Loans to be withdrawn (pursuant to Section 3.04(c) and Section 3.05(b)(ii))
from the Distribution Account and deposited into the Interest Reserve Account during such month of February or such month of January,
as the case may be, and held for future distribution, and (vi) any amounts deposited in the Distribution Account in error;
provided that the Available Distribution Amount for the Final Distribution Date shall be calculated without regard to clauses (b)(i),
(b)(ii) and (b)(v) of this definition.

 

    	-14-

    	 

    

 

“Balloon
Mortgage Loan”: Any Mortgage Loan or Loan Combination that by its original terms or by virtue of any modification
entered into as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution) provides
for an amortization schedule extending beyond its Stated Maturity Date and as to which, in accordance with such terms, the Monthly
Payment due on its Stated Maturity Date is at least 5% of the original principal balance of such Mortgage Loan or Loan Combination.

 

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

 

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

 

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

 

“Base
Prospectus”: That certain prospectus dated June 22, 2015, relating to trust funds established by the Depositor
and publicly offered mortgage pass-through certificates evidencing interests therein.

 

“Basis”:
Basis Real Estate Capital II, LLC, a Delaware limited liability company, or its successor-in-interest.

 

“Basis
Investment”: Basis Investment Group LLC, a Delaware limited liability company, or its successor-in-interest.

 

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

 

“Book-Entry
Non-Registered Certificate”: Any Non-Registered Certificate that constitutes a Book-Entry Certificate.

 

“Borrower”
or “Mortgagor”: The obligor or obligors on a Mortgage Note, and may
also be referred to as the mortgagor.

 

“Borrower
Party”: A Borrower, a manager of a Mortgaged Property, an Affiliate of any Borrower or manager of a Mortgaged
Property, or an agent, principal, partner, member, joint venturer, limited partner, employee, representative, director, trustee,
advisor or investor in or of an Affiliate of any Borrower.

 

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

 

“Business
Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in California, Delaware,
Georgia, Maryland, Minnesota, New York, North Carolina, Pennsylvania, Texas or any of the jurisdictions in which the respective
Primary Servicing Offices of either Master Servicer or either Special Servicer or the Corporate Trust Offices of the Certificate
Administrator or the Trustee are located, or the New York Stock

 

    	-15-

    	 

    

 

Exchange or the Federal Reserve System of the United States of
America, are authorized or obligated by law or executive order to remain closed.

 

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

 

“Certificate”:
Any one of the Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30,
as executed by the Certificate Administrator and authenticated and delivered hereunder by the Certificate Registrar.

 

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

 

“Certificate
Administrator Fee”: With respect to each Mortgage Loan and the beneficial interest of the Trust Fund in each
REO Mortgage Loan, the fee designated as such and payable to the Certificate Administrator pursuant to Section 8.05(a).
The Certificate Administrator Fee includes the Tax Administrator Fee and the Trustee Fee, each of which shall be paid by the Certificate
Administrator as provided herein.

 

“Certificate
Administrator Fee Rate”: 0.0061% per annum.

 

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

 

“Certificate
Factor”: With respect to any Class of Interest Only Certificates or Principal Balance Certificates, any Class PEX
Component or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as of any date
of determination, a fraction, expressed as a decimal carried to eight places, the numerator of which is the related Class Principal
Balance or Class Notional Amount, as the case may be, then outstanding, and the denominator of which is the related Class Principal
Balance or Class Notional Amount, as the case may be, outstanding as of the Closing Date (in the case of any Class of Exchangeable
Certificates or Class PEX Component, as the same may be adjusted in connection with exchanges pursuant to Section 5.09).

 

“Certificate
Notional Amount”: With respect to any Interest Only Certificate, as of any date of determination, the then notional
principal amount on which such Certificate accrues interest, equal to the product of (a) the then Certificate Factor for the Class
of Interest Only Certificates to which such Certificate belongs, multiplied by (b) the amount specified on the face
of such Certificate as the initial Certificate Notional Amount thereof.

 

“Certificate
Owner”: With respect to any Book-Entry Certificate, the Person who is the beneficial owner of such Certificate
as reflected on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participating
brokerage firm for which a Depository Participant acts as agent.

 

    	-16-

    	 

    

 

“Certificate
Principal Balance”: With respect to any Principal Balance Certificate, any Class PEX Component and the Class A-S
Regular Interest, Class B Regular Interest and Class C Regular Interest, as of any date of determination, the then-outstanding
principal amount of such Certificate, Class PEX Component or REMIC III Regular Interest, as applicable, equal to the product
of (a) the then Certificate Factor for the Class of Principal Balance Certificates to which such Certificate belongs, the Class PEX
Component or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, multiplied
by (b) the amount specified on the face of such Certificate as the initial Certificate Principal Balance thereof. The
aggregate Certificate Principal Balance of the Class A-S Certificates and the Class A-S-PEX Component shall be equal
at all times to the Certificate Principal Balance of the Class A-S Regular Interest. The aggregate Certificate Principal
Balance of the Class B Certificates and the Class B-PEX Component shall be equal at all times to the Certificate Principal
Balance of the Class B Regular Interest. The aggregate Certificate Principal Balance of the Class C Certificates and
the Class C-PEX Component shall be equal at all times to the Certificate Principal Balance of the Class C Regular Interest.
The original and outstanding Certificate Principal Balances of the Class A-S, Class B, Class C and Class PEX
Certificates and the Class PEX Components are subject to adjustment in connection with any exchange of Class A-S, Class B
and Class C Certificates for Class PEX Certificates, or vice versa, in each case in accordance with Section 5.09
hereof.

 

“Certificate
Register” and “Certificate Registrar”: The register
maintained and the registrar appointed pursuant to Section 5.02.

 

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered
in the Certificate Register, provided that: (i) no Disqualified Organization, Disqualified Partnership, or Non-United
States Tax Person shall be a “Holder” of, or a “Certificateholder” with respect to, a Class R Certificate
for any purpose hereof; and (ii) solely for purposes of giving any consent, approval, direction or waiver pursuant to this
Agreement that specifically relates to the rights, duties and/or obligations hereunder of any of the Depositor, either Master
Servicer, either Special Servicer, the Tax Administrator, the Certificate Administrator or the Trustee in its respective capacity
as such (other than any consent, approval or waiver contemplated by Section 3.24), any Certificate registered in the
name of such party or in the name of any Affiliate thereof shall be deemed not to be outstanding, and the Voting Rights to which
it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect
any such consent, approval or waiver that specifically relates to such party has been obtained. The Certificate Registrar shall
be entitled to request and conclusively rely upon a certificate of the Depositor, the applicable Master Servicer or the applicable
Special Servicer in determining whether a Certificate is registered in the name of an Affiliate of such Person. All references
herein to “Certificateholders” or “Holders” shall reflect the rights of Certificate Owners only insofar
as they may indirectly exercise such rights through the Depository and the Depository Participants (except as otherwise specified
herein), it being herein acknowledged and agreed that the parties hereto shall be required to recognize as a “Certificateholder”
or “Holder” only the Person in whose name a Certificate is registered in the Certificate Register. Notwithstanding
any contrary provision of this definition, in connection with the Class A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest, the term “Certificateholder” or “Holder” shall mean the Trustee as
the holder of the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable.

 

    	-17-

    	 

    

 

“Certification
Parties”: As defined in Section 11.09.

 

“Certifying
Person”: As defined in Section 11.09.

 

“Certifying
Servicer”: As defined in Section 11.12.

 

“C-III”:
C-III Commercial Mortgage LLC, a Delaware limited liability company, or its successor-in-interest.

 

“Class”:
Collectively, all of the Certificates bearing the same alphabetic or alphanumeric Class Designation and having the same payment
terms, or any of the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, in each
case as the context may require.

 

“Class
A Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates.

 

“Class
A-1 Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-2 Certificate”: Any one of the Certificates with a “Class A-2” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-3 Certificate”: Any one of the Certificates with a “Class A-3” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-4 Certificate”: Any one of the Certificates with a “Class A-4” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-S Certificate”: Any one of the Certificates with a “Class A-S” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion
of the Grantor Trust Pool consisting of the Class A-S Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

    	-18-

    	 

    

 

“Class
A-S Regular Interest”: The uncertificated interest corresponding to the Class A-S Certificates and the Class A-S-PEX
Component and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class A-S Percentage
Interest of the Class A-S Regular Interest.

 

“Class
A-S-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences
an undivided beneficial interest in the portion of the Grantor Trust Pool consisting of the Class A-S-PEX Percentage Interest
of the Class A-S Regular Interest.

 

“Class
A-S-PEX Percentage Interest”: As of any date of determination, 100% less the Class A-S Percentage Interest
as of such date.

 

“Class
A-SB Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the balance shown for such Distribution
Date on Schedule IX hereto.

 

“Class
B Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion
of the Grantor Trust Pool consisting of the Class B Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

“Class
B Regular Interest”: The uncertificated interest corresponding to the Class B Certificates and the Class B-PEX
Component and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
B Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class B Percentage Interest
of the Class B Regular Interest.

 

“Class
B-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences an
undivided beneficial interest in the portion of the Grantor Trust Pool consisting of the Class B-PEX Percentage Interest
of the Class B Regular Interest.

 

“Class
B-PEX Percentage Interest”: As of any date of determination, 100% less the Class B Percentage Interest as
of such date.

 

    	-19-

    	 

    

 

“Class
C Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion
of the Grantor Trust Pool consisting of the Class C Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

“Class
C Regular Interest”: The uncertificated interest corresponding to the Class C Certificates and the Class C-PEX
Component and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
C Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class C Percentage Interest
of the Class C Regular Interest.

 

“Class
C-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences an
undivided beneficial interest in the portion of the Grantor Trust Pool consisting of the Class C-PEX Percentage Interest
of the Class C Regular Interest.

 

“Class
C-PEX Percentage Interest”: As of any date of determination, 100% less the Class C Percentage Interest as
of such date.

 

“Class
D Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
Designation”: As set forth in the Preliminary Statement under “Class Designations of the Certificates,
the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest.”

 

“Class
E Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
E Transfer”: As defined in Section 3.23(i).

 

“Class
F Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
G Certificate”: Any one of the Certificates with a “Class G” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

    	-20-

    	 

    

 

“Class
H Certificate”: Any one of the Certificates with a “Class H” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
Interest Shortfall”: As defined in the definition of “Interest Distribution Amount”.

 

“Class
Notional Amount”: The aggregate hypothetical or notional amount on which any Class of Interest Only Certificates
accrues or is deemed to accrue interest from time to time, as calculated in accordance with Section 2.15(e).

 

“Class
PEX Certificate”: Any one of the Certificates with a “Class PEX” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion
of the Grantor Trust Pool consisting of the Class PEX Specific Grantor Trust Assets and the proceeds thereof.

 

“Class
PEX Component”: Each of the Class A-S-PEX Component, the Class B-PEX Component and the Class C-PEX
Component.

 

“Class
PEX Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class A-S-PEX Percentage
Interest of the Class A-S Regular Interest, the Class B-PEX Percentage Interest of the Class B Regular Interest
and the Class C-PEX Percentage Interest of the Class C Regular Interest.

 

“Class
Principal Balance”: The aggregate principal balance of any Class of Principal Balance Certificates, Class PEX
Component or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest outstanding as
of any date of determination. As of the Closing Date, the Class Principal Balance of each Class of Principal Balance Certificates,
Class PEX Component and the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest
shall equal the initial Class Principal Balance thereof. On each Distribution Date, the Class Principal Balance of each Class
of Principal Balance Certificates, Class PEX Component and the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest shall be (i) reduced by the amount of any distributions of principal made thereon on such
Distribution Date pursuant to Section 4.01, (ii) further reduced by the amount of any Realized Losses and Additional
Trust Fund Expenses deemed allocated thereto on such Distribution Date pursuant to Section 4.04(a); and (iii) if
such Class is not a Control-Eligible Class, any Excess Trust Advisor Expenses allocated to such Class of Principal Balance Certificates,
Class PEX Component or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest
on such Distribution Date pursuant to Section 4.05; provided that if the Principal Distribution Amount for
such Distribution Date includes any amount described in clause (I)(C) of the definition of “Principal Distribution
Amount” (in respect of recoveries during the Collection Period related to such Distribution Date of amounts determined to
constitute Nonrecoverable Advances during a Collection Period related to a prior Distribution Date), then the Class Principal
Balances of the respective Classes of Principal Balance Certificates, Class PEX Component or the Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest shall hereby be increased (in the aggregate) immediately prior
to such Distribution Date by the lesser of the amount of Realized Losses previously allocated thereto and

 

    	-21-

    	 

    

 

such amount described
in such clause (I)(C) (and, as among the respective Classes of Principal Balance Certificates, Class PEX Components
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, such increase shall be
allocated, first, to the Class A Certificates, pro rata according to the amounts of Realized Losses previously
allocated to the respective Classes of Class A Certificates, then to the Class A-S Regular Interest, then
to the Class B Regular Interest, then to the Class C Regular Interest, and then to the Class D,
Class E, Class F, Class G and Class H Certificates, in that order in each case to the extent of the lesser of the
Realized Losses previously allocated thereto and the remaining unallocated portion of the increase). Amounts allocated to the
Class A-S Regular Interest as described in the preceding sentence shall be allocated between the Class A-S Certificates
and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest and the Class A-S-PEX Percentage
Interest, respectively. Amounts allocated to the Class B Regular Interest as described in the second preceding sentence shall
be allocated between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage
Interest and the Class B-PEX Percentage Interest, respectively. Amounts allocated to the Class C Regular Interest as
described in the third preceding sentence shall be allocated between the Class C Certificates and Class C-PEX Component
in accordance with the Class C Percentage Interest and the Class C-PEX Percentage Interest, respectively. The original
and outstanding Class Principal Balances of the Class A-S, Class B, Class C and Class PEX Certificates and
the Class PEX Components are subject to adjustment in connection with any exchange of Class A-S, Class B and Class C
Certificates for Class PEX Certificates, or vice versa, in each case in accordance with Section 5.09 hereof.

 

“Class V
Certificate”: Any of the Certificates with a “Class V” designation on the face thereof, substantially
in the form of Exhibit A-3 attached hereto, and evidencing beneficial ownership of the Class V Specific Grantor Trust
Assets.

 

“Class V
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of any collections of Post-ARD Additional Interest
Received by the Trust with respect to the Mortgage Loans that are ARD Mortgage Loans and/or any successor REO Mortgage Loans with
respect thereto.

 

“Class V
Sub-Account”: As defined in Section 3.04(b).

 

“Class
X-A Certificate”: Any of the Certificates with a “Class X-A” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of six (6) classes
of “regular interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-A Strip Rate”: With respect to each REMIC III Component of the Class X-A Certificates, with respect to
each Interest Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC
Rate for such Interest Accrual Period over the Pass-Through Rate on the Class A Certificates and the Class A-S Regular Interest
with the same alphanumeric designation; and with respect to the Class X-A Certificates as a whole, the greater of (I) zero
and (II) the excess of the WAC Rate over the weighted average of the Pass-Through Rates of the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-SB Certificates and the Class A-S Regular Interest for such Interest Accrual
Period, weighted on the

 

    	-22-

    	 

    

 

basis of the Class Principal Balances of such Classes of Certificates and the Class A-S Regular Interest
outstanding immediately prior to the conclusion of such Interest Accrual Period.

 

“Class
X-B Certificate”: Any of the Certificates with a “Class X-B” designation on the face thereof,
substantially in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of
“regular interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-B Strip Rate”: With respect to each REMIC III Component of the Class X-B Certificates, with respect to
each Interest Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC
Rate for such Interest Accrual Period over the Pass-Through Rate on the Class B Regular Interest and Class C Regular Interest
with the same alphabetic designation; and with respect to the Class X-B Certificates as a whole, the greater of (I) zero
and (II) excess of the WAC Rate over the weighted average of the Pass-Through Rates of the Class B Regular Interest and Class C
Regular Interest for such Interest Accrual Period, weighted on the basis of the Class Principal Balances of the Class B Regular
Interest and Class C Regular Interest outstanding immediately prior to the conclusion of such Interest Accrual Period. 

 

“Class X-E
Certificate”: Any of the Certificates with a “Class X-E” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of “regular
interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class X-E
Strip Rate”: With respect to the REMIC III Component of the Class X-E Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate
for such Interest Accrual Period over the Pass-Through Rate on the Principal Balance Certificate with the same alphabetic designation;
and with respect to the Class X-E Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate
over the Pass-Through Rate of the Class E Certificates for such Interest Accrual Period.

 

“Class X-FG
Certificate”: Any of the Certificates with a “Class X-FG” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of two (2) classes of “regular
interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class X-FG
Strip Rate”: With respect to  each REMIC III Component of the Class X-FG Certificates, with respect to
each Interest Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any,
of the WAC Rate for such Interest Accrual Period over the Pass-Through Rate on the Class F and Class G Certificates with the
same alphabetic designation; and with respect to the Class X-FG Certificates as a whole, the greater of (I) zero
and (II) excess of the WAC Rate over the weighted average of the Pass-Through Rates of the Class F and Class G
Certificates for such Interest Accrual Period weighted on the basis of the Class Principal Balances of such Classes of
Certificates outstanding immediately prior to the conclusion of such Interest Accrual Period.

 

    	-23-

    	 

    

 

“Class X-H
Certificate”: Any of the Certificates with a “Class X-H” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of “regular
interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class X-H
Strip Rate”: With respect to the REMIC III Component of the Class X-H Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate
for such Interest Accrual Period over the Pass-Through Rate on the Principal Balance Certificate with the same alphabetic designation;
and with respect to the Class X-H Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate
over the Pass-Through Rate of the Class H Certificates for such Interest Accrual Period.

 

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

 

“Closing
Date”: August 12, 2015.

 

“Code”:
The Internal Revenue Code of 1986 and regulations promulgated thereunder, including proposed regulations to the extent that, by
reason of their proposed effective date, could, as of the date of any determination or opinion as to the tax consequences of any
action or proposed action or transaction, be applied to the Trust or the Certificates.

 

“Collection
Account”: The segregated account or accounts created and maintained by each Master Servicer, pursuant to Section 3.04(a),
in trust for the Certificateholders, which, with respect to the General Master Servicer, shall be entitled “Wells Fargo
Bank, National Association [or name of successor General Master Servicer], as General Master Servicer, on behalf of Wilmington
Trust, National Association [or name of any successor Trustee], as Trustee, for the benefit of the registered holders of Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Collection Account”
and, with respect to the NCB Master Servicer, shall be entitled “National Cooperative Bank, N.A. [or name of successor NCB
Master Servicer], as NCB Master Servicer, on behalf of Wilmington Trust, National Association [or name of any successor Trustee],
as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30, Collection Account”.

 

“Collection
Period”: With respect to any Distribution Date, the period commencing on the day immediately following the Determination
Date (or, with respect to payments remitted to the Trust by a Non-Trust Master Servicer pursuant to a Non-Trust Pooling and Servicing
Agreement, the day immediately following one Business Day after the Determination Date) in the calendar month preceding the month
in which such Distribution Date occurs (or, in the case of the initial Distribution Date, commencing as of the Cut-off Date) and
ending on and including the Determination Date (or, with respect to payments remitted to the Trust by a Non-Trust Master Servicer
pursuant to a Non-Trust Pooling and Servicing Agreement, one Business Day after the Determination Date) in the calendar month
in which such Distribution Date occurs.

 

    	-24-

    	 

    

 

“Collective
Consultation Period”: Unless a Senior Consultation Period is deemed to occur and is continuing pursuant to clause (ii)
of the definition of “Senior Consultation Period”, any period when both (i) the Class Principal Balance of
the Class E Certificates, reduced by any Appraisal Reduction Amounts allocable to such Class, is less than 25% of the initial
Class Principal Balance of the Class E Certificates and (ii) the Class Principal Balance of the Class E Certificates,
without regard to any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance
of the Class E Certificates.

 

No
Collective Consultation Period shall limit the control and consultation rights of the “Controlling Note Holder” (as
defined in the related Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Commission”
or “SEC”: The Securities and Exchange Commission or any successor thereto.

 

“Companion
Loan Holder”: Any Serviced Pari Passu Companion Loan Holder and/or Non-Serviced Companion Loan Holder, as the
context may require.

 

“Compensating
Interest Payment”: With respect to each Master Servicer and any Distribution Date, any payment made by such Master
Servicer from its own funds pursuant to Section 3.19(c) to cover Prepayment Interest Shortfalls incurred during the
related Collection Period.

 

“Component
Notional Amount”: The notional amount on which any REMIC III Component of any Class of Interest Only Certificates
accrues interest, which, as of any date of determination, is equal to the then-current Uncertificated Principal Balance of such
REMIC III Component’s Corresponding REMIC II Regular Interest.

 

“Condemnation
Proceeds”: All cash amounts actually Received by the Trust or on behalf of the Trustee, the applicable Master
Servicer or the applicable Special Servicer in connection with the taking of all or a part of a Mortgaged Property or REO Property
by exercise of the power of eminent domain or condemnation (in the case of any Non-Trust-Serviced Pooled Mortgage Loan, to the
extent of any portions of such amounts received by the applicable Master Servicer pursuant to the related Intercreditor Agreement),
exclusive of any portion thereof applied to the restoration of the related Mortgaged Property or REO Property (or placed in a
reserve account for that purpose) or required to be released to the related Borrower or any other third party in accordance with
applicable law and/or the terms and conditions of the related Mortgage Loan Documents or any other applicable document.

 

“Control-Eligible
Certificate”: Any Class E, Class F, Class G or Class H Certificate.

 

“Control-Eligible
Class”: The Class E, Class F, Class G or Class H Certificates.

 

“Co-op
Mortgage Loan”: Any NCB Mortgage Loan (other than the Mortgage Loan identified as Loan No. 86 on the Mortgage
Loan Schedule).

 

    	-25-

    	 

    

 

“Corporate
Trust Office”: The corporate trust office of the Certificate Administrator or the Trustee, as the case may be,
at which at any particular time its duties, with respect to this Agreement shall be administered, which office is as of the Closing
Date located: (i) in the case of the Certificate Administrator, for Certificate transfer purposes, at Wells Fargo Center,
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479; Attn: Corporate Trust Services Wells Fargo Commercial Mortgage
Trust 2015-C30, and for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services,
Wells Fargo Commercial Mortgage Trust 2015-C30; and (ii) in the case of the Trustee, at 1100 North Market Street, Wilmington,
Delaware 19890, Attention: CMBS Trustee WFCM 2015-C30.

 

“Corrected
Mortgage Loan”: Any Serviced Mortgage Loan or Serviced Loan Combination that had been a Specially Serviced Mortgage
Loan but has ceased to be such in accordance with the definition of “Specially Serviced Mortgage Loan” (other than
by reason of a Liquidation Event occurring in respect of such Serviced Mortgage Loan, Serviced Loan Combination or the related
Mortgaged Property becoming an REO Property). With respect to any Serviced Loan Combination, neither the related Serviced Mortgage
Loan nor the Serviced Loan Combination in whole shall be a Corrected Mortgage Loan unless both the Serviced Mortgage Loan and
the entire Serviced Loan Combination are Corrected Mortgage Loans.

 

“Corresponding
REMIC II Regular Interest(s)”: (a) With respect to any Class of Principal Balance Certificates (other than the
Class A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest, the REMIC II Regular Interest opposite which such Class of Principal Balance
Certificates or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest is set forth in
the Preliminary Statement in the table entitled “REMIC III—Corresponding REMIC II Regular Interests”; (b) with
respect to any REMIC III Component of the Class X-A Certificates, the REMIC II Regular Interest opposite which such REMIC
III Component is set forth in the Preliminary Statement in the table entitled “REMIC III—Corresponding REMIC II Regular
Interests”; (c) with respect to any REMIC III Component of the Class X-B Certificates, the REMIC II Regular Interest
opposite which such REMIC III Component is set forth in the Preliminary Statement in the table entitled “REMIC III—Corresponding
REMIC II Regular Interests”; (d) with respect to the REMIC III Component of the Class X-E Certificates, the
REMIC II Regular Interest opposite which such REMIC III Component is set forth in the Preliminary Statement in the table
entitled “REMIC III—Corresponding REMIC II Regular Interests”; (e) with respect to any REMIC III
Component of the Class X-FG Certificates, the REMIC II Regular Interest opposite which such REMIC III Component
is set forth in the Preliminary Statement in the table entitled “REMIC III—Corresponding REMIC II Regular
Interests”; and (f) with respect to the REMIC III Component of the Class X-H Certificates, the REMIC II
Regular Interest opposite which such REMIC III Component is set forth in the Preliminary Statement in the table entitled
“REMIC III—Corresponding REMIC II Regular Interests”.

 

“CREFC®”:
The Commercial Real Estate Finance Council, or any association or organization that is a successor thereto. If neither such association
nor any successor remains in existence, “CREFC®” shall be deemed to refer to such other association or organization
as may exist whose principal membership consists of servicers, trustees, issuers, placement agents and

 

    	-26-

    	 

    

 

underwriters generally
involved in the commercial mortgage loan securitization industry, which is the principal such association or organization in the
commercial mortgage loan securitization industry and one of whose principal purposes is the establishment of industry standards
for reporting transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed
bonds and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such
certificates or bonds, and any successor to such other association or organization. If an organization or association described
in one of the preceding sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such
other association or organization as shall be reasonably acceptable to each Master Servicer, the Certificate Administrator, the
Trustee, each Special Servicer, the Trust Advisor and the Subordinate Class Representative.

 

“CREFC®
Advance Recovery Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that,
to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable to
each Master Servicer, each Special Servicer and the Certificate Administrator. The preparation of each CREFC® Advance Recovery
Report shall constitute a responsibility of the applicable Master Servicer and shall not constitute a responsibility of any other
party. Notwithstanding anything in this Agreement to the contrary, the applicable Master Servicer shall not be required to deliver
a CREFC® Advance Recovery Report with respect to any Collection Period prior to the date when a Workout-Delayed Reimbursement
Amount or a Nonrecoverable Advance exists with respect to any Mortgage Loan.

 

“CREFC®
Bond Level File”: The monthly data file substantially in the form of, and containing the information called for
in, the downloadable form of the “Bond Level File” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information as may from time to time be
recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent
that such other form contemplates such additional information, such other form must be reasonably acceptable to the Certificate
Administrator.

 

“CREFC®
Collateral Summary File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that,
to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable to
the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the
CREFC®

 

    	-27-

    	 

    

 

Website, or such other form for the presentation of such information as may from time to time be recommended by the
CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent that such other
form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers and the Special
Servicers.

 

“CREFC®
Delinquent Loan Status Report”: A monthly report substantially in the form of, and containing the information
called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information as
may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Master Servicers and the Special Servicers.

 

“CREFC®
Financial File”: A monthly data file substantially in the form of, and containing the information called for
in, the downloadable form of the “Financial File” available as of the Closing Date on the CREFC® Website, or such
other form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent that such
other form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers.

 

“CREFC®
Historical Loan Modification & Corrected Mortgage Loan Report”: A monthly report substantially in the form
of, and containing the information called for in, the downloadable form of the “Historical Loan Modification Report”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities
transactions generally; provided that, to the extent that such other form contemplates such additional information, such
other form must be reasonably acceptable to the Master Servicers and the Special Servicers.

 

“CREFC®
Investor Reporting Package”: Collectively:

 

(a)      the
following electronic data files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update File, (iii) CREFC®
Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial File, (vi) CREFC® Collateral Summary
File and (vii) CREFC® Special Servicer Loan File; and

 

(b)     the
following supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical Loan Modification
& Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis
Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC® Servicer Watch List, (vii) CREFC®
NOI Adjustment Worksheet, (viii) CREFC® Loan Level Reserve/LOC Report, (ix) CREFC® Reconciliation of Funds Report,
(x) CREFC® Advance Recovery Report and (xi) solely with respect to the Loan Combinations, CREFC® Total Loan
Report.

 

    	-28-

    	 

    

 

Notwithstanding
anything in this Agreement to the contrary, in the event any of the electronic files listed in clause (a) of this
definition or any of the supplemental reports listed in clause (b) of this definition are amended or changed in any
material respect by the CREFC® and placed on the CREFC® Website or otherwise recommended by the CREFC® for commercial
mortgage-backed securities transactions generally, so long as such electronic files and such supplemental reports are reasonably
acceptable (as applicable) to the Master Servicers and the Special Servicers, then same shall be used with respect to the Collection
Period that commences at any time following the date that is not later than three (3) months following adoption of the form thereof
by the CREFC®.

 

“CREFC®
License Fee”: With respect to each Mortgage Loan and REO Mortgage Loan, a monthly fee payable in respect thereof
in an amount equal to the amount of interest accrued during the accrual period for such Mortgage Loan or REO Mortgage Loan under
its Mortgage Loan Documents at the related CREFC® License Fee Rate on the same balance, in the same manner and for the same
number of days as interest at the applicable Mortgage Rate accrued with respect to such Mortgage Loan or REO Mortgage Loan during
such accrual period, and will be prorated for partial periods. Any payments of the CREFC® License Fee shall be made by the
applicable Master Servicer on a monthly basis on each Master Servicer Remittance Date to “CRE Finance Council” and
delivered by wire transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by
CREFC® to the applicable Master Servicer in writing):

 

Account
Name: Commercial Real Estate Finance Council (CREFC)

Bank Name: JPMorgan Chase Bank, National Association

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

To
the extent that amounts on deposit in the Collection Account are insufficient to pay the CREFC® License Fee on any Master
Servicer Remittance Date, the applicable Master Servicer shall apply any P&I Advances required to be made by it on the related
P&I Advance Date pursuant to Sections 4.03(a) and 4.03(b) to pay the balance of such CREFC® License Fee.

 

“CREFC®
License Fee Rate”: 0.0005% per annum.

 

“CREFC®
Loan Level Reserve/LOC Report”: A monthly report substantially in the form of, and containing the information
called for in, the “Loan Level Reserve Report” as adopted by the CREFC® and made available at the CREFC® Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that,
to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable to
the Master Servicers, the Special Servicers and the Certificate Administrator.

 

    	-29-

    	 

    

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the
downloadable form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent that such
other form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers, the
Special Servicers and the Certificate Administrator.

 

“CREFC®
NOI Adjustment Worksheet”: An annual report substantially in the form of, and containing the information called
for in, the downloadable form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that,
to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable to
the Master Servicers and the Special Servicers.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Operating Statement Analysis Report” available as of the Closing Date on the
CREFC® Website or in such other form for the presentation of such information and containing such additional information as
may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Master Servicers.

 

“CREFC®
Property File”: A data file substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website, or such other form for the
presentation of such information and containing such additional information as may from time to time be recommended by the CREFC®
for commercial mortgage-backed securities transactions generally; provided that, to the extent that such other form contemplates
such additional information, such other form must be reasonably acceptable to the Master Servicers and the Special Servicers.

 

“CREFC®
Reconciliation of Funds Report”: A monthly report substantially in the form of, and containing the information
called for in, the downloadable form of the “Reconciliation of Funds Report” available as of the Closing Date on the
CREFC® Website or in such other form for the presentation of such information and containing such additional information as
may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “REO Status Report”

 

    	-30-

    	 

    

 

available as of the Closing Date on the CREFC® Website, or
in such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the
extent that such other form contemplates such additional information, such other form must be reasonably acceptable to the Master
Servicers and the Special Servicers.

 

“CREFC®
Servicer Watch List”: A monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC® Website,
or in such other form for the presentation of such information and containing such additional information as may from time to
time be adopted by the CREFC® for commercial mortgage-backed securities transactions; provided that, to the extent
that such other form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers.

 

“CREFC®
Special Servicer Loan File”: A data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may from
time to time be adopted by the CREFC® for commercial mortgage-backed securities transactions; provided that, to the
extent that such other form contemplates such additional information, such other form must be reasonably acceptable to the Special
Servicers.

 

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

 

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

 

“Cross-Collateralized
Group”: Any group of Mortgage Loans that are cross-defaulted and cross-collateralized with each other. For the
avoidance of doubt, there are no Cross-Collateralized Groups related to this Trust as of the Closing Date.

 

“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other
Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized
Mortgage Loans.

 

“Custodian”:
Wells Fargo Bank, National Association, in its capacity as Custodian hereunder, or any successor custodian appointed as herein
provided.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the Due Date for the Monthly Payment due on such Mortgage Loan in
August 2015 (or, in the case of any Mortgage

 

    	-31-

    	 

    

 

Loan that has its first Due Date in September 2015, the date that would have been
its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

“Cut-off
Date Pool Balance”: The aggregate Cut-off Date Principal Balance of all the Original Mortgage Loans.

 

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

 

“DBRS”:
DBRS, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor (and such designation
shall be deemed to be reasonable if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial
mortgage-backed securities transactions during the 12 months preceding the designation), notice of which designation shall be
given to the other parties hereto, and specific ratings of DBRS herein referenced shall be deemed to refer to the equivalent ratings
of the party so designated. References herein to “applicable rating category” (other than such references to “highest
applicable rating category”) shall, in the case of DBRS, be deemed to refer to such applicable rating category of DBRS,
without regard to any plus or minus or other comparable rating qualification.

 

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

 

“Default
Charges”: Default Interest and/or late payment charges that are paid or payable, as the context may require,
in respect of any Mortgage Loan or Serviced Pari Passu Companion Loan or REO Mortgage Loan.

 

“Default
Interest”: With respect to any Mortgage Loan (or successor REO Mortgage Loan) or Serviced Pari Passu Companion
Loan, any amounts collected thereon, other than late payment charges, Prepayment Premiums or Yield Maintenance Charges, that represent
interest in excess of interest (exclusive, if applicable, of Post-ARD Additional Interest) accrued on the principal balance of
such Mortgage Loan (or REO Mortgage Loan) or Serviced Pari Passu Companion Loan at the related Mortgage Rate, such excess interest
arising out of a default under such Mortgage Loan or Serviced Pari Passu Companion Loan.

 

“Defaulted
Mortgage Loan”: A Serviced Mortgage Loan that is both (A) a Specially Serviced Mortgage Loan and (B) either
(i) delinquent 120 days or more with respect to any Balloon Payment or sixty (60) days or more with respect to any other
Monthly Payment, with such delinquency to be determined without giving effect to any grace period permitted by the related Mortgage
or Mortgage Note and without regard to any acceleration of payments under the related Mortgage and Mortgage Note, or (ii) a
Serviced Mortgage Loan as to which the amounts due thereunder have been accelerated following any other material default.

 

“Defective
Mortgage Loan”: Any Mortgage Loan as to which there exists a Material Breach or a Material Document Defect that
has not been cured in all material respects.

 

    	-32-

    	 

    

 

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

 

“Definitive
Certificate”: As defined in Section 5.03(a).

 

“Definitive
Non-Registered Certificate”: Any Non-Registered Certificate that constitutes a Definitive Certificate.

 

“Deleted
Mortgage Loan”: A Defective Mortgage Loan that is purchased or repurchased, as the case may be, from the Trust
or replaced with one or more Replacement Mortgage Loans, in either case as contemplated by Section 2.03.

 

“Depositor”:
Wells Fargo Commercial Mortgage Securities, Inc., or its successor-in-interest.

 

“Depository”:
The Depository Trust Company or any successor Depository hereafter named as contemplated by Section 5.03(c). The nominee
of the initial Depository for purposes of registering those Certificates that are to be Book-Entry Certificates, is Cede &
Co. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York and a “clearing agency” registered pursuant to the provisions of Section 17A
of the Exchange Act.

 

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

 

“Designated
Sub-Servicer”: A Sub-Servicer or Additional Servicer required by a Mortgage Loan Seller to be retained by the
applicable Master Servicer, as listed on Schedule IV hereto.

 

“Designated
Sub-Servicing Agreement”: Any Sub-Servicing Agreement between a Designated Sub-Servicer and the applicable Master
Servicer.

 

“Designated
Trust Advisor Expenses”: Any Trust Advisor Expenses for which the Trust Advisor is indemnified under this Agreement
or for which any Non-Trust Trust Advisor is entitled to indemnification under the related Intercreditor Agreement and arise from
any legal action that is pending or threatened against the Trust Advisor or any Non-Trust Trust Advisor at the time of its discharge,
termination or resignation under this Agreement or the related Non-Trust Pooling and Servicing Agreement.

 

    	-33-

    	 

    

 

“Determination
Date”: The 11th day of each month, or if such 11th day is not a Business Day, the Business Day immediately following
such 11th day, commencing in September 2015.

 

“Directly
Operate” or “Directly Operating”: With respect to
any Administered REO Property, the furnishing or rendering of services to the tenants thereof, the management or operation of
such Administered REO Property, the holding of such Administered REO Property primarily for sale or lease, the performance of
any construction work thereon or any use of such Administered REO Property in a trade or business conducted by the Trust other
than through an Independent Contractor; provided that the applicable Special Servicer shall not be considered to Directly
Operate an Administered REO Property solely because such Special Servicer establishes rental terms, chooses tenants, enters into
or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect to such
Administered REO Property.

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage
Loan), Serviced Loan Combination or Administered REO Property, any compensation and other remuneration (including, without limitation,
in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) received or retained
by the applicable Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust,
any Borrower, any manager, any guarantor or indemnitor in respect of a Mortgage Loan (other than any Non-Trust-Serviced Pooled
Mortgage Loan) and any purchaser of any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage Loan), Serviced Loan
Combination or Administered REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan (other
than any Non-Trust-Serviced Pooled Mortgage Loan) or Serviced Loan Combination, the management or disposition of any Administered
REO Property, and the performance by the applicable Special Servicer or any such Affiliate of any other special servicing duties
under this Agreement, other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation to which
the applicable Special Servicer is entitled pursuant to Section 3.11 of this Agreement.

 

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

 

“Disqualified
Non-United States Tax Person”: With respect to any Class R Certificate, any Non-United States Tax Person
or agent thereof other than: (1) a Non-United States Tax Person that (a) holds such Class R Certificate and, for purposes
of Treasury Regulations Section 1.860G-3(a)(3), is subject to tax under Section 882 of the Code, (b) certifies
that it understands that, for purposes of Treasury Regulations Section 1.860E-1(c)(4)(ii), as a holder of such Class R
Certificate for United States federal income tax purposes, it may incur tax liabilities in excess of any cash flows generated
by such Class R Certificate and intends to pay taxes associated with holding such Class R Certificate, and (c) has
furnished the Transferor, the Trustee, the Certificate Administrator and the Tax Administrator with an effective IRS Form W-8ECI
or successor form and has agreed to update such form as required under the applicable Treasury regulations; or (2) a Non-United
States Tax Person that has delivered to the Transferor, the Trustee, the Certificate Administrator and the Tax Administrator an
opinion of nationally recognized tax counsel to the effect that (x) the Transfer of such Class R Certificate to it is
in

 

    	-34-

    	 

    

 

accordance with the requirements of the Code and the regulations promulgated thereunder and (y) such Transfer of such
Class R Certificate will not be disregarded for United States federal income tax purposes.

 

“Disqualified
Organization”: Any of the following: (i) the United States or a possession thereof, any State or any political
subdivision thereof, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation
if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected
by any such governmental unit), (ii) a foreign government, international organization, or any agency or instrumentality of
either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521
of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed
by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described
in Section 1381 of the Code or (v) any other Person so designated by the Tax Administrator, based upon an Opinion of
Counsel delivered to the Tax Administrator (but not at the Tax Administrator’s expense) to the effect that the holding of
an Ownership Interest in a Class R Certificate by such Person may cause the Trust or any Person having an Ownership Interest
in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed under the Code that would
not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms
“United States”, “State” and “international organization” shall have the meanings set forth
in Section 7701 of the Code or successor provisions.

 

“Disqualified
Partnership”: Any domestic entity classified as a partnership under the Code if any of its direct or indirect
beneficial owners (other than through a U.S. corporation) are (or, under the applicable partnership agreement, are permitted to
be) Disqualified Non-United States Tax Persons.

 

“Distribution
Account”: The segregated account or accounts created and maintained by the Certificate Administrator on behalf
of the Trustee, pursuant to Section 3.04(b), for the benefit of the Certificateholders, which shall be entitled “Wells
Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator, on behalf
of Wilmington Trust, National Association [or the name of any successor Trustee], as Trustee, for the benefit of the registered
holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Distribution
Account”.

 

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

 

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

 

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

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended.

 

    	-35-

    	 

    

 

“DTC”:
The Depository Trust Company.

 

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

 

“Due
Diligence Service Provider”: As defined in Section 3.15(e).

 

“EDGAR”:
The Electronic Data Gathering, Analysis, and Retrieval System of the Commission, which is the computer system for the receipt,
acceptance, review and dissemination of documents submitted to the Commission in electronic format.

 

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

 

“Eligible
Account”: Any of the following:

 

(i)           an
account maintained with a federal or state chartered depository institution or trust company, (A) the long-term deposit or
long-term unsecured debt obligations of which are rated no less than “A” by Fitch (to the extent rated by Fitch) and
“A2” by Moody’s, if the deposits are to be held in the account for more than thirty (30) days, or (B) the
short-term deposit or short-term unsecured debt obligations of which are rated no less than “F-1” by Fitch (to the
extent rated by Fitch) and “P-1” by Moody’s, if the deposits are to be held in the account for thirty (30) days
or less, in any event at any time funds are on deposit therein;

 

(ii)          for
so long as WFB serves as General Master Servicer hereunder, an account maintained with WFB, a wholly-owned subsidiary of Wells
Fargo & Co., provided that such subsidiary’s (A) commercial paper, short-term unsecured debt obligations
or other short-term deposits are rated no less than “F-1” by Fitch (to the extent rated by Fitch) and “P-1”
by Moody’s, if the deposits are to be held in the account for thirty (30) days or less, or (B) long-term unsecured
debt obligations are rated at least “A” by Fitch (to the extent rated by Fitch) and “A2” by Moody’s,
if the accounts are to be held in the account for more than thirty (30) days;

 

(iii)         a
segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust
company (which, subject to the remainder of this clause (iii), may include the Certificate Administrator or the Trustee)
acting in its fiduciary capacity, and which, in either case, has a combined capital and surplus of at least $50,000,000 and is
subject to supervision or examination by federal or state authority and to regulations regarding fiduciary

  

    	-36-

    	 

    

 

funds
on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b) and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s;

 

(iv)         in
the case of Servicing Accounts or Reserve Accounts with respect to NCB Mortgage Loans with respect to amounts posted with the
lender for Escrow Payments, repairs, replacements, capital improvements and/or environmental testing and remediation with respect
to the related Mortgaged Property, for ongoing or threatened litigation or for any unit maintenance or rent receivables or negative
carry, any account maintained with NCB (provided that, if such account is not otherwise an Eligible Account, NCB has a
combined capital and surplus of at least $40,000,000);

 

(v)         an
account other than one listed in clauses (i) – (iv) above that is maintained with any insured depository
institution that is the subject of a Rating Agency Confirmation from each and every Rating Agency; or

 

(vi)        an
account that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be
listed in clauses (i) – (iv) above that is the subject of a Rating Agency Confirmation from each Rating
Agency for which the minimum rating(s) set forth in the applicable clause is not satisfied with respect to such account.

 

“Emergency
Advance”: Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the applicable
Special Servicer is required to make (at its sole discretion in accordance with the Servicing Standard) or to request the applicable
Master Servicer to make, that must be made within three (3) Business Days of the applicable Special Servicer obtaining actual
knowledge that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Serviced
Mortgage Loan or Serviced Loan Combination or any other material adverse consequence to the Trust Fund.

 

“Environmental
Insurance Policy”: With respect to any Mortgaged Property securing a Serviced Mortgage Loan or any Administered
REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from
time to time in respect of such Mortgaged Property or Administered REO Property, as the case may be, for the benefit of, among
others, the Trustee on behalf of the Certificateholders.

 

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

 

“Escrow
Payment”: Any payment received by the applicable Master Servicer or the applicable Special Servicer for the account
of the Borrower under any Serviced Mortgage Loan or Serviced Loan Combination for application toward the payment of real estate
taxes, assessments, insurance premiums (including with respect to any Environmental Insurance Policy), ground rents (if applicable)
and similar items in respect of the related Mortgaged Property.

 

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

 

    	-37-

    	 

    

 

“Excess
Liquidation Proceeds”: The excess, if any, of (a) the Net Liquidation Proceeds from the sale or liquidation of
a Specially Serviced Mortgage Loan or an Administered REO Property (or the proceeds of the final payment (including any full,
partial or discounted payoff) on a Defaulted Mortgage Loan or a Corrected Mortgage Loan that were Received by the Trust, net of
any and all fees, expenses and costs payable therefrom), over (b) the sum of (i) the amount needed to pay all principal,
interest (including Default Interest and (if applicable) Post-ARD Additional Interest), Prepayment Premiums or Yield Maintenance
Charges (as applicable) and late payment charges payable with respect to such Mortgage Loan or the related REO Mortgage Loan,
as the case may be (together with, without duplication, any outstanding Unliquidated Advances in respect of any such principal
or interest), in full, (ii) any other fees that would constitute Additional Master Servicing Compensation and/or Additional
Special Servicing Compensation, (iii) any related unreimbursed Servicing Advances (together with, without duplication, outstanding
Unliquidated Advances in respect of prior Servicing Advances), (iv) all unpaid Advance Interest on any related Advances (but
(for the avoidance of doubt) excluding any Unliquidated Advances), (v) any related Liquidation Fee and/or Special Servicing
Fees paid or payable in respect of such Specially Serviced Mortgage Loan or the related REO Mortgage Loan, (vi) any other
Additional Trust Fund Expenses paid or payable in respect of such Mortgage Loan or Administered REO Property, and (vii) in
the case of (a) any Specially Serviced Mortgage Loan that is a Serviced Loan Combination or (b) any Administered REO Property
relating to a Serviced Loan Combination, any portion of such Net Liquidation Proceeds payable to any one or more of the related
Serviced Pari Passu Companion Loan Holder(s) pursuant to the terms of the related Intercreditor Agreement. With respect to any
Non-Serviced Loan Combination, Excess Liquidation Proceeds shall mean the related Non-Trust-Serviced Pooled Mortgage Loan’s
pro rata share of any “Excess Liquidation Proceeds” determined in accordance with the related Non-Trust Pooling
and Servicing Agreement that are Received by the Trust.

 

“Excess
Liquidation Proceeds Account”: The segregated account (or the sub-account of the Distribution Account) created
and maintained by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) for the benefit
of the Certificateholders, which shall be entitled “Wells Fargo Bank, National Association [or the name of any successor
Certificate Administrator], as Certificate Administrator on behalf of Wilmington Trust, National Association [or name of any successor
Trustee], as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial
Mortgage Pass-Through Certificates, Series 2015-C30, Excess Liquidation Proceeds Account”.

 

“Excess
Servicing Fee Rate”: (A) With respect to each NCB Mortgage Loan (and any successor REO Mortgage Loan with
respect thereto), a rate per annum equal to six (6) basis points. Such rate described in this clause (A) shall
be subject to reduction at any time following any resignation of the applicable Master Servicer pursuant to Section 6.04
(if no successor is appointed in accordance with Section 6.04(b)) or any termination of the applicable Master
Servicer pursuant to Section 7.01, to the extent reasonably necessary (in the sole discretion of the Trustee) for
the Trustee to appoint a qualified successor Master Servicer (which successor may include the Trustee) that meets the requirements
of Section 7.02, and (B) with respect to each Mortgage Loan (other than NCB Mortgage Loans) or Serviced Pari
Passu Companion Loan (and any successor REO Mortgage Loan with respect thereto), a rate per annum equal to zero (0)

 

    	-38-

    	 

    

 

basis
points. If the Excess Servicing Fee Rate described in this clause (B) is a rate per annum that is greater than
zero (0) basis points, such rate shall be subject to reduction at any time following any resignation of the applicable Master
Servicer pursuant to Section 6.04 (if no successor is appointed in accordance with Section 6.04(b)) or
any termination of the applicable Master Servicer pursuant to Section 7.01, to the extent reasonably necessary (in
the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer (which successor may include
the Trustee) that meets the requirements of Section 7.02.

 

“Excess
Servicing Fee Right”: With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor
REO Mortgage Loan with respect thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess
Servicing Fee Right by the applicable Master Servicer, each Master Servicer shall be the owner of such Excess Servicing Fee Right
with respect to each Mortgage Loan and any Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan with respect
thereto) for which it acts as Master Servicer hereunder.

 

“Excess
Servicing Fees”: With respect to each Mortgage Loan and any Serviced Pari Passu Companion Loan (and any successor
REO Mortgage Loan with respect thereto), that portion of the Master Servicing Fees that accrue at a per annum rate equal
to the Excess Servicing Fee Rate.

 

“Excess
Trust Advisor Expenses”: With respect to each Distribution Date, an amount equal to the positive amount, if any,
of the Trust Advisor Expenses for such Distribution Date, less the amount of any such Trust Advisor Expenses allocated
to reduce the aggregate Interest Distribution Amount of the Class B Regular Interest, the Class C Regular Interest and
the Class D Certificates for such Distribution Date.

 

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

 

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

 

“Exchange
Proportion”: With respect to any exchange of Exchangeable Certificates pursuant to Section 5.09,
Class A-S, Class B and Class C Certificates with original Certificate Principal Balances (regardless of current
Certificate Principal Balance) that represent approximately 40.9%, 34.3% and 24.8%, respectively, of the aggregate original Certificate
Principal Balances of all Class A-S, B and C Certificates involved in the exchange.

 

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

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Loan, the Subordinate Class Representative
or any Subordinate Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Loan. Immediately upon obtaining actual knowledge of any such Person becoming an “Excluded Controlling Class Holder”,
such Subordinate Class Representative or Subordinate Class Certificateholder shall provide notice in the form of Exhibit K-3A
hereto to the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor, the Trustee and the

 

    	-39-

    	 

    

 

Certificate
Administrator, which notice shall be physically delivered in accordance with Section 12.05 of this Agreement and shall specifically
identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Loan. Additionally, any Excluded Controlling
Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit K-3B hereto, which
notice shall provide each of the CTSLink User 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 provided in this Agreement. For the avoidance of doubt, if a Person is not an Excluded Controlling Class Holder, such Person also is not
an Excluded Holder.

 

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

 

“Excluded
Holder”: With respect to an Excluded Loan, either or each of the Majority Subordinate Certificateholder and/or the
Subordinate Class Representative, as applicable, in the event that such Person is a Borrower Party with respect to such
Excluded Loan. For the avoidance of doubt, whether the Majority Subordinate Certificateholder or the Subordinate Class
Representative, as applicable, is an Excluded Holder shall be determined individually based upon whether such Person is a
Borrower Party, irrespective of whether such other Person is an Excluded Holder. Immediately upon obtaining actual knowledge
of either such Person becoming an “Excluded Holder”, the Majority Subordinate Certificateholder or Subordinate
Class Representative, as the case may be, shall provide notice in the form of Exhibit K-3A hereto to the applicable
Master Servicer, the applicable Special Servicer, the Trustee and the Certificate Administrator, which such notice shall be
physically delivered and shall specifically identify the Excluded Holder and the subject Mortgage Loan or Loan Combination,
as applicable. Additionally, any Excluded Holder shall also send the Certificate Administrator a notice substantially in the
form of Exhibit K-3B hereto, which such notice shall provide each of the CTSLink User ID’s associated with such
Excluded Holder, and which such notice shall direct the Certificate Administrator to restrict such Excluded Holder’s
access to the Certificate Administrator’s Website as provided in this Agreement. For the avoidance of doubt, any Excluded Holder is also an Excluded Controlling Class Holder.

 

“Excluded
Information”: Information related exclusively to an Excluded Controlling Class Loan, which may include the Asset Status
Reports, Final Asset Status Reports (or summaries thereof), any Trust Advisor reports to the Certificate Administrator regarding
a Special Servicer’s net present value determination, any Appraisal Reduction Amount calculations delivered pursuant to
Section 3.28(d) and Section 3.28(e), and any Officer’s Certificates delivered by the Master Servicer or the
Special Servicer pursuant to Section 3.11(h) or Section 4.03(c) supporting a non-recoverability determination, or
such other information and reports designated as Excluded Information by the Special Servicer, the Master Servicer or the Trust
Advisor, as applicable. Each of the applicable Master Servicer, the applicable Special Servicer, or the Trust Advisor shall deliver
any Excluded Information to the Certificate Administrator in accordance with Section 3.29 hereof. For the avoidance of
doubt, the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded
Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered
in the manner provided in Section 3.29 hereof.

 

    	-40-

    	 

    

 

“Excluded
Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Majority
Subordinate Certificateholder and/or the Subordinate Class Representative, as applicable, is a Borrower Party. For the
avoidance of doubt, any Excluded Loan is also an Excluded Controlling Class Loan. For the avoidance of doubt, there is no
Excluded Loan related to this Trust as of the Closing Date.

 

“Exemption”:
PTE 96-22 issued to a predecessor of WFS, as amended by PTE 2013-08 and as may be subsequently amended following the Closing Date.

 

“Exemption-Favored
Party”: Any of (i) WFS, (ii) any Person directly or indirectly, through one or more intermediaries,
controlling, controlled by or under common control with WFS and (iii) any member of any underwriting syndicate or selling
group of which any Person described in clauses (i) and (ii) is a manager or co-manager with respect to a Class of
Certificates.

 

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

 

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

 

“Final
Asset Status Report”: As defined in Section 3.24(a)(vi).

 

“Final
Distribution Date”: The Distribution Date on which the final distribution is to be made with respect to the Certificates
in connection with a termination of the Trust Fund pursuant to Article IX.

 

“Final
Recovery Determination”: A determination by the applicable Special Servicer with respect to any Specially Serviced
Mortgage Loan or Corrected Mortgage Loan or Administered REO Property, or by the Non-Trust Special Servicer with respect to a
Non-Trust-Serviced Pooled Mortgage Loan that is a “Specially Serviced Mortgage Loan” (as defined in the related Non-Trust
Pooling and Servicing Agreement) or any related Administered REO Property, that there has been a recovery of all Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds and other payments or recoveries that the applicable Special Servicer or the applicable
Master Servicer has determined, in accordance with the Servicing Standard, will be ultimately Received by the Trust; provided
that the term Final Recovery Determination shall not apply to: (i) a Mortgage Loan or Serviced Loan Combination that
was paid in full (including by means of a payoff on behalf of the Borrower, or the purchase of such Mortgage Loan or Serviced
Loan Combination, by a mezzanine lender or another creditor of the related Borrower in connection with a Mortgage Loan default,
as set forth in the related intercreditor agreement) or (ii) a Mortgage Loan, Serviced Loan Combination or Administered REO
Property, as the case may be, that was purchased by (a) any Responsible Repurchase Party pursuant to the related Mortgage Loan
Purchase Agreement, (b) an Interested Person, the Trustee or the Majority Subordinate Certificateholder in connection with
the purchase of a Mortgage Loan or Administered REO Property pursuant to Section 3.18, (c) any Subordinate Class
Certificateholder(s), the applicable Master Servicer or the applicable Special Servicer pursuant to Section 9.01 or
(d) in respect of a Non-Trust-Serviced Pooled Mortgage Loan by any other party pursuant to the related Intercreditor Agreement
and/or pursuant to terms analogous to those set forth in clause (ii)(a), (b) or (c) above contained in the
related Non-Trust Pooling and Servicing

 

    	-41-

    	 

    

 

Agreement;
and provided, further, that, for purposes of making any such determination with respect to a Non-Trust-Serviced
Pooled Mortgage Loan or any related REO Property, the applicable Master Servicer shall be entitled to rely on, and shall be required
to follow, any such determination made pursuant to the related Non-Trust Pooling and Servicing Agreement by the related Non-Trust
Master Servicer or the related Non-Trust Special Servicer, as applicable.

 

“Fitch”:
Fitch Ratings, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor (and such designation
shall be deemed to be reasonable if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial
mortgage-backed securities transactions during the 12 months preceding the designation), notice of which designation shall be
given to the other parties hereto, and specific ratings of Fitch Ratings, Inc. herein referenced shall be deemed to refer to the
equivalent ratings of the party so designated. References herein to “applicable rating category” (other than such
references to “highest applicable rating category”) shall, in the case of Fitch, be deemed to refer to such applicable
rating category of Fitch, without regard to any plus or minus or other comparable rating qualification.

 

“Form
8-K Disclosure Information”: As defined in Section 11.10.

 

“Form
10-K Filing Deadline”: As defined in Section 11.08.

 

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

 

“GAAP”:
Generally accepted accounting principles in the United States.

 

“General
Master Servicer”: Wells Fargo Bank, National Association, or any successor thereto (as general master servicer)
appointed as provided herein.

 

“General
Special Servicer”: CWCapital Asset Management LLC, or its successor-in-interest, or any successor special servicer
appointed as provided herein.

 

“Global
Certificates”: The Rule 144A Global Certificates and the Regulation S Global Certificates, collectively.

 

“Grantor
Trust”: A grantor trust as defined under subpart E of part 1 of subchapter J of the Code.

 

“Grantor
Trust Pool”: The Grantor Trust created herein containing the Class A-S Specific Grantor Trust Assets, the
Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEX Specific Grantor
Trust Assets and the Class V Specific Grantor Trust Assets.

 

“Grantor
Trust Provisions”: Subpart E of part I of subchapter J of the Code, including Treasury Regulations Section 301.7701-4(c)(2).

 

    	-42-

    	 

    

 

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

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including those so
identified pursuant to CERCLA or any other federal, state or local environmental related laws and regulations now existing or
hereafter enacted, and specifically including asbestos and asbestos-containing materials, polychlorinated biphenyls (“PCBs”),
radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified as being “in inventory”,
“usable work in process” or similar classification which would, if classified as unusable, be included in the foregoing
definition.

 

“Holder”:
As defined in the definition of “Certificateholder”.

 

“Indemnified
Items”: With respect to a Non-Trust-Serviced Pooled Mortgage Loan, as defined in the related Intercreditor Agreement
or, if not defined therein, any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with servicing and administration of the related Non-Serviced
Loan Combination (or, with respect to the related Non-Trust Trust Advisor, incurred in connection with the provision of services
for the related Non-Serviced Loan Combination) under the related Non-Trust Pooling and Servicing Agreement.

 

“Indemnified
Parties”: With respect to a Non-Trust-Serviced Pooled Mortgage Loan, as defined in the related Intercreditor
Agreement or, if not defined therein, each of the related Non-Trust Depositor, the related Non-Trust Master Servicer, the related
Non-Trust Special Servicer, the related Non-Trust Certificate Administrator, the related Non-Trust Trustee and the related Non-Trust
Trust Advisor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the related Non-Trust Pooling and Servicing Agreement in respect of other mortgage loans).

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) is in fact independent of, (ii) does not have
any direct financial interest in or any material indirect financial interest in any of and (iii) is not connected (as an
officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions) with, any of the
following and any and all Affiliates thereof: the Depositor, each Mortgage Loan Seller, each Master Servicer, each Special Servicer,
the Certificate Administrator, the Tax Administrator, the Trustee, the Trust Advisor, the Subordinate Class Representative, and,
if applicable, insofar as the relevant matter involves a Non-Trust-Serviced Pooled Mortgage Loan (whether alone or together with
one or more other Mortgage Loans), each Non-Trust Depositor, Non-Trust Master Servicer, Non-Trust Special Servicer, Non-Trust
Certificate Administrator, Non-Trust Trustee, Non-Trust Trust Advisor and Non-Trust Subordinate Class Representative and any and
all Affiliates thereof; provided that a Person shall not fail to be Independent of any of the aforementioned parties merely
because such Person is the beneficial owner of 1% or less of any class of securities issued by any such party; provided
that such ownership constitutes less than 1% of the total assets owned by such Person.

 

    	-43-

    	 

    

 

“Independent
Contractor”: (a) Any Person that would be an “independent contractor” with respect to any REMIC Pool
within the meaning of Section 856(d)(3) of the Code if such REMIC Pool were a real estate investment trust (except that the
ownership test set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35% or
more of any Class of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel,
which shall be at no expense to the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee or the
Trust, delivered to the Trustee), provided that (i) the Trust does not receive or derive any income from such Person
and (ii) the relationship between such Person and the Trust is at arm’s length, all within the meaning of Treasury
Regulations Section 1.856-4(b)(5); or (b) any other Person upon receipt by the Trustee of an Opinion of Counsel, which
shall be at no expense to the Trustee, the Certificate Administrator or the Trust, to the effect that the taking of any action
in respect of any Administered REO Property by such Person, subject to any conditions therein specified, that is otherwise herein
contemplated to be taken by an Independent Contractor will not cause such Administered REO Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code, or cause any income realized in respect of such Administered
REO Property to fail to qualify as Rents from Real Property.

 

“Initial
Majority Subordinate Certificateholder”: Ellington Management Group, LLC, on behalf of certain funds or accounts.

 

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

 

“Initial
Subordinate Class Representative”: Ellington Management Group, LLC, on behalf of certain funds or accounts.

 

“Insolvency
Event”: With respect to any Person, an Insolvency Event shall be deemed to have occurred if (A) a decree
or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present
or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator, administrator
or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings,
or for the winding-up or liquidation of its affairs, shall have been entered against such Person and such decree or order shall
have remained in force undischarged, undismissed or unstayed for a period of sixty (60) days, (B) such Person shall consent
to the appointment of a conservator, receiver, liquidator, administrator or similar official in any bankruptcy, insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Person or of or relating to all or
substantially all of its property, or (C) such Person shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an
assignment for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance
of the foregoing.

 

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

 

    	-44-

    	 

    

 

“Insurance
Policy”: With respect to any Mortgage Loan or REO Property, any hazard insurance policy, terrorism insurance
policy, flood insurance policy, title insurance policy, earthquake insurance policy, Environmental Insurance Policy, business
interruption insurance policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan
(or the related Mortgaged Property) or such REO Property, as the case may be.

 

“Insurance
Proceeds”: Proceeds paid under any Insurance Policy and received by or on behalf of the Trustee, the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer (including with respect to a Non-Trust-Serviced
Pooled Mortgage Loan or any related REO Property, any such proceeds remitted to the applicable Master Servicer by the related
Non-Trust Master Servicer or the related Non-Trust Special Servicer pursuant to the related Intercreditor Agreement and/or the
related Non-Trust Pooling and Servicing Agreement), to the extent such proceeds are not applied to the restoration of the related
Mortgaged Property or REO Property (or placed in a reserve account for that purpose) or released to the related Borrower or any
other third party pursuant to the terms of the related Mortgage or lease, in accordance with the Servicing Standard.

 

“Insured
Environmental Event”: As defined in Section 3.07(d).

 

“Intercreditor
Agreement”: With respect to any Loan Combination, the related agreement between noteholders, intercreditor, co-lender
or similar agreement in effect from time to time by and between the holders of the related Mortgage Loan and the related Pari
Passu Companion Loan relating to the relative rights of such holders.

 

“Interest
Accrual Basis”: The basis on which interest accrues in respect of any Mortgage Loan, any REMIC I Regular Interest,
any REMIC II Regular Interest, any Regular Certificate, any of the Class A-S, Class B and Class C Certificates,
any of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest or any particular
REMIC III Component of a Class of Interest Only Certificates, in each case consisting of one of the following: (i) a 30/360
Basis; or (ii) an Actual/360 Basis.

 

“Interest
Accrual Period”: With respect to any REMIC I Regular Interest, any REMIC II Regular Interest, any Regular Certificate,
any of the Class A-S, Class B and Class C Certificates, any of the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest or any particular REMIC III Component of a Class of Interest Only Certificates,
for any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs, and calculated
assuming that each month has 30 days and each year has 360 days.

 

“Interest
Distribution Amount”: With respect to any Class of Regular Certificates and any of the Class A-S Regular
Interest, Class B Regular Interest and Class C Regular Interest for any Distribution Date, an amount of interest equal
to the sum of (I) the amount of Accrued Certificate Interest in respect of such Class for the related Interest Accrual Period,
reduced (to not less than zero) by that portion, if any, of the Net Aggregate Prepayment Interest Shortfall for such Distribution
Date allocated to such Class as provided below (such Accrued Certificate Interest, the “Unadjusted
Distributable Certificate Interest” for such Class and Distribution Date) and (II) any shortfall between the
amount described in clause (I) for any prior Distribution Date

 

    	-45-

    	 

    

 

and
the amount of interest actually distributed on such Class on such prior Distribution Date and remaining unpaid as of this Distribution
Date (such amounts described in this clause (II), a “Class Interest Shortfall”);
provided that such sum shall be adjusted as follows: (i) in the case of the Class B Regular Interest, the Class C
Regular Interest and the Class D Certificates, such sum shall be reduced by the amount of Trust Advisor Expenses allocated
to such Class under Section 4.05; (ii) if and to the extent that any such Trust Advisor Expenses were previously
allocated to reduce such sum on the Class B Regular Interest, Class C Regular Interest and/or Class D Certificates
on a prior Distribution Date, such sum shall be increased (in each case, up to the amount of the Trust Advisor Expenses previously
so allocated to such Class), and such sum on the Class D Certificates and (if necessary) the Class C Regular Interest
(in that order) will be reduced (in each case, up to such sum for such Class); (iii) if any such Trust Advisor Expenses were
previously allocated to the Class B Regular Interest, Class C Regular Interest or Class D Certificates, and the
expenses are subsequently recovered from a source other than the Borrowers under the Mortgage Loans or the related Mortgaged Properties,
then, to the extent of any portion of such recovery remaining after application to reimburse the Holders of any Principal Balance
Certificates that suffered write-offs in connection with Trust Advisor Expenses as provided in Section 4.01(a), such
sums on such Classes in the aggregate will be increased by the amount of such recovery, which aggregate increase shall be allocated
to the Class B Regular Interest, the Class C Regular Interest and the Class D Certificates, in that order, in each
case up to the aggregate unrecovered amount of such Trust Advisor Expenses previously allocated to such Class; and (iv) if
the Class Principal Balance of such Class of Regular Certificates or Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest, as applicable, is deemed to have been increased immediately prior to such Distribution Date
pursuant to the proviso to the definition of “Class Principal Balance” because the Principal Distribution Amount for
such Distribution Date includes any collections of amounts that (x) had previously been determined to constitute Nonrecoverable
Advances, (y) were reimbursed to a party to this Agreement from the principal portions of P&I Advances and/or payments
or other collections of principal on the Mortgage Pool in a Collection Period prior to the one related to such Distribution Date
(pursuant to Section 3.05(a)(II)(iv)) and (z) were recovered in the Collection Period related to such Distribution
Date, such sum shall be increased by interest at the Pass-Through Rate(s) applicable to such Class for the applicable Interest
Accrual Periods on the amount of such increase to its Certificate Principal Balance accrued from the Distribution Date(s) on which
the amount of such increase(s) were most recently written down on such Class (whether such written down amount(s) were written
down as a result of the Realized Loss whose recovery has resulted in the increase or as a result of subsequent allocations of
Realized Loss(es) unrelated to such Realized Loss whose recovery has resulted in the increase(s)) to, but not including, such
current Distribution Date (such amounts described in this clause (iv), “Recovered
Interest Amounts”).

 

For
purposes of clause (I) above, the portion of the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution
Date shall be allocated to each Class of Principal Balance Certificates (other than the Class A-S, Class B, Class C
and Class PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest in an amount equal to the product of (i) the amount of such Net Aggregate Prepayment Interest Shortfall and (ii) a
fraction, the numerator of which is the Accrued Certificate Interest for such Class for such Distribution Date and the denominator
of which is the aggregate amount of Accrued Certificate Interest for all Classes of Principal Balance Certificates (other than
the Class A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest,

 

    	-46-

    	 

    

 

Class B
Regular Interest and Class C Regular Interest for such Distribution Date. No portion of any Net Aggregate Prepayment Interest
Shortfall for any Distribution Date shall be allocated to the Interest Only Certificates. Any Net Aggregate Prepayment Interest
Shortfall allocated to the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest for
any Distribution Date shall be allocated (i) in the case of the Class A-S Regular Interest, between the Class A-S
Certificates and Class A-S-PEX Component on such Distribution Date in accordance with the Class A-S Percentage Interest
for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively, (ii) in
the case of the Class B Regular Interest, between the Class B Certificates and Class B-PEX Component on such Distribution
Date in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage Interest
for such Distribution Date, respectively and (iii) in the case of the Class C Regular Interest, between the Class C
Certificates and Class C-PEX Component on such Distribution Date in accordance with the Class C Percentage Interest
for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

“Interest
Only Certificates”: Collectively, the Class X-A, Class X-B, Class X-E, Class X-FG and Class X-H
Certificates.

 

“Interest
Reserve Account”: The segregated account (or sub-account of the Distribution Account) created and maintained
by the Certificate Administrator on behalf of the Trustee, pursuant to Section 3.04(c), for the benefit of the Certificateholders,
which shall be entitled “Wells Fargo Bank, National Association [or the name of any successor Certificate Administrator],
as Certificate Administrator, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee], as Trustee,
for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30, Interest Reserve Account”.

 

“Interest
Reserve Amount”: With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor
REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not
a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal
Balance as of the beginning of the Collection Period related to such Distribution Date, but prior to giving effect to the application
of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the
Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before
the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve
Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest
Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms
of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments
of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master Servicer, the applicable
Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency
or other similar proceeding involving the related Borrower).

 

    	-47-

    	 

    

 

“Interest
Reserve Loan”: Each Mortgage Loan that is an Actual/360 Mortgage Loan (or any successor REO Mortgage Loan with
respect thereto).

 

“Interested
Person”: The Depositor, any Master Servicer, any Special Servicer, any Borrower, any manager of a Mortgaged Property,
any independent contractor engaged by a Special Servicer, the Trust Advisor, or, in connection with any individual Mortgage Loan
or holder of a related mezzanine loan, or any known Affiliate of any such party described above.

 

“Interested
SLC Person”: With respect to a Serviced Loan Combination, an “Interested Person” as defined in the
related Intercreditor Agreement.

 

“Investment
Account”: Each of the Collection Accounts, the Serviced Pari Passu Companion Loan Custodial Account (if any),
the Servicing Accounts, the Reserve Accounts, the REO Accounts, the Distribution Account, the Interest Reserve Account and the
Excess Liquidation Proceeds Account.

 

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

 

“Investment
Grade Certificate”: As of any date of determination, a Certificate that is rated in one of the four highest generic
rating categories by at least one Rating Agency that is defined as a “Rating Agency” under Section III of the
Exemption.

 

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

 

“Investor
Confidentiality Agreement”: An investor confidentiality agreement in the form of Exhibit K-4 hereto.

 

“Investor
Q&A Forum”: As defined in Section 8.12(d).

 

“Investor
Registry”: As defined in Section 8.12(e).

 

“IRS”:
The Internal Revenue Service or any successor thereto.

 

“Issue
Price”: With respect to each Class of Certificates, the “issue price” as defined in the Code and
Treasury regulations promulgated thereunder.

 

“Late
Collections”: (a) With respect to any Mortgage Loan or Serviced Loan Combination, all amounts Received by the
Trust thereon during any Collection Period, whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds
or otherwise, which (as applied under Section 1.03) represent collections of the principal and/or interest portions
of a Monthly Payment (other than a Balloon Payment) or an Assumed Monthly Payment in respect of such Mortgage Loan or Serviced
Loan Combination due or deemed due on a Due 

 

    	-48-

    	 

    

 

Date in a previous Collection Period or on a Due Date
during or prior to the month of the Cut-off Date for such Mortgage Loan or Serviced Loan Combination, and not previously Received
by the Trust; and (b) with respect to any REO Mortgage Loan, all amounts Received by the Trust in connection with the related
REO Property during any Collection Period, whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Revenues
or otherwise, which (as applied under Section 1.03) represent collections of the principal and/or interest portions
of a Monthly Payment (other than a Balloon Payment) or an Assumed Monthly Payment in respect of the predecessor Mortgage Loan
or Serviced Loan Combination or the principal and/or interest portions of an Assumed Monthly Payment in respect of such REO Mortgage
Loan due or deemed due on a Due Date in a previous Collection Period and not previously Received by the Trust. Late Collections
do not include Default Charges.

 

“Latest
Possible Maturity Date”: With respect to any REMIC I Regular Interest, any REMIC II Regular Interest, any REMIC
III Component, any Class of Regular Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C
Regular Interest, the “latest possible maturity date” thereof, calculated solely for purposes of satisfying Treasury
Regulations Section 1.860G-1(a)(4)(iii).

 

“Letter
of Credit”: With respect to any Mortgage Loan or Serviced Loan Combination, any third party letter of credit
delivered by or at the direction of the related Borrower pursuant to the terms of such Mortgage Loan or Serviced Loan Combination
in lieu of the establishment of, or deposit otherwise required to be made into, a Reserve Fund or otherwise pledged or assigned
by the related Borrower as Additional Collateral.

 

“Liquidation
Event”: (a) With respect to any Mortgage Loan or Serviced Loan Combination, any of the following events: (i) such
Mortgage Loan or Serviced Loan Combination is paid in full, (ii) a Final Recovery Determination is made with respect to such
Mortgage Loan or Serviced Loan Combination, (iii) such Mortgage Loan is repurchased or replaced by a Responsible Repurchase
Party pursuant to the related Mortgage Loan Purchase Agreement, as contemplated by Section 2.03, (iv) such Mortgage
Loan or Serviced Loan Combination is sold pursuant to Section 3.18, (v) such Mortgage Loan is purchased by any
Subordinate Class Certificateholder(s), either Master Servicer or either Special Servicer pursuant to Section 9.01,
(vi) such Mortgage Loan is acquired by the Sole Certificateholder(s) in exchange for all of the Certificates pursuant to
Section 9.01, (vii) such Mortgage Loan or Serviced Loan Combination is paid off or purchased by the holder of
a related mezzanine loan or another creditor of the Borrower in connection with a Mortgage Loan default, if so permitted and set
forth in the related intercreditor agreement or (viii) in the case of a Non-Trust-Serviced Pooled Mortgage Loan, such Mortgage
Loan is purchased by any party pursuant to terms analogous to those set forth in the preceding clauses (a)(i), (ii), (iii),
(iv), (v), (vi) or (vii) contained in the related Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement;
and (b) with respect to any REO Property (and the related REO Mortgage Loan), any of the following events: (i) a Final
Recovery Determination is made with respect to such REO Property, (ii) such REO Property is repurchased or replaced by a
Responsible Repurchase Party pursuant to the related Mortgage Loan Purchase Agreement, as contemplated by Section 2.03,
(iii) such REO Property is purchased by either Master Servicer, either Special Servicer or any Subordinate Class Certificateholder(s)
pursuant to Section 9.01, or (iv) in the case of any REO Property (and the related REO Mortgage Loan) related
to any Non-Trust-Serviced Pooled

 

    	-49-

    	 

    

 

Mortgage
Loan, any event contemplated in the preceding clauses (b)(i), (ii) or (iii) occurs pursuant to the related Non-Trust
Pooling and Servicing Agreement and/or the related Intercreditor Agreement, or (v) such REO Property is acquired by the Sole
Certificateholder(s) in exchange for all of the Certificates pursuant to Section 9.01.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out-of-pocket” costs and expenses due and owing
(but not otherwise covered by Servicing Advances) in connection with the liquidation of any Specially Serviced Mortgage Loan or
Administered REO Property pursuant to Section 3.09 or Section 3.18 (including legal fees and expenses,
committee or referee fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: The fee designated as such in, and payable to the applicable Special Servicer in connection with certain
events in respect of a Specially Serviced Mortgage Loan or an Administered REO Property pursuant to, Section 3.11(c).

 

“Liquidation
Fee Rate”: With respect to each Specially Serviced Mortgage Loan or Administered REO Property as to which a Liquidation
Fee is payable, (a) 1.00% or (b) if such rate set forth in clause (a) above would result in an aggregate Liquidation
Fee less than $25,000, then the lesser of (i) 3.00% and (ii) such lower rate as would result in an aggregate Liquidation
Fee equal to $25,000; in each case as calculated prior to the application of any Offsetting Modification Fees as contemplated
in Section 3.11(c).

 

“Liquidation
Proceeds”: All cash amounts (other than Insurance Proceeds, Condemnation Proceeds and REO Revenues) Received
by the Trust in connection with: (i) the liquidation of a Mortgaged Property, REO Property or other collateral constituting
security for a Defaulted Mortgage Loan (including for these purposes any defaulted Non-Trust-Serviced Pooled Mortgage Loan), through
trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive of any portion thereof required to be released
to the related Borrower in accordance with applicable law and/or the terms and conditions of the related Mortgage Note and Mortgage;
(ii) the realization upon any deficiency judgment obtained against a Borrower; (iii) the purchase of a Defaulted Mortgage
Loan by the applicable Special Servicer, the Majority Subordinate Certificateholder(s) or any assignee of either of them pursuant
to Section 3.18; (iv) the repurchase or replacement of a Mortgage Loan or REO Property by a Responsible Repurchase
Party pursuant to the related Mortgage Loan Purchase Agreement as contemplated by Section 2.03 of this Agreement;
(v) the purchase of a Mortgage Loan or REO Property by either Master Servicer, either Special Servicer and/or any Subordinate
Class Certificateholder(s) pursuant to Section 9.01; (vi) the acquisition of any Mortgage Loan or REO Property
by the Sole Certificateholder(s) in exchange for all the Certificates pursuant to Section 9.01; (vii) the payoff
or purchase of a Mortgage Loan or REO Property by the holder of a related mezzanine loan or another creditor of the Borrower in
connection with a Mortgage Loan default, if so permitted and set forth in the related intercreditor agreement; (viii) the
transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.05(h)(iii)
of this Agreement (provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable
to the applicable Special Servicer in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment
shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any) is payable as of such

 

    	-50-

    	 

    

 

time
such Loss of Value Payment is made by the applicable Mortgage Loan Seller); or (ix) the purchase of a Non-Trust-Serviced
Pooled Mortgage Loan by any party pursuant to the related Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor
Agreement.

 

“Litigation
Control”: As defined in Section 3.32(a) of this Agreement.

 

“Loan
Combination”: A Serviced Loan Combination and/or a Non-Serviced Loan Combination, as the context may require.

 

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

 

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

 

“Majority
Subordinate Certificateholder(s)”: Subject to Section 3.23(i), as of any date of determination, any
single Holder or Certificate Owner or group of Holders or Certificate Owners of Certificates representing a majority of the Voting
Rights allocated to the outstanding Class (if any) of Control-Eligible Certificates that (a) is the most subordinate (based on
the payment priorities set forth in Section 4.01(a)) outstanding such Class and (b)(i) during a Subordinate Control
Period, has a Class Principal Balance, as reduced by any Appraisal Reduction Amounts allocable thereto, that is not less than
25% of the initial Class Principal Balance of such Class, and (ii) during a Collective Consultation Period, has a Class Principal
Balance, without regard to any Appraisal Reduction Amounts allocable thereto, that is not less than 25% of the initial Class Principal
Balance of such Class.

 

For
purposes of the provisions of this Agreement that require any party hereto to deliver any information to the “Majority Subordinate
Certificateholder” as such, (i) all Persons that alone or together constitute the Majority Subordinate Certificateholder(s)
shall be deemed (by their receipt of such information) to have agreed to the confidentiality provisions of Exhibit K-4
hereto (as if they had executed a confidentiality agreement in such form) with respect to such information, (ii) if multiple
Persons are the Majority Subordinate Certificateholder(s), then only one such Person shall be entitled to receive such information
at any one time, which Person shall be designated by the Majority Subordinate Certificateholder(s), and (iii) such information
need not be so delivered (notwithstanding the provision that otherwise requires such delivery) unless such Majority Subordinate
Certificateholder(s) have delivered to the party required to make such delivery a certification or other reasonable evidence of
their status as the Majority Subordinate Certificateholder(s) (upon which such party shall be entitled to rely), except that such
certification or evidence need not be delivered by the Initial Majority Subordinate Certificateholder, and notified such party
of the electronic or other address where the applicable information should be so delivered. Once a Majority Subordinate Certificateholder
has provided the information in clauses (i)-(iii) above, each of the parties to this Agreement shall be entitled to
conclusively rely on such information unless the Majority Subordinate Certificateholder or a successor Majority Subordinate Certificateholder
shall have (x) notified each other party to this Agreement, in writing, of a change of the Majority

 

    	-51-

    	 

    

 

Subordinate
Certificateholder and (y) provided the information in clauses (i)-(iii) to each of the parties to this Agreement
upon which each party may conclusively rely.

 

“Master
Servicer”: With respect to (a) any Mortgage Loan (other than an NCB Mortgage Loan), any REO Property acquired
by the Trust with respect to a Mortgage Loan (other than an NCB Mortgage Loan) and any matters relating to the foregoing, the
General Master Servicer and (b) any NCB Mortgage Loan, any REO Property acquired by the Trust with respect to an NCB Mortgage
Loan and any matters relating to the foregoing, the NCB Master Servicer.

 

“Master
Servicer Remittance Amount”: With respect to each Master Servicer and each Master Servicer Remittance Date, an
amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City
time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a)
of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage
Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to
the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest,
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or
REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums
and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced
by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation
Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii)
through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided
that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that
occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i),
(b)(ii), (b)(iii) and (b)(iv) of this definition.

 

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

 

“Master
Servicing Fee”: With respect to each Mortgage Loan, any Serviced Pari Passu Companion Loan and any successor
REO Mortgage Loan with respect thereto, the fee designated as such and payable to the applicable Master Servicer pursuant to Section 3.11(a).

 

“Master
Servicing Fee Rate”: With respect to each Mortgage Loan and any successor REO Mortgage Loan with respect thereto,
a rate per annum equal to the rate per annum specified as the “Master Servicing Fee Rate” on the Mortgage
Loan Schedule, which rate (i) includes, in each such case (other than in the case of a Pari Passu Mortgage Loan), the rate
at which applicable primary and sub-servicing fees and Excess Servicing Fees accrue, or (ii) includes, in the case of a Pari
Passu Mortgage Loan, the rate at which sub-servicing fees and Excess Servicing Fees accrue.

 

“Material
Action”: As defined in Section 3.24(c).

 

    	-52-

    	 

    

 

“Material
Breach”: With respect to any Mortgage Loan, any Breach that materially and adversely affects the value of such
Mortgage Loan or the interests of the Certificateholders in the affected Mortgage Loan.

 

“Material
Document Defect”: With respect to any Mortgage Loan, any Document Defect that materially and adversely affects
the value of such Mortgage Loan or the interests of the Certificateholders, or any of them, in the affected Mortgage Loan, including,
but not limited to, a material and adverse effect on any of the distributions distributable with respect to any of the Certificates
or on the value of those Certificates. Notwithstanding the foregoing, the absence of a Specially Designated Mortgage Loan Document
following the date and under the circumstances specified with respect to such Specially Designated Mortgage Loan Document in the
third to last sentence of the first paragraph of Section 2.03(b), which absence results from the failure of the related
Mortgage Loan Seller to deliver such Specially Designated Mortgage Loan Document in accordance with the terms of the related Mortgage
Loan Purchase Agreement, shall also constitute a Material Document Defect to the extent set forth in the related Mortgage Loan
Purchase Agreement.

 

“Material
Litigation Control Matter”: As defined in Section 3.32(a) of this Agreement.

 

“Modification
Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all fees with respect
to a modification, restructure, extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage
Loan Documents (as evidenced by a signed writing) agreed to by the applicable Master Servicer or the applicable Special Servicer
(as applicable), other than any Assumption Fees, Assumption Application Fees, consent fees and any defeasance fee; provided
that (A) in connection with each modification, restructure, extension, waiver or amendment that constitutes a workout
of a Specially Serviced Mortgage Loan, the Modification Fees collected from the related Borrower will be subject to a cap of 1%
of the outstanding principal balance of such Serviced Mortgage Loan or Serviced Loan Combination immediately after giving effect
to such transaction; (B) the preceding clause (A) shall be construed only as a limitation on the amount of Modification
Fees that may be collected in connection with each such transaction involving a Specially Serviced Mortgage Loan and not as a
limitation on the cumulative amount of Modification Fees that may be collected in connection with multiple such transactions involving
such Specially Serviced Mortgage Loan; and (C) for purposes of such preceding clauses (A) and (B), a Modification
Fee shall be deemed to have been collected in connection with a workout of a Specially Serviced Mortgage Loan if such fee arises
substantially in consideration of or otherwise in connection with such workout, whether the related Borrower must pay such fee
upon the consummation of such workout and/or on one or more subsequent dates.

 

“Modified
Mortgage Loan”: Any Specially Serviced Mortgage Loan which has been modified by the applicable Special Servicer
pursuant to Section 3.20 in a manner that:

 

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

 

    	-53-

    	 

    

 

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

 

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

 

“Monthly
Payment”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, as of any Due Date, the scheduled
monthly debt service payment (or, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, the minimum monthly
debt service payment required to be paid on a current basis) on such Mortgage Loan or Serviced Pari Passu Companion Loan that
is actually payable by the related Borrower from time to time under the terms of the related Mortgage Note (as such terms may
be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a
modification, extension, waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special
Servicer pursuant to Section 3.20 (or, in the case of a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust
Master Servicer or the related Non-Trust Special Servicer pursuant to the related Non-Trust Pooling and Servicing Agreement)),
including any Balloon Payment payable in respect of such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due Date;
provided that (A) the Monthly Payment due in respect of any Mortgage Loan or Serviced Pari Passu Companion Loan shall
not include Default Interest; and (B) the Monthly Payment due in respect of any ARD Mortgage Loan after its Anticipated Repayment
Date shall not include Post-ARD Additional Interest.

 

“Moody’s”:
Moody’s Investors Service, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in
existence, “Moody’s” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated
by the Depositor (and such designation shall be deemed to be reasonable if the Person so designated is an NRSRO that has been
regularly engaged in rating new issue commercial mortgage-backed securities transactions during the 12 months preceding the designation),
notice of which designation shall be given to the other parties hereto, and specific ratings of Moody’s herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated. References herein to “applicable rating category”
(other than such references to “highest applicable rating category”) shall, in the case of Moody’s, be deemed
to refer to such applicable rating category of Moody’s, without regard to any plus or minus or other comparable rating qualification.

 

“Morgan
Stanley”: Morgan Stanley & Co. LLC, or its successor-in-interest.

 

“Morningstar”:
Morningstar Credit Ratings, LLC or its successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the

 

    	-54-

    	 

    

 

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. References herein to “applicable rating category”
(other than such references to “highest applicable rating category”) shall, in the case of Morningstar, be deemed
to refer to such applicable rating category of Morningstar, without regard to any plus or minus or other comparable rating qualification.

 

“Mortgage”:
With respect to any Mortgage Loan, separately and collectively, as the context may require, each mortgage, deed of trust, deed
to secure debt or similar document that secures the related Mortgage Note and creates a lien on the related Mortgaged Property.

 

“Mortgage
File”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the following documents collectively
with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan (which documents, in the case of each Mortgage Loan with
a Serviced Pari Passu Companion Loan, except for the Mortgage Notes referred to in clause (i) below, relate to the
entire Serviced Loan Combination):

 

(i)           (A)
the original executed Mortgage Note, endorsed (either on the face thereof or pursuant to a separate allonge) “Pay to the
order of Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust
2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, without recourse, representation or warranty”
or in blank, and further showing a complete, unbroken chain of endorsement from the originator; or alternatively, if the original
executed Mortgage Note has been lost, a lost note affidavit and indemnity with a copy of such Mortgage Note; and (B) in the
case of any Serviced Pari Passu Companion Loan, a copy of the executed mortgage note for such Serviced Pari Passu Companion Loan;

 

(ii)          an
original or a copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof prior to
the assignment to the Trustee, in each case (unless the particular item has been delivered to but not returned from the applicable
recording office) with evidence of recording indicated thereon; provided that if the original or a copy of the Mortgage
cannot be delivered with evidence of recording thereon on or prior to the 90th day following the Closing Date because of a delay
caused by the public recording office where such original Mortgage has been delivered for recordation, or because the public recording
office retains the original or because such original Mortgage has been lost, there shall be delivered to the Custodian a true
and correct copy of such Mortgage, together with (A) in the case of a delay caused by the public recording office, an Officer’s
Certificate of the applicable Mortgage Loan Seller or a statement from the title agent to the effect that such original Mortgage
has been sent to the appropriate public recording official for recordation or (B) in the case of an original Mortgage that
has been lost after recordation or retained by the appropriate public recording office, a certification by the appropriate county
recording office where such Mortgage is recorded that such copy is a true and complete copy of the original recorded Mortgage;

 

    	-55-

    	 

    

 

(iii)         the
original or a copy of any related Assignment of Leases (if any such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the
Mortgage Loan or Loan Combination to the most recent assignee of record thereof prior to the Trustee, in each case (unless the
particular item has been delivered to but not returned from the applicable recording office) with evidence of recording thereon;

 

(iv)        except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, an original executed assignment, in recordable form (except for recording
information not yet available if the instrument being assigned has not been returned from the applicable recording office), of
(A) the Mortgage and (B) any related Assignment of Leases (if such item is a document separate from the Mortgage), in
favor of “Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage
Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30”, or, in the case of any Mortgage Loan included
in a Serviced Loan Combination, in favor of “Wilmington Trust, National Association, as Trustee for the registered holders
of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, and in its
capacity as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s) secured by the [insert name of Mortgaged
Property]” (or, in each case, a copy thereof certified to be the copy of such assignment submitted or to be submitted for
recording);

 

(v)         an
original or a copy of any related Security Agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the
Mortgage Loan or Loan Combination to the most recent assignee of record thereof prior to the Trustee, if any;

 

(vi)        except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, an original assignment of any related Security Agreement (if such item
is a document separate from the Mortgage) executed by the most recent assignee of record thereof prior to the Trustee or, if none,
by the originator, in favor of “Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30”, or, in the case of
any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington Trust, National Association, as Trustee
for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s) secured by the [insert name of Mortgaged
Property]”, which assignment may be included as part of the corresponding assignment of Mortgage referred to in clause (iv)
above;

 

(vii)       originals
or copies of any assumption, modification, written assurance, consolidation, extension and substitution agreements, if any, with

 

    	-56-

    	 

    

 

evidence
of recording thereon if the applicable document or instrument being modified or assumed, was recorded (unless the particular item
has not been returned from the applicable recording office), in those instances where the terms or provisions of the Mortgage,
Mortgage Note or any related security document have been materially modified or the Mortgage Loan has been assumed;

 

(viii)      the
original or a copy (which copy may be in electronic form) of the policy or certificate of lender’s title insurance issued
in connection with such Mortgage Loan (or, if the policy has not yet been issued, an original or copy of a written commitment
“marked-up” at the closing of such Mortgage Loan interim binder or the pro forma title insurance policy, in each case
evidencing a binding commitment to issue such policy);

 

(ix)         (A)
filed copies (with evidence of filing) of any prior effective UCC Financing Statements in favor of the originator of such Mortgage
Loan or in favor of any assignee prior to the Trustee (but only to the extent the related Mortgage Loan Seller had possession
of such UCC Financing Statements prior to the Closing Date) and (B) except in the case of a Non-Trust-Serviced Pooled Mortgage
Loan, an original assignment thereof, in form suitable for filing, in favor of “Wilmington Trust, National Association,
as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
Series 2015-C30”; or, in the case of any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington
Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial
Mortgage Pass-Through Certificates, Series 2015-C30, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s)
secured by the [insert name of Mortgaged Property]” (or, in each case, a copy thereof certified to be the copy of such assignment
submitted or to be submitted for filing);

 

(x)          if
a portion of the interest of the Borrower in the related Mortgaged Property consists of a leasehold interest, the original or
a copy of the Ground Lease or Space Lease relating to such Mortgage Loan, together with a notice to the related lessor of the
transfer of the Mortgage Loan to the Trust or the Trustee on its behalf;

 

(xi)         except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, any original documents not otherwise described in the preceding clauses
of this definition relating to, evidencing or constituting Additional Collateral (except that, in the case of such documents,
if any, that are in the form of a Letter of Credit, the “Mortgage File” shall initially contain a copy of such Letter
of Credit and the original of such Letter of Credit shall initially be delivered to the applicable Master Servicer and, thereafter,
such original shall be maintained by the applicable Master Servicer) and, if applicable, the originals or copies of any intervening
assignments thereof;

 

    	-57-

    	 

    

 

(xii)        an
original or a copy of the loan agreement, if any, related to such Mortgage Loan;

 

(xiii)       an
original or a copy of the related guaranty of payment under such Mortgage Loan, if any;

 

(xiv)       an
original or a copy of the lock-box agreement or cash management agreement relating to such Mortgage Loan, if any;

 

(xv)        an
original or a copy of the environmental indemnity from the related Borrower or other party, if any;

 

(xvi)       an
original or a copy of any intercreditor agreement or similar agreement relating to such Mortgage Loan (including, in the case
of each Mortgage Loan that is included in a Loan Combination, the related Intercreditor Agreement);

 

(xvii)      other
than with respect to a Mortgaged Property securing a Co-op Mortgage Loan, an original or a copy of any management agreement with
respect to the related Mortgaged Property;

 

(xviii)     an
original or a copy of any master operating lease with respect to the related Mortgaged Property;

 

(xix)        an
original or a copy of any related Environmental Insurance Policy;

 

(xx)         if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement; (b) either (i) a signed copy of the estoppel
certificate or comfort letter delivered by the franchisor, manager or similar person, as applicable, for the benefit of the holder
of the Mortgage Loan in connection with the Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan or Loan
Combination, together with such instrument(s) of notice or transfer (if any) as are necessary to (A) transfer or assign to
the Trust or the Trustee the benefits of such estoppel certificate or comfort letter or (B) request the issuance of a new
estoppel certificate or comfort letter for the benefit of the Trust or the Trustee, or (ii) a copy of the estoppel certificate
or comfort letter delivered by the franchisor, manager or similar person, as applicable, for the benefit of the holder of the
Mortgage Loan in connection with such origination or acquisition of the Mortgage Loan or Loan Combination, together with a signed
copy or a fax copy of a new estoppel certificate or comfort letter (in substantially the same form and substance as the estoppel
certificate or comfort letter delivered in connection with such origination or acquisition) by the franchisor, manager or similar
person, as applicable, for the benefit of the Trust or the Trustee (and, if a fax copy of a new estoppel certificate or comfort
letter is delivered, then the original copy shall be included in the “Mortgage File” promptly following receipt thereof
by the related Mortgage Loan

 

    	-58-

    	 

    

 

Seller);
and (c) a copy of an instrument in which the Mortgage Loan Seller notifies the franchisor, manager or similar person, as
applicable, of the transfer of such Mortgage Loan (and the related estoppel certificate or comfort letter) to the Trust pursuant
to the related Mortgage Loan Purchase Agreement and this Agreement and directs such Person to deliver any and all notice of default
or other correspondence under the related estoppel certificate or comfort letter to the applicable Master Servicer, together with
reasonable evidence of the delivery of such instrument to such franchisor, manager or similar person; and

 

(xxi)        a
checklist (a “Mortgage File Checklist”) of the applicable documents
described above and delivered in connection with the origination of such Mortgage Loan (which checklist may be in a reasonable
form selected by the related Mortgage Loan Seller);

 

provided
that (A) whenever the term “Mortgage File” is used to refer to documents actually received by the Custodian,
such term shall not be deemed to include such documents required to be included therein unless they are actually so received,
and with respect to any receipt or certification by the Custodian for documents described in clauses (vi), (vii) and
(ix) through (xx) of this definition, shall be deemed to include such documents only to the extent the Custodian
has actual knowledge of their existence (and the Custodian shall be deemed to have actual knowledge of the existence of any document
listed on the related Mortgage File Checklist); (B) the “Mortgage File” for each Mortgage Loan that consists
of a Mortgage Loan in a Serviced Loan Combination shall include the documents described above with respect to such Serviced Loan
Combination, together with the original or a copy of the Intercreditor Agreement relating to such Mortgage Loan and a photocopy
of the executed promissory note evidencing each related Serviced Pari Passu Companion Loan; and (C) with respect to each
Non-Trust-Serviced Pooled Mortgage Loan, (1) any documents required by clauses (ii)-(xx) of this definition to
be included in the Mortgage File need only be copies, (2) any reference in such clauses to the Master Servicer, the Trustee
or the Trust (including, without limitation, as the assignee or transferee of any assignment, UCC financing statement or other
transfer document or the beneficiary of any document or instrument) shall mean the related Non-Trust Master Servicer, the related
Non-Trust Trustee or the trust established under the related Non-Trust Pooling and Servicing Agreement, and (3) no document
or instrument referred to in such clauses need reflect any evidence of filing or recordation in the name of such related Non-Trust
Trustee or such trust established under the related Non-Trust Pooling and Servicing Agreement.

 

“Mortgage
File Checklist”: As defined in clause (xxi) of the definition of “Mortgage File”.

 

“Mortgage
Loan”: Each of the Original Mortgage Loans and Replacement Mortgage Loans that are from time to time held in
the Trust Fund. As used herein, the term “Mortgage Loan” includes the interest of the Trust Fund in the related Mortgage
Loan Documents and each Non-Trust-Serviced Pooled Mortgage Loan, but does not include any Pari Passu Companion Loan.

 

    	-59-

    	 

    

 

“Mortgage
Loan Documents”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the documents included
or required to be included, as the context may require, in the related Mortgage File and Servicing File.

 

“Mortgage
Loan Purchase Agreement”: Any of (i) the Mortgage Loan Purchase Agreement dated as of the Pricing Date,
between WFB, as seller, and the Depositor, as purchaser; (ii) the Mortgage Loan Purchase Agreement dated as of the Pricing Date,
between Rialto, as seller, and the Depositor, as purchaser; (iii) the Mortgage Loan Purchase Agreement dated as of the Pricing
Date, between C-III, as seller, and the Depositor, as purchaser; (iv) the Mortgage Loan Purchase Agreement dated as of the Pricing
Date, between Basis, as seller, Basis Investment, and the Depositor, as purchaser; and (v) the Mortgage Loan Purchase Agreement
dated as of the Pricing Date, between NCB, as seller, and the Depositor, as purchaser.

 

“Mortgage
Loan Schedule”: The schedule of Mortgage Loans attached hereto as Schedule I, as any such schedule
may be amended from time to time in accordance with this Agreement. Such schedule shall set forth the following information with
respect to each Mortgage Loan:

 

(i)           the
identification number assigned to the Mortgage Loan in the Prospectus Supplement;

 

(ii)          the
name of the Mortgage Loan/Mortgaged Property;

 

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

 

(iv)         (A)
the original principal balance and (B) the Cut-off Date Principal Balance;

 

(v)          the
“Monthly P&I Payment”, as described in Annex A-1 to the Prospectus Supplement;

 

(vi)         the
Mortgage Rate as of the Closing Date and the Interest Accrual Basis;

 

(vii)        (a)
the Stated Maturity Date or, in the case of an ARD Mortgage Loan, the Anticipated Repayment Date, and (b) the original and
remaining term to the Stated Maturity Date or Anticipated Repayment Date, as applicable;

 

(viii)      in
the case of a Mortgage Loan that is a Balloon Mortgage Loan, the original and remaining amortization term;

 

(ix)         whether
such Mortgage Loan is a Cross-Collateralized Mortgage Loan and, if so, an identification of the Mortgage Loans with which such
Mortgage Loan is cross-collateralized;

 

(x)          whether
such Mortgage Loan provides for defeasance and if so, the period during which defeasance may occur and the periods when any Principal

 

    	-60-

    	 

    

 

Prepayments
must be accompanied by any Prepayment Premium or Yield Maintenance Charge;

 

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

 

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

 

(xiii)       the
Administrative Fee Rate;

 

(xiv)       the
Due Date;

 

(xv)        the
number of grace days before such Mortgage Loan requires a late payment charge in connection with a delinquent Monthly Payment;

 

(xvi)       whether
there exists (and, if so, the amount of) any Letter of Credit that constitutes Additional Collateral;

 

(xvii)      the
related Borrower; and

 

(xviii)     the
Master Servicing Fee Rate.

 

“Mortgage
Loan Sellers”: Collectively, WFB, Rialto, C-III, Basis and NCB.

 

“Mortgage
Note”: The original executed promissory note(s) evidencing the indebtedness of a Borrower under a Mortgage Loan,
together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

 

“Mortgage
Pool”: All of the Mortgage Loans and any successor REO Mortgage Loans, collectively, as of any particular date
of determination.

 

“Mortgage
Rate”: With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor REO Mortgage
Loan with respect thereto), the related annualized rate at which interest (including, in the case of an ARD Mortgage Loan after
its Anticipated Repayment Date, Post-ARD Additional Interest) is scheduled (in the absence of a default) to accrue on such Mortgage
Loan or Serviced Pari Passu Companion Loan from time to time in accordance with the related Mortgage Note and applicable law,
as such rate may be modified in accordance with Section 3.20 (or, in the case of a Non-Trust-Serviced Pooled Mortgage
Loan, by the related Non-Trust Master Servicer or the related Non-Trust Special Servicer in accordance with the related Non-Trust
Pooling and Servicing Agreement) or in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower.
In the case of each ARD Mortgage Loan, the related Mortgage Rate shall increase in accordance with the related Mortgage Note if
such ARD Mortgage Loan is not paid in full on or before its Anticipated Repayment Date.

 

    	-61-

    	 

    

 

“Mortgaged
Property”: Individually and collectively, as the context may require, each real property (together with all improvements
and fixtures thereon) subject to the lien of a Mortgage and constituting collateral for a Mortgage Loan or Loan Combination, as
applicable. With respect to any Cross-Collateralized Mortgage Loan, if and when the context may require, “Mortgaged Property”
shall mean, collectively, all the mortgaged real properties (together with all improvements and fixtures thereon) securing the
relevant Cross-Collateralized Group.

 

“Mortgagee”:
The holder of legal title to any Mortgage Loan or Serviced Pari Passu Companion Loan, together with any third parties through
which such holder takes actions with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan.

 

“NCB”:
National Cooperative Bank, N.A., a national banking association, or its successor-in-interest.

 

“NCB
Co-op Mortgage Loan”: An NCB Mortgage Loan that is a Co-op Mortgage Loan.

 

“NCB
Master Servicer”: NCB, or its successor-in-interest, or any successor master servicer appointed as provided herein.

 

“NCB
Mortgage Loans”: Those Mortgage Loans sold to the Depositor pursuant to the related Mortgage Loan Purchase Agreement
by NCB and indicated as an NCB Mortgage Loan on the Mortgage Loan Schedule.

 

“NCB
Special Servicer”: NCB, or its successor-in-interest, or any successor special servicer appointed as provided
herein.

 

“NCB
Subordinate Debt Conditions”: With respect to an NCB Co-op Mortgage Loan and any encumbrance of the related Mortgaged
Property with a subordinate mortgage, the following conditions: (i) each of the subordinate mortgage loans, or the sole subordinate
mortgage loan, to be secured by such subordinate mortgage is made by NCB or any Affiliate thereof (ii) such subordinate mortgage
is expressly made in compliance with the underwriting standards which NCB customarily employs in connection with making subordinate
mortgages for its own mortgage loan portfolio, (iii) the aggregate outstanding principal balance of the NCB Co-op Mortgage
Loan, any other existing loans secured by a mortgage then encumbering the related Mortgaged Property and the proposed new subordinate
mortgage loan shall not exceed 40% of the Appraised Value of the related Mortgaged Property, (iv) NCB or any Affiliate thereof
that originates the subordinate mortgage loan, executes and delivers to the Trustee for inclusion in the Mortgage File an intercreditor
agreement and subordination agreement with respect to such subordinate mortgage in substantially the form of Exhibit Y
hereto or in such other form as shall be acceptable to the NCB Special Servicer and, during any Subordinate Control Period
or Collective Consultation Period, the Subordinate Class Representative (other than with respect to an Excluded Loan) (provided
that the Trustee shall have no responsibility for determining the sufficiency or validity thereof), (v) if the subordinate
mortgage loan will not be a fully amortizing loan, the stated maturity date of the subordinate mortgage loan shall be no earlier
than the maturity date of the related NCB Co-op Mortgage Loan, (vi) the subordinate mortgage loan is made principally for
the purpose of funding capital expenditures, major repairs or reserves at

 

    	-62-

    	 

    

 

or
with respect to the Mortgaged Property in question, (vii) NCB or any Affiliate thereof that originates the subordinate mortgage
loan receives borrower legal opinions as to authority and enforceability customarily required of borrowers in connection with
the origination of similar mortgage loans; and (viii) the aggregate amount of subordinate debt encumbering the Mortgaged
Property in question (including the proposed new subordinate mortgage debt and any other existing loans secured by a mortgage
then encumbering the related Mortgaged Property, but excluding the Mortgage Loan in question) does not exceed $7,500,000.

 

“Net
Aggregate Prepayment Interest Shortfall”: With respect to any Distribution Date, the amount, if any, by which
(a) the aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments (and
prepayment resulting from the receipt of Insurance Proceeds or Condemnation Proceeds) on the Mortgage Loans during the related
Collection Period, exceeds (b) the aggregate amount of the Compensating Interest Payments remitted by the Master Servicers
pursuant to Section 3.19(c) on the Master Servicer Remittance Date related to such Distribution Date.

 

“Net
Default Charges”: With respect to any Mortgage Loan, Serviced Loan Combination or successor REO Mortgage Loan,
the Default Charges referred to in clause third of Section 3.25(a) or clause fourth of
Section 3.25(c), which are payable to the applicable Master Servicer as Additional Master Servicing Compensation or
the applicable Special Servicer as Additional Special Servicing Compensation.

 

“Net
Investment Earnings”: With respect to any Investment Account for any Collection Period, the amount, if any, by
which the aggregate of all interest and other income realized during such Collection Period on funds held in such Investment Account
(exclusive, in the case of a Servicing Account or a Reserve Account, of any portion of such interest or other income payable to
a Borrower in accordance with the related Mortgage Loan Documents and applicable law), exceeds the aggregate of all losses and
costs, if any, incurred during such Collection Period in connection with the investment of such funds in accordance with Section 3.06
(exclusive, in the case of a Servicing Account or a Reserve Account, of any portion of such losses that were incurred in connection
with investments made for the benefit of a Borrower).

 

“Net
Investment Loss”: With respect to any Investment Account for any Collection Period, the amount by which the aggregate
of all losses, if any, incurred during such Collection Period in connection with the investment of funds held in such Investment
Account for the benefit of the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator, as
applicable, in accordance with Section 3.06 (exclusive, in the case of a Servicing Account or a Reserve Account, of
any portion of such losses that were incurred in connection with investments made for the benefit of a Borrower, and other than
losses of what would otherwise have constituted interest or other income earned on such funds), exceeds the aggregate of all interest
and other income realized during such Collection Period in connection with the investment of such funds for the benefit of the
applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06; provided that, in the case of any Investment Account and any particular investment of funds in
such Investment Account, Net Investment Loss shall not include any loss with respect to such investment which is incurred solely
as a result of the insolvency of the federal or state

 

    	-63-

    	 

    

 

chartered
depositary institution or trust company at which such Investment Account is maintained, so long as such depositary institution
or trust company (a) satisfied the qualifications set forth in the definition of “Eligible Account” both at the time
such investment was made and as of a date not more than thirty (30) days prior to the date of such loss and (b) is not the
same Person as the Person that made the relevant investment.

 

“Net
Liquidation Proceeds”: The excess, if any, of all Liquidation Proceeds Received by the Trust with respect to
any particular Specially Serviced Mortgage Loan or Administered REO Property, over the amount of all Liquidation Expenses (other
than, with respect to any Serviced Loan Combination, the pro rata share of such Liquidation Expenses reimbursable to the
parties hereto by the related Serviced Pari Passu Companion Loan Holder pursuant to the related Intercreditor Agreement) incurred
with respect thereto and all related Servicing Advances (other than, with respect to any Serviced Loan Combination, the pro
rata share of such Servicing Advances reimbursable to the parties hereto by the related Serviced Pari Passu Companion Loan
Holder pursuant to the related Intercreditor Agreement) reimbursable therefrom.

 

“Net
Mortgage Rate”: With respect to (i) any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto),
the rate per annum equal to (a) the related Mortgage Rate minus (b) the related Administrative Fee Rate minus
(c) in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, the related Post-ARD Additional Interest
Rate and (ii) any Serviced Pari Passu Companion Loan (or any successor REO Mortgage Loan with respect thereto), the rate
per annum equal to (a) the related Mortgage Rate minus (b) the related Serviced Pari Passu Companion Loan Administrative
Fee Rate minus (c) in the case of a Serviced Pari Passu Companion Loan related to an ARD Mortgage Loan after its Anticipated
Repayment Date, the related Post-ARD Additional Interest Rate.

 

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

 

“Non-Registered
Certificate”: Any Certificate that has not been subject to registration under the Securities Act. As of the Closing
Date, the Class X-E, Class X-FG, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R
and Class V Certificates are Non-Registered Certificates.

 

“Non-Serviced
Companion Loan Holder”: The holder of the promissory note evidencing any Non-Serviced Pari Passu Companion Loan.

 

“Non-Serviced
Loan Combination”: Any mortgage loan not serviced under this Agreement that is divided into one or more notes,
which includes a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in
the Trust. References herein to a Non-Serviced Loan Combination shall be construed to refer to the aggregate indebtedness under
the related notes. For the avoidance of doubt, there is no Non-Serviced Loan Combination related to this Trust.

 

    	-64-

    	 

    

 

“Non-Serviced
Pari Passu Companion Loan”: With respect to each Non-Serviced Loan Combination, if any, a mortgage loan not included
in the Trust that is generally payable on a pari passu basis with the related Non-Trust-Serviced Pooled Mortgage Loan.
For the avoidance of doubt, there is no Non-Serviced Pari Passu Companion Loan related to this Trust.

 

“Non-Trust
Certificate Administrator”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the certificate
administrator under the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Certificate
Administrator related to this Trust.

 

“Non-Trust
Custodian”: With respect to each Non-Trust-Serviced-Pooled Mortgage Loan, if any, the custodian under the related
Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Custodian related to this Trust.

 

“Non-Trust
Depositor”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the depositor under the related
Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Depositor related to this Trust.

 

“Non-Trust
Master Servicer”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the master servicer under
the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Master Servicer related
to this Trust.

 

“Non-Trust
Paying Agent”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the paying agent under the
related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Paying Agent related to this
Trust.

 

“Non-Trust
Pooling and Servicing Agreement”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the separate
agreement pursuant to which such Non-Trust-Serviced Pooled Mortgage Loan and the related Non-Serviced Pari Passu Companion Loans
are (or, if applicable, any related REO Property is) to be principally serviced and administered. For the avoidance of doubt,
there is no Non-Trust Pooling and Servicing Agreement related to this Trust.

 

“Non-Trust
Primary Servicing Fee”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the primary servicing
fee that is payable to the Non-Trust Master Servicer under the related Non-Trust Pooling and Servicing Agreement in respect of
such Non-Trust-Serviced Pooled Mortgage Loan, which such fee shall accrue at the applicable Pari Passu Primary Servicing Fee Rate.
For the avoidance of doubt, there is no Non-Trust Primary Servicing Fee related to this Trust.

 

“Non-Trust
Special Servicer”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the special servicer
under the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Special Servicer
related to this Trust.

 

“Non-Trust
Subordinate Class Representative”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the
“Subordinate Class Representative” (or

 

    	-65-

    	 

    

 

other
similar term) as defined under the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no
Non-Trust Subordinate Class Representative related to this Trust.

 

“Non-Trust
Tax Administrator”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the tax administrator
under the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Tax Administrator
related to this Trust.

 

“Non-Trust
Trust Advisor”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the trust advisor under
the related Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Trust Advisor related
to this Trust.

 

“Non-Trust
Trustee”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the trustee under the related
Non-Trust Pooling and Servicing Agreement. For the avoidance of doubt, there is no Non-Trust Trustee related to this Trust.

 

“Non-Trust-Serviced
Pooled Mortgage Loan”: Any Mortgage Loan that is primarily serviced and administered under the pooling and servicing
agreement for another commercial mortgage securitization trust. For the avoidance of doubt, there is no Non-Trust-Serviced Pooled
Mortgage Loan related to this Trust.

 

“Non-United
States Tax Person”: Any Person other than a United States Tax Person.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance (including any Unliquidated Advance that constitutes a Nonrecoverable
P&I Advance) or Nonrecoverable Servicing Advance (including any Unliquidated Advance that constitutes a Nonrecoverable Servicing
Advance). Workout-Delayed Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination
in accordance with the procedures specified herein, and taking into account factors such as all other outstanding Advances, either
(a) has determined that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections,
Default Charges, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such
Mortgage Loan or the related REO Property (without giving effect to potential recoveries on deficiency judgments or recoveries
from guarantors), or (b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed
Reimbursement Amounts (that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances,
would not be ultimately recoverable from the principal portion of future general collections on the Mortgage Loans and REO Properties.
The determination as to the recoverability of any servicing advance previously made or proposed to be made with respect to any
Non-Trust-Serviced Pooled Mortgage Loan shall be made by the related Non-Trust Master Servicer or Non-Trust Special Servicer,
as the case may be, pursuant to the related Non-Trust Pooling and Servicing Agreement, and any such determination so made shall
be conclusive and binding upon the Trust and the Certificateholders.

 

    	-66-

    	 

    

 

“Nonrecoverable
P&I Advance”: As evidenced by the Officer’s Certificate and supporting documentation contemplated by
Section 4.03(c), any P&I Advance, or any Unliquidated Advance in respect of a prior P&I Advance, previously
made and any P&I Advance contemplated to be made in respect of any Mortgage Loan or related successor REO Mortgage Loan that,
as determined by the applicable Master Servicer or, if applicable, by the Trustee, or by the applicable Special Servicer pursuant
to the second paragraph of Section 4.03(c), subject to the Servicing Standard, or, with respect to the Trustee, in
its reasonable, good faith judgment, will not be ultimately recoverable, or in fact was not ultimately recovered, from Late Collections,
Default Charges, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such
Mortgage Loan or the related REO Property (without giving effect to potential recoveries on deficiency judgments or recoveries
from guarantors). In the case of a Cross-Collateralized Mortgage Loan, such recoverability determination shall take into account
the cross-collateralization of the related Cross-Collateralized Group.

 

“Nonrecoverable
Servicing Advance”: As evidenced by the Officer’s Certificate and supporting documentation contemplated
by Section 3.11(h), any Servicing Advance, or any Unliquidated Advance in respect of a prior Servicing Advance, previously
made, and any Servicing Advance proposed to be made, in respect of any Serviced Mortgage Loan, Serviced Loan Combination or Administered
REO Property that, as determined by the applicable Master Servicer or, if applicable or the Trustee, or by the applicable Special
Servicer pursuant to Section 3.11, subject to the Servicing Standard, or, with respect to the Trustee, in its reasonable,
good faith judgment, will not be ultimately recoverable, or in fact was not ultimately recovered, from Late Collections, Default
Charges, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Serviced
Mortgage Loan, Serviced Loan Combination or such Administered REO Property (without giving effect to potential recoveries on deficiency
judgments or recoveries from guarantors). In the case of a Cross-Collateralized Mortgage Loan, such recoverability determination
shall take into account the cross-collateralization of the related Cross-Collateralized Group.

 

“NRSRO”:
A nationally recognized statistical rating organization (as such term is defined in Section 3(a)(62) of the Exchange Act);
provided that, when referred to in connection with the Certificate Administrator’s Website or the Rule 17g-5 Information
Provider’s Website, “NRSRO” shall mean a nationally recognized statistical rating organization that has delivered
an NRSRO Certification.

 

“NRSRO
Certification”: A certification executed (or submitted electronically by means of a click-through confirmation
on the Rule 17g-5 Information Provider’s Website) by an NRSRO in favor of the Rule 17g-5 Information Provider substantially
in the form attached as Exhibit P hereto (which may also be submitted electronically via the Rule 17g-5 Information
Provider’s Website) that states that such NRSRO is a Rating Agency, or that (i) such NRSRO has provided the Depositor
with the appropriate certifications under Rule 17g-5(e), (ii) such NRSRO has access to the Depositor’s 17g-5 website
and (iii) such NRSRO shall keep the information obtained from the Depositor’s 17g-5 website confidential. Each NRSRO
shall be deemed to recertify to the foregoing each time it accesses the Certificate Administrator’s Website. An NRSRO Certification
will be deemed to have been executed by an NRSRO if the Depositor so directs the Rule 17g-5 Information Provider.

 

    	-67-

    	 

    

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the applicable Master Servicer or the applicable
Special Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as the case may be, or, with respect
to any other Person, a certificate signed by any of the Chairman of the Board, the Vice Chairman of the Board, the President,
any Vice President, Director or Managing Director, an Assistant Vice President or any other authorized officer (however denominated)
or another officer customarily performing functions similar to those performed by any of the above designated officers or, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject.

 

“Offsetting
Modification Fees”: For purposes of any Workout Fee or Liquidation Fee payable to the applicable Special Servicer
in connection with any Serviced Mortgage Loan, Serviced Loan Combination or REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan), any and all Modification Fees collected by the applicable Special Servicer as Additional Special Servicing
Compensation to the extent that:

 

(i)          such
Modification Fees were earned and collected by the applicable Special Servicer either (A) in connection with the workout
or liquidation (including partial liquidation) of the Specially Serviced Mortgage Loan or REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan) as to which such Workout Fee or Liquidation Fee became payable or (B) in connection with the immediately
prior workout of such Mortgage Loan or Serviced Loan Combination while it was previously a Specially Serviced Mortgage Loan, provided
that (in the case of this clause (B)) the Servicing Transfer Event that resulted in it again becoming a Specially Serviced
Mortgage Loan occurred within twelve (12) months following the consummation of such prior workout and provided, further,
that there shall be deducted from the Offsetting Modification Fees otherwise described in this clause (i) an amount
equal to that portion of such Modification Fees that were previously applied to actually reduce the payment of a Workout Fee or
Liquidation Fee; and

 

(ii)         such
Modification Fees were earned in connection with a modification, extension, waiver or amendment of such Mortgage Loan or Serviced
Loan Combination at a time when such Mortgage Loan or Serviced Loan Combination was a Specially Serviced Mortgage Loan.

 

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

 

“Opinion
of Counsel”: A written opinion of counsel (who must, in the case of any such opinion relating to the taxation
of the Trust Fund or any portion thereof, the status of any REMIC Pool as a REMIC or the Grantor Trust Pool as a Grantor Trust
for taxation purposes or a resignation under Section 6.04, be Independent counsel, but who otherwise may be salaried
counsel for the Depositor, the Certificate Administrator, the Trustee, the Trust Advisor, the Tax Administrator, a Master Servicer
or a Special Servicer), which written opinion is acceptable and

 

    	-68-

    	 

    

 

delivered
to the addressee(s) thereof and which opinion of counsel, except as provided herein, shall not be at the expense of the Certificate
Administrator, the Trustee or the Trust Fund.

 

“Opting-Out
Party”: As defined in Section 3.23(i).

 

“Original
Mortgage Loans”: The mortgage loans initially identified on Schedule I, including each Non-Trust-Serviced
Pooled Mortgage Loan. No Pari Passu Companion Loan is an “Original Mortgage Loan”.

 

“Other
Crossed Loans”: As defined in Section 2.03(b).

 

“Other
Depositor”: The applicable other “depositor” under an Other Pooling and Servicing Agreement relating
to a Serviced Pari Passu Companion Loan.

 

“Other
Master Servicer”: The applicable other “master servicer” under an Other Pooling and Servicing Agreement
relating to a Serviced Pari Passu Companion Loan.

 

“Other
Pooling and Servicing Agreement”: The pooling and servicing agreement relating to an Other Securitization.

 

“Other
Securitization”: Any commercial mortgage securitization trust that holds a Serviced Pari Passu Companion Loan
or any successor REO Mortgage Loan with respect thereto.

 

“Other
Special Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement
relating to a Serviced Pari Passu Companion Loan.

 

“Other
Trustee”: The applicable other “trustee” under an Other Pooling and Servicing Agreement relating
to a Serviced Pari Passu Companion Loan.

 

“OTS”:
The Office of Thrift Supervision or any successor thereto.

 

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

 

“P&I
Advance”: With respect to any Mortgage Loan or REO Mortgage Loan (including a Non-Trust-Serviced Pooled Mortgage
Loan or any successor REO Mortgage Loan thereto), any advance made by the applicable Master Servicer or the Trustee pursuant to
Section 4.03.

 

“P&I
Advance Date”: The Business Day preceding each Distribution Date.

 

“Pari
Passu Companion Loan”: A Serviced Pari Passu Companion Loan and/or a Non-Serviced Pari Passu Companion Loan,
as the context may require.

 

“Pari
Passu Companion Loan Rating Agency”: Any NRSRO rating a Serviced Pari Passu Companion Loan Security.

 

    	-69-

    	 

    

 

“Pari
Passu Mortgage Loan”: A Mortgage Loan included in a Loan Combination that is pari passu in right of payment
to the related Pari Passu Companion Loan. The Pari Passu Mortgage Loan is the Somerset Park Apartments Mortgage Loan.

 

“Pari
Passu Primary Servicing Fee Rate”: With respect to the Somerset Park Apartments Mortgage Loan or the Somerset
Park Apartments Pari Passu Companion Loans, a rate equal to 0.01% (1 basis point) per annum.

 

“Pass-Through
Rate”: The per annum rate at which interest accrues in respect of any of the Classes of Regular Certificates,
the Class A-S, Class B and Class C Certificates, the Class PEX Components and the Class A-S, Class B
and Class C Regular Interests during any Interest Accrual Period, which rate shall be:

 

(a)           with
respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class E, Class F, Class G and
Class H Certificates, the fixed rate per annum set forth opposite such Class in the following table: 

 

	Class 
	 	Pass-Through
                                         Rate 

	Class
    A-1	 	1.6520%
    per annum
	Class
    A-2	 	2.5730%
    per annum
	Class
    A-3	 	3.4110%
    per annum
	Class
    A-4	 	3.6640%
    per annum
	Class
    A-SB	 	3.4120%
    per annum
	Class
    E	 	3.2500%
    per annum
	Class
    F	 	3.2500%
    per annum
	Class
    G	 	3.2500%
    per annum
	Class
    H	 	3.2500%
    per annum

 

(b)           with
respect to each of the Class A-S Certificates, the Class A-S-PEX Component and the Class A-S Regular Interest,
an annual rate equal to the lesser of (i) 4.0670% per annum and (ii) the REMIC II Remittance Rate in respect of REMIC II
Regular Interest A-S for the subject Interest Accrual Period (the Class A-S Regular Interest will be uncertificated and will
be transferred to the Trust Fund on the Closing Date, and the Trust will issue the Class A-S Certificates and the Class A-S-PEX
Component in exchange therefor);

 

(c)           with
respect to each of the Class B Certificates, the Class B-PEX Component and the Class B Regular Interest, an annual
rate equal to the lesser of (i) 4.4000% per annum and (ii) the REMIC II Remittance Rate in respect of REMIC II Regular
Interest B for the subject Interest Accrual Period (the Class B Regular Interest will be uncertificated and will be transferred
to the Trust Fund on the Closing Date, and the Trust will issue the Class B Certificates and the Class B-PEX Component
in exchange therefor);

 

(d)           with
respect to each of the Class C Certificates, the Class C-PEX Component and the Class C Regular Interest, an annual
rate equal to the REMIC II Remittance Rate in respect of REMIC II Regular Interest C for the subject Interest

 

    	-70-

    	 

    

 

Accrual
Period (the Class C Regular Interest will be uncertificated and will be transferred to the Trust Fund on the Closing Date,
and the Trust will issue the Class C Certificates and the Class C-PEX Component in exchange therefor);

 

(e)           with
respect to the Class D Certificates, an annual rate equal to the REMIC II Remittance Rate in respect of REMIC II Regular
Interest D for the subject Interest Accrual Period;

 

(f)           with
respect to the Class X-A Certificates, the weighted average of the Class X-A Strip Rates for such Interest Accrual Period;

 

(g)          with
respect to the Class X-B Certificates, the weighted average of the Class X-B Strip Rates for such Interest Accrual
Period;

 

(h)           with
respect to the Class X-E Certificates, the Class X-E Strip Rate for such Interest Accrual Period;

 

(i)            with
respect to the Class X-FG Certificates, the weighted average of the Class X-FG Strip Rates for such Interest Accrual
Period; and

 

(j)            with
respect to the Class X-H Certificates, the Class X-H Strip Rate for such Interest Accrual Period.

 

“Past
Grace Period Loan”: With respect to any Monthly Payment or Assumed Monthly Payment due and payable, or deemed
due and payable, in respect of any particular Mortgage Loan, the status attributable to that Mortgage Loan by reason of, if applicable,
the fact that such Monthly Payment or Assumed Monthly Payment remains unpaid past its Due Date and past any applicable grace period
for such Monthly Payment or Assumed Monthly Payment.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Percentage
Interest”: With respect to (a) any Interest Only Certificate or Principal Balance Certificate, the portion of
the relevant Class evidenced by such Certificate, expressed as a percentage, the numerator of which is the Certificate Principal
Balance or Certificate Notional Amount, as the case may be, of such Certificate as of the Closing Date, as specified on the face
thereof, and the denominator of which is the initial Class Principal Balance or initial Class Notional Amount, as the case may
be, of the relevant Class as of the Closing Date; and (b) any Class R or Class V Certificate, the percentage interest
in distributions to be made with respect to the relevant Class, as specified on the face of such Certificate.

 

“Performance
Certification”: As defined in Section 11.09.

 

“Performing
Mortgage Loan”: Any Mortgage Loan or Serviced Pari Passu Companion Loan that is not a Specially Serviced Mortgage
Loan.

 

“Performing
Party”: As defined in Section 11.15.

 

    	-71-

    	 

    

 

“Performing
Serviced Loan Combination”: Any Serviced Loan Combination with respect to which the related Mortgage Loan is
a Performing Serviced Mortgage Loan and each related Serviced Pari Passu Companion Loan is a Performing Serviced Pari Passu Companion
Loan.

 

“Performing
Serviced Mortgage Loan”: Any Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan.

 

“Performing
Serviced Pari Passu Companion Loan”: Any Serviced Pari Passu Companion Loan that is not a Specially Serviced
Mortgage Loan.

 

“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a scheduled
maturity on or before the Business Day preceding the date upon which such funds are required to be drawn, regardless of whether
issued by the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the
Trustee or any of their respective Affiliates and having at all times the required ratings, if any, provided for in this definition,
unless each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates:

 

(i)           direct
obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States or any agency
or instrumentality thereof, provided that each such obligation is backed by the full faith and credit of the United States;

 

(ii)          repurchase
agreements on obligations specified in clause (i) of this definition, with a party agreeing to repurchase such obligations
(1) in the case of such investments with maturities of 30 days or less, (x) the short-term obligations of the applicable
repurchase agreement counterparty are rated in the highest short-term rating category by Fitch and Moody’s and (y) the
short-term obligations of which counterparty are rated in the highest short-term rating category by Moody’s or the long-term
obligations of which counterparty are rated at least “A2” by Moody’s (or, in the case of any such Rating Agency,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency and Morningstar), (2) in the case
of such investments with maturities of three months or less, but more than 30 days, the short-term obligations of the applicable
repurchase agreement counterparty are rated in the highest short-term rating category by each Rating Agency and the long-term
obligations of which counterparty are rated at least “A1” by Moody’s (or, in the case of any such Rating Agency,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency and Morningstar), (3) in the case
of such investments with maturities of six months or less, but more than three months, the short-term obligations of the applicable
repurchase agreement counterparty are rated in the highest short-term rating category by each Rating Agency and the long-term
obligations of which counterparty are rated at least “Aa3” by Moody’s (or, in the case of such Rating Agency,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency and Morningstar), and (4) in the
case of such investments with maturities of more than six months, the

 

    	-72-

    	 

    

 

short-term
obligations of the applicable repurchase agreement counterparty are rated in the highest short-term rating category by each Rating
Agency and the long-term obligations of which counterparty are rated “Aaa” by Moody’s (or, in the case of any
such Rating Agency as set forth in subclauses (1) – (4) above, such lower rating as is the subject of a Rating
Agency Confirmation by such Rating Agency);

 

(iii)         federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any
bank or trust company organized under the laws of the United States or any state thereof, (1) in the case of such investments
with maturities of 30 days or less, (x) the short-term obligations of which bank or trust company are rated in the highest
short-term rating category by Fitch and Moody’s and (y) the short-term obligations of which bank or trust company are
rated in the highest short-term rating category by Moody’s or the long-term obligations of which bank or trust company are
rated at least “A2” by Moody’s, (2) in the case of such investments with maturities of three months or
less, but more than 30 days, the short-term obligations of which bank or trust company are rated in the highest short-term rating
category by each Rating Agency and the long-term obligations of which bank or trust company are rated at least “A1”
by Moody’s, (3) in the case of such investments with maturities of six months or less, but more than three months,
the short-term obligations of which bank or trust company are rated in the highest short-term rating category by each Rating Agency
and the long-term obligations of which bank or trust company are rated at least “Aa3” by Moody’s and (4) in
the case of such investments with maturities of more than six months, the short-term obligations of which bank or trust company
are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which bank or trust
company are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in subclauses (1)
– (4) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency);

 

(iv)        commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction), provided that (x) such commercial paper carries a
short-term rating by Fitch of “F1” or better, unless such commercial paper is for a term of more than 30 days, in
which case such commercial paper carries either (i) a short-term rating of “F1+” or (ii) a short-term rating
of “F1” and a long-term rating of “AA-” or better and (y) (i) if maturing in three months or
less, such commercial paper carries either a short-term rating of “P1” by Moody’s or a long-term rating of “A2”
or better by Moody’s, (ii) if maturing in six months or less but more than three months, such commercial paper carries
a short-term rating of “P1” by Moody’s and a long-term rating of “Aa3” or better by Moody’s
and (iii) if maturing in longer than six months, such commercial paper carries a short-term rating of “P1” by
Moody’s and a long-term rating of Aaa by Moody’s (provided, however, that (A) in the

 

    	-73-

    	 

    

 

case
of investments of funds in a Servicing Account, with respect to the required Moody’s rating under subclause (y),
the subject corporation need only have a short-term rating of at least “P-1” from Moody’s, and (B) in the
case of any such Rating Agency as set forth in subclauses (x) – (y) above, the subject corporation need only
have such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency);

 

(v)          (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Advantage Heritage Money Market Fund) so long as any such fund is rated in the highest category by (A) Moody’s (or, if not
rated by Moody’s, otherwise acceptable to Moody’s, as confirmed in a Rating Agency Confirmation) and (B) Fitch (or,
if not rated by Fitch, an equivalent rating (or higher) by at least two (2) NRSROs (which may include the Rating Agencies) or
otherwise acceptable to such Rating Agency and Morningstar, in any such case, as confirmed in a Rating Agency Confirmation) and
(2) units of any money market fund that (A) has substantially all of its assets invested continuously in the types of
investments referred to in clause (i) above, (B) has net assets of not less than $5,000,000,000 and (C) has
the highest rating obtainable from S&P, Moody’s and Fitch;

 

(vi)        an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (ii) – (v) above, and is the subject of a Rating Agency Confirmation from Morningstar
and each Rating Agency for which the minimum rating(s) set forth in the applicable clause is not satisfied with respect to such
obligation or security; and

 

(vii)       any
other obligation or security other than one listed in clauses (i) – (v) above, that is the subject of a Rating
Agency Confirmation from each and every Rating Agency;

 

provided
that each investment described hereunder shall not (A) evidence either the right to receive (1) only interest with
respect to such investment or (2) a yield to maturity greater than 120% of the yield to maturity at par of the obligations,
(B) be purchased at a price greater than par if such investment may be prepaid or called at a price less than its purchase
price prior to stated maturity, (C) be sold prior to stated maturity if such sale would result in a loss of principal on
the instrument or a tax on “prohibited transactions” under Section 860F of the Code or (D) have an “r”
highlighter or other comparable qualifier attached to its rating; and provided, further, that each investment described
hereunder must have (X) a predetermined fixed amount of principal due at maturity (that cannot vary or change), (Y) an original
maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days and (Z) except in the case of a
Permitted Investment described in clause (v) of this definition, a fixed interest rate or an interest rate that is
tied to a single interest rate index plus a single fixed spread and moves proportionately with that index; and provided,
further, that each investment described hereunder must be a “cash flow investment” (within the meaning of the
REMIC Provisions).

 

    	-74-

    	 

    

 

 

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

 

“Permitted
Transferee”: Any Transferee of a Class R Certificate other than (a) a Disqualified Organization, (b) a
Disqualified Non-United States Tax Person, (c) a Disqualified Partnership, (d) a foreign permanent establishment or
fixed base (within the meaning of any applicable income tax treaty between the United States and any foreign jurisdiction) of
a United States Tax Person or (e) any other Person so designated by the Tax Administrator who is unable to provide an Opinion
of Counsel at the expense of such Person or the Person seeking to Transfer a Class R Certificate, that the Transfer of a
Class R Certificate will not cause any REMIC Pool to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

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

 

“Phase
I Environmental Assessment”: A “Phase I assessment” as described in, and meeting the criteria of,
the ASTM, plus a radon and asbestos inspection.

 

“Plan”:
Any of those employee benefit plans and other benefit plans and arrangements, including individual retirement accounts and annuities,
Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan assets”
under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA, or for purposes of Similar
Law, including insurance company general accounts, that are subject to Title I of ERISA, Section 4975 of the Code or Similar
Law.

 

“Post-ARD
Additional Interest”: With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, all interest
accrued on the principal balance of such ARD Mortgage Loan at the Post-ARD Additional Interest Rate (the payment of which interest
shall, under the terms of such ARD Mortgage Loan, be deferred until the principal balance of such ARD Mortgage Loan and all other
interest thereon has been paid in full), together with all interest, if any, accrued at the related Mortgage Rate on such deferred
interest.

 

“Post-ARD
Additional Interest Rate”: With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, the incremental
increase in the Mortgage Rate for such ARD Mortgage Loan resulting from the passage of such Anticipated Repayment Date.

 

“Prepayment
Assumption”: For purposes of determining the accrual of original issue discount, market discount and premium,
if any, on the Mortgage Loans, the REMIC I Regular Interests, the REMIC II Regular Interests and the Certificates for federal
income tax purposes, the assumptions that no Mortgage Loan is voluntarily prepaid prior to its Stated Maturity Date.

 

    	-75-

    	 

    

 

“Prepayment
Interest Excess”: With respect to any Mortgage Loan (including any Non-Trust-Serviced Pooled Mortgage Loan) that
was subject to a Principal Prepayment in full or in part made (or, if resulting from the application of Insurance Proceeds or
Condemnation Proceeds, any other early recovery of principal received) after the Due Date for such Mortgage Loan in any Collection
Period, any payment of interest (net of related Master Servicing Fees (and, in the case of any Non-Trust-Serviced Pooled Mortgage
Loan, net of interest accrued at a rate equal to the sum of (A) the applicable Pari Passu Primary Servicing Fee Rate and
(B) the rate per annum at which the fee, if any, payable to the applicable Non-Trust Trust Advisor accrues) and, further,
net of any portion of such interest that represents Default Charges or Post-ARD Additional Interest) actually Received by the
Trust and collected from the related Borrower or out of such Insurance Proceeds or Condemnation Proceeds, as the case may be,
and intended to cover the period from and after such Due Date to, but not including, the date of prepayment (exclusive, for the
avoidance of doubt, of any related Prepayment Premium or Yield Maintenance Charge that may have been collected).

 

“Prepayment
Interest Shortfall”: With respect to any Mortgage Loan (including any Non-Trust-Serviced Pooled Mortgage Loan)
that was subject to a Principal Prepayment in full or in part made (or, if resulting from the application of Insurance Proceeds
or Condemnation Proceeds, any other early recovery of principal received) prior to the Due Date for such Mortgage Loan in any
Collection Period, the amount of interest, to the extent not collected from the related Borrower or otherwise (without regard
to any Prepayment Premium or Yield Maintenance Charge that may have been collected), not Received by the Trust, that would have
accrued on the amount of such Principal Prepayment during the period from the date to which interest was paid by the related Borrower
to, but not including, the related Due Date immediately following the date of the subject Principal Prepayment (net of related
Master Servicing Fees (and, in the case of (i) any Non-Trust-Serviced Pooled Mortgage Loan, if any, net of interest accrued
at a rate equal to the sum of (A) the applicable Pari Passu Primary Servicing Fee Rate and (B) the rate per annum
at which the fee, if any, payable to the applicable Non-Trust Trust Advisor accrues, and (ii) an ARD Mortgage Loan after
its Anticipated Repayment Date, net of any Post-ARD Additional Interest), and, further, net of any portion of that interest that
represents Default Charges).

 

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

 

“Pricing
Date”: July 27, 2015.

 

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

 

    	-76-

    	 

    

 

“Primary
Servicing Office”: The office of a Master Servicer or a Special Servicer, as the context may require, that is primarily
responsible for such party’s servicing obligations hereunder.

 

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

 

“Principal
Distribution Amount”: With respect to any Distribution Date and the Principal Balance Certificates (other than
the Class A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest, an amount (which shall in no event be less than zero) equal to the excess,
if any, of:

 

(I)            the
sum of:

 

(A)          the
aggregate (without duplication) of the following (such aggregate of the following amounts described below in this clause (A),
the “Unadjusted Principal Distribution Amount” for such Distribution
Date):

 

(i)          all
payments of principal (including Principal Prepayments), including any such payments on Corrected Mortgage Loans (but exclusive,
if applicable, in the case of a Serviced Loan Combination, of any payments of principal payable to the related Serviced Pari Passu
Companion Loan Holder pursuant to the related Intercreditor Agreement), Received by the Trust with respect to the Mortgage Loans
during the related Collection Period, in each case exclusive of any portion of the particular payment that represents a Late Collection
of principal for which a P&I Advance (including any Unliquidated Advance in respect of a prior P&I Advance) was previously
made under this Agreement for a prior Distribution Date or that represents the principal portion of a Monthly Payment due on or
before the Cut-off Date or on a Due Date occurring subsequent to the calendar month in which such Distribution Date occurs,

 

(ii)         the
aggregate of the principal portions of all Monthly Payments due in respect of the Mortgage Loans for their respective Due Dates
occurring in the month in which such Distribution Date occurs, that were Received by the Trust (other than as part of a Principal
Prepayment) prior to the related Collection Period,

 

(iii)        the
aggregate of all Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds Received by the Trust with respect to any
Mortgage Loans during the related Collection Period that were identified and applied by the applicable Master Servicer as recoveries
of principal (whether as

 

    	-77-

    	 

    

 

Principal
Prepayments or otherwise) of such Mortgage Loans in accordance with Section 1.03, in each case net of any portion
of such proceeds that represents a Late Collection of principal (a) due on or before the Cut-off Date or (b) for which
a P&I Advance (including an Unliquidated Advance in respect of a prior P&I Advance) was previously made under this Agreement
for a prior Distribution Date,

 

(iv)        the
aggregate of all Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Revenues Received by the Trust with respect
to any REO Properties during the related Collection Period that were identified and applied by the applicable Master Servicer
as recoveries of principal (whether as Principal Prepayments or otherwise) of the related REO Mortgage Loans in accordance with
Section 1.03, in each case net of any portion of such proceeds and/or revenues that represents a Late Collection of
principal (a) due on or before the Cut-off Date or (b) for which a P&I Advance (including an Unliquidated Advance
in respect of a prior P&I Advance) was previously made under this Agreement for a prior Distribution Date, and

 

(v)         the
respective principal portions of all P&I Advances made under this Agreement in respect of the Mortgage Loans and any REO Mortgage
Loans with respect to such Distribution Date;

 

(B)          the
aggregate amount of any collections received on or in respect of the Mortgage Loans during the related Collection Period that,
in each case, represents a delinquent amount as to which an Advance had been made, which Advance was previously reimbursed during
the Collection Period for a prior Distribution Date as part of a Workout-Delayed Reimbursement Amount for which a deduction was
made under clause (II)(B) below with respect to such Distribution Date; and

 

(C)          the
aggregate amount of any collections received on or in respect of the Mortgage Loans during the related Collection Period that,
in each case, is identified and applied by the applicable Master Servicer (in accordance with Section 1.03) as a recovery
of an amount previously determined (in a Collection Period for a prior Distribution Date) to have been a Nonrecoverable Advance
and for which a deduction was made under clause (II)(C) below with respect to a prior Distribution Date; less

 

(II)          the
sum of:

 

(A)          the
aggregate amount of Workout-Delayed Reimbursement Amounts (and Advance Interest thereon) that were reimbursed or paid

 

    	-78-

    	 

    

 

during
the related Collection Period to one or more of the Master Servicers, the Special Servicers and the Trustee from principal advances
and collections on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii);

 

(B)          with
respect to each Mortgage Loan (1) with respect to which Insurance Proceeds, Condemnation Proceeds and/or Liquidation Proceeds
were received during the related Collection Period or (2) that was otherwise liquidated, including at a discount, during
such Collection Period, the aggregate amount of Liquidation Fees and Workout Fees paid with respect to such Mortgage Loan from
a source other than Default Charges during such Collection Period, provided that, in the case of any individual Mortgage
Loan, the deduction in respect of such Liquidation Fees and Workout Fees under this clause (II)(B) shall not exceed
the amounts described in clauses (I)(A)(i) through (I)(A)(v) that are attributable to such Mortgage Loan; and

 

(C)          the
aggregate amount of Nonrecoverable Advances (and Advance Interest thereon) that were reimbursed or paid during the related Collection
Period to one or more of the Master Servicers, the Special Servicers and the Trustee during the related Collection Period from
principal advances and collections on the Mortgage Pool pursuant to Section 3.05(a)(II)(iv).

 

Furthermore,
unless and until the Class Principal Balances of all Classes of Principal Balance Certificates other than the Control-Eligible
Certificates have been reduced to zero, the Principal Distribution Amount (or any lesser portion thereof allocable to the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-SB or Class D Certificates and the Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest) for each Distribution Date will be reduced to the extent of any
Trust Advisor Expenses (other than Designated Trust Advisor Expenses) that exceed the amount of interest otherwise payable on
the Class B Regular Interest, the Class C Regular Interest and the Class D Certificates on that Distribution Date.

 

In
no event shall any portion of any Excess Liquidation Proceeds constitute a portion of the Principal Distribution Amount for any
Distribution Date.

 

“Principal
Prepayment”: Any payment of principal made by the Borrower on a Mortgage Loan, which is received in advance of
its scheduled Due Date and that is not accompanied by an amount of interest (without regard to any Prepayment Premium, Yield Maintenance
Charge and/or Post-ARD Additional Interest that may have been collected) representing scheduled interest due on any date or dates
in any month or months subsequent to the month of prepayment.

 

“Private
Placement Memorandum”: The final Private Placement Memorandum dated July 29, 2015, relating to certain classes
of the Non-Registered Certificates delivered by the Depositor to WFS, DBSI and Morgan Stanley as of the Closing Date.

 

    	-79-

    	 

    

 

“Privileged
Communications”: Any correspondence between the Subordinate Class Representative and a Special Servicer referred
to in clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Subordinate Class Representative and a Special Servicer
related to any Specially Serviced Mortgage Loan or the exercise of the Subordinate Class Representative’s consent or consultation
rights under this Agreement, and (ii) information that a Special Servicer has reasonably determined could compromise the
Trust Fund’s position in any ongoing or future negotiations with a related Borrower under a Specially Serviced Mortgage
Loan or any other interested party or in litigation or in potential legal proceedings.

 

“Privileged
Person”: Any of (i) the Depositor or its designee, (ii) each Underwriter, (iii) the Trustee, (iv) the
Certificate Administrator, (v) each Master Servicer, (vi) each Special Servicer, (vii) the Trust Advisor, (viii) any
Mortgage Loan Seller, (ix) the Non-Trust Master Servicer, (x) any Person who certifies to the Certificate Administrator
substantially in the form of Exhibit K-1A, Exhibit K-1B, Exhibit K-2A or Exhibit K-2B
hereto, as applicable (which form shall also be located on, and may be submitted electronically via, the Certificate Administrator’s
Website), that such Person is a Certificateholder, a Certificate Owner or a prospective purchaser of a Certificate or any interest
therein, and agrees to be bound by the confidentiality provisions contained therein, that such Person is the Subordinate Class
Representative or a Subordinate Class Certificateholder and is not an Excluded Controlling Class Holder, or that such Person is
the Subordinate Class Representative or a Subordinate Class Certificateholder and is an Excluded Controlling Class Holder, as
applicable, (xi) any Serviced Pari Passu Companion Loan Holder that delivers a certification to the Certificate Administrator
in the form of Exhibit H hereto, (xii) after an Other Securitization, the Other Master Servicer and (xiii) each
Rating Agency and each NRSRO that has submitted an NRSRO Certification to the Certificate Administrator (which NRSRO Certification
may be submitted electronically via the Certificate Administrator’s Website); provided, however, that Borrower
Parties (including Excluded Controlling Class Holders) and their Affiliates will not be entitled to receive Excluded Information
to which Privileged Persons are generally entitled to the extent provided in this Agreement. For purposes of obtaining information
or access to the Certificate Administrator’s Website, (i) to the extent that the Subordinate Class Representative or any
Subordinate Class Certificateholder is an Excluded Controlling Class Holder in respect of any Excluded Controlling Class Loan,
such Person shall be prohibited from obtaining any Excluded Information in respect of such Excluded Controlling Class Loan, and
(ii) to the extent that a Borrower Party is not the Subordinate Class Representative or a Subordinate Class Certificateholder,
such person will only be entitled to receive the Distribution Date Statements and such other documents as such Person is entitled
to under Section 8.12(f). The Certificate Administrator may require that investor certifications be re-submitted from time
to time in accordance with its policies and procedures and shall restrict access to the Certificate Administrator’s Website
to a mezzanine lender upon notice from a Special Servicer pursuant to this Agreement in the form of Exhibit K-5 hereto
(or such other form as mutually agreed to by the Certificate Administrator and the applicable Special Servicer) stating that such
mezzanine lender has commenced foreclosure proceedings against the equity collateral pledged to secure the related mezzanine loan.

 

    	-80-

    	 

    

 

“Prohibited
Party”: As of any date of determination, any Person that has theretofore failed to comply with such Person’s
obligations under Regulation AB with respect to the Trust Fund or any other securitization if (and only if) both (A) such
failure was an “event of default” under the relevant agreement to which such Person was a party, and (B) such
Person is proposed to become a Servicing Function Participant in respect of the Trust Fund. In determining whether any person
or entity is a “Prohibited Party”, each party hereto, provided that they are not an Affiliate of such Person,
shall be entitled to conclusively rely on a written certification from any Person stating that it is not a Prohibited Party. All
necessary determinations under or for purposes of this definition shall be made as of the date of consummation of the transaction
in which the relevant person or entity would become a Servicing Function Participant in respect of the Trust Fund.

 

“Prospectus”:
The Base Prospectus and the Prospectus Supplement, together.

 

“Prospectus
Supplement”: That certain prospectus supplement dated July 29, 2015, relating to the Registered Certificates,
that is a supplement to the Base Prospectus.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“PTE”:
Prohibited Transaction Exemption.

 

“Purchase
Price”: With respect to any Mortgage Loan (or REO Property), a cash price equal to the aggregate of (a) the outstanding
principal balance of such Mortgage Loan (or the related REO Mortgage Loan) as of the date of purchase less any portion
of any Loss of Value Payment then on deposit in the Loss of Value Reserve Fund attributable to such Mortgage Loan (or REO Property),
(b) all accrued and unpaid interest on such Mortgage Loan (or the related REO Mortgage Loan) at the related Mortgage Rate
to, but not including, the Due Date occurring in the Collection Period during which the applicable purchase or repurchase occurs
(exclusive, however, of any portion of such accrued but unpaid interest that represents Default Interest or, in the case of an
ARD Mortgage Loan after its Anticipated Repayment Date, Post-ARD Additional Interest), (c) all related unreimbursed Servicing
Advances (including, in the case of any Non-Trust-Serviced Pooled Mortgage Loan, the pro rata portion of any such amounts
allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Intercreditor Agreement) (together with
Unliquidated Advances in respect of prior Servicing Advances) and all related Servicing Advances (without duplication with Unliquidated
Advances described in the immediately preceding parenthetical clause) that were previously reimbursed out of collections on other
Mortgage Loans and/or REO Properties relating to other Mortgage Loans, if any, (d) all accrued and unpaid Advance Interest
with respect to any related Advances (including, in the case of (i) any Non-Trust-Serviced Pooled Mortgage Loan, the pro
rata portion of any such amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related
Intercreditor Agreement and (ii) any Serviced Loan Combination, if a securitization trust holds the related Serviced Pari
Passu Companion Loan, interest on any comparable debt service advances made by a servicer or trustee of such securitization trust),
and (e) solely in the case of a purchase, repurchase or substitution, as applicable, by a Responsible Repurchase Party pursuant
to the related Mortgage Loan Purchase Agreement, (i) to the extent not otherwise included in the amount described in clause (d)
of this definition, any unpaid Special Servicing Fees and other outstanding Additional Trust Fund Expenses (including without
limitation any Liquidation Fee

 

    	-81-

    	 

    

 

payable
in connection with the applicable purchase or repurchase) with respect to such Mortgage Loan (or REO Property) and (ii) to
the extent not otherwise included in the amount described in clause (c) or clause (e) of this definition,
any costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator,
the Custodian, the Trustee or an agent of any of them (on behalf of the Trust) in enforcing the obligation, if any, of a Responsible
Repurchase Party to repurchase or replace such Mortgage Loan or REO Property.

 

For
purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Pari Passu Companion Loan that
is purchased by the related mortgage loan seller shall be the repurchase price paid by the related mortgage loan seller under
the related Other Pooling and Servicing Agreement or the applicable servicing agreement and (ii) with respect to a sale of
an REO Property securing a Serviced Loan Combination, the term “Mortgage Loan” or “REO Mortgage Loan”
shall be construed to include the related Serviced Pari Passu Companion Loan.

 

“Qualified
Appraiser”: In connection with the appraisal of any Mortgaged Property or REO Property, an Independent MAI-designated
appraiser with at least five years of experience in respect of the relevant geographic location and property type.

 

“Qualified
Bidder”: As defined in Section 7.01(c).

 

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

 

“Qualified
Insurer”: An insurance company or security or bonding company qualified to write the related Insurance Policy
in the relevant jurisdiction.

 

“Qualified
Mortgage”: A qualified mortgage within the meaning of Section 860G(a)(3) of the Code.

 

“Qualified
Replacement Special Servicer”: A Person as to which all the following conditions are satisfied at the relevant
date of determination: (A)(i) all the representations and warranties set forth in Section 2.06 are true and accurate
as applied to such Person (other than any change in the entity type or the state or jurisdiction of formation), (ii) there
is no event or circumstances that constitutes, or would constitute, but for notice or the passage of time, a Servicer Termination
Event with respect to such Person under this Agreement, (iii) such Person is not the Trust Advisor or an Affiliate of the
Trust Advisor and there exists no agreement as a result of which, whether or not subject to any condition or contingency, such
Person would become an Affiliate of the Trust Advisor or merge or be consolidated with or into the Trust Advisor (regardless of
the identity of the surviving Person) or succeed to any portion of the business of the Trust Advisor that includes the Trust Advisor’s
rights or duties under this Agreement, (iv) neither such Person nor any Affiliate of such Person is obligated, whether by
agreement or otherwise, and whether or not subject to any condition or contingency, to pay any fee to, or otherwise compensate
or grant monetary or other consideration to, the Trust Advisor or any Affiliate thereof in connection with this Agreement, (x) in
connection with the special servicing obligations that such Person would assume under this Agreement or the performance thereof
or (y) in connection with the appointment of such Person as, or any recommendation by

 

    	-82-

    	 

    

 

the
Trust Advisor for such Person to become, the successor Special Servicer, (v) such Person is not entitled to receive any compensation
from the Trust Advisor in connection with its activities under this Agreement and (vi) such Person is not entitled to receive
from the Trust Advisor or any Affiliate thereof any fee in connection with the appointment of such Person as successor Special
Servicer, unless, in the case of each of the foregoing clauses (i) through (vi), the appointment of such Person as
successor Special Servicer has been expressly approved by 100% of the Certificateholders; (B) such Person is not a Prohibited
Party and has not been terminated in the capacity of Master Servicer or Special Servicer hereunder in whole or in part as a result
of a Servicer Termination Event under Section 7.01(a)(xii), unless the appointment of such Person as successor Special
Servicer has been expressly approved by Depositor acting in its reasonable discretion; and (C) such Person satisfies any
minimum criteria set forth in any Intercreditor Agreement relating to a Serviced Loan Combination to be serviced and administered
(if necessary) by such Person.

 

“Qualifying
Substitute Mortgage Loan”: In connection with the replacement of a Defective Mortgage Loan as contemplated by
Section 2.03, any other mortgage loan which, on the date of substitution: (i) has an outstanding Stated Principal
Balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
not in excess of the Stated Principal Balance of the Defective Mortgage Loan as of the Due Date in the calendar month during which
the substitution occurs; (ii) has a fixed Mortgage Rate that is not less than, and not more than one percentage point in
excess of, the Mortgage Rate of the Defective Mortgage Loan; (iii) has the same monthly Due Date as, and a grace period for
delinquent Monthly Payments that is no longer than, the Due Date and grace period, respectively, of the Defective Mortgage Loan;
(iv) accrues interest on the same Interest Accrual Basis as the Defective Mortgage Loan; (v) has a remaining term to
stated maturity not greater than, and not more than one year less than, that of the Defective Mortgage Loan, (vi) has a Stated
Maturity Date not later than two years prior to the Rated Final Distribution Date; (vii) has a then-current loan-to-value
ratio not higher than, and a then-current debt service coverage ratio not lower than, the loan-to-value ratio and debt service
coverage ratio, respectively, of the Defective Mortgage Loan as of the Closing Date; (viii) has comparable prepayment restrictions
to those of the Defective Mortgage Loan; (ix) will comply, as of the date of substitution, with all of the representations
relating to the Defective Mortgage Loan set forth in or made pursuant to the related Mortgage Loan Purchase Agreement; (x) has
a Phase I Environmental Assessment relating to the related Mortgaged Property in its Servicing File, which Phase I Environmental
Assessment will evidence that there is no material adverse environmental condition or circumstance at the related Mortgaged Property
for which further remedial action may be required under applicable law; and (xi) constitutes a “qualified replacement
mortgage” within the meaning of Section 860G(a)(4) of the Code (as evidenced by an Opinion of Counsel provided by the
related Responsible Repurchase Party at its expense); provided that if more than one mortgage loan is to be substituted
for any Defective Mortgage Loan, then all such proposed Replacement Mortgage Loans shall, in the aggregate, satisfy the requirement
specified in clause (i) of this definition and have a weighted average remaining term to stated maturity that satisfies
the condition described in clause (v) above and each such proposed Replacement Mortgage Loan shall, individually,
satisfy each of the requirements specified in clauses (ii) through (iv) and clauses (vi) through
(xi) of this definition; and provided, further, that no mortgage loan shall be substituted for a Defective
Mortgage Loan unless (a) such prospective Replacement Mortgage Loan shall (at all times other than during a Senior Consultation
Period)

 

    	-83-

    	 

    

 

be
acceptable to the Subordinate Class Representative (or, if there is no Subordinate Class Representative then serving, to the Majority
Subordinate Certificateholder; provided that in each case, the affected Mortgage Loan is not an Excluded Loan), in its
sole discretion, (b) such substitution is the subject of a Rating Agency Confirmation and (c) the related Responsible
Repurchase Party (at its expense) has delivered or caused to have been delivered to the Trustee an Opinion of Counsel to the effect
that the substitution of such mortgage loan would not result in an Adverse REMIC Event with respect to any REMIC Pool, either
immediately or at some future date due to the right of the mortgagor to obtain a release of all or any portion of the real property
securing such Replacement Mortgage Loan in a manner that could result in such Replacement Mortgage Loan ceasing to be a Qualified
Mortgage on or after the date of such release. When a Replacement Mortgage Loan is substituted for a Defective Mortgage Loan,
the applicable Responsible Repurchase Party shall certify that the Mortgage Loan meets all of the requirements of the above definition
and shall send such certification to the Trustee.

 

“Rated
Certificate”: Any of the Certificates to which a rating has been assigned by a Rating Agency at the request of
the Depositor.

 

“Rated
Final Distribution Date”: With respect to each Class of Rated Certificates, the Distribution Date in
September 2058.

 

“Rating
Agency”: With respect to any Class of Rated Certificates, each of Fitch, Moody’s and Morningstar or their
successors in interest.

 

“Rating
Agency Confirmation”: With respect to any matter, written confirmation (which may be in electronic form) from
each applicable Rating Agency that a proposed action, failure to act or other event will not in and of itself result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by such Rating Agency);
provided that if a written waiver or acknowledgment indicating its decision not to review the matter for which the Rating
Agency Confirmation is sought, then the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect
to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval
which is required to be in writing may be in the form of electronic mail. Notwithstanding anything to the contrary set forth in
this Agreement, at any time during which the Certificates are no longer rated by a Rating Agency, no Rating Agency Confirmation
will be required under this Agreement.

 

“Rating
Agency Inquiries”: As defined in Section 8.12(g).

 

“Rating
Agency Q&A Forum and Servicer Document Request Tool”: As defined in Section 8.12(g).

 

“Realized
Loss”: With respect to:

 

(1)          each
Mortgage Loan or Serviced Loan Combination, as applicable, as to which a Final Recovery Determination has been made (or any related
successor REO Mortgage Loan as to which a Final Recovery Determination has been made as to the related REO Property), and with
respect to each Mortgage Loan or Serviced Loan Combination, as applicable, that is a Corrected Mortgage

 

    	-84-

    	 

    

 

Loan
on which all amounts have been fully paid under the terms of such Corrected Mortgage Loan (as it may have been modified), an amount
(not less than zero) equal to the excess, if any, of (a) the sum of (i) the unpaid principal balance of such Mortgage Loan
or Serviced Loan Combination, as applicable, or REO Mortgage Loan, as the case may be, as of the commencement of the Collection
Period in which the Final Recovery Determination was made or the final payment was made, as the case may be, plus (ii) without
taking into account the amount described in subclause (1)(b) of this definition, all accrued but unpaid interest (exclusive,
however, of any portion of such accrued but unpaid interest that represents Default Interest or, in the case of an ARD Mortgage
Loan after its Anticipated Repayment Date, Post-ARD Additional Interest) on such Mortgage Loan or Serviced Loan Combination, as
applicable, or such REO Mortgage Loan, as the case may be, to but not including the Due Date in the Collection Period in which
the Final Recovery Determination was made or such final payment was made, as the case may be, plus (iii) without duplication
with amounts included under another subclause above, all related unreimbursed Servicing Advances (together with Unliquidated Advances
in respect of prior Servicing Advances) and unpaid Liquidation Expenses, plus (iv) the amount of any and all related
Special Servicing Fees, Liquidation Fees and/or Workout Fees with respect to such Mortgage Loan or Serviced Loan Combination,
as applicable, or successor REO Mortgage Loan, to the extent not previously reflected as Realized Loss with respect to such Mortgage
Loan or Serviced Loan Combination, as applicable, or successor REO Mortgage Loan, plus (v) any accrued and unpaid
Advance Interest on any Advances, over (b) all payments and proceeds, if any, Received by the Trust in respect of such Mortgage
Loan or Serviced Loan Combination, as applicable, or, to the extent allocable to such REO Mortgage Loan, the related REO Property,
as the case may be, during the Collection Period in which such Final Recovery Determination was made or such final payment was
made, as the case may be;

 

(2)          each
Mortgage Loan or Serviced Loan Combination, as applicable, as to which any portion of the principal or previously accrued interest
payable thereunder or any Unliquidated Advance was canceled in connection with a bankruptcy or similar proceeding involving the
related Borrower or a modification, extension, waiver or amendment of such Mortgage Loan or Serviced Loan Combination, as applicable,
granted or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.20
(or, in the case of a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust Master Servicer or the related Non-Trust
Special Servicer pursuant to the related Non-Trust Pooling and Servicing Agreement), the amount of such principal and/or interest
(other than Default Interest and, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, Post-ARD Additional
Interest) or Unliquidated Advance so canceled; and

 

(3)          each
Mortgage Loan or Serviced Loan Combination, as applicable, as to which the Mortgage Rate thereon has been permanently reduced
and not recaptured for any period in connection with a bankruptcy or similar proceeding

 

    	-85-

    	 

    

 

involving
the related Borrower or a modification, extension, waiver or amendment of such Mortgage Loan granted or agreed to by the applicable
Master Servicer or the applicable Special Servicer pursuant to Section 3.20 (or, in the case of a Non-Trust-Serviced
Pooled Mortgage Loan, by the related Non-Trust Master Servicer or the related Non-Trust Special Servicer pursuant to the related
Non-Trust Pooling and Servicing Agreement), the amount of the consequent reduction in the interest portion of each successive
Monthly Payment due thereon (on the related Due Date for the affected Monthly Payment).

 

Notwithstanding
the foregoing, any allocation of any Realized Loss to any REMIC I Regular Interest, any REMIC II Regular Interest, any Class of
Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class PEX Certificates) or
the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as the case may be, may occur
(i) in the case of any amount described in clause (1) or clause (2) above, solely pursuant to, in
accordance with and to the extent provided by the combination of (x) the accounting for such amount that occurs under the
definition of “Stated Principal Balance” and (y) the operation of Section 4.04 of this Agreement
and (ii) in the case of any amount described in clause (3) above, solely pursuant to, in accordance with and
to the extent provided by the operation of Section 4.04 of this Agreement.

 

“Realized
Loss Template”: With respect to each Collection Period, a report substantially in the form of, and containing
the information called for in, the downloadable form of the “Servicer Realized Loss Template” available and effective
from time to time on the CREFC® Website. The Realized Loss Template shall be in Excel format or such other format as is reasonably
acceptable to the Master Servicers, the Trustee, the Certificate Administrator and the Subordinate Class Representative.

 

“Received
by the Trust”: In the case of (a) a Non-Trust-Serviced Pooled Mortgage Loan or any REO Property related thereto,
received by the Trustee (or the applicable Master Servicer on behalf of the Trustee), as holder of the Mortgage Note for such
Non-Trust-Serviced Pooled Mortgage Loan, on behalf of the Trust; and (b) any Serviced Mortgage Loan, Serviced Loan Combination
or related Administered REO Property, received by the applicable Master Servicer (or any Sub-Servicer thereof), the applicable
Special Servicer (or any Sub-Servicer thereof) or the Trustee, as the case may be, on behalf of the Trust and/or, in connection
with a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s).

 

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

 

“Recovered
Interest Amounts”: As defined in the definition of “Interest Distribution Amount”.

 

“Registered
Certificate”: Any Certificate that has been the subject of registration under the Securities Act. As of the Closing
Date, the Class A-1, Class A-2, Class A-3,

 

    	-86-

    	 

    

 

Class A-4,
Class A-SB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class PEX and Class D Certificates
constitute Registered Certificates.

 

“Regular
Certificate”: Any of the Interest Only Certificates and the Principal Balance Certificates (other than the Class A-S,
Class B, Class C and Class PEX Certificates). The Regular Certificates have the terms provided for in Section 2.15.

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been or may hereafter
be from time to time provided by the Commission or by the staff of the Commission, in each case as effective from time to time
as of the compliance dates specified therein.

 

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

 

“Regulation
S Global Certificate”: With respect to any Class of Book-Entry Non-Registered Certificates offered and sold to
institutions that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S, a single global
Certificate, or multiple global Certificates collectively, in definitive, fully registered form without interest coupon, each
of which Certificates bears a Regulation S Legend.

 

“Regulation
S Legend”: With respect to any Class of Book-Entry Non-Registered Certificates offered and sold to institutions
that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S, a legend generally to the
effect that such Certificates may not be offered, sold, pledged or otherwise transferred in a non-Offshore Transaction or to a
United States Securities Person prior to the Release Date except pursuant to an exemption from the registration requirements of
the Securities Act.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of Advance Interest, which rate per annum is
equal to the “prime rate” published in the “Money Rates” section of The Wall Street Journal, as
such “prime rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime
rate”, then the Certificate Administrator, in its sole discretion, shall select an equivalent publication that publishes
such “prime rate”; and if such “prime rate” is no longer generally published or is limited, regulated
or administered by a governmental or quasi-governmental body, then the Certificate Administrator shall select a comparable interest
rate index. In either case, such selection shall be made by the Certificate Administrator in its sole discretion and the Certificate
Administrator shall notify the Master Servicers and the Special Servicers in writing of its selection.

 

“Release
Date”: The date that is forty (40) days following the later of (i) the Closing Date and (ii) the commencement
of the initial offering of the Non-Registered Certificates in reliance on Regulation S.

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth on Schedule III
attached hereto). For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing
Criteria and some of the Servicing Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing
Function Participant engaged by the Trustee, a Master Servicer, a Special

 

    	-87-

    	 

    

 

Servicer,
the Trust Advisor, the Certificate Administrator or any Sub-Servicer, the term “Relevant Servicing Criteria” may refer
to a portion of the Relevant Servicing Criteria applicable to the Trustee, such Master Servicer, such Special Servicer, the Trust
Advisor, the Certificate Administrator or such Sub-Servicer.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860A through G of the Code.

 

“REMIC
I”: The segregated pool of assets designated as such in Section 2.11(a).

 

“REMIC
I Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder
and, in each such case, designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code)
in REMIC I. The REMIC I Regular Interests have the designations and terms provided for in Section 2.11.

 

“REMIC
I Remittance Rate”: The per annum rate at which interest accrues in respect of any REMIC I Regular Interest
during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.11(f).

 

“REMIC
I Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC I issued pursuant to this Agreement.

 

“REMIC
II”: The segregated pool of assets designated as such in Section 2.13(a).

 

“REMIC
II Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC II issued
hereunder and, in each such case, designated as a “regular interest” (within the meaning of Section 860G(a)(1)
of the Code) in REMIC II. The REMIC II Regular Interests have the designations provided for in the Preliminary Statement hereto.
The REMIC II Regular Interests have the terms provided for in Section 2.13.

 

“REMIC
II Remittance Rate”: The per annum rate at which interest accrues in respect of any REMIC II Regular Interest
during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

 

“REMIC
II Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC II issued pursuant to this Agreement.

 

“REMIC
III”: The segregated pool of assets designated as such in Section 2.15(a).

 

“REMIC
III Component”: Any of the separate beneficial ownership interests in REMIC III issued hereunder, evidenced by
a Class of Interest Only Certificates. The REMIC III Components have the designations provided for in the Preliminary Statement
hereto and each constitutes a “regular interest” in REMIC III (within the meaning of Section 860G(a)(1) of the
Code, except that the REMIC III Component B-X-B and Component C-X-B together constitute a single “regular interest”
in REMIC III). The REMIC III Components have the terms provided for in Section 2.15.

 

    	-88-

    	 

    

 

“REMIC
III Regular Interest”: The Class A-S Regular Interest, Class B Regular Interest or Class C Regular
Interest, as applicable.

 

“REMIC
III Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC III issued pursuant to this Agreement.

 

“REMIC
Pool”: Any of REMIC I, REMIC II or REMIC III.

 

“REMIC
Provisions”: The provisions of the federal income tax law relating to real estate mortgage investment conduits,
which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed,
temporary and final Treasury regulations and any published rulings, notices and announcements promulgated thereunder, as the foregoing
may be in effect from time to time.

 

“REMIC
Sub-Account”: As defined in Section 3.04(b).

 

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

 

“REO
Account”: A segregated custodial account or accounts created and maintained by (a) with respect to each of the
Mortgage Loans other than the NCB Co-op Mortgage Loans, the General Special Servicer, pursuant to and for the benefit of the Persons
specified in Section 3.16(b), which shall be titled “CWCapital Asset Management LLC [or the name of any successor
Special Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee],
as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30, and if the account is established for the deposit of funds received in respect of one or more REO
Properties related to any Serviced Loan Combination, “CWCapital Asset Management LLC [or the name of any successor Special
Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee], as
Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30 and the owners of any Serviced Pari Passu Companion Loan, as their interests may appear, REO Account”
and (b) with respect to the NCB Co-op Mortgage Loans, the NCB Special Servicer, pursuant to and for the benefit of the Persons
specified in Section 3.16(b), which shall be titled “National Cooperative Bank, N.A. [or the name of any successor
Special Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee],
as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30”.

 

“REO
Acquisition”: The acquisition of any REO Property pursuant to Section 3.09 (or, in the case of any
REO Property related to a Non-Trust-Serviced Pooled Mortgage Loan, pursuant to the related Non-Trust Pooling and Servicing Agreement).

 

    	-89-

    	 

    

 

“REO
Disposition”: The sale or other disposition of any REO Property pursuant to Section 3.18 (or, in
the case of any REO Property related to a Non-Trust-Serviced Pooled Mortgage Loan, pursuant to the related Non-Trust Pooling and
Servicing Agreement).

 

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

 

“REO
Mortgage Loan”: The successor mortgage loan to a Mortgage Loan or Serviced Loan Combination (including those
deemed to be outstanding with respect to a Non-Trust-Serviced Pooled Mortgage Loan or a Serviced Pari Passu Companion Loan), which
successor mortgage loan is deemed for purposes hereof to be outstanding with respect to each REO Property. Each REO Mortgage Loan
shall be deemed to provide for monthly payments of principal and/or interest equal to its Assumed Monthly Payment and otherwise
to have the same terms and conditions as its predecessor mortgage loan (such terms and conditions to be applied without regard
to the default on such predecessor mortgage loan and the acquisition of the related REO Property on behalf of the Trust or, if
applicable, in the case of any REO Property related to any Serviced Loan Combination, on behalf of the Trust and the respective
holders of the related Serviced Pari Passu Companion Loan). Each REO Mortgage Loan shall be deemed to have an initial unpaid principal
balance and Stated Principal Balance equal to the unpaid principal balance and Stated Principal Balance, respectively, of its
predecessor mortgage loan as of the date of the related REO Acquisition. All Monthly Payments (other than a Balloon Payment),
Assumed Monthly Payments (in the case of a Balloon Mortgage Loan delinquent in respect of its Balloon Payment) and other amounts
due and owing, or deemed to be due and owing, in respect of the predecessor mortgage loan as of the date of the related REO Acquisition,
shall be deemed to continue to be due and owing in respect of an REO Mortgage Loan. In addition, all amounts payable or reimbursable
to the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor or the Trustee in respect of the predecessor
mortgage loan as of the date of the related REO Acquisition, including any unpaid or unreimbursed Master Servicing Fees, Special
Servicing Fees and Advances (together with Unliquidated Advances in respect of prior Advances), together with any related unpaid
Advance Interest on such Advances (other than Unliquidated Advances), Trust Advisor Ongoing Fees and Trust Advisor Expenses, shall
continue to be payable or reimbursable in the same priority and manner pursuant to Section 3.05(a) to the applicable
Master Servicer, the applicable Special Servicer, the Trustee, the Trust Advisor or the Trust, as the case may be, in respect
of an REO Mortgage Loan.

 

“REO
Property”: A Mortgaged Property acquired on behalf and in the name of the Trustee for the benefit of the Certificateholders
(and, in the case of each such Mortgaged Property relating to a Serviced Loan Combination, also on behalf of the related Serviced
Pari Passu Companion Loan Holder(s)) through foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance
with applicable law in connection with the default or imminent default of a Mortgage Loan or Serviced Pari Passu Companion Loan;
provided that a Mortgaged Property that secures a Non-Trust-Serviced Pooled Mortgage Loan shall constitute an REO Property
if and when it is acquired under the related Non-Trust Pooling and Servicing Agreement for the benefit of the Trustee as the holder
of such Non-Trust-Serviced Pooled Mortgage Loan and of the holder of the related Non-Serviced Pari Passu Companion Loan(s) through
foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection with a default
or imminent default of such Non-Trust-Serviced Pooled Mortgage Loan.

 

    	-90-

    	 

    

 

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

 

“REO
Tax”: As defined in Section 3.17(a).

 

“Replacement
Mortgage Loan”: Any Qualifying Substitute Mortgage Loan that is substituted by a Responsible Repurchase Party
for a Defective Mortgage Loan as contemplated by Section 2.03.

 

“Reportable
Event”: As defined in Section 11.10.

 

“Reporting
Requirements”: As defined in Section 11.15.

 

“Reporting
Servicer”: As defined in Section 11.13.

 

“Repurchase”:
As defined in Section 2.03(g).

 

“Repurchase
Communication”: For purposes of Section 2.03(g) and Section 3.22(a) of this Agreement
only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase
Request”: As defined in Section 2.03(g).

 

“Repurchase
Request Recipient”: As defined in Section 2.03(g).

 

“Repurchase
Request Rejection”: As defined in Section 2.03(g).

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(g).

 

“Request
for Release”: A request signed by a Servicing Officer of, as applicable, the applicable Master Servicer in the
form of Exhibit F-1 attached hereto or the applicable Special Servicer in the form of Exhibit F-2 attached
hereto.

 

“Requesting
Party”: As defined in Section 3.27(a).

 

“Required
Appraisal Loan”: As defined in Section 3.19(a).

 

“Required
Claims-Paying Ratings”: As used in Section 3.07 of this Agreement,

 

(i)          in
the case of coverage provided for a Mortgaged Property related to any Mortgage Loan or Serviced Loan Combination, a claims-paying
ability rating of at least (1) ”A-“ by Fitch (or, if not rated by Fitch, an equivalent rating by (A) at least
two NRSROs (which may include Moody’s and/or Morningstar) or (B) one NRSRO (which may include Moody’s or Morningstar)
and A.M. Best Company) or (2) ”A3” by Moody’s (or, if not rated by Moody’s, at least “A-“
by S&P (or, if not rated by S&P, an equivalent rating by (A) at least two NRSROs (which may include Fitch and/or Morningstar)
or (B) one NRSRO (which may include Fitch or Morningstar) and A.M. Best Company)), and

 

    	-91-

    	 

    

 

(ii)         in
the case of fidelity bond coverage or errors and omissions insurance required to be maintained pursuant to Section 3.07(e)
of this Agreement, a claims-paying ability rating at least equal to any one of the following: (a) “A-“ by S&P,
(b) ”A3” by Moody’s, (c) ”A-“ by Fitch or (d) ”A:X” by A.M. Best Company;
provided, however, that (A) an insurance carrier shall be deemed to have the applicable claims-paying ability
ratings set forth above if the obligations of such insurance carrier under the related insurance policy are guaranteed or backed
in writing by an entity that has long-term unsecured debt obligations that are rated not lower than the ratings set forth above
or claims-paying ability ratings that are not lower than the ratings set forth above; and (B) an insurance carrier will be
deemed to have the applicable claims-paying ability ratings set forth in this clause (ii) if a Rating Agency Confirmation
is obtained from the Rating Agency whose rating requirement has not been satisfied.

 

“Reserve
Account”: Any of the accounts established and maintained pursuant to Section 3.03(d).

 

“Reserve
Funds”: With respect to any Mortgage Loan or Serviced Loan Combination, any amounts delivered by the related Borrower
to be held in escrow by or on behalf of the mortgagee representing: (i) reserves for repairs, replacements, capital improvements
and/or environmental testing and remediation with respect to the related Mortgaged Property, for ongoing or threatened litigation
or, with respect to any residential cooperative Mortgaged Property, for any unit maintenance or rent receivables or negative carry;
(ii) reserves for tenant improvements and leasing commissions; (iii) reserves for debt service; or (iv) amounts
to be applied as a Principal Prepayment on such Mortgage Loan or Serviced Loan Combination or held as Additional Collateral if
certain leasing or other economic criteria in respect of the related Mortgaged Property are not met.

 

“Resolution
Extension Period”: As defined in Section 2.03(b).

 

“Responsible
Officer”: Any Vice President, any Trust Officer, any Assistant Secretary or any other officer of the Certificate
Administrator or the Trustee as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case
of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the applicable Master Servicer and the applicable Special Servicer by the Trustee
and the Certificate Administrator, as such list may from time to time be amended.

 

“Responsible
Repurchase Party”: (i) With respect to each Mortgage Loan transferred to the Depositor by WFB, WFB; (ii) with
respect to each Mortgage Loan transferred to the Depositor by Rialto, Rialto; (iii) with respect to each Mortgage Loan transferred
to the Depositor by C-III, C-III; (iv) with respect to each Mortgage Loan transferred to the Depositor by Basis, Basis Investment;
and (v) with respect to each Mortgage Loan transferred to the Depositor by NCB, NCB.

 

    	-92-

    	 

    

 

“Restricted
Group”: Collectively, the following persons and entities: (a) the Trustee; (b) the Exemption-Favored Parties;
(c) the Depositor; (d) each Master Servicer; (e) each Special Servicer; (f) any Sub-Servicer; (g) any
person that is considered a “sponsor” as defined in Section III of the Exemption; (h) each Borrower, if any,
with respect to Mortgage Loans constituting more than 5.0% of the Cut-off Date Pool Balance; and (i) any and all Affiliates
of any of the aforementioned Persons.

 

“Rialto”:
Rialto Mortgage Finance, LLC, a Delaware limited liability company, or its successor-in-interest.

 

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

 

“Rule
15Ga-1 Notice”: As defined in Section 2.03(g).

 

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

 

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

 

“Rule
17g-5 Information Provider’s Website”: The internet website of the Rule 17g-5 Information Provider, initially
located within the Certificate Administrator’s website (www.ctslink.com), under the “NRSRO” tab for the related
transaction access to which is limited to the Depositor and to NRSROs who have provided an NRSRO Certification to the Rule 17g-5
Information Provider.

 

“Rule
144A”: Rule 144A under the Securities Act.

 

“Rule
144A Global Certificate”: With respect to any Class of Book-Entry Certificates, a single global Certificate, or
multiple global Certificates collectively, registered in the name of the Depository or its nominee, in definitive, fully registered
form without interest coupons, each of which Certificates bears a Qualified Institutional Buyer CUSIP number and does not bear
a Regulation S Legend.

 

“S&P”:
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor-in-interest.
If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer to such other
NRSRO or other comparable Person reasonably designated by the Depositor (and such designation shall be deemed to be reasonable
if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial mortgage-backed securities
transactions during the 12 months preceding the designation), notice of which designation shall be given to the other parties hereto,
and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.
References herein to “applicable rating category” (other than such references to “highest applicable rating category”)
shall, in the case of S&P, be deemed to refer to such applicable rating category of S&P, without regard to any plus or
minus or other comparable rating qualification.

 

    	-93-

    	 

    

 

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

 

“Sarbanes-Oxley
Certification”: As defined in Section 11.09.

 

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

 

“Security
Agreement”: With respect to any Mortgage Loan, any security agreement, chattel mortgage or similar document or
instrument creating in favor of the holder of such Mortgage a security interest in the personal property constituting security
for repayment of such Mortgage Loan or related Pari Passu Companion Loan.

 

“Senior
Consultation Period”: A period when either (i) the Class Principal Balance of the Class E Certificates,
without regard to the allocation of any Appraisal Reduction Amounts to such Class, is less than 25% of the initial Class Principal
Balance of the Class E Certificates or (ii) the then Majority Subordinate Certificateholder that holds a majority of
the Class E Certificates (provided such Class is the Subordinate Class) has irrevocably waived its right to appoint a Subordinate
Class Representative and to exercise any of the rights of the Majority Subordinate Certificateholder or cause the exercise of the
rights of the Subordinate Class Representative under this Agreement pursuant to Section 3.23(i) and such rights have
not been reinstated to a successor Majority Subordinate Certificateholder pursuant to Section 3.23(i).

 

No Senior Consultation
Period shall limit the control and consultation rights of the “Controlling Note Holder” (as defined in the related
Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure
requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall
have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Serviced
Loan Combination”: Any mortgage loan serviced under this Agreement that is divided into one or more notes, which
includes a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust.
References herein to a Serviced Loan Combination shall be construed to refer to the aggregate indebtedness under the related notes.
The Somerset Park Apartments Loan Combination shall be a Serviced Loan Combination.

 

“Serviced
Loan Combination Remittance Amount”: For each remittance date that a Master Servicer is required to make a distribution
to a Serviced Pari Passu Companion Loan Holder pursuant to Section 3.04(j) and with respect to any Serviced Loan Combination
and related Mortgaged Property (if it becomes an REO Property), any amount received by the applicable Master Servicer (or, with
respect to an REO Property, the applicable Special Servicer) during the related Collection Period that is payable to the related
Serviced Pari Passu Companion

 

    	-94-

    	 

    

 

Loan
Holder pursuant to the related Intercreditor Agreement or to be remitted to the related Collection Account.

 

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

 

“Serviced
Mortgage Loan”: Any Mortgage Loan other than a Non-Trust-Serviced Pooled Mortgage Loan, if any.

 

“Serviced
Pari Passu Companion Loan”: With respect to any Serviced Loan Combination, any related mortgage note not included
in the Trust that is serviced under this Agreement and that is generally payable on a pari passu basis with a Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. Each of the Somerset Park Apartments Pari
Passu Companion Loans shall be a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan Administrative Fee Rate”: With respect to any Serviced Pari Passu Companion Loan, the
“Administrative Fee Rate” for such loan as set forth in the related Other Pooling and Servicing Agreement.

 

“Serviced
Pari Passu Companion Loan Custodial Account”: With respect to any Serviced Pari Passu Companion Loan(s), the separate
account or sub-account created and maintained by a Master Servicer pursuant to Section 3.04(h) on behalf of the Certificateholders
and any Serviced Pari Passu Companion Loan Holders, which shall be entitled “Wells Fargo Bank, National Association [or name
of successor General Master Servicer], as Master Servicer for the Certificateholders and any Serviced Pari Passu Companion Loan
Holders relating to, and for the benefit of Wilmington Trust, National Association [or name of successor Trustee], as Trustee,
for the benefit of the Holders of, Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
Series 2015-C30, Serviced Pari Passu Companion Loan Custodial Account.” Amounts in the Serviced Pari Passu Companion Loan
Custodial Account allocable to any Serviced Pari Passu Companion Loan shall not be assets of the Trust Fund, but instead shall
be held by the applicable Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom) and, the related
Serviced Pari Passu Companion Loan Holders. Any such account or sub-account shall be an Eligible Account or a sub-account of an
Eligible Account (including a sub-account of the Collection Account).

 

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

 

“Serviced
Pari Passu Companion Loan Holder Register”: As defined in Section 3.26(b).

 

“Serviced
Pari Passu Companion Loan Securities”: For so long as the related Pari Passu Mortgage Loan or any successor REO
Mortgage Loan is part of the Mortgage Pool, any class of securities issued by an Other Securitization and backed by a Serviced
Pari Passu Companion Loan. Any reference herein to a “series” of Serviced Pari Passu Companion Loan Securities shall
refer to separate securitizations of the related Serviced Pari Passu Companion Loan.

 

    	-95-

    	 

    

 

“Servicer
Notice”: As defined in Section 11.17.

 

“Servicer
Termination Event”: As defined in Section 7.01(a).

 

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

 

“Servicing
Advances”: All customary, reasonable and necessary “out-of-pocket” costs and expenses, including reasonable
attorneys’ fees and expenses, incurred or to be incurred, as the context requires, by the applicable Master Servicer or the
applicable Special Servicer (or, if applicable, the Trustee) in connection with the servicing or administration of a Serviced Mortgage
Loan or Serviced Loan Combination and any related Mortgaged Property as to which a default, delinquency or other unanticipated
event has occurred or is imminent, or in connection with the administration of any Administered REO Property, including:

 

(1)          any
such costs and expenses associated with (a) compliance with the obligations of the applicable Master Servicer and/or the applicable
Special Servicer set forth in Sections 2.03, 3.03(c) and 3.09, (b) the preservation, insurance,
restoration, protection, operation and/or management of either a Mortgaged Property securing a Serviced Mortgage Loan, a Serviced
Loan Combination or an Administered REO Property, including the cost of any “force-placed” insurance policy purchased
by the applicable Master Servicer or the applicable Special Servicer to the extent such cost is allocable to a particular Mortgaged
Property that the applicable Master Servicer or the applicable Special Servicer is required to cause to be insured pursuant to
Section 3.07(a), (c) obtaining any Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds in respect
of any such Serviced Mortgage Loan, Serviced Loan Combination or any Administered REO Property, (d) any enforcement or judicial
proceedings with respect to any such Mortgage Loan or Serviced Loan Combination, including foreclosures and similar proceedings,
(e) the operation, management, maintenance and liquidation of any Administered REO Property, (f) obtaining any Appraisal
required to be obtained hereunder, and (g) UCC filings (to the extent that the costs thereof are not reimbursed by the related
Borrower), and

 

(2)          the
reasonable and direct out-of-pocket travel expenses incurred by the applicable Special Servicer in connection with performing inspections
pursuant to Section 3.12(a);

 

provided that, notwithstanding anything
to the contrary, “Servicing Advances” shall not include (A) allocable overhead of the applicable Master Servicer,
the applicable Special Servicer or the Trustee, as the case may be, such as costs for office space, office equipment, supplies
and related expenses, employee salaries and related expenses and similar internal costs and expenses, (B) costs incurred by
or on behalf of any such party hereto or any Affiliate thereof in connection with its purchase of any Mortgage Loan or REO Property
pursuant to any provision of this Agreement or any intercreditor agreement or similar agreement or (C) costs or expenses expressly
required under this Agreement to be borne by the applicable Master Servicer, the

 

    	-96-

    	 

    

 

applicable Special Servicer or the Trustee; and
provided, further, however, that “Servicing Advances” shall also include any other expenditure
which is expressly designated as a “Servicing Advance” herein, including all Emergency Advances made by the applicable
Special Servicer or the applicable Master Servicer at the direction of the applicable Special Servicer hereunder.

 

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

 

“Servicing
File”: Any documents (other than documents required to be part of the related Mortgage File, but including copies
of documents required to be part of the related Mortgage File and originals or copies of all management agreements which are not
covered by clause (xvii) of the definition of “Mortgage File” and originals of any Letters of Credit) that are
in the possession or under the control of, or that are required (pursuant to the applicable Mortgage Loan Purchase Agreement, this
Agreement or otherwise) to be delivered and actually have been delivered to, as the context may require, the applicable Master
Servicer or the applicable Special Servicer and relating to the origination and servicing of any Mortgage Loan or Serviced Loan
Combination or the administration of any REO Property and reasonably necessary for the ongoing administration and/or servicing
of the applicable Mortgage Loan or Serviced Loan Combination, including any documents delivered by a Mortgage Loan Seller as described
in clause (i) of Section 2.01(f).

 

“Servicing
Function Participant”: Any Person, other than either Master Servicer, either Special Servicer and the Trust Advisor,
that, within the meaning of Item 1122 of Regulation AB, is primarily responsible for performing activities addressed by the Servicing
Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans (based on their Stated Principal
Balance) or the applicable Master Servicer or the applicable Special Servicer, as applicable, takes responsibility for the activities
of such Person in accordance with SEC telephone interpretation 17.06 under Regulation AB. For clarification purposes, the Trustee
and the Certificate Administrator are Servicing Function Participants.

 

“Servicing
Officer”: Any officer or employee of a Master Servicer or a Special Servicer involved in, or responsible for,
the administration and servicing of Mortgage Loans, whose name and specimen signature appear on a list of servicing officers furnished
by such party to the Certificate Administrator, the Trustee, the Trust Advisor, the Custodian and the Depositor on the Closing
Date, as such list may thereafter be amended from time to time by a Master Servicer or a Special Servicer, as the case may be.

 

“Servicing-Released
Bid”: As defined in Section 7.01(c).

 

“Servicing-Retained
Bid”: As defined in Section 7.01(c).

 

“Servicing
Standard”: With respect to each of the Master Servicers and the Special Servicers, to service and administer the
Mortgage Loans, the Loan Combinations and any REO Properties that such party is obligated to service and administer pursuant to
this Agreement in the best interests and for the benefit of the Certificateholders (or, in the case of a Loan Combination, for
the benefit of the Certificateholders and the related Pari Passu

 

    	-97-

    	 

    

 

Companion
Loan Holder(s)) (as determined by such Master Servicer or a Special Servicer, as the case may be, in its good faith and reasonable
judgment), as a collective whole as if such Certificateholders and, if applicable, the related Pari Passu Companion Loan Holder(s)
constituted a single lender, in accordance with applicable law and the terms of this Agreement, the terms of the respective Mortgage
Loans or Loan Combinations, as applicable, and the terms of the related Intercreditor Agreement, as applicable (provided
that in the event the applicable Master Servicer or the applicable Special Servicer, as applicable, in its reasonably exercised
judgment determines that following the terms of any Mortgage Loan Document would or potentially would result in an Adverse REMIC
Event (for which determination, the applicable Master Servicer and the applicable Special Servicer will be entitled to rely on
advice of counsel, the cost of which will be reimbursed as an Additional Trust Fund Expense by withdrawal from the Collection
Account), the applicable Master Servicer or the applicable Special Servicer, as applicable, must comply with the REMIC Provisions
to the extent necessary to avoid an Adverse REMIC Event) and, to the extent consistent with the foregoing, in accordance with
the following standards:

 

(a)          with
the same care, skill, prudence and diligence as it services and administers comparable mortgage loans and manages real properties
on behalf of third parties or on behalf of itself, whichever is the higher standard with respect to mortgage loans and REO properties
that are comparable to those for which it is responsible hereunder, giving due consideration to customary and usual standards of
practice utilized by prudent institutional commercial mortgage loan servicers under comparable circumstances;

 

(b)          with
a view to: (i) in the case of each Master Servicer, the timely collection of all scheduled payments of principal and interest,
including Balloon Payments, under the Serviced Mortgage Loans (or Serviced Loan Combination, as applicable) and the full collection
of all Prepayment Premiums and Yield Maintenance Charges that may become payable under the Serviced Mortgage Loans (or Serviced
Loan Combination, as applicable), and (ii) in the case of each Special Servicer and any Serviced Mortgage Loan that is (A) a
Specially Serviced Mortgage Loan or (B) a Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) as to which
the related Mortgaged Property has become an Administered REO Property, the maximization of recovery on such Mortgage Loan to the
Certificateholders (or, in the case of a Serviced Loan Combination, to the Certificateholders and the related Serviced Pari Passu
Companion Loan Holder(s), as applicable), as a collective whole, of principal and interest, including Balloon Payments, on a present
value basis (the relevant discounting of anticipated collections that will be distributable to the Certificateholders (or, in the
case of a Serviced Loan Combination, to the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s), as
applicable), as a collective whole, to be performed at a rate determined by the applicable Special Servicer but in no event less
than the related Net Mortgage Rate (or, in the case of a Serviced Loan Combination, in no event less than the weighted average
of the Net Mortgage Rates for the Mortgage Loans and/or Serviced Pari Passu Companion Loans in such Serviced Loan Combination));
and

 

    	-98-

    	 

    

 

(c)          without
regard to any potential conflict of interest arising from (i) any known relationship that the applicable Master Servicer or
the applicable Special Servicer, as the case may be, or any of its Affiliates may have with a related Borrower, a Mortgage Loan
Seller or any other party to this Agreement, (ii) the ownership of any Certificate or any interest in a Serviced Pari Passu
Companion Loan by the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any of their respective
Affiliates, (iii) the obligation of the applicable Master Servicer to make Advances or otherwise to incur servicing expenses
with respect to any Serviced Mortgage Loan, Serviced Pari Passu Companion Loan or Administered REO Property (or, if applicable,
to make P&I Advances with respect to a Non-Trust-Serviced Pooled Mortgage Loan), (iv) the obligation of the applicable
Special Servicer to make, or direct the applicable Master Servicer to make, Servicing Advances (including Emergency Advances) or
otherwise to incur servicing expenses with respect to any Serviced Mortgage Loan, Serviced Pari Passu Companion Loan or Administered
REO Property, (v) the right of the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any
of its Affiliates to receive reimbursement of costs, or the sufficiency of any compensation payable to it, hereunder or with respect
to any particular transaction, (vi) any ownership, servicing and/or management by the applicable Master Servicer or the applicable
Special Servicer, as the case may be, or any of its Affiliates, of any other mortgage loans or real property, (vii) the ownership
by the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates of any other
debt owed by, or secured by ownership interests in, any of the Borrowers or any Affiliate of a Borrower, and (viii) the obligations
of the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates to repurchase
any Mortgage Loan from the Trust Fund, or to indemnify the Trust Fund, in any event as a result of a Material Breach or a Material
Document Defect;

 

provided that the foregoing standards
shall apply with respect to a Non-Trust-Serviced Pooled Mortgage Loan and any related REO Property only to the extent that the
applicable Master Servicer or the applicable Special Servicer has any express duties or rights to grant consent with respect thereto
pursuant to this Agreement.

 

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

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any
Mortgage Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the principal balance of the Mortgage
Pool as of the Cut-off Date; or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan
or Cross-Collateralized Group and/or Cross-Collateralized Mortgage Loans that represent, as of the Closing Date, 10% or more of
the pool balance of the Mortgage Pool as of the Cut-off Date. For the avoidance of doubt, no Mortgaged Property or obligor (as
defined in Item 1101(i) of Regulation AB) is a Significant Obligor in respect of the Trust as of the Closing Date.

 

    	-99-

    	 

    

 

“Similar
Law”: Any federal, state or local law that is materially similar to the provisions of Section 406 of ERISA
or Section 4975 of the Code.

 

“Sole
Certificateholder(s)”: Any Holder or group of Holders, as the case may be, of 100% of the then-outstanding Certificates.

 

“Somerset
Park Apartments Loan Combination”: As defined in the Preliminary Statement.

 

“Somerset
Park Apartments Mortgage Loan”: As defined in the Preliminary Statement.

 

“Somerset
Park Apartments Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“Space
Lease”: The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related
Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender
under the related Mortgage Loan(s).

 

“Special
Notice”: Any of the following delivered by any Person hereunder to any other Person: (i) any notice of a
modification, waiver or amendment of any term of any Mortgage Loan; (ii) any notice of Final Distribution Date; (iii) any
notice of the occurrence of a Servicer Termination Event; (iv) any notice of the resignation of the Trustee or the Certificate
Administrator and notice of the acceptance of appointment by the successor trustee or certificate administrator; (v) any Officer’s
Certificate of a Master Servicer or a Special Servicer in connection with a determination that an Advance is or would be a Nonrecoverable
Advance (including supporting documentation); (vi) any notice of the termination of a Master Servicer or a Special Servicer;
and (vii) any notice of the termination of the Trust Fund.

 

“Special
Servicer”: With respect to (a) any Mortgage Loan (other than an NCB Co-op Mortgage Loan), any REO Property acquired
by the Trust with respect to a Mortgage Loan (other than an NCB Co-op Mortgage Loan) and any matters relating to the foregoing,
the General Special Servicer and (b) any NCB Co-op Mortgage Loan, any REO Property acquired by the Trust with respect to an
NCB Co-op Mortgage Loan and any matters relating to the foregoing, the NCB Special Servicer.

 

“Special
Servicing Fee”: With respect to each Specially Serviced Mortgage Loan and each REO Mortgage Loan (other than any
Non-Trust-Serviced Pooled Mortgage Loan), the fee designated as such and payable to a Special Servicer pursuant to the first paragraph
of Section 3.11(c).

 

“Special
Servicing Fee Rate”: With respect to each Specially Serviced Mortgage Loan and each REO Mortgage Loan (other than
any Non-Trust-Serviced Pooled Mortgage Loan), (a) 0.25% per annum or (b) if the rate in clause (a) would result in
a Special Servicing Fee that would be less than $1,000 with respect to any NCB Mortgage Loan, in any given month, then the Special
Servicing Fee Rate for such month for such Specially Serviced Mortgage Loan or REO Mortgage Loan shall be a rate equal to such
higher rate as would result in a Special

 

    	-100-

    	 

    

 

 Servicing Fee equal to $1,000, for such month with respect to such Specially Serviced Mortgage Loan or REO Mortgage Loan.

 

“Specially
Designated Mortgage Loan Documents”: With respect to any Mortgage Loan, subject to Section 1.04, the
following documents on a collective basis:

 

(i)          the
original executed Mortgage Note or alternatively, if the original executed Mortgage Note has been lost, a lost note affidavit and
indemnity with a copy of such Mortgage Note;

 

(ii)         an
original or a copy of the Mortgage, in each case (unless the particular item has been sent for recording but has not been returned
from the applicable recording office) with evidence of recording indicated thereon; provided that if such original Mortgage
cannot be delivered with evidence of recording thereon on or before the 90th day following the Closing Date because of a delay
caused by the public recording office where such original Mortgage has been delivered for recordation, or because the public recording
office retains the original or because such original Mortgage has been lost, there shall be delivered to the Custodian a true and
correct copy of such Mortgage, together with (A) in the case of a delay caused by the public recording office, an Officer’s
Certificate of the applicable Mortgage Loan Seller stating that such original Mortgage has been sent to the appropriate public
recording official for recordation or retained by the appropriate public recording office or (B) in the case of an original
Mortgage that has been lost after recordation, a certification by the appropriate county recording office where such Mortgage is
recorded that such copy is a true and complete copy of the original recorded Mortgage;

 

(iii)        an
original executed assignment, in recordable form (except for recording information not yet available if the instrument being assigned
has not been returned from the applicable recording office), of the Mortgage, in favor of “Wilmington Trust, National Association,
as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
Series 2015-C30”, or, in the case of any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington
Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial
Mortgage Pass-Through Certificates, Series 2015-C30, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s)
secured by the [insert name of Mortgaged Property]” (or a copy thereof, certified to be the copy of such assignment submitted
or to be submitted for recording);

 

(iv)        the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
(or, if the policy has not yet been issued, an original or copy of a written commitment “marked-up” at the closing
of such Mortgage Loan, interim binder or the pro forma title insurance policy, in each case evidencing a binding commitment to
issue such policy);

 

    	-101-

    	 

    

 

(v)         if
a material portion of the interest of the Borrower in the related Mortgaged Property consists of a leasehold interest, the original
or a copy of the related Ground Lease or Space Lease;

 

(vi)        if
any documents relating to, evidencing or constituting Additional Collateral for such Mortgage Loan are in the form of a Letter
of Credit, a photocopy of such Letter of Credit (and, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, the original
of such Letter of Credit shall be delivered to the applicable Master Servicer); and

 

(vii)       if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement and (b) either (i) a signed copy of the estoppel
certificate or comfort letter delivered by the franchisor, manager or similar person, as applicable, for the benefit of the holder
of the Mortgage Loan in connection with the Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan, together
with such instrument(s) of notice or transfer (if any) as are necessary to (A) transfer or assign to the Trust or the Trustee the
benefits of such estoppel certificate or comfort letter or (B) request the issuance of a new estoppel certificate or comfort letter
for the benefit of the Trust or the Trustee, or (ii) a copy of the estoppel certificate or comfort letter delivered by the
franchisor, manager or similar person, as applicable, for the benefit of the holder of the Mortgage Loan in connection with such
origination or acquisition of the Mortgage Loan or Loan Combination, together with a signed copy or a fax copy of a new estoppel
certificate or comfort letter (in substantially the same form and substance as the estoppel certificate or comfort letter delivered
in connection with such origination or acquisition) by the franchisor, manager or similar person, as applicable, for the benefit
of the Trust or the Trustee (and, if a fax copy of a new estoppel certificate or comfort letter is delivered, then the original
copy shall be included in the “Mortgage File” promptly following receipt thereof by the related Mortgage Loan Seller);

 

provided, however, that in
the case of a Non-Trust-Serviced Pooled Mortgage Loan, (1) the “Specially Designated Mortgage Loan Document” contemplated
by clause (ii) above need only consist of the related Mortgage in recordable form provided to the related Non-Trust
Trustee or Non-Trust Custodian pursuant to the related Non-Trust Pooling and Servicing Agreement, but need not reflect evidence
of recordation in the name of the related Non-Trust Trustee or the related trust established under such related Non-Trust Pooling
and Servicing Agreement, and (2) the “Specially Designated Mortgage Loan Document” contemplated by clause (iii)
above need only be a copy of the assignment in the name of the applicable Non-Trust Trustee.

 

“Specially
Serviced Mortgage Loan”: Any Serviced Mortgage Loan (including any related REO Mortgage Loan) or any Serviced
Loan Combination (including any related REO Mortgage Loan) as to which any of the following events has occurred:

 

(a)          the
related Borrower has failed to make when due any Balloon Payment, and the Borrower has not delivered to the applicable Master Servicer
or the applicable

 

    	-102-

    	 

    

 

Special
Servicer, on or before the due date of such Balloon Payment, a written and fully executed (subject only to customary final closing
conditions) refinancing commitment from an acceptable lender and reasonably satisfactory in form and substance to the applicable
Master Servicer or the applicable Special Servicer, as applicable (and such Master Servicer or such Special Servicer, as applicable,
shall promptly forward such commitment to the applicable Special Servicer or the applicable Master Servicer, as applicable) which
provides that such refinancing will occur within 120 days after the date on which such Balloon Payment will become due (provided
that such Mortgage Loan or Serviced Loan Combination shall immediately become a Specially Serviced Mortgage Loan if either
(x) such refinancing does not occur before the expiration of the time period for refinancing specified in such binding commitment
or (y) the applicable Master Servicer is required to make a P&I Advance in respect of such Mortgage Loan (or, in the
case of any Serviced Loan Combination, in respect of the Mortgage Loan included in the same Serviced Loan Combination) at any
time prior to such a refinancing); or

 

(b)         the
related Borrower has failed to make when due any Monthly Payment (other than a Balloon Payment) or any other payment (other than
a Balloon Payment) required under the related Mortgage Note or the related Mortgage, which failure has continued unremedied for
sixty (60) days; or

 

(c)          the
applicable Master Servicer determines (in accordance with the Servicing Standard) or receives from the applicable Special Servicer
a written determination of such Special Servicer (which determination the applicable Special Servicer shall make in accordance
with the Servicing Standard and, to the extent a Subordinate Control Period is then in effect, with the consent or deemed consent
of the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan), and, to the extent a Collective Consultation
Period is then in effect, in consultation with the Majority Subordinate Certificateholder (other than with respect to an Excluded
Loan)), that a default in making any Monthly Payment (other than a Balloon Payment) or any other material payment (other than a
Balloon Payment) required under the related Mortgage Note or the related Mortgage is likely to occur in the foreseeable future,
and such default is likely to remain unremedied for at least sixty (60) days beyond the date on which the subject payment will
become due; or the applicable Master Servicer determines (in accordance with the Servicing Standard) or receives from the applicable
Special Servicer a written determination of such Special Servicer (which determination the applicable Special Servicer shall make
in accordance with the Servicing Standard and, to the extent a Subordinate Control Period is then in effect, with the consent or
deemed consent of the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan), and, to the extent
a Collective Consultation Period is then in effect, in consultation with the Majority Subordinate Certificateholder (other than
with respect to an Excluded Loan)), that a default in making a Balloon Payment is likely to occur in the foreseeable future, and
such default is likely to remain unremedied for at least sixty (60) days beyond the date on which such Balloon Payment will become
due (or, if the Borrower has delivered a written and fully executed (subject only to customary final closing conditions) refinancing
commitment from an acceptable lender and reasonably satisfactory in form and substance to the applicable Master Servicer or the
applicable Special Servicer (and such Master Servicer or such Special Servicer, as applicable, shall

 

    	-103-

    	 

    

 

promptly forward such commitment
to the applicable Special Servicer or applicable Master Servicer, as applicable) which provides that such refinancing will occur
within 120 days following the date on which such Balloon Payment will become due, the applicable Master Servicer determines (in
accordance with the Servicing Standard) or receives from the applicable Special Servicer a written determination of such Special
Servicer (which determination the applicable Special Servicer shall make in accordance with the Servicing Standard and, to the
extent a Subordinate Control Period is then in effect, with the consent or deemed consent of the Majority Subordinate Certificateholder
(other than with respect to an Excluded Loan), and, to the extent a Collective Consultation Period is then in effect, in consultation
with the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan)), that (A) the Borrower is likely
not to make one or more Assumed Monthly Payments prior to such a refinancing or (B) such refinancing is not likely to occur
within 120 days following the date on which such Balloon Payment will become due); or

 

(d)          there
shall have occurred a default (including, in the applicable Master Servicer’s or the applicable Special Servicer’s
judgment, the failure of the related Borrower to maintain any insurance required to be maintained pursuant to the related Mortgage
Loan Documents, unless such default has been waived in accordance with Section 3.07 or 3.20 hereof) under the related
Mortgage Loan Documents, other than as described in clause (a) or (b) above, that may, in the good faith and
reasonable judgment of the applicable Master Servicer or the applicable Special Servicer (and, in the case of the applicable Special
Servicer and to the extent a Subordinate Control Period is then in effect, with the consent or deemed consent of the Majority Subordinate
Certificateholder (other than with respect to an Excluded Loan), and, to the extent a Collective Consultation Period is then in
effect, in consultation with the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan)), materially
impair the value of the related Mortgaged Property as security for such Mortgage Loan or Serviced Loan Combination or otherwise
materially and adversely affect the interests of Certificateholders (or, in the case of any Serviced Loan Combination, the interests
of the related Serviced Pari Passu Companion Loan Holder(s)), which default has continued unremedied for the applicable cure period
under the terms of such Mortgage Loan or Serviced Loan Combination (or, if no cure period is specified, sixty (60) days); or

 

(e)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the related Borrower and such decree or order shall have remained
in force undischarged or unstayed for a period of sixty (60) days; or

 

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

 

    	-104-

    	 

    

 

(g)          the
related Borrower shall have admitted in writing its inability to pay its debts generally as they become due, filed a petition to
take advantage of any applicable insolvency or reorganization statute, made an assignment for the benefit of its creditors, or
voluntarily suspended payment of its obligations; or

 

(h)          the
applicable Master Servicer or the applicable Special Servicer shall have received notice of the commencement of foreclosure or
similar proceedings with respect to the corresponding Mortgaged Property; or

 

(i)           the
applicable Master Servicer or the applicable Special Servicer (and in the case of the applicable Special Servicer, during a Subordinate
Control Period, with the consent of the Subordinate Class Representative (other than with respect to an Excluded Loan)) determines
that (i) a default (including, in the applicable Master Servicer’s or the applicable Special Servicer’s judgment,
the failure of the related Borrower to maintain any insurance required to be maintained pursuant to the related Mortgage Loan Documents,
unless such default has been waived in accordance with Section 3.07 or Section 3.20 hereof) under the Mortgage
Loan Documents (other than as described in clause (c) above) is imminent or reasonably foreseeable, (ii) such
default will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or Serviced
Pari Passu Companion Loan (if any) or otherwise materially and adversely affect the interests of Certificateholders (or the related
Serviced Pari Passu Companion Loan Holder) and (iii) the default is likely to continue unremedied for the applicable cure
period under the terms of the Mortgage Loan Documents, or, if no cure period is specified and the default is capable of being cured,
for sixty (60) days;

 

provided that a Serviced Mortgage
Loan or Serviced Loan Combination shall cease to be a Specially Serviced Mortgage Loan when a Liquidation Event has occurred in
respect of such Serviced Mortgage Loan or Serviced Loan Combination, or at such time as such of the following as are applicable
occur with respect to the circumstances identified above that caused such Serviced Mortgage Loan or Serviced Loan Combination to
be characterized as a Specially Serviced Mortgage Loan (and provided that no other Servicing Transfer Event then exists):

 

(I)          with
respect to the circumstances described in clauses (a) and (b) above, the related Borrower has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Mortgage Loan or Serviced Loan Combination (as such terms may
be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a modification,
extension, waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant
to Section 3.20);

 

(II)         with
respect to the circumstances described in clauses (c), (e), (f), (g) and (i) above, such circumstances cease
to exist in the good faith reasonable judgment, exercised in accordance with the Servicing Standard, of the applicable Special
Servicer;

 

(III)        with
respect to the circumstances described in clause (d) above, the default is cured in the good faith reasonable judgment,
exercised in accordance with the Servicing Standard, of the applicable Special Servicer; and

 

    	-105-

    	 

    

 

(IV)         with
respect to the circumstances described in clause (h) above, such proceedings are terminated.

 

“Startup
Day”: With respect to each REMIC Pool, the day designated as such in Section 2.11(a) (in the case
of REMIC I), Section 2.13(a) (in the case of REMIC II) or Section 2.15(a) (in the case of REMIC III), as applicable.

 

“Stated
Maturity Date”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the Due Date specified
in the related Mortgage Note (as in effect on the Closing Date or, in the case of a Replacement Mortgage Loan, on the related date
of substitution) on which the last payment of principal is due and payable under the terms of such Mortgage Loan or Serviced Pari
Passu Companion Loan, without regard to any change in or modification of such terms in connection with a bankruptcy or similar
proceeding involving the related Borrower or a modification, waiver or amendment of such Mortgage Loan or Serviced Pari Passu Companion
Loan granted or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.20
(or, in the case of (i) a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust Master Servicer or the related
Non-Trust Special Servicer pursuant to the related Non-Trust Pooling and Servicing Agreement and (ii) an ARD Mortgage Loan,
without regard to its Anticipated Repayment Date).

 

“Stated
Principal Balance”: With respect to any Mortgage Loan or Serviced Loan Combination (or any component thereof)
(and any successor REO Mortgage Loan with respect thereto), a principal balance which (a) initially shall equal the unpaid principal
balance thereof as of the related Cut-off Date or, in the case of any Replacement Mortgage Loan, as of the related date of substitution,
in any event after application of all payments of principal due thereon on or before such date, whether or not received, and (b) shall
be permanently reduced on each subsequent Distribution Date (to not less than zero) by the sum of:

 

(i)          that
portion, if any, of the Unadjusted Principal Distribution Amount for such Distribution Date that is attributable to such Mortgage
Loan or Serviced Loan Combination (or any component thereof) (or successor REO Mortgage Loan); and

 

(ii)         the
principal portion of any Realized Loss incurred in respect of such Mortgage Loan or Serviced Loan Combination (or any component
thereof) (or successor REO Mortgage Loan) during the related Collection Period;

 

provided that, if a Liquidation
Event occurs in respect of any Mortgage Loan or Serviced Loan Combination (or any component thereof) or the related REO Mortgage
Loan, then the “Stated Principal Balance” of such Mortgage Loan or Serviced Loan Combination (or any component thereof)
or of the related REO Mortgage Loan, as the case may be, shall be zero commencing as of the close of business on the Distribution
Date next following the Collection Period in which such Liquidation Event occurred; provided, further, that the Stated
Principal Balance of any Non-Trust-Serviced Pooled Mortgage Loan will be calculated in accordance with the definition of “Stated
Principal Balance” in the related Non-Trust Pooling and Servicing Agreement. For purposes of this definition, monthly remittances
to any Serviced Pari Passu Companion Loan Holders are deemed made on the Distribution Date in each calendar month.

 

    	-106-

    	 

    

 

“Subordinate
Class”: The most subordinate Class among the Classes of Control-Eligible Certificates that has a Class Principal
Balance, net of Appraisal Reduction Amounts allocable thereto, that is at least equal to 25% of its initial Class Principal Balance.

 

“Subordinate
Class Certificateholder”: A Holder or Certificate Owner of any Certificate of the Subordinate Class.

 

“Subordinate
Class Representative”: As defined in Section 3.23(a).

 

“Subordinate
Control Period”: Unless a Senior Consultation Period is deemed to occur and is continuing pursuant to clause (ii)
of the definition of “Senior Consultation Period”, any period when the Class Principal Balance of the Class E
Certificates, net of any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance
of the Class E Certificates.

 

No Subordinate Control
Period shall limit the control and consultation rights of the “Controlling Note Holder” (as defined in the related
Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Sub-Servicer”:
Any Person with which a Master Servicer or a Special Servicer has entered into a Sub-Servicing Agreement with respect to the Mortgage
Loans or Serviced Loan Combinations in accordance with the terms hereof.

 

“Sub-Servicing
Agreement”: The written contract between a Master Servicer or a Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of Mortgage Loans or Serviced Loan Combinations as provided in Section 3.22.

 

“Sub-Servicing
Entity”: Any Sub-Servicer or Servicing Function Participant retained by a Master Servicer (other than a Designated
Sub-Servicer) or a Special Servicer.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for any Defective
Mortgage Loan, the amount, if any, by which the Purchase Price for such Defective Mortgage Loan (calculated as if it were to be
repurchased, instead of replaced, on the relevant date of substitution), exceeds the initial Stated Principal Balance or the initial
aggregate Stated Principal Balance, as the case may be, of such Replacement Mortgage Loan(s) as of the date of substitution.

 

“Successful
Bidder”: As defined in Section 7.01(c).

 

“Tax
Administrator”: The Certificate Administrator, in its capacity as tax administrator hereunder, or any successor
tax administrator appointed as herein provided.

 

“Tax
Administrator Fee”: At any time when the Certificate Administrator is not also the Tax Administrator, the portion
of the Certificate Administrator Fee payable to the Tax Administrator in an amount agreed to by the Certificate Administrator and
the Tax Administrator.

 

    	-107-

    	 

    

 

“Tax
Matters Person”: With respect to any REMIC Pool, the Person designated as the “tax matters person”
of such REMIC Pool in the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1,
which Person shall, pursuant to Section 10.01(b), be the Holder of Certificates evidencing the largest Percentage Interest
in the Class R Certificates.

 

“Tax
Returns”: The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit Income
(REMIC) Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holder of REMIC Taxable Income
or Net Loss Allocation, or any successor forms, to be filed on behalf of each REMIC Pool due to its classification as a REMIC under
the REMIC Provisions and the federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust
Pool due to its classification as a Grantor Trust, together with any and all other information, reports or returns that may be
required to be furnished to the Certificateholders or filed with the IRS under any applicable provisions of federal tax law or
any other governmental taxing authority under applicable state or local tax laws.

 

“Termination
Price”: As defined in Section 9.01(a).

 

“Third
Party Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase
II environmental report, seismic report or property condition report, if any.

 

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

 

“Transfer
Affidavit and Agreement”: As defined in Section 5.02(d).

 

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

 

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

 

“Trust”:
The trust created hereby.

 

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

 

“Trust
Advisor Annual Report”: As defined in Section 3.28(a)(ii).

 

“Trust
Advisor Consulting Fee”: The fee designated and payable as such and payable to the Trust Advisor pursuant to Section 3.28(l).

 

“Trust
Advisor Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification
amounts or expenses payable to (i) the Trust Advisor pursuant to Section 3.28(k) of this Agreement (other than
any Trust Advisor Consulting Fees and

 

    	-108-

    	 

    

 

the
Trust Advisor Ongoing Fee) and (ii) any Non-Trust Trust Advisor pursuant to Section 3.05(a)(I)(xix) of this Agreement.

 

“Trust
Advisor Ongoing Fee”: With respect to each Serviced Mortgage Loan and any related successor REO Mortgage Loan,
the fee designated and payable as such to the Trust Advisor pursuant to Section 3.28(k).

 

“Trust
Advisor Ongoing Fee Rate”: 0.0027% per annum.

 

“Trust
Fund”: All of the assets of all the REMIC Pools, the Grantor Trust Pool and the Loss of Value Reserve Fund. For
the avoidance of doubt, no Pari Passu Companion Loan is an asset of the Trust Fund.

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as trustee hereunder, or any successor trustee appointed as herein provided.

 

“Trustee
Fee”: An amount payable to the Trustee as a portion of the Certificate Administrator Fee, equal to a fee of $210
per month, pursuant to Section 8.05(a).

 

“UCC”:
The Uniform Commercial Code in effect in the applicable jurisdiction.

 

“UCC
Financing Statement”: A financing statement filed, or to be filed, pursuant to the UCC.

 

“Unadjusted
Distributable Certificate Interest”: As defined in the definition of “Interest Distribution Amount.”

 

“Unadjusted
Principal Distribution Amount”: As defined in the definition of “Principal Distribution Amount.”

 

“Uncertificated
Accrued Interest”: As defined in Section 2.11(g) with respect to any REMIC I Regular Interest for
any Interest Accrual Period and in Section 2.13(g) with respect to any REMIC II Regular Interest for any Interest Accrual
Period.

 

“Uncertificated
Distributable Interest”: As defined in Section 2.11(g) with respect to any REMIC I Regular Interest
for any Distribution Date and in Section 2.13(g) with respect to any REMIC II Regular Interest for any Distribution
Date.

 

“Uncertificated
Principal Balance”: The principal balance outstanding from time to time of any REMIC I Regular Interest (calculated
in accordance with Section 2.11(e) hereof) or any REMIC II Regular Interest (calculated in accordance with Section 2.13(e)
hereof).

 

“Uncovered
Amount”: With respect to any Master Servicer’s Collection Account, any Additional Trust Fund Expense, Nonrecoverable
Advance or other item that would be payable or reimbursable out of general funds (as opposed to a specific source of funds) in
such Collection Account pursuant to any of clauses (ii)–(xxi) of Section 3.05(a)(I), but which cannot
be so paid or reimbursed because such general funds are insufficient to cover such payment or reimbursement; provided that
any such Additional Trust Fund Expense,

 

    	-109-

    	 

    

 

Nonrecoverable
Advance or other item will be an Uncovered Amount only to the extent that such general funds are insufficient to cover the payment
or reimbursement thereof.

 

“Underwriters”:
WFS, DBSI and Morgan Stanley.

 

“United
States Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“United
States Tax Person”: A citizen or resident of the United States, a corporation, partnership or other entity created
or organized in, or under the laws of, the United States, any State thereof or the District of Columbia, an estate whose income
from sources without the United States is includible in gross income for United States federal income tax purposes regardless of
its source or a trust if a court within the United States is able to exercise primary supervision over the administration of the
trust and one or more United States Tax Persons have the authority to control all substantial decisions of the trust, all within
the meaning of Section 7701(a)(30) of the Code (or, to the extent provided in the applicable Treasury Regulations, certain
trusts in existence on August 20, 1996 that have elected to be treated as United States Tax Persons).

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person
that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement
Amount pursuant to Section 3.05(a)(II)(iii) but that has not been recovered from the Borrower or otherwise from collections
on or the proceeds of the Mortgage Loan, Serviced Loan Combination or REO Property in respect of which the Advance was made.

 

“USPAP”:
The Uniform Standards of Professional Appraisal Practices.

 

“Voting
Rights”: The voting rights evidenced by the respective Certificates. At all times during the term of this Agreement:
98.0% of the Voting Rights shall be allocated among all the Holders of the various Classes of Principal Balance Certificates in
proportion to the respective Class Principal Balances of such Classes (solely in connection with a proposed termination and replacement
of the applicable Special Servicer under Section 6.05(b) or Section 6.05(c) or the Trust Advisor under
Section 3.28(m) or Section 3.28(n), as notionally reduced by any Appraisal Reduction Amounts allocable
to the respective Classes of Certificates) and 2.0% to be allocated among the Holders of the Interest Only Certificates on a pro
rata basis based on their respective outstanding Class Notional Amounts at the time of determination). For purposes of this
definition, the Class PEX Components shall be treated as if they were Principal Balance Certificates, and the Class A-S
Certificates and the Class A-S-PEX Component shall be considered as if they together constitute a single “Class”,
the Class B Certificates and the Class B-PEX Component shall be considered as if they together constitute a single “Class”,
the Class C Certificates and the Class C-PEX Component shall be considered as if they together constitute as single “Class,”
and the Holders of the Class PEX Certificates shall have the Voting Rights so allocated to the Class PEX Components and
no other Voting Rights. Voting Rights allocated to a particular Class of Certificateholders shall be allocated among such Certificateholders
in proportion to the respective Percentage Interests evidenced by their

 

    	-110-

    	 

    

 

respective
Certificates. No Voting Rights shall be allocated to the Class R or Class V Certificateholders.

 

“WAC
Rate”: With respect to each Interest Accrual Period, is the rate per annum equal to the weighted average
(solely for reporting purposes, expressed as a percentage and rounded to six decimal places) of the REMIC I Remittance Rates applicable
to the respective REMIC I Regular Interests for such Interest Accrual Period, weighted on the basis of the respective Uncertificated
Principal Balances of such REMIC I Regular Interests outstanding immediately prior to the related Distribution Date.

 

“WFB”:
Wells Fargo Bank, National Association, or its successor-in-interest.

 

“WFS”:
Wells Fargo Securities, LLC, or its successor-in-interest.

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22)
or successor provisions.

 

“WHFIT
Regulations”: Treasury Regulations Section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Within
Grace Period Loan”: With respect to any Monthly Payment or Assumed Monthly Payment due and payable, or deemed
due and payable, in respect of any particular Mortgage Loan, the status attributable to that Mortgage Loan by reason of, if applicable,
the fact that, although such Monthly Payment or Assumed Monthly Payment has not been received, the Due Date, together with any
applicable grace period, for such Monthly Payment or Assumed Monthly Payment has not passed.

 

“Workout-Delayed
Reimbursement Amount”: As defined in Section 3.05(a)(II)(i).

 

“Workout
Fee”: The fee designated as such in, and payable to the applicable Special Servicer in connection with Corrected
Mortgage Loans pursuant to, the second paragraph of Section 3.11(c).

 

“Workout
Fee Projected Amount”: As defined in Section 3.11(c).

 

“Workout
Fee Rate”: With respect to each Corrected Mortgage Loan, 1.00%.

 

“Yield
Maintenance Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable,
as the context requires, by a Borrower in connection with a Principal Prepayment on, or other early collection of principal of,
a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that
reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the
minimum amount that such Yield Maintenance Charge may be.

 

    	-111-

    	 

    

 

Section
1.02          General Interpretive Principles. For purposes of this
Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(i)          the
terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;

 

(ii)         accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP as in effect from time to time;

 

(iii)         references
herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions
without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

 

(iv)         a
reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section
in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(v)          the
words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other
words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(vi)         the
terms “include” and “including” shall mean without limitation by reason of enumeration.

 

Section
1.03          Certain Calculations in Respect of the Mortgage Pool.
(a) All amounts Received by the Trust in respect of any Cross-Collateralized Group, including any payments from Borrowers,
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds (including any such collections on or in respect of
Corrected Mortgage Loans but exclusive, if applicable, in the case of a Serviced Loan Combination, of amounts payable to the
related Serviced Pari Passu Companion Loan Holder pursuant to the related Intercreditor Agreement), together with any other
cash recoveries on and proceeds of any Cross-Collateralized Group shall be applied among the Mortgage Loans constituting such
Cross-Collateralized Group in accordance with the express provisions of the related Mortgage Loan Documents (including any
modifications, waivers or amendments thereto or supplemental agreements entered into in connection with the servicing and
administration of such Mortgage Loan) and, in the absence of such express provisions, in accordance with the Servicing
Standard. All amounts Received by the Trust in respect of or allocable to any particular Mortgage Loan (but excluding any
Non-Trust-Serviced Pooled Mortgage Loan, which shall be allocated in accordance with Section 1.03(c), hereof),
including any payments from Borrowers, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds (including any such
collections on or in respect of Corrected Mortgage Loans but exclusive, if applicable, in the case of any Serviced Loan
Combination, of amounts payable to the related Serviced Pari Passu Companion Loan Holder pursuant to the related
Intercreditor Agreement), together with any other cash recoveries on and proceeds of such Mortgage Loan shall be applied to
amounts due and owing under the related Mortgage Note and Mortgage (including for principal and accrued and unpaid interest)
in accordance with the express provisions of the related Mortgage Loan Documents and, in the

 

    	-112-

    	 

    

 

absence
of such express provisions or if and to the extent that such terms authorize the lender to use its discretion, shall be applied:

 

(i)          first,
as a recovery of any related and unreimbursed Servicing Advances (together with, without duplication, any Unliquidated Advances
in respect of prior Servicing Advances and any prior Servicing Advances theretofore determined to constitute Nonrecoverable Servicing
Advances) and, if applicable, unpaid Liquidation Expenses;

 

(ii)         second,
as a recovery of accrued and unpaid interest (together with, without duplication, any Unliquidated Advances in respect of prior
P&I Advances of such interest and any P&I Advances of interest theretofore determined to constitute Nonrecoverable P&I
Advances) on such Mortgage Loan to, but not including, the end of the mortgage loan interest accrual period ending in the Collection
Period in which the collection occurred, exclusive, however, of any portion of such accrued and unpaid interest that constitutes
Default Interest or, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, that constitutes Post-ARD Additional
Interest; provided that in no event shall any portion of any Liquidation Proceeds be applied under this clause second
to any interest that previously accrued on a Mortgage Loan and constitutes an Appraisal-Reduced Interest Amount;

 

(iii)        third,
as a recovery of principal (together with, without duplication, any Unliquidated Advances in respect of prior P&I Advances
of such principal and any prior P&I Advances of such principal theretofore determined to constitute Nonrecoverable P&I
Advances) of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default
thereunder (or, if a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of principal to the extent
of its entire remaining unpaid principal balance);

 

(iv)         fourth,
as a recovery of any Appraisal-Reduced Interest Amounts that have occurred and are then existing with respect to such Mortgage
Loan;

 

(v)          fifth,
unless a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of amounts to be currently applied to the
payment of, or escrowed for the future payment of, real estate taxes, assessments, insurance premiums, ground rents (if applicable)
and similar items;

 

(vi)        sixth,
unless a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of Reserve Funds to the extent then required
to be held in escrow;

 

(vii)       seventh,
as a recovery of any Default Charges then due and owing under such Mortgage Loan;

 

(viii)      eighth,
as a recovery of any Prepayment Premium or Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)         ninth,
as a recovery of any assumption fees and modification fees then due and owing under such Mortgage Loan;

 

    	-113-

    	 

    

 

(x)          tenth,
as a recovery of any other amounts then due and owing under such Mortgage Loan, other than remaining unpaid principal or, in the
case of an ARD Mortgage Loan after its Anticipated Repayment Date, other than Post-ARD Additional Interest (if both (x) fees
that constitute Additional Master Servicing Compensation or Additional Special Servicing Compensation and (y) Trust Advisor
Consulting Fees are due and owing, first, allocated to fees that constitute Additional Master Servicing Compensation or Additional
Special Servicing Compensation, and then allocated to Trust Advisor Consulting Fees);

 

(xi)         eleventh,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

(xii)        twelfth,
in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, as a recovery of accrued and unpaid Post-ARD Additional
Interest on such ARD Mortgage Loan;

 

provided that, in connection
with any Serviced Mortgage Loan (or Serviced Loan Combination), payments or proceeds received from the related Borrower with respect
to any partial release (including pursuant to a condemnation) of a Mortgaged Property at a time when the loan-to-value ratio of
the related Serviced Mortgage Loan (or Serviced Loan Combination) exceeds 125% (based solely on the value of the real property
and excluding personal property and going concern value, if any, unless otherwise permitted under the applicable REMIC rules as
evidenced by an opinion of counsel provided to the Trustee) must be applied to reduce the principal balance of such Serviced Mortgage
Loan (or Serviced Loan Combination) in the manner permitted by the REMIC Provisions.

 

(b)          Amounts
Received by the Trust with respect to each REO Property (other than, if applicable, any REO Property related to a Non-Trust-Serviced
Pooled Mortgage Loan which shall be allocated in accordance with Section 1.03(c), hereof and other than, if applicable,
in the case of any Serviced Loan Combination, amounts payable to the related Serviced Pari Passu Companion Loan Holder pursuant
to the related Intercreditor Agreement as set forth in Section 1.03(g) hereof), exclusive of amounts to be applied
to the payment of the costs of operating, managing, maintaining and disposing of such REO Property, shall be treated:

 

(i)          first,
as a recovery of any related and unreimbursed Servicing Advances (together with any Unliquidated Advances in respect of prior Servicing
Advances and any prior Servicing Advances theretofore determined to constitute Nonrecoverable Servicing Advances) and, if applicable,
unpaid Liquidation Expenses;

 

(ii)          second,
as a recovery of accrued and unpaid interest (together with any Unliquidated Advances in respect of prior P&I Advances of such
interest and any P&I Advances of interest theretofore determined to constitute Nonrecoverable P&I Advances) on the related
REO Mortgage Loan to, but not including, the end of the mortgage loan interest accrual period ending in the Collection Period of
receipt by or on behalf of the Trust, exclusive, however, of any portion of such accrued and unpaid interest that constitutes Default
Interest or, in the case of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, that
constitutes Post-ARD

 

    	-114-

    	 

    

 

Additional Interest; provided that in no event shall any portion of any Liquidation Proceeds be applied
under this clause second to any interest that previously accrued on a Mortgage Loan and constitutes an Appraisal-Reduced
Interest Amount;

 

(iii)          third,
as a recovery of principal (together with any Unliquidated Advances in respect of prior P&I Advances of such principal and
any P&I Advances of principal theretofore determined to constitute Nonrecoverable P&I Advances) of the related REO Mortgage
Loan to the extent of its entire unpaid principal balance;

 

(iv)          fourth,
as a recovery of any Appraisal-Reduced Interest Amounts that have occurred and are then existing with respect to such Mortgage
Loan;

 

(v)           fifth,
as a recovery of any Default Charges deemed to be due and owing in respect of the related REO Mortgage Loan;

 

(vi)          sixth,
as a recovery of any Prepayment Premium or Yield Maintenance Charge deemed to be due and owing in respect of the related REO Mortgage
Loan;

 

(vii)         seventh,
as a recovery of any other amounts deemed to be due and owing in respect of the related REO Mortgage Loan (other than, in the case
of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, accrued and unpaid Post-ARD
Additional Interest (and if both (x) fees that constitute Additional Master Servicing Compensation or Additional Special Servicing
Compensation and (y) Trust Advisor Consulting Fees are due and owing, first, allocated to fees that constitute Additional
Master Servicing Compensation or Additional Special Servicing Compensation, and then allocated to Trust Advisor Consulting Fees));
and

 

(viii)         eighth,
in the case of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, as a recovery of
accrued and unpaid Post-ARD Additional Interest on such REO Mortgage Loan.

 

(c)          The
parties hereto acknowledge that any payments, collections and recoveries received by the parties to the Non-Trust Pooling and Servicing
Agreement related to a Non-Trust-Serviced Pooled Mortgage Loan are required to be allocated by such parties as interest, principal
or other amounts in accordance with the terms and conditions of the related Intercreditor Agreement and the related Non-Trust-Serviced
Pooled Mortgage Loan.

 

(d)          For
the purposes of this Agreement, Post-ARD Additional Interest on an ARD Mortgage Loan or a successor REO Mortgage Loan with respect
thereto shall be deemed not to constitute principal or any portion thereof and shall not be added to the unpaid principal balance
or Stated Principal Balance of such ARD Mortgage Loan or successor REO Mortgage Loan, notwithstanding that the terms of the related
Mortgage Loan Documents so permit. To the extent any Post-ARD Additional Interest is not paid on a current basis, it shall be deemed
to be deferred interest.

 

(e)          The
foregoing applications of amounts received in respect of any Mortgage Loan or REO Property shall be determined by the applicable
Master Servicer and

 

    	-115-

    	 

    

 

reflected
in the appropriate monthly report from such Master Servicer and in the appropriate monthly Distribution Date Statement as provided
in Section 4.02.

 

(f)          All
net present value calculations and determinations made with respect to a Mortgage Loan (other than a Non-Trust-Serviced Pooled
Mortgage Loan), a Serviced Loan Combination, Mortgaged Property or REO Property (other than any Mortgaged Property or REO Property,
or any interest therein, related to any Non-Trust-Serviced Pooled Mortgage Loan) (including for purposes of the definition of “Servicing
Standard”) shall be made using a discount rate (a) for principal and interest payments on a Mortgage Loan or Serviced Loan
Combination, or the sale of a Mortgage Loan or Serviced Loan Combination, equal to the higher of (x) the rate determined by
the applicable Master Servicer or the applicable Special Servicer, as applicable, that approximates the market rate that would
be obtainable by the Borrower on similar non-defaulted debt of such Borrower as of such date of determination and (y) the
Mortgage Rate on the applicable Mortgage Loan or Serviced Loan Combination based on its outstanding principal balance (or, in connection
with a sale of a Mortgage Loan related to a Serviced Loan Combination, the senior note interest rate), and (b) for all other
cash flows, including property cash flow, identical to the “discount rate” set forth in the most recent Appraisal (or
update of such Appraisal) of the related Mortgaged Property or REO Property.

 

(g)          Amounts
collected on or with respect to any Serviced Loan Combination or any related REO Property shall be applied in accordance with the
allocation and payment provisions of the applicable Intercreditor Agreement. In no event, however, shall there be charged to or
borne by any one or more related Serviced Pari Passu Companion Loan Holder any out-of-pocket expense incurred under this Agreement
that, in the good faith, reasonable judgment of the applicable Master Servicer, the applicable Special Servicer, the Trustee, the
Certificate Administrator or the Tax Administrator, as applicable, (i) relates primarily to the general administration of
the Trust Fund (and is not attributable to any particular mortgage loans), (ii) relates primarily to a REMIC Pool or the general
administration thereof, (iii) relates primarily to any determination respecting the amount, payment or avoidance of any tax
on the Trust Fund under the REMIC Provisions, (iv) relates to any unrelated Mortgage Loan, or (v) consists of the actual
payment of any REMIC tax. Section 1.03 and Section 3.05(a) of this Agreement shall be construed in accordance
with the preceding statement.

 

Section
1.04          Cross-Collateralized Mortgage Loans. Notwithstanding
anything herein to the contrary, it is hereby acknowledged that any groups of Mortgage Loans identified on the Mortgage Loan
Schedule as being cross-collateralized with each other are, in the case of each such particular group of Mortgage Loans, by
their terms, cross-defaulted and cross-collateralized with each other. For purposes of reference only in this Agreement, and
without in any way limiting the servicing rights and powers of the applicable Master Servicer and/or the applicable Special
Servicer, with respect to any Cross-Collateralized Mortgage Loan (or successor REO Mortgage Loan with respect thereto), the
Mortgaged Property (or REO Property) that relates or corresponds thereto shall be the property identified in the Mortgage
Loan Schedule as corresponding thereto. The provisions of this Agreement, including each of the defined terms set forth in Section 1.01,
shall be interpreted in a manner consistent with this Section 1.04; provided that, if there exists with
respect to any Cross-Collateralized Group only one original of any document referred to in the definition of “Mortgage
File” covering all the Mortgage Loans in such Cross-Collateralized Group, then the inclusion of the original of such

 

    	-116-

    	 

    

 

document
in the Mortgage File for any of the Mortgage Loans constituting such Cross-Collateralized Group shall be deemed an inclusion of
such original in the Mortgage File for each such Mortgage Loan.

 

Section
1.05          Incorporation of Preliminary Statement. The parties
hereto acknowledge that the Preliminary Statement at the beginning of this Agreement constitutes a part of this
Agreement.

 

ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND

WARRANTIES; ORIGINAL ISSUANCE OF REMIC I REGULAR INTERESTS,

REMIC II REGULAR INTERESTS, REMIC III COMPONENTS, REMIC I RESIDUAL

INTEREST, REMIC II RESIDUAL INTEREST, REMIC III RESIDUAL INTEREST

AND CERTIFICATES

 

Section 2.01          Conveyance
of Mortgage Loans.

 

(a)          It
is the intention of the parties hereto that a common law trust be established under the laws of the State of New York pursuant
to this Agreement and, further that such trust be designated as “Wells Fargo Commercial Mortgage Trust 2015-C30”. The
fiscal year-end of such trust shall be December 31. Wilmington Trust, National Association is hereby appointed, and does hereby
agree to act, as Trustee hereunder and, in such capacity, to hold the Trust Fund in trust for the exclusive use and benefit of
all present and future Certificateholders. This Agreement is not intended to create a partnership or a joint-stock association
between or among any of the parties hereto.

 

(b)          The
Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee, in trust, without recourse, for the benefit of the Certificateholders (and for the benefit of the other parties to
this Agreement as their respective interests may appear) and the Trustee (as holder of the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest) all the right, title and interest of the Depositor, in, to and under (i) the
Original Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files, (ii) the rights of the
Depositor under Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 (other than Section 5(f), (g), (h)
and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17, 18 and (in the case of the Mortgage
Loan Purchase Agreement between Basis, Basis Investment and the Depositor) 19 of each Mortgage Loan Purchase Agreement and (iii) all
other assets included or to be included in the Trust Fund. Such assignment includes (i) all scheduled payments of principal
and interest under and proceeds of the Original Mortgage Loans received after their respective Cut-off Dates (other than scheduled
payments of interest and principal due and payable on or before their respective Cut-off Dates, which amounts shall belong and
be promptly remitted to the related Mortgage Loan Seller when and if received), together with all documents delivered or caused
to be delivered hereunder with respect to the Original Mortgage Loans by the respective Mortgage Loan Sellers (including all documents
included in the related Mortgage Files and Servicing Files and any related Additional Collateral); (ii) any REO Property acquired
in respect of an Original Mortgage Loan (or, in the case of any REO Property related to a Non-Trust-Serviced Pooled

 

    	-117-

    	 

    

 

Mortgage
Loan, the beneficial interest of the holder of the related Non-Serviced Pari Passu Companion Loan with respect thereto); and (iii) such
funds or assets as from time to time are deposited in the Collection Account (but not in the Serviced Pari Passu Companion Loan
Custodial Account), the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and, if established,
and subject to the rights of any related Serviced Pari Passu Companion Loan Holder(s), the REO Account.

 

The Depositor’s
transfer and conveyance of: (i) any Non-Trust-Serviced Pooled Mortgage Loan is subject to the related Non-Trust Pooling and
Servicing Agreement and the related Intercreditor Agreement and (ii) any Mortgage Loan that is part of a Serviced Loan Combination
is subject to the related Intercreditor Agreement.

 

After the Depositor’s
transfer of the Original Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take
any action inconsistent with the Trust’s ownership of the Mortgage Loans.

 

(c)          The
conveyance of the Original Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by
the parties hereto to constitute an absolute transfer of the Original Mortgage Loans and such other related rights and property
by the Depositor to the Trustee for the benefit of the Certificateholders (and the Trustee as holder of the Class A-S Regular
Interest, Class B Regular Interest and Class C Regular Interest). Furthermore, it is not intended that such conveyance
be a pledge of security for a loan. If such conveyance is determined to be a pledge of security for a loan, however, the Depositor
and the Trustee intend that the rights and obligations of the parties to such loan shall be established pursuant to the terms of
this Agreement. The Depositor and the Trustee also intend and agree that, in such event, (i) this Agreement shall constitute
a security agreement under applicable law, (ii) the Depositor shall be deemed to have granted and hereby grants to the Trustee
(in such capacity) a first priority security interest in all of the Depositor’s right, title and interest in and to the following,
whether now owned or existing or hereafter acquired or arising: (1) the Mortgage Loans, (2) all principal and interest
received on or with respect to such Mortgage Loans after the Cut-off Date (other than scheduled payments of interest and principal
due and payable on such Mortgage Loans on or prior to their respective Cut-off Dates or, in the case of a Replacement Mortgage
Loan, on or prior to the related date of substitution), (3) all amounts held from time to time in the Collection Account,
the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and, if established, the REO Accounts,
and all investment earnings on such amounts, (4) all of the Depositor’s right, title and interest under the Mortgage
Loan Purchase Agreements that are described under clause (ii) of the first sentence of Section 2.01(b),
(5) all other assets included or to be included in the Trust Fund and (6) all income, payments, products and proceeds
of any of the foregoing, together with any additions thereto or substitutions therefor, (iii) the possession by the Custodian
on the Trustee’s behalf of the Mortgage Notes with respect to the Mortgage Loans subject hereto from time to time and such
other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession
by the secured party” or possession by a purchaser or person designated by such secured party for the purpose of perfecting
such security interest under applicable law, and (iv) notifications to, and acknowledgments, receipts or confirmations from,
Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, securities
intermediaries, bailees or agents (as

 

    	-118-

    	 

    

 

applicable)
of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall file or cause to
be filed, as a precautionary filing, a UCC financing statement substantially in the form attached as Exhibit J hereto
in all appropriate locations in the State of Delaware promptly following the initial issuance of the Certificates, and the Certificate
Administrator shall, at the expense of the Depositor (to the extent reasonable), prepare and file continuation statements with
respect thereto, in each case in the six-month period prior to every fifth anniversary of the date of the initial UCC financing
statement. The Depositor shall cooperate in a reasonable manner with the Certificate Administrator in the preparation and filing
of such continuation statements. This Section 2.01(c) shall constitute notice to the Certificate Administrator pursuant
to any requirements of the UCC in effect in each applicable jurisdiction.

 

(d)          In
connection with the Depositor’s assignment pursuant to Section 2.01(b) above, the parties acknowledge that each
Mortgage Loan Seller is obligated, at such Mortgage Loan Seller’s expense, pursuant to the related Mortgage Loan Purchase
Agreement, to deliver to and deposit with, or cause to be delivered to and deposited with, the Custodian, (i) on or before
the Closing Date, the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee as specified in clause (i)
of the definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has been lost, a lost
note affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition of “Mortgage
File”) and (ii) on or before the respective delivery dates therefor set forth in the related Mortgage Loan Purchase
Agreement, the remainder of the Mortgage File and any Additional Collateral (other than Reserve Funds and originals of Letters
of Credit, all of which are to be transferred to the applicable Master Servicer) for each Original Mortgage Loan acquired by the
Depositor from such Mortgage Loan Seller. Notwithstanding the preceding sentence, if the applicable Mortgage Loan Seller cannot
so deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of the documents and/or instruments
referred to in clauses (ii), (iii), (vii) and (ix)(A) of the definition of “Mortgage File”,
with evidence of recording or filing (if applicable, and as the case may be) thereon, solely because of a delay caused by the public
recording or filing office where such document or instrument has been delivered for recordation or filing, as the case may be,
then (subject to the obligation of such Mortgage Loan Seller to nonetheless (1) from time to time make or cause to be made
reasonably diligent efforts to obtain such document or instrument (with such evidence) if it is not returned within a reasonable
period after the date when it was transmitted for recording and (2) deliver such document or instrument to the Custodian (if
such document or instrument is not otherwise returned to the Custodian) promptly upon such Mortgage Loan Seller’s receipt
thereof), so long as a copy of such document or instrument, certified by such Mortgage Loan Seller or title agent as being a copy
of the document deposited for recording or filing and (in the case of such clause (ii)) accompanied by an Officer’s
Certificate of the applicable Mortgage Loan Seller or a statement from the title agent to the effect that such original Mortgage
has been sent to the appropriate public recording official for recordation, has been delivered to the Custodian on or before the
respective delivery dates therefor set forth in the related Mortgage Loan Purchase Agreement, the delivery requirements of the
related Mortgage Loan Purchase Agreement shall be deemed to have been satisfied as to such missing item, and such missing item
shall be deemed to have been included in the related Mortgage File; or if the applicable Mortgage Loan Seller cannot or does not
so deliver, or cause to be delivered, as to any Mortgage Loan (exclusive of a Non-Trust-Serviced Pooled Mortgage Loan), the original
of any of the documents and/or instruments referred to in clauses (iv) and (ix)(B) of the definition of “Mortgage
File”, because such document or instrument has been

 

    	-119-

    	 

    

 

delivered
for recording or filing, as the case may be, then (subject to the obligation of such Mortgage Loan Seller to nonetheless (1) from
time to time make or cause to be made reasonably diligent efforts to obtain such document or instrument (with such evidence) if
it is not returned within a reasonable period after the date when it was transmitted for recording and (2) deliver such document
or instrument to the Custodian (if such document or instrument is not otherwise returned to the Custodian) promptly upon such
Mortgage Loan Seller’s receipt thereof), so long as a copy of such document or instrument, certified by such Mortgage Loan
Seller, a title agent or a recording or filing agent as being a copy of the document deposited for recording or filing and accompanied
by an Officer’s Certificate of such Mortgage Loan Seller or a statement from the title agent that such document or instrument
has been sent to the appropriate public recording official for recordation (except that such copy and certification shall not
be required if the Custodian is responsible for recordation of such document or instrument under this Agreement and such Mortgage
Loan Seller has delivered the original unrecorded document or instrument to the Custodian on or before the date that is forty-five
(45) days following the Closing Date), has been delivered to the Custodian on or before the respective delivery dates therefor
set forth in the related Mortgage Loan Purchase Agreement, the delivery requirements of the related Mortgage Loan Purchase Agreement
shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in
the related Mortgage File. In addition, with respect to each Mortgage Loan (exclusive of a Non-Trust-Serviced Pooled Mortgage
Loan) under which any Additional Collateral is in the form of a Letter of Credit as of the Closing Date, the parties acknowledge
that the related Mortgage Loan Seller is contractually obligated to cause to be prepared, executed and delivered to the issuer
of each such Letter of Credit such notices, assignments and acknowledgments as are required under such Letter of Credit to assign,
without recourse, to the Trustee the related Mortgage Loan Seller’s rights as the beneficiary thereof and drawing party
thereunder. Furthermore, with respect to each Mortgage Loan (exclusive of a Non-Trust-Serviced Pooled Mortgage Loan), if any,
as to which there exists a secured creditor impaired property insurance policy or pollution limited liability environmental impairment
policy covering the related Mortgaged Property, the related Mortgage Loan Seller is contractually obligated to cause such policy,
within a reasonable period following the Closing Date, to inure to the benefit of the Trustee on behalf of the Certificateholders
(if and to the extent that it does not by its terms automatically inure to the holder of such Mortgage Loan). The Depositor shall
deliver to the Trustee and the Custodian on or before the Closing Date a fully executed counterpart of each Mortgage Loan Purchase
Agreement. With respect to a Non-Trust-Serviced Pooled Mortgage Loan, the parties hereto acknowledge the provisions of the related
Mortgage Loan Purchase Agreement in which the related Mortgage Loan Seller agrees that the documents described in clauses (ii),
(iii) and (xi) of the definition of “Mortgage File” and documents comparable to those described in clauses (iv),
(vi) and (ix)(B) of the definition of “Mortgage File” have been delivered to the trustee or custodian under
the related Non-Trust Pooling and Servicing Agreement, except to the extent that the absence of such document does not constitute
a breach pursuant to the terms of the related Non-Trust Pooling and Servicing Agreement. In addition, with respect to a Non-Trust-Serviced
Pooled Mortgage Loan, the parties hereto acknowledge the provisions of the related Mortgage Loan Purchase Agreement in which the
related Mortgage Loan Seller agrees that any “Document Defect” as such term is defined in the applicable Non-Trust
Pooling and Servicing Agreement shall constitute a Document Defect under the related Mortgage Loan Purchase Agreement; provided
that the foregoing shall not apply to any Document Defect related solely to the promissory note for any related Non-Serviced

 

    	-120-

    	 

    

 

Pari
Passu Companion Loan. None of the Depositor, the Trustee, the Certificate Administrator, the Custodian, the Trust Advisor, the
Master Servicers or the Special Servicers shall be liable for any failure by any Mortgage Loan Seller to comply with the document
delivery requirements of the related Mortgage Loan Purchase Agreement.

 

(e)          The
parties hereto acknowledge that, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, each Mortgage Loan Purchase Agreement
requires the related Mortgage Loan Seller, or its designee, to itself submit, or cause to be submitted, (i) each assignment
of Mortgage and assignment of Assignment of Leases in favor of the Trustee referred to in clause (iv) of the definition
of “Mortgage File” and (ii) each assignment of UCC Financing Statement in favor of the Trustee referred to in
clause (ix)(B) of the definition of “Mortgage File”, for recording or filing to the extent that they are
related to Mortgage Loans for which it is the applicable Mortgage Loan Seller. Each such assignment shall reflect that it should
be returned by the public recording office to the applicable Mortgage Loan Seller or its designee, and such Mortgage Loan Seller
has agreed in the related Mortgage Loan Purchase Agreement to deliver or cause the delivery of each such assignment to the Custodian
(with a copy thereof to the applicable Master Servicer)) following recording, and each such assignment of UCC Financing Statement
shall reflect that the file copy thereof or an appropriate receipt therefor, as applicable, should be returned to the applicable
Mortgage Loan Seller or its designee, and such Mortgage Loan Seller has agreed in the related Mortgage Loan Purchase Agreement
to deliver or cause the delivery of each such assignment to the Custodian (with a copy thereof to the applicable Master Servicer)
following filing; provided that in those instances where the public recording office retains the original assignment of
Mortgage or assignment of Assignment of Leases, the applicable Mortgage Loan Seller has agreed to obtain therefrom a copy of the
recorded original and is required to provide a copy of such recorded original to the Custodian (with a copy to the applicable Master
Servicer). The parties hereto further acknowledge that, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, each Mortgage
Loan Purchase Agreement requires the related Mortgage Loan Seller, if any such document or instrument is lost or returned unrecorded
or unfiled, as the case may be, because of a defect therein, to prepare or cause to be prepared promptly a substitute therefor
or cure such defect, as the case may be, and thereafter cause the same to be duly recorded or filed, as appropriate.

 

(f)          In
connection with the Depositor’s assignment pursuant to Section 2.01(b) above, the parties acknowledge that each
Mortgage Loan Seller is contractually obligated, at such Mortgage Loan Seller’s expense, pursuant to the related Mortgage
Loan Purchase Agreement, to deliver to and deposit with, or cause to be delivered to and deposited with, the applicable Master
Servicer, on or before the Closing Date: (i) a copy of the Mortgage File for each Original Mortgage Loan (except that copies
of instruments of assignment shall be forwarded by the Custodian upon request when the originals are returned to the Custodian
in accordance with Section 2.01(e) above); (ii) originals or copies of all financial statements, appraisals, environmental
reports, engineering reports, transaction screens, seismic assessment reports, leases, rent rolls (or, with respect to Co-op Mortgage
Loans, maintenance schedules), Insurance Policies and certificates, major space leases, legal opinions and tenant estoppels and
any other relevant documents relating to the origination and servicing of any Mortgage Loan or Serviced Loan Combination that are
reasonably necessary for the ongoing administration and/or servicing of the applicable Mortgage Loan or Serviced Loan Combination
in the possession or under the control of such Mortgage Loan Seller that relate to the Original Mortgage Loans

 

    	-121-

    	 

    

 

transferred
by it to the Depositor and, to the extent that any original documents or copies, as applicable, of the following documents are
not required to be a part of a Mortgage File for any such Original Mortgage Loan or Serviced Loan Combination, originals or copies
of all documents, certificates and opinions in the possession or under the control of such Mortgage Loan Seller that were delivered
by or on behalf of the related Borrowers in connection with the origination of such Original Mortgage Loans (provided that
such Mortgage Loan Seller shall not be required to deliver any attorney-client privileged communication, draft documents or any
documents or materials prepared by it or its Affiliates for internal uses, including without limitation, credit committee briefs
or memoranda and other internal approval documents); and (iii) all unapplied Reserve Funds and Escrow Payments in the possession
or under the control of such Mortgage Loan Seller that relate to the Original Mortgage Loans transferred by such Mortgage Loan
Seller to the Depositor. The applicable Master Servicer (or a Sub-Servicer on its behalf) shall hold all such documents, records
and funds that it so receives on behalf of the Trust for the benefit of the Certificateholders (and the Trustee as holder of the
Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest) and, insofar as they also relate
to any Serviced Pari Passu Companion Loan, on behalf of and for the benefit of any and all related Serviced Pari Passu Companion
Loan Holder(s).

 

(g)          With
respect to the Mortgage Loans identified as Loan Nos. 4, 7, 16, 17 and 21 on the Mortgage Loan Schedule, which are each subject
to a franchise agreement with a related comfort letter in favor of the respective Mortgage Loan Seller, the related Mortgage Loan
Seller or its agent will be required to, within 60 days of the Closing Date (or any shorter period if required by the applicable
comfort letter), notify the related franchisor that each such Mortgage Loan has been transferred to the Trust and, unless only
notice to the related franchisor is required, request a replacement comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and deliver to the applicable Master Servicer a copy of each such notice
and request and the existing comfort letters, and the applicable Master Servicer shall use reasonable efforts in accordance with
the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter). If the applicable Master Servicer is unable to acquire any such replacement
comfort letter (or new document or acknowledgement, as applicable) within 120 days of the Closing Date, such Master Servicer will
notify the related Mortgage Loan Seller that no such replacement comfort letter has been received.

 

(h)          [Reserved.]

 

Section 2.02          Acceptance
of Mortgage Loans by Trustee. (a) Subject to the other provisions in this Section 2.02, the Trustee, by its
execution and delivery of this Agreement, hereby accepts receipt on behalf of the Trust, through the Custodian on its behalf,
of (i) the Original Mortgage Loans and all documents delivered to the Custodian that constitute portions of the related Mortgage
Files and (ii) all other assets delivered to the Custodian and included in the Trust Fund, in good faith and without notice
of any adverse claim. The Custodian declares that it holds and will hold such documents and any other documents received by it
that constitute portions of the Mortgage Files, and that it holds and will hold the Original Mortgage Loans and such other assets,
together with any other Mortgage Loans and assets subsequently delivered to it that are to be included in the Trust Fund, in trust
for the exclusive use and benefit of all present

 

    	-122-

    	 

    

 

and
future Certificateholders and the Trustee (as holder of the Class A-S Regular Interest, Class B Regular Interest and
Class C Regular Interest). To the extent that the Mortgage File relates to a Mortgage Loan that is part of a Serviced Loan
Combination, the Custodian shall also hold such Mortgage File in trust for the use and benefit of the related Serviced Pari Passu
Companion Loan Holder(s). The applicable Master Servicer acknowledges receipt of all of the original Letters of Credit relating
to the Mortgage Loans or Serviced Loan Combination delivered to it (copies of which are part of the Mortgage File) and agrees
to hold such Letters of Credit in trust for the benefit of the Trustee. In connection with the foregoing, the Custodian hereby
certifies to each of the other parties hereto, each Mortgage Loan Seller and each Underwriter that, as to each Mortgage Loan,
except as specifically identified in the Schedule of Exceptions to Mortgage File Delivery attached hereto as Schedule II,
(i) all documents specified in clause (i) of the definition of “Mortgage File” are in its possession,
and (ii) the original Mortgage Note (or, if accompanied by a lost note affidavit and indemnity, the copy of such Mortgage
Note) received by it with respect to such Mortgage Loan has been reviewed by it and (A) appears regular on its face (handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have
been executed (where appropriate) and (C) purports to relate to such Mortgage Loan. The Custodian may rely on the purported
due execution and genuineness of any such document and on the purported genuineness of any signature thereon.

 

(b)          On
or about the 75th day following the Closing Date, the Custodian shall review the documents delivered to it with respect to each
Original Mortgage Loan, and the Custodian shall, subject to Sections 1.04, 2.02(c) and 2.02(d), certify
in writing (and, if any exceptions are noted or if the recordation/filing contemplated by Section 2.01(e) has not been
completed (based solely on receipt by the Custodian of the particular documents showing evidence of the recordation/filing), the
Custodian shall deliver updates to any exception list attached to such certification in accordance with the penultimate sentence
of this paragraph (which exception list shall also be delivered in Excel-compatible format)) to each of the other parties hereto
(substantially in the form of Exhibit M), the Mortgage Loan Sellers, any Serviced Pari Passu Companion Loan Holders
(in each case, provided that the Custodian has received notice of the identity of and notice address information for such
Serviced Pari Passu Companion Loan Holder), the Majority Subordinate Certificateholder and the Subordinate Class Representative
that, as to each Original Mortgage Loan then subject to this Agreement (except as specifically identified in any exception report
annexed to such certification): (i) the original Mortgage Note specified in clause (i) of the definition of “Mortgage
File” and all allonges thereto, if any (or a copy of such Mortgage Note, together with a lost note affidavit and indemnity)
and, except with respect to a Non-Trust-Serviced Pooled Mortgage Loan, the original or copy of documents specified in clauses (ii),
(iii), (iv), (viii) (without regard to the verification of the effective date with respect to a title policy or the date of
funding with respect to a title commitment), (x) (if the Mortgage Loan Schedule specifies that a material portion of the interest
of the Borrower in the related Mortgaged Property consists of a leasehold interest) and (xx) (if the Mortgage Loan Schedule specifies
that the Mortgaged Property type is a hospitality property) of the definition of “Mortgage File” have been received
by it; (ii) if such report is due more than 180 days after the Closing Date, the recordation/filing contemplated by Section 2.01(e)
has been completed (based solely on receipt by the Custodian of the particular recorded/filed documents or an appropriate receipt
of recording/filing therefor); (iii) all documents received by it with respect to such Mortgage Loan have been reviewed by
it and (A) appear regular on their face

 

    	-123-

    	 

    

 

(handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appear to have been
executed and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a)
above and this Section 2.02(b) and only as to the foregoing documents, the information set forth in the Mortgage
Loan Schedule with respect to the items specified in clause (iv)(A) and clause (vi) of the definition of “Mortgage
Loan Schedule” accurately reflects the information set forth in the related Mortgage File. Every ninety (90) days after
such 75th day following the Closing Date, until the earlier of (i) the date on which such exceptions are eliminated and such
recordation/filing has been completed, and (ii) the date on which all the affected Mortgage Loans are removed from the Trust
Fund, the Custodian shall deliver electronically (including in Excel-compatible format) to each of the other parties hereto, to
the Mortgage Loan Sellers, any Serviced Pari Passu Companion Loan Holders, the Majority Subordinate Certificateholder and the
Subordinate Class Representative an update to the exception report annexed to the certification described above substantially
in the form of Exhibit M, which update shall report any remaining outstanding exceptions with respect to each Original
Mortgage Loan. Such delivery shall be deemed to constitute a certification of the substance of the matters set forth in the form
of such Exhibit M (except as set forth in such exception report). The applicable Master Servicer shall provide the
contact name, mailing address and e-mail address of any Serviced Pari Passu Companion Loan Holder to the applicable Special Servicer,
the Trustee, the Custodian and the Certificate Administrator to the extent not previously provided thereto, provided that
such Master Servicer has such information. The contact name, mailing address and e-mail address of each initial Serviced Pari
Passu Companion Loan Holder is set forth on Schedule IX hereto.

 

(c)          If
a Responsible Repurchase Party substitutes a Replacement Mortgage Loan for any Defective Mortgage Loan as contemplated by Section 2.03,
the Custodian shall review the documents delivered to it with respect to such Replacement Mortgage Loan, and the Custodian shall
deliver a certification comparable to that described in the prior paragraph, in respect of such Replacement Mortgage Loan, on or
about the 30th day following the related date of substitution (and, if any exceptions are noted, every ninety (90) days thereafter
until the earlier of (i) the date on which such exceptions are eliminated and all related recording/filing has been completed,
and (ii) the date on which such Replacement Mortgage Loan is removed from the Trust Fund).

 

With respect to the documents
described in clause (iii) of the definition of “Mortgage File”, absent actual knowledge to the contrary, the Custodian
may assume, for purposes of the certification(s) delivered in this Section 2.02(c) or to be delivered pursuant to Section 2.02(b),
that the Mortgage File for each Mortgage Loan includes a separate Assignment of Leases.

 

With respect to the documents
described in clause (ix) of the definition of “Mortgage File”, absent actual knowledge to the contrary
or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage File indicating otherwise, the Custodian
may assume, for purposes of the certification(s) to be delivered pursuant to this Section 2.02(c), that the Mortgage
File for each Mortgage Loan should include a copy of one state-level UCC Financing Statement filed in the state of incorporation
or organization of the related Borrower for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more
Borrowers, for each related Borrower). To the extent appropriate under applicable

 

    	-124-

    	 

    

 

law,
the UCC Financing Statements to be assigned to the Trustee will be delivered on the new national forms and in recordable form
and will be filed in the state of incorporation or organization as so indicated on the documents provided.

 

(d)          None
of the Depositor, the Certificate Administrator, the Trustee, any Master Servicer, any Sub-Servicer, any Special Servicer, the
Custodian or the Trust Advisor is under any duty or obligation to (i) determine whether any of the documents specified in
clauses (iii), (iv)(B), (v), (vi), (vii), (ix) and (xi) through (xviii) of the definition of “Mortgage
File” exist or are required to be delivered by the Mortgage Loan Sellers in respect of any Mortgage Loan unless such item(s)
are specified on the related Mortgage File Checklist, or (ii) inspect, review or examine any of the documents, instruments,
certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are valid, legal, effective,
genuine, binding, enforceable, sufficient or appropriate for the represented purpose or that they are other than what they purport
to be on their face. Furthermore, except as expressly provided in Section 2.01(e), none of the Depositor, the Trustee,
the Certificate Administrator, the Master Servicers, any Sub-Servicer, the Special Servicers, the Custodian or the Trust Advisor
shall have any responsibility for determining whether the text of any assignment or endorsement is in proper or recordable form,
whether the requisite recording of any document is in accordance with the requirements of any applicable jurisdiction, or whether
a blanket assignment is permitted in any applicable jurisdiction.

 

(e)          In
performing the reviews contemplated by subsections (a) and (b) above, the Custodian may conclusively rely on the
related Mortgage Loan Seller as to the purported genuineness of any such document and any signature thereon. It is understood that
the scope of the Custodian’s review of the Mortgage Files is limited solely to confirming that the documents specified in
clauses (i), (ii), (iii), (iv) (except with respect to a Non-Trust-Serviced Pooled Mortgage Loan), (viii) (without
regard to the verification of the effective date with respect to a title policy or the date of funding with respect to a title
commitment), (x) (if the Mortgage Loan Schedule specifies that a material portion of the interest of the Borrower in the related
Mortgaged Property consists of a leasehold interest) and (xx) (if the Mortgage Loan Schedule specifies that the Mortgaged
Property type is a hospitality property) of the definition of “Mortgage File” have been received by it and such additional
information as will be necessary for delivering the certifications required by subsections (a) and (b) above.

 

Section 2.03          Certain
Repurchases and Substitutions of Mortgage Loans by the Responsible Repurchase Parties.

 

(a)          If,
in the process of reviewing the documents delivered or caused to be delivered by the Mortgage Loan Sellers as contemplated by Section 2.01(d),
the Custodian discovers that any document required to have been delivered as contemplated by Section 2.01(d) has not
been so delivered, or discovers that any of the documents that were delivered has not been properly executed, contains information
that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or is
defective on its face (each, including, without limitation, that a document is missing, a “Document
Defect”), or if, at any other time, the Custodian or any other party hereto discovers (without implying that any
such party has a duty to make or attempt to make such discovery) a Document Defect in respect of any Mortgage Loan, the party discovering
such Document Defect shall promptly so notify

 

    	-125-

    	 

    

 

each
of the other parties hereto. If any party hereto discovers (without implying that any such party has a duty to make or attempt
to make such discovery) or receives notice of a breach of any representation or warranty relating to any Mortgage Loan set forth
in or made pursuant to Section 4(b) or 4(g) of any Mortgage Loan Purchase Agreement (a “Breach”),
such party shall promptly so notify each of the other parties hereto. Upon the Trustee’s discovery or receipt of notice
that a Document Defect or Breach exists with respect to any Mortgage Loan, the Trustee shall notify the Subordinate Class Representative,
the Majority Subordinate Certificateholder, the Depositor, the Certificate Administrator, the Custodian, the applicable Master
Servicer, the applicable Special Servicer, the related Responsible Repurchase Party and the Rating Agencies.

 

(b)          Promptly
upon its actual knowledge of any Material Document Defect or Material Breach with respect to any Mortgage Loan or its receipt of
notice from the Trustee or any other party to this Agreement of a Material Document Defect or Material Breach the applicable Master
Servicer, if relating to a Performing Serviced Mortgage Loan, or the applicable Special Servicer, if relating to a Specially Serviced
Mortgage Loan, shall notify the related Responsible Repurchase Party in writing (in each case, with a copy to the Depositor) of
such Material Document Defect or Material Breach, as the case may be, and direct such Responsible Repurchase Party that it must,
not later than (1) ninety (90) days from discovery of the subject Material Document Defect or Material Breach by the Responsible
Repurchase Party, or (2) ninety (90) days from the receipt by such Responsible Repurchase Party of such notice (or, if (x) such
Material Breach or Material Document Defect, as the case may be, relates to whether such Mortgage Loan is or, as of the Closing
Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution), was a Qualified Mortgage, and (y) such
Responsible Repurchase Party discovered or received prompt written notice of the relation specified in clause (x), then (z) within
ninety (90) days after any earlier discovery by the Responsible Repurchase Party or any party to this Agreement of such Material
Breach or Material Document Defect, as the case may be) (such 90-day period, in any case, the “Initial
Resolution Period”), correct or cure such Material Document Defect or Material Breach, as the case may be, in
all material respects, or repurchase the affected Mortgage Loan (as, if and to the extent required by the related Mortgage Loan
Purchase Agreement), at the applicable Purchase Price; provided that if such Responsible Repurchase Party certifies to the
Trustee in writing (i) that such Material Document Defect or Material Breach, as the case may be, does not relate to whether
the affected Mortgage Loan is or, as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date
of substitution), was a Qualified Mortgage, (ii) that such Material Document Defect or Material Breach, as the case may be,
is capable of being cured but not within the applicable Initial Resolution Period, (iii) that such Responsible Repurchase
Party has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach, as the case
may be, during the applicable Initial Resolution Period, (iv) in the case of a Material Document Defect, that (x) the
related Mortgage Loan is not, at the end of the Initial Resolution Period, then a Specially Serviced Mortgage Loan and a Servicing
Transfer Event has not occurred as a result of a monetary default or as described in clause (e), (f) or (g)
of the definition of “Specially Serviced Mortgage Loan” in this Agreement
and (y) the Material Document Defect was not identified in a certification delivered to the Mortgage Loan Seller by the Custodian
pursuant to Section 2.02 not less than ninety (90) days prior to the delivery of the notice of such Material Document
Defect, and (v) that such Responsible Repurchase Party anticipates that such Material Document Defect or Material Breach,
as the case may be, will be cured within an additional 90-day period (such additional 90-day period, the “Resolution

 

    	-126-

    	 

    

 

Extension
Period”) (a copy of which certification shall be delivered by the Trustee to the Depositor, the applicable Master
Servicer, the applicable Special Servicer, the Subordinate Class Representative, the Majority Subordinate Certificateholder and
the Rating Agencies), then such Responsible Repurchase Party shall have an additional period equal to the Resolution Extension
Period to complete such correction or cure (or, upon failure to complete such correction or cure, for the applicable Responsible
Repurchase Party to repurchase the affected Mortgage Loan); and provided, further, however, that, in lieu
of repurchasing the affected Mortgage Loan as contemplated above (but, in any event, no later than such repurchase would have
to have been completed), the applicable Responsible Repurchase Party shall be permitted, during the three-month period commencing
on the Startup Day for the REMIC Pool that holds the affected Mortgage Loan (or during the two-year period commencing on such
Startup Day if the affected Mortgage Loan is a “defective obligation” within the meaning of Section 860G(a)(4)(B)(ii)
of the Code and Treasury Regulations Section 1.860G-2(f)), to replace the affected Mortgage Loan with one or more Qualifying
Substitute Mortgage Loans and to pay a cash amount equal to the applicable Substitution Shortfall Amount, subject to any other
applicable terms and conditions of the related Mortgage Loan Purchase Agreement and this Agreement. The parties hereto agree that
delivery by the Custodian of a certification or schedule of exceptions to a Mortgage Loan Seller or Responsible Repurchase Party
shall not in and of itself constitute delivery of notice of any Material Document Defect or knowledge of such Mortgage Loan Seller
or Responsible Repurchase Party of any Material Document Defect. If any Mortgage Loan is to be repurchased or replaced as contemplated
by this Section 2.03, the applicable Master Servicer shall designate the Collection Account as the account to which
funds in the amount of the applicable Purchase Price or Substitution Shortfall Amount (as the case may be) are to be wired, and
the applicable Master Servicer shall promptly notify the Trustee and the Certificate Administrator when such deposit is made.
Any such repurchase or replacement of a Mortgage Loan shall be on a whole loan, servicing released basis. Notwithstanding this
Section 2.03(b), the absence from the Mortgage File, (i) on the Closing Date of the Mortgage Note (or a lost
note affidavit and indemnity with a copy of the Mortgage Note) and (ii) by the first anniversary of the Closing Date, of
originals or copies of any other Specially Designated Mortgage Loan Document (without the presence of any factor that reasonably
mitigates such absence, nonconformity or irregularity) shall (if the absence results from the related Mortgage Loan Seller’s
failure to deliver such Specially Designated Mortgage Loan Document in accordance with the terms of the related Mortgage Loan
Purchase Agreement) be conclusively presumed to be a Material Document Defect and shall obligate the party discovering such absence
to give the Trustee prompt notice, whereupon the Trustee shall notify the applicable Responsible Repurchase Party (with a copy
to the Depositor) to cure such Material Document Defect, or, failing that, repurchase or replace the related Mortgage Loan or
REO Mortgage Loan, all in accordance with the procedures set forth, and to the extent permitted, herein and in the related Mortgage
Loan Purchase Agreement. Notwithstanding this Section 2.03(b), in the event of any Breach described in the second
paragraph of Section 5(d) of any Mortgage Loan Purchase Agreement, the remedy described in such second paragraph of such
Section 5(d) shall constitute the sole remedy available to the Trustee and any other affected Person with respect to such
Breach. For the avoidance of doubt, none of the Trustee, the Certificate Administrator or the Custodian shall have any obligation
to review or approve any condition or requirement contemplated hereunder in connection with any repurchase, removal, addition,
or substitution.

 

    	-127-

    	 

    

 

The remedies provided
for in this Section 2.03(b) with respect to any Material Document Defect or Material Breach with respect to any Mortgage
Loan shall apply to the related REO Property.

 

If (x) a Defective
Mortgage Loan is to be repurchased or replaced as described above, (y) such Defective Mortgage Loan is part of a Cross-Collateralized
Group and (z) the applicable Document Defect or Breach does not constitute a Material Document Defect or Material Breach,
as the case may be, as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group (the “Other
Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or Breach (as the case
may be) shall be deemed to constitute a Material Document Defect or Material Breach (as the case may be) as to each such Other
Crossed Loan for purposes of the above provisions, and the related Responsible Repurchase Party shall be obligated to repurchase
or replace each such Other Crossed Loan in accordance with the provisions above unless, in the case of such Breach or Document
Defect:

 

(A)          the
related Responsible Repurchase Party (at its expense) delivers or causes to be delivered to the Trustee, the applicable Master
Servicer and the applicable Special Servicer an Opinion of Counsel to the effect that such Responsible Repurchase Party’s
repurchase of only those Mortgage Loans as to which a Material Document Defect or Material Breach has actually occurred without
regard to the provisions of this paragraph (the “Affected Loan(s)”)
and the operation of the remaining provisions of this Section 2.03(b) will not result in an Adverse REMIC Event or
any Adverse Grantor Trust Event hereunder; and

 

(B)          each
of the following conditions would be satisfied if the related Responsible Repurchase Party were to repurchase or replace only the
Affected Loans and not the Other Crossed Loans:

 

(I)          the
debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters immediately
preceding the repurchase or replacement is not less than the least of (A) 0.10x below the debt service coverage ratio for
the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A-1 to the Prospectus Supplement,
(B) the debt service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding
calendar quarters preceding the repurchase or replacement and (C) 1.25x;

 

(II)          the
loan-to-value ratio for the Other Crossed Loans is not greater than the greatest of (A) the loan-to-value ratio, expressed
as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s))
set forth in Annex A-1 to the Prospectus Supplement plus 10%, (B) the loan-to-value ratio, expressed as
a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at
the time of repurchase or replacement and (C) 75%; and

 

    	-128-

    	 

    

 

(III)         the
exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group shall not impair the
ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group.

 

The determination of the applicable Master
Servicer or the applicable Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall
be conclusive and binding in the absence of manifest error. The applicable Master Servicer or the applicable Special Servicer,
as applicable, will be entitled to cause to be delivered, or direct the related Responsible Repurchase Party to cause to be delivered,
to the applicable Master Servicer or the applicable Special Servicer, as applicable, an Appraisal of any or all of the related
Mortgaged Properties for purposes of determining whether the condition set forth in clause (II) above has been satisfied,
in each case at the expense of the related Responsible Repurchase Party if the scope and cost of the Appraisal is approved by the
related Responsible Repurchase Party and the Subordinate Class Representative (other than with respect to any Excluded Loan) (such
approval not to be unreasonably withheld in each case).

 

With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the preceding paragraph
are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Responsible Repurchase Party
and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Mortgage Loan Purchase Agreement)
to forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies
against the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral
securing the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability
of the other such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other
Crossed Loans, as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such
remedies unless and until the Mortgage Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a
manner that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment as a result of the
exercise of remedies. Any reserve or other cash collateral or Letters of Credit securing any of the Mortgage Loans that form a
Cross-Collateralized Group shall be allocated between such Mortgage Loans in accordance with the Mortgage Loan Documents, or otherwise
on a pro rata basis based upon their outstanding Stated Principal Balances. All other terms of the Mortgage Loans shall
remain in full force and effect, without any modification thereof. The provisions of this paragraph shall be binding on all future
holders of each Mortgage Loan that forms part of a Cross-Collateralized Group.

 

To the extent necessary
and appropriate, the Trustee shall execute (or, subject to Section 3.01(b) and Section 3.10, provide the
applicable Master Servicer or the applicable Special Servicer, as applicable, with a limited power of attorney that enables the
applicable Master Servicer or the applicable Special Servicer, as applicable, to execute) the modification of the Mortgage Loan
Documents that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment of the ability
of the Responsible Repurchase Party or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing
the Mortgage Loan(s) held by such party resulting from the exercise of remedies by the other such

 

    	-129-

    	 

    

 

party;
provided that the Trustee shall not be responsible or liable for any negligence with respect to, or any willful misuse
of, any such power of attorney by the applicable Master Servicer or the applicable Special Servicer, as applicable. The applicable
Master Servicer shall advance all costs and expenses incurred by the Trustee and the applicable Master Servicer with respect to
any Cross-Collateralized Group pursuant to this paragraph, and such advances and interest thereon shall (i) constitute and
be reimbursable as Servicing Advances and (ii) be included in the calculation of Purchase Price for the Mortgage Loan(s)
to be repurchased or replaced. Neither the applicable Master Servicer nor the applicable Special Servicer, as applicable, shall
be liable to any Certificateholder or any other party hereto if a modification of the Mortgage Loan Documents described above
cannot be effected for any reason beyond the control of such Master Servicer or such Special Servicer, respectively.

 

The reasonable “out-of-pocket”
costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Trustee and/or the Custodian
pursuant to this Section 2.03(b), including reasonable attorney fees and expenses, shall constitute Servicing Advances
to the extent not collected from the related Responsible Repurchase Party.

 

(c)          Whenever
one or more Replacement Mortgage Loans are substituted for a Defective Mortgage Loan by a Mortgage Loan Seller as contemplated
by this Section 2.03, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall direct
the party effecting the substitution to deliver to the Custodian the related Mortgage File and a certification to the effect that
such Replacement Mortgage Loan satisfies or such Replacement Mortgage Loans satisfy, as the case may be, all of the requirements
of the definition of “Qualifying Substitute Mortgage Loan”. No mortgage loan may be substituted for a Defective Mortgage
Loan as contemplated by this Section 2.03 if the Mortgage Loan to be replaced was itself a Replacement Mortgage Loan,
in which case, absent a cure of the relevant Material Breach or Material Document Defect, the affected Mortgage Loan will be required
to be repurchased as contemplated hereby. Monthly Payments due with respect to each Replacement Mortgage Loan (if any) after the
related date of substitution, and Monthly Payments due with respect to each corresponding Deleted Mortgage Loan (if any) after
its respective Cut-off Date and on or prior to the related date of substitution, shall be part of the Trust Fund. Monthly Payments
due with respect to each Replacement Mortgage Loan (if any) on or prior to the related date of substitution, and Monthly Payments
due with respect to each corresponding Deleted Mortgage Loan (if any) after the related date of substitution, shall not be part
of the Trust Fund and are to be remitted by the applicable Master Servicer to the party effecting the related substitution promptly
following receipt.

 

If any Mortgage Loan
is to be repurchased or replaced by a Responsible Repurchase Party as contemplated by this Section 2.03, the applicable
Master Servicer or the applicable Special Servicer, as applicable, shall direct such party to amend the Mortgage Loan Schedule
to reflect the removal of any Deleted Mortgage Loan and, if applicable, the substitution of the related Replacement Mortgage Loan(s);
and, upon its receipt of such amended Mortgage Loan Schedule, the applicable Master Servicer or the applicable Special Servicer,
as applicable, shall deliver or cause the delivery of such amended Mortgage Loan Schedule to the other parties hereto. Upon any
substitution of one or more Replacement Mortgage Loans for a Deleted Mortgage Loan, such Replacement Mortgage Loan(s) shall become
part of the Trust Fund and be subject to the terms of this Agreement in all respects.

 

    	-130-

    	 

    

 

The reasonable “out-of-pocket”
costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Trustee and/or the Custodian
pursuant to this Section 2.03(c), including reasonable attorney fees and expenses, shall constitute Servicing Advances to
the extent not collected from the related Responsible Repurchase Party.

 

(d)        Upon
receipt of an Officer’s Certificate from the applicable Master Servicer to the effect that the full amount of the Purchase
Price or Substitution Shortfall Amount (as the case may be) for any Mortgage Loan repurchased or replaced by the related Responsible
Repurchase Party as contemplated by this Section 2.03 has been deposited in the Collection Account, and further, if applicable,
upon receipt of the Mortgage File for each Replacement Mortgage Loan (if any) to be substituted for a Deleted Mortgage Loan, together
with any certifications and/or opinions required pursuant to Section 2.03(b) to be delivered by the applicable Responsible
Repurchase Party, the Trustee and the Custodian shall each (i) release the Mortgage File and any Additional Collateral held by
it or on its behalf for the Deleted Mortgage Loan to the related Responsible Repurchase Party or its designee and (ii) execute
and deliver such instruments of release, transfer and/or assignment, in each case without recourse, as shall be provided to it
and are reasonably necessary to vest in the applicable Responsible Repurchase Party or its designee the ownership of the Deleted
Mortgage Loan, and the applicable Master Servicer or the applicable Special Servicer, as applicable, shall notify the Depositor
and the affected Borrowers of the transfers of the Deleted Mortgage Loan(s) and any Replacement Mortgage Loan(s). In connection
with any such repurchase or substitution by the related Responsible Repurchase Party, each of the applicable Master Servicer and
the applicable Special Servicer shall deliver to the applicable Responsible Repurchase Party or its designee any portion of the
related Servicing File, together with any Escrow Payments, Reserve Funds and Additional Collateral, held by or on behalf of the
applicable Master Servicer or the applicable Special Servicer, as the case may be, with respect to the Deleted Mortgage Loan, in
each case at the expense of such Responsible Repurchase Party. The reasonable “out-of-pocket” costs and expenses, including
reasonable attorneys’ fees and expenses, incurred by the applicable Master Servicer, the applicable Special Servicer, the
Trustee and/or the Custodian pursuant to this Section 2.03(d), to the extent not collected from the related Responsible
Repurchase Party, shall be reimbursable to each of them as Servicing Advances in respect of the affected Mortgage Loan.

 

(e)        The
related Mortgage Loan Purchase Agreement provides the sole remedies available to the Certificateholders, or the Trustee on their
behalf, respecting any Document Defect or Breach with respect to any Mortgage Loan. If, in connection with any Material Document
Defect or Material Breach, the related Responsible Repurchase Party defaults on its obligations to cure such Material Document
Defect or Material Breach and fails to deliver a Loss of Value Payment as provided in Section 2.03(h), as the case may be,
in all material respects or to repurchase or replace the affected Mortgage Loan as contemplated by this Section 2.03, then
the applicable Master Servicer, if relating to a Performing Serviced Mortgage Loan, or the applicable Special Servicer, if relating
to a Specially Serviced Mortgage Loan, shall promptly notify the Trustee, the Depositor, the Certificate Administrator, the Subordinate
Class Representative and the Majority Subordinate Certificateholder, and the Certificate Administrator shall notify the Certificateholders.
Thereafter, the Trustee shall (and the applicable Special Servicer may in its own name, or, as provided in Section 3.01(b)
below, in the name of the Trustee) take such actions on behalf of the Trust with respect to the enforcement of such

 

    	-131-

    	 

    

 

repurchase/substitution
obligations, including the institution and prosecution of appropriate legal proceedings, as the Trustee (or, if applicable, the
applicable Special Servicer) shall determine are in the best interests of the Certificateholders (taken as a collective whole).
Any and all reasonable “out-of-pocket” costs and expenses incurred by the applicable Master Servicer, the Trustee
and/or the applicable Special Servicer pursuant to this Section 2.03(e), including, reasonable attorney’s fees and
expenses, to the extent not collected from the related Responsible Repurchase Party, shall constitute Servicing Advances in respect
of the affected Mortgage Loan.

 

(f)         The
Trustee shall not consent to the assignment by a Mortgage Loan Seller or Responsible Repurchase Party of their respective obligations
under any Mortgage Loan Purchase Agreement unless such assignment is the subject of a Rating Agency Confirmation and, during any
Subordinate Control Period, with the consent of the Subordinate Class Representative (other than with respect to any Excluded Loan),
which consent shall be deemed given if the Subordinate Class Representative does not respond within five (5) Business Days of receipt
of the Trustee’s request.

 

(g)        If
the Depositor, the applicable Master Servicer or the applicable Special Servicer (each a “Repurchase
Request Recipient”): (1) receives a Repurchase Communication of a request or demand for repurchase or replacement
of any Mortgage Loan alleging a Document Defect or a Breach (a “Repurchase Request”);
(2) receives a Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a
“Repurchase Request Withdrawal”); or (3) receives a Repurchase Communication
that any Mortgage Loan that was subject of a Repurchase Request has been repurchased or replaced (a “Repurchase”)
or that such Repurchase Request has been rejected (a “Repurchase Request Rejection”),
then such party shall give written notice thereof to the applicable Mortgage Loan Seller and the other parties hereto and the Other
Depositor (if applicable) promptly but in any case within ten (10) Business Days from the date of receipt thereof. Each notice
required by this Section 2.03(g) (a “Rule 15Ga-1 Notice”) shall
include: (i) the date that the Repurchase Communication relating to the Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection, as applicable, was received by the Repurchase Request Recipient; (ii) the identity of the Person
making or withdrawing any such Repurchase Communication and the related Mortgage Loan; (iii) in the case of a Repurchase Communication
of a Repurchase Request, the basis for the Repurchase Request asserted by the Person making the Repurchase Request, to the extent
known to the Repurchase Request Recipient; and (iv) in the case of a Repurchase Communication of a Repurchase Request, a statement
from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request pursuant to Section
2.03(b). Each Rule 15Ga-1 Notice may be delivered by electronic mail in accordance with Section 12.06. A Repurchase
Request Recipient shall not be required to provide any information under this Section 2.03(g) if and to the extent that
such information is protected by either the attorney-client privilege or the attorney work product doctrines. Each Mortgage Loan
Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice is provided only to assist the Depositor, the related Mortgage
Loan Seller, the Other Depositor (if applicable) and their respective Affiliates in complying with Rule 15Ga-1, Items 1104 and
1121 of Regulation AB and/or any other law or regulation, and (ii) (A) no action taken by, or inaction of, a Repurchase Request
Recipient, and (B) no information provided pursuant to this Section 2.03(g) by a Repurchase Request Recipient, shall be
deemed to constitute a waiver or

 

    	-132-

    	 

    

 

defense
to the exercise of any legal right the Repurchase Request Recipient may have with respect to the related Mortgage Loan Purchase
Agreement.

 

If the Trustee, the Certificate
Administrator or the Custodian receives a Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection, such party shall forward such Repurchase Communication as soon as possible and in any event, no
later than three (3) Business Days following receipt of such Repurchase Communication to the applicable Master Servicer, if relating
to a Performing Serviced Mortgage Loan, or to the applicable Special Servicer, if relating to a Specially Serviced Mortgage Loan
or REO Property and shall include the following statement in the related correspondence: “This is a Repurchase Communication
of a [“Repurchase Request”] [“Repurchase Request Withdrawal”] [“Repurchase”] [“Repurchase
Request Rejection”] under Section 2.03 of the Pooling and Servicing Agreement relating to the WFCM 2015-C30 Commercial
Mortgage Pass-Through Certificates requiring action by you as the “Repurchase Request Recipient” of such Repurchase
Communication thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection by the applicable Master Servicer or the applicable Special Servicer, as applicable,
pursuant to the prior sentence, such party shall be deemed a Repurchase Request Recipient in respect of such Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, and such party shall comply with the
procedures set forth in the prior paragraph of this Section 2.03(g) with respect to such Repurchase Communication of such
Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection. In no event shall this provision
require the Custodian (in its capacity as Custodian) in connection with its review of a Mortgage File to provide any notice other
than as set forth in Section 2.02 of this Agreement. None of the Trustee, the Certificate Administrator or the Custodian
shall accept any oral Repurchase Communication of a Repurchase Request, and each of the Trustee, the Certificate Administrator
and the Custodian shall direct any Person making an oral Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection to submit it in writing (or by means of electronic mail in accordance with Section
12.06) to the Certificate Administrator (who will act in accordance with the first sentence of this paragraph). Repurchase
Communications of Repurchase Requests made to the Certificate Administrator must be submitted in writing or may be transmitted
by electronic mail in accordance with Section 12.06 with a subject line of “Repurchase Request – WFCM 2015-C30”.

 

The parties hereto agree
that delivery of a Rule 15Ga-1 Notice shall not in and of itself constitute delivery of notice of any Material Document Defect
or Material Breach or knowledge on the part of the Responsible Repurchase Party of any Material Document Defect or Material Breach.

 

(h)        If
a Mortgage Loan Seller (or, if applicable, a related Responsible Repurchase Party), in connection with a Material Document Defect
or a Material Breach (or an allegation of a Material Document Defect or a Material Breach) pertaining to a Mortgage Loan, makes
a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller (or, if applicable, a related
Responsible Repurchase Party) and the applicable Special Servicer on behalf of the Trust (with the consent of the Majority Subordinate
Certificateholder

 

    	-133-

    	 

    

 

(other
than with respect to any Excluded Loan) to the extent a Subordinate Control Period or Collective Consultation Period is then in
effect) (each such payment, a “Loss of Value Payment”) with respect
to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied
in accordance with Section 3.05(h)(iii) of this Agreement. If such Loss of Value Payment is made, the Loss of Value Payment
shall serve as the sole remedy available to the Certificateholders and the Trustee on their behalf regarding any such Material
Breach or Material Document Defect in lieu of any obligation of the Mortgage Loan Seller (or, if applicable, a related Responsible
Repurchase Party) to otherwise cure such Material Breach or Material Document Defect or repurchase or substitute for the affected
Mortgage Loan based on such Material Breach or Material Document Defect under any circumstances. This paragraph is intended to
apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller (or, if applicable, a related Responsible
Repurchase Party) and the Trust, provided that prior to any such agreement or settlement nothing in this paragraph shall
preclude the Mortgage Loan Seller (or, if applicable, a related Responsible Repurchase Party) or the Trustee from exercising any
of its rights related to a Material Document Defect or a Material Breach in the manner and timing set forth in the related Mortgage
Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute
for such Mortgage Loan), and provided, further, that such Loss of Value Payment shall not be greater than the repurchase
price of the affected Mortgage Loan; and provided, further, that a Material Document Defect or a Material Breach
as a result of a Mortgage Loan not constituting a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code may not be cured by a Loss of Value Payment.

 

Section 2.04    Representations and Warranties of the Depositor.

 

(a)        The
Depositor hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders, as
of the Closing Date, that solely as to itself:

 

(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North Carolina.

 

(ii)        The
Depositor’s execution and delivery of, performance under, and compliance with this Agreement, will not violate the Depositor’s
organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or by which
it is bound, which default or breach, in the good faith and reasonable judgment of the Depositor, is likely to affect materially
and adversely the ability of the Depositor to perform its obligations under this Agreement.

 

(iii)       The
Depositor has the full corporate power and authority to consummate all transactions contemplated by this Agreement, has duly authorized
the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement. This Agreement, assuming
due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation
of the Depositor, enforceable against the Depositor in accordance with the terms hereof, subject to (A) applicable bankruptcy,
insolvency, reorganization, receivership, conservatorship,

 

    	-134-

    	 

    

 

moratorium
and other laws affecting the enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors
of national banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates,
(B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and
(C) public policy considerations regarding the enforceability of provisions providing or purporting to provide indemnification
or contribution with respect to violations of securities laws.

 

(iv)       No
litigation is pending or, to the best of the Depositor’s knowledge, threatened against the Depositor that, if determined
adversely to the Depositor, would prohibit the Depositor from entering into this Agreement or that, in the Depositor’s good
faith and reasonable judgment, is likely to materially and adversely affect the ability of the Depositor to perform its obligations
under this Agreement.

 

(v)        Immediately
prior to the transfer of the Original Mortgage Loans to the Trustee for the benefit of the Certificateholders pursuant to this
Agreement, the Depositor had such right, title and interest in and to each Original Mortgage Loan as was transferred to it by the
related Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement. The Depositor has not transferred any of
its right, title and interest in and to the Original Mortgage Loans to any Person other than the Trustee.

 

(vi)       The
Depositor is transferring all of its right, title and interest in and to the Original Mortgage Loans to the Trustee for the benefit
of the Certificateholders free and clear of any and all liens, pledges, charges, security interests and other encumbrances created
by or through the Depositor.

 

(vii)      Except
for any actions that are the express responsibility of another party hereunder or under any Mortgage Loan Purchase Agreement, and
further except for actions that the Depositor is expressly permitted to complete subsequent to the Closing Date, the Depositor
has taken all actions required under applicable law to effectuate the transfer of all of its right, title and interest in and to
the Original Mortgage Loans by the Depositor to the Trustee.

 

(viii)     No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Depositor of the transactions contemplated herein, except for (A) those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Depositor to perform its obligations under this Agreement
and (B) those filings and recordings of the Depositor and assignments thereof that are contemplated by this Agreement to be completed
after the Closing Date.

 

(b)        The
representations and warranties of the Depositor set forth in Section 2.04(a) shall survive the execution and delivery of
this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of any breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any

 

    	-135-

    	 

    

 

party
hereto, the party discovering such breach shall give prompt written notice thereof to the other parties hereto.

 

Section 2.05     Representations and Warranties of the Master Servicers.

 

(a)        Each
of the Master Servicers, for itself only, hereby represents and warrants to each of the other parties hereto and for the benefit
of the Certificateholders, as of the Closing Date, that:

 

(i)         The
Master Servicer is a national banking association in good standing under the laws of the United States, and the Master Servicer
is in compliance with the laws of each State in which any related Mortgaged Property is located to the extent necessary to perform
its obligations under this Agreement, except where the failure to so qualify or comply would not adversely affect the Master Servicer’s
ability to perform its obligations hereunder in accordance with the terms of this Agreement.

 

(ii)        The
Master Servicer’s execution and delivery of, performance under and compliance with this Agreement, will not violate the Master
Servicer’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party
or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Master Servicer, is likely to
affect materially and adversely the ability of the Master Servicer to perform its obligations under this Agreement.

 

(iii)       The
Master Servicer has the full power and authority to enter into and consummate all transactions involving the Master Servicer contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement.

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the
enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of
“financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws.

 

(v)        The
Master Servicer is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement
will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of
any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s good faith and
reasonable judgment, is likely to affect

 

    	-136-

    	 

    

 

materially
and adversely the ability of the Master Servicer to perform its obligations under this Agreement.

 

(vi)       No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Master Servicer of the transactions contemplated herein, except for those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Master Servicer to perform its obligations under this Agreement,
and, except to the extent in the case of performance, that its failure to be qualified as a foreign corporation or entity or licensed
in one or more states is not necessary for the performance by it of its obligations hereunder.

 

(vii)      No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer that, if
determined adversely to the Master Servicer, would prohibit the Master Servicer from entering into this Agreement or that, in the
Master Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master
Servicer to perform its obligations under this Agreement.

 

(viii)     The
Master Servicer has errors and omissions insurance that is in full force and effect or is self-insuring with respect to such risks,
in either case in compliance with the requirements of Section 3.07(e).

 

(b)        The
representations and warranties of each Master Servicer set forth in Section 2.05(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice to each of the other parties hereto.

 

(c)        Any
successor to a Master Servicer shall be deemed to have made, as of the date of its succession, each of the representations and
warranties set forth in Section 2.05(a), subject to such appropriate modifications to the representation and warranty set
forth in Section 2.05(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is
a corporation, partnership, bank, association or other type of organization.

 

Section 2.06     Representations and Warranties of the Special Servicers.

 

(a)        Each
Special Servicer, for itself only, hereby represents and warrants to each of the other parties hereto and for the benefit of the
Certificateholders, as of the Closing Date, that:

 

(i)         The
Special Servicer is (A) in the case of the General Special Servicer, a limited liability company in good standing under the laws
of the State of Delaware and (B) in the case of the NCB Special Servicer, a national banking association duly organized, validly
existing and in good standing under the laws of the United States, and

 

    	-137-

    	 

    

 

in
each case, the Special Servicer is in compliance with the laws of each State in which any related Mortgaged Property is located
to the extent necessary to ensure the enforceability of each Mortgage Loan and to perform its obligations under this Agreement,
except where the failure to so qualify or comply would not adversely affect the Special Servicer’s ability to perform its
obligations under this Agreement.

 

(ii)        The
Special Servicer’s execution and delivery of, performance under and compliance with this Agreement will not violate the Special
Servicer’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party
or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Special Servicer, is likely
to affect materially and adversely the ability of the Special Servicer to perform its obligations under this Agreement.

 

(iii)       The
Special Servicer has the full power and authority to enter into and consummate all transactions involving the Special Servicer
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement.

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the
enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of
“financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws.

 

(v)        The
Special Servicer is not in violation of, and its execution and delivery of, performance under and compliance with the terms of
this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Special Servicer to perform
its obligations under this Agreement.

 

(vi)       No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Special Servicer of the transactions contemplated herein, except for those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Special Servicer to perform its obligations under this
Agreement.

 

    	-138-

    	 

    

 

(vii)      No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer that,
if determined adversely to the Special Servicer, would prohibit the Special Servicer from entering into this Agreement or that,
in the Special Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of
the Special Servicer to perform its obligations under this Agreement.

 

(viii)     The
Special Servicer has errors and omissions insurance that is in full force and effect or is self-insuring with respect to such risks,
in either case in compliance with the requirements of Section 3.07(e).

 

(b)        The
representations and warranties of the Special Servicers set forth in Section 2.06(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice to each of the other parties hereto.

 

(c)        Any
successor Special Servicer shall be deemed to have made, as of the date of its succession, each of the representations and warranties
set forth in Section 2.06(a), subject to such appropriate modifications to the representation and warranty set forth in
Section 2.06(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

 

Section 2.07     Representations and Warranties of the Trust Advisor.

 

(a)        The
Trust Advisor hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Trust Advisor is duly organized, validly existing and in good standing as a limited liability company under the laws of the State
of Delaware and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)        The
Trust Advisor’s execution and delivery of, performance under and compliance with this Agreement will not violate the Trust
Advisor’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party
or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Trust Advisor, is likely to
affect materially and adversely the ability of the Trust Advisor to perform its obligations under this Agreement.

 

(iii)       The
Trust Advisor has the requisite limited liability company power and authority to enter into and consummate all transactions involving
the Trust Advisor contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement.

 

    	-139-

    	 

    

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Trust Advisor, enforceable against the Trust Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the enforcement
of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations regarding the
enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities
laws.

 

(v)        The
Trust Advisor is not in violation of, and its execution and delivery of, performance under and compliance with the terms of this
Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or
demand of any federal, state or local governmental or regulatory authority, which violation, in the Trust Advisor’s reasonable
judgment, is likely to affect materially and adversely the ability of the Trust Advisor to perform its obligations under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Trust Advisor of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that
previously have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Trust Advisor’s knowledge, threatened against the Trust Advisor that, if determined
adversely to the Trust Advisor, would prohibit the Trust Advisor from entering into this Agreement or that, in the Trust Advisor’s
reasonable judgment, is likely to materially and adversely affect the ability of the Trust Advisor to perform its obligations under
this Agreement.

 

(viii)     The
Trust Advisor is eligible to act in such capacity hereunder in accordance with Section 3.28.

 

(b)        The
representations and warranties of the Trust Advisor set forth in Section 2.07(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice to each of the other parties hereto.

 

(c)        Any
successor Trust Advisor shall be deemed to have made, as of the date of its succession, each of the representations and warranties
set forth in Section 2.07(a), subject to such appropriate modifications to the representation and warranty set forth in
Section 2.07(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

 

    	-140-

    	 

    

 

Section 2.08     Representations and Warranties of the Certificate Administrator.

 

(a)        The
Certificate Administrator hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Certificate Administrator is duly organized, validly existing and in good standing as a national banking association under the
laws of the United States and possesses all licenses and authorizations necessary to the performance of its obligations under this
Agreement.

 

(ii)        The
Certificate Administrator’s execution and delivery of, performance under and compliance with this Agreement will not violate
the Certificate Administrator’s organizational documents or constitute a default (or an event which, with notice or lapse
of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument
to which it is a party or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Certificate
Administrator, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations
under this Agreement.

 

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

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance with the terms
hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws
affecting the enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national
banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general
principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy
considerations regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with
respect to violations of securities laws.

 

(v)        The
Certificate Administrator is not in violation of, and its execution and delivery of, performance under and compliance with the
terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Certificate Administrator’s
reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations
under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Certificate

 

    	-141-

    	 

    

 

Administrator
of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been
obtained.

 

(vii)      No
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
that, if determined adversely to the Certificate Administrator, would prohibit the Certificate Administrator from entering into
this Agreement or that, in the Certificate Administrator’s reasonable judgment, is likely to materially and adversely affect
the ability of the Certificate Administrator to perform its obligations under this Agreement.

 

(viii)     The
Certificate Administrator is eligible to act in such capacity hereunder in accordance with Section 8.06.

 

(b)        The
representations and warranties of the Certificate Administrator set forth in Section 2.08(a) shall survive the execution
and delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the
Trust remains in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially
and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give
prompt written notice to each of the other parties hereto.

 

(c)        Any
successor Certificate Administrator shall be deemed to have made, as of the date of its succession, each of the representations
and warranties set forth in Section 2.08(a), subject to such appropriate modifications to the representation and warranty
set forth in Section 2.08(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it
is a corporation, partnership, bank, association or other type of organization.

 

Section 2.09     Representations and Warranties of the Tax Administrator.

 

(a)        The
Tax Administrator hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Tax Administrator is duly organized, validly existing and in good standing as a national banking association under the laws of
the United States and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)        The
Tax Administrator’s execution and delivery of, performance under and compliance with this Agreement will not violate the
Tax Administrator’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or
both, would constitute a default) under, or result in a material breach of, any material agreement or other material instrument
to which it is a party or by which it is bound, which default or breach, in the reasonable judgment of the Tax Administrator, is
likely to affect materially and adversely the ability of the Tax Administrator to perform its obligations under this Agreement.

 

(iii)       The
Tax Administrator has the requisite power and authority to enter into and consummate all transactions contemplated by this Agreement,
has duly authorized

 

    	-142-

    	 

    

 

the
execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement.

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes the valid, legal
and binding obligation of the Tax Administrator, enforceable against the Tax Administrator in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or
of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws.

 

(v)        The
Tax Administrator is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement
will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of
any federal, state or local governmental or regulatory authority, which violation, in the Tax Administrator’s reasonable
judgment, is likely to affect materially and adversely the ability of the Tax Administrator to perform its obligations under this
Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Tax Administrator of the transactions contemplated herein, except for those consents, approvals, authorizations or orders
that previously have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Tax Administrator’s knowledge, threatened against the Tax Administrator that,
if determined adversely to the Tax Administrator, would prohibit the Tax Administrator from entering into this Agreement or that,
in the Tax Administrator’s reasonable judgment, is likely to materially and adversely affect the ability of the Tax Administrator
to perform its obligations under this Agreement.

 

(viii)     The
Tax Administrator is eligible to act in such capacity hereunder in accordance with Section 8.06.

 

(b)        The
representations and warranties of the Tax Administrator set forth in Section 2.09(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any such representations and warranties that materially and adversely
affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt written
notice thereof to the other parties hereto, the Majority Subordinate Certificateholder and the Subordinate Class Representative.

 

    	-143-

    	 

    

 

(c)        Any
successor to the Tax Administrator shall be deemed to have made, as of the date of its succession, each of the representations
and warranties set forth in Section 2.09(a), subject to such appropriate modifications to the representation and warranty
set forth in Section 2.09(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it
is a corporation, partnership, bank, association or other type of organization.

 

Section 2.10     Representations, Warranties and Covenants of the Trustee.

 

(a)        The
Trustee hereby represents and warrants to, and covenants with, each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Trustee is duly organized, validly existing and in good standing as a national banking association under the laws of the United
States of America and is, shall be or, if necessary, shall appoint a co-trustee that is, in compliance with the laws of each State
in which any Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan (insofar
as such enforceability is dependent upon compliance by the Trustee with such laws) and to perform its obligations under this Agreement
and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)        The
Trustee’s execution and delivery of, performance under and compliance with this Agreement, will not violate the Trustee’s
organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in a material breach of, any material agreement or other material instrument to which it is a party or
by which it is bound, which breach or default, in the good faith and reasonable judgment of the Trustee is likely to affect materially
and adversely the ability of the Trustee to perform its obligations under this Agreement.

 

(iii)       The
Trustee has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement.

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the enforcement of creditors’
rights generally and, to the extent applicable, the rights of creditors of national banks or of “financial companies”
(as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations regarding the enforceability
of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities laws.

 

    	-144-

    	 

    

 

(v)        The
Trustee is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not
constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal,
state or local governmental or regulatory authority, which violation, in the Trustee’s good faith and reasonable judgment,
is likely to affect materially and adversely the ability of the Trustee to perform its obligations under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Trustee of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously
have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee that, if determined adversely
to the Trustee, would prohibit the Trustee from entering into this Agreement or that, in the Trustee’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Trustee to perform its obligations under this Agreement.

 

(viii)     The
Trustee is eligible to act as trustee hereunder in accordance with Section 8.06.

 

(b)        The
representations, warranties and covenants of the Trustee set forth in Section 2.10(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any such representations, warranties and covenants that materially
and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give
prompt written notice thereof to the other parties hereto.

 

(c)        Any
successor Trustee shall be deemed to have made, as of the date of its succession, each of the representations and warranties set
forth in Section 2.10(a), subject to such appropriate modifications to the representation, warranty and covenant set forth
in Section 2.10(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

 

Section 2.11    Creation of REMIC I; Issuance of the REMIC I Regular Interests and the REMIC I Residual Interest; Certain Matters Involving
REMIC I.

 

(a)        It
is the intention of the parties hereto that the following segregated pool of assets constitute a REMIC for federal income tax purposes
and, further, that such segregated pool of assets be designated as “REMIC I”: (i) the Mortgage Loans that are from
time to time subject to this Agreement, together with (A) all payments under and proceeds of such Mortgage Loans received after
the Closing Date (other than any Post-ARD Additional Interest) or, in the case of any such Mortgage Loan that is a Replacement
Mortgage Loan, after the related date of substitution (other than scheduled payments of interest and principal due on or before
the respective Cut-off Dates for such Mortgage Loans or, in the case of any such Mortgage Loan that is a Replacement Mortgage Loan,
on or before the related date of substitution, and exclusive of

 

    	-145-

    	 

    

 

any
such amounts that constitute Excess Servicing Fees), and (B) all rights of the holder of such Mortgage Loans under the related
Mortgage Loan Documents and in and to any related Additional Collateral; (ii) any REO Property acquired in respect of any Mortgage
Loan (or, in the case of any REO Property related to a Non-Trust-Serviced Pooled Mortgage Loan, the beneficial interest of the
holder of the related Mortgage Loan in such REO Property); (iii) such funds and assets as from time to time are deposited in the
Collection Account (but not in the Serviced Pari Passu Companion Loan Custodial Account), the Distribution Account, the Interest
Reserve Account, the Excess Liquidation Proceeds Account and, if established (but, in the case of any such account established
with respect to a Serviced Loan Combination, subject to the rights of any Serviced Pari Passu Companion Loan Holders), the REO
Accounts (exclusive of any such amounts that constitute Excess Servicing Fees) and (iv) the rights of the Depositor under Sections
2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 (other than Section 5(f), (g), (h) and (i))
(and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17, 18 and (in the case of the Mortgage
Loan Purchase Agreement between Basis, Basis Investment and the Depositor) 19) of each Mortgage Loan Purchase Agreement. The Closing
Date is hereby designated as the “Startup Day” of REMIC I within the meaning of Section 860G(a)(9) of the Code.

 

(b)        Concurrently
with the assignment to the Trustee of the Original Mortgage Loans and certain related assets, pursuant to Section 2.01(b),
and in exchange therefor, the REMIC I Regular Interests and the REMIC I Residual Interest shall be issued. A single separate REMIC
I Regular Interest shall be issued with respect to each Original Mortgage Loan. For purposes of this Agreement each REMIC I Regular
Interest shall relate to the Original Mortgage Loan in respect of which it was issued, to each Replacement Mortgage Loan (if any)
substituted for such Original Mortgage Loan and to each REO Mortgage Loan deemed outstanding with respect to any REO Property acquired
in respect of such Original Mortgage Loan or any such Replacement Mortgage Loan (or, in the case of any REO Property related to
a Non-Trust-Serviced Pooled Mortgage Loan, the beneficial interest of the holder of the related Mortgage Loan in any related REO
Property). None of the REMIC I Regular Interests shall be certificated. The REMIC I Regular Interests and the REMIC I Residual
Interest shall collectively constitute the entire beneficial ownership of REMIC I.

 

(c)        The
REMIC I Regular Interests shall constitute the “regular interests” (within the meaning of Section 860G(a)(1) of the
Code), and the REMIC I Residual Interest shall constitute the sole “residual interest” (within the meaning of Section
860G(a)(2) of the Code), in REMIC I. None of the parties hereto, to the extent it is within the control thereof, shall create or
permit the creation of any other “interests” in REMIC I (within the meaning of Treasury Regulations Section 1.860D-1(b)(1)).

 

(d)        The
designation for each REMIC I Regular Interest shall be the identification number for the related Original Mortgage Loan set forth
in the Mortgage Loan Schedule.

 

(e)        Each
REMIC I Regular Interest shall have an Uncertificated Principal Balance. As of the Closing Date, the Uncertificated Principal Balance
of each REMIC I Regular Interest shall equal the Cut-off Date Principal Balance of the related Original Mortgage Loan (as specified
in the Mortgage Loan Schedule). On each Distribution Date, the Uncertificated

 

    	-146-

    	 

    

 

Principal
Balance of each REMIC I Regular Interest shall be (1) permanently reduced by any distributions of principal deemed made with respect
to such REMIC I Regular Interest on such Distribution Date pursuant to Section 4.01(j) and (2) further adjusted in the
manner and to the extent provided in Section 4.04(c). Except as provided in the preceding sentence and except to the extent
of the recovery of amounts previously allocated as a Realized Loss as a result of the reimbursement from principal collections
of Nonrecoverable Advances, the Uncertificated Principal Balance of each REMIC I Regular Interest shall not otherwise be increased
or reduced. Deemed distributions to REMIC II in reimbursement of any Realized Losses and Additional Trust Fund Expenses previously
deemed allocated to a REMIC I Regular Interest, shall not constitute deemed distributions of principal and shall not result in
any reduction of the Uncertificated Principal Balance of such REMIC I Regular Interest.

 

(f)         The
per annum rate at which each REMIC I Regular Interest shall accrue interest during each Interest Accrual Period is herein
referred to as its “REMIC I Remittance Rate”. The REMIC I Remittance Rate in respect of any particular REMIC I Regular
Interest, for any Interest Accrual Period, shall equal: (A) if the related Original Mortgage Loan is or was, as the case may be,
a 30/360 Mortgage Loan, the related Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related
Original Mortgage Loan under the original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications,
extensions, waivers or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the applicable
Master Servicer or the applicable Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding
involving the related Borrower) and (B) if the related Original Mortgage Loan is or was, as the case may be, an Actual/360 Mortgage
Loan, a fraction (expressed as a percentage), the numerator of which is the product of 12 times the Adjusted Actual/360 Accrued
Interest Amount with respect to such REMIC I Regular Interest for such Interest Accrual Period, and the denominator of which is
the Uncertificated Principal Balance of such REMIC I Regular Interest immediately prior to the Distribution Date that corresponds
to such Interest Accrual Period.

 

The “Adjusted
Actual/360 Accrued Interest Amount” with respect to any REMIC I Regular Interest referred to in clause (B)
of the second sentence of the prior paragraph, for any Interest Accrual Period, is an amount of interest equal to the product of
(a) the Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related Mortgage Loan under the
original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications, extensions, waivers
or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the applicable Master Servicer or the
applicable Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related
Borrower), multiplied by (b) a fraction, the numerator of which is the number of days in such Interest Accrual Period, and
the denominator of which is 360, multiplied by (c) the Uncertificated Principal Balance of such REMIC I Regular Interest
immediately prior to the Distribution Date that corresponds to such Interest Accrual Period; provided that, if the subject
Interest Accrual Period occurs during (x) December of any year that does not immediately precede a leap year or (y) January of
any year, then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition
for such Interest Accrual Period without regard to this proviso shall be decreased by the Interest Reserve Amount, if any (and
the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly), with
respect to the related Mortgage Loan

 

    	-147-

    	 

    

 

(or
any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.04(c), from the Distribution
Account to the Interest Reserve Account on the Master Servicer Remittance Date that occurs immediately following the end of such
Interest Accrual Period; and provided, further, that, if the subject Interest Accrual Period occurs during February
of any year (or during any December or January preceding the month of the Final Distribution Date), then the amount of interest
calculated with respect to the subject REMIC I Regular Interest pursuant to this definition for such Interest Accrual Period without
regard to this proviso shall be increased by the Interest Reserve Amount(s), if any (and the fraction described in clause (B)
of the second sentence of the preceding paragraph shall be adjusted accordingly), with respect to the related Mortgage Loan
(or any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.05(c), from the Interest
Reserve Account to the Distribution Account on the Master Servicer Remittance Date that occurs immediately following the end of
such Interest Accrual Period.

 

(g)        Each
REMIC I Regular Interest shall bear interest. Such interest shall be calculated on a 30/360 Basis and, during each Interest Accrual
Period, such interest shall accrue at the REMIC I Remittance Rate with respect to such REMIC I Regular Interest for such Interest
Accrual Period on the Uncertificated Principal Balance of such REMIC I Regular Interest outstanding immediately prior to the related
Distribution Date. The total amount of interest accrued with respect to each REMIC I Regular Interest during each Interest Accrual
Period is referred to herein as its “Uncertificated Accrued Interest”
for such Interest Accrual Period. The portion of the Uncertificated Accrued Interest with respect to any REMIC I Regular Interest
for any Interest Accrual Period that shall be distributable to REMIC II, as the holder of such REMIC I Regular Interest, on the
related Distribution Date pursuant to Section 4.01(j), shall be an amount (herein referred to as the “Uncertificated
Distributable Interest” with respect to such REMIC I Regular Interest for the related Distribution Date) equal
to (i) the Uncertificated Accrued Interest with respect to such REMIC I Regular Interest for the related Interest Accrual Period,
reduced (to not less than zero) by (ii) the portion of any Net Aggregate Prepayment Interest Shortfall for such Distribution Date
that is allocable to such REMIC I Regular Interest. For purposes of the foregoing, the Net Aggregate Prepayment Interest Shortfall,
if any, for each Distribution Date shall be allocated among all the REMIC I Regular Interests on a pro rata basis in accordance
with their respective amounts of Uncertificated Accrued Interest for the related Interest Accrual Period. If the entire Uncertificated
Distributable Interest with respect to any REMIC I Regular Interest for any Distribution Date is not deemed distributed to REMIC
II, as the holder of such REMIC I Regular Interest, on such Distribution Date pursuant to Section 4.01(j), then the unpaid
portion of such Uncertificated Distributable Interest shall be distributable with respect to such REMIC I Regular Interest for
future Distribution Dates as provided in such Section 4.01(j).

 

(h)        Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC I
Regular Interest shall be the date that is the Rated Final Distribution Date.

 

(i)        The
REMIC I Residual Interest will not have a principal balance and will not bear interest.

 

    	-148-

    	 

    

 

Section 2.12     Conveyance of the REMIC I Regular Interests; Acceptance of the REMIC I Regular Interests by Trustee.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all of
its right, title and interest in and to the REMIC I Regular Interests to the Trustee for the benefit of the Holders of the Regular
Certificates and the Class R Certificates. The Trustee acknowledges the assignment to it of the REMIC I Regular Interests and declares
that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Regular
Certificates and the Class R Certificates.

 

Section 2.13     Creation of REMIC II; Issuance of the REMIC II Regular Interests and the REMIC II Residual
Interest; Certain Matters Involving REMIC II. (a) It is the intention of the parties
hereto that the segregated pool of assets consisting of the REMIC I Regular Interests constitute a REMIC for federal income tax
purposes and, further, that such segregated pool of assets be designated as “REMIC II”. The Closing Date is hereby
designated as the “Startup Day” of REMIC II within the meaning of Section 860G(a)(9) of the Code.

 

(b)        Concurrently
with the assignment of the REMIC I Regular Interests to the Trustee pursuant to Section 2.12 and in exchange therefor, the
REMIC II Regular Interests and the REMIC II Residual Interest shall be issued. None of the REMIC II Regular Interests shall be
certificated. The REMIC II Regular Interests and the REMIC II Residual Interest shall collectively constitute the entire beneficial
ownership of REMIC II.

 

(c)        The
REMIC II Regular Interests shall constitute the “regular interests” (within the meaning of Section 860G(a)(1) of the
Code), and the REMIC II Residual Interest shall constitute the sole “residual interest” (within the meaning of Section
860G(a)(2) of the Code), in REMIC II. None of the parties hereto, to the extent it is within the control thereof, shall create
or permit the creation of any other “interests” in REMIC II (within the meaning of Treasury Regulations Section 1.860D-1(b)(1)).

 

(d)        The
REMIC II Regular Interests will have the alphabetic or alphanumeric designations indicated in the table set forth in the Preliminary
Statement under the caption “REMIC II”.

 

(e)        Each
REMIC II Regular Interest shall have an Uncertificated Principal Balance. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC II Regular Interest shall equal the amount set forth opposite such REMIC II Regular Interest in the table
set forth in the Preliminary Statement under the caption “REMIC II”. On each Distribution Date, the Uncertificated
Principal Balance of each REMIC II Regular Interest shall be (1) permanently reduced by any distributions of principal deemed made
with respect to such REMIC II Regular Interest on such Distribution Date pursuant to Section 4.01(i), and (2) further adjusted
in the manner and to the extent provided in Section 4.04(b). Except as provided in the preceding sentence and except to
the extent of the recovery of amounts previously allocated as a Realized Loss as a result of the reimbursement from principal collections
of Nonrecoverable Advances, the Uncertificated Principal Balance of each REMIC II Regular Interest shall not otherwise be increased
or reduced. Deemed distributions to REMIC III in reimbursement of any

 

    	-149-

    	 

    

 

Realized
Losses and Additional Trust Fund Expenses previously deemed allocated to a REMIC II Regular Interest, shall not constitute deemed
distributions of principal and shall not result in any reduction of the Uncertificated Principal Balance of such REMIC II Regular
Interest.

 

The per annum
rate at which each REMIC II Regular Interest shall accrue interest during each Interest Accrual Period is herein referred to as
its “REMIC II Remittance Rate”. The REMIC II Remittance Rate with respect to each REMIC II Regular Interest for any
Interest Accrual Period shall be the WAC Rate for such Interest Accrual Period.

 

(f)         Each
REMIC II Regular Interest shall bear interest. Such interest shall be calculated on a 30/360 Basis and, during each Interest Accrual
Period, such interest shall accrue at the REMIC II Remittance Rate with respect to such REMIC II Regular Interest for such Interest
Accrual Period on the Uncertificated Principal Balance of such REMIC II Regular Interest outstanding immediately prior to the related
Distribution Date. The total amount of interest accrued with respect to each REMIC II Regular Interest during each Interest Accrual
Period is referred to herein as its “Uncertificated Accrued Interest” for such Interest Accrual Period. The portion
of the Uncertificated Accrued Interest with respect to any REMIC II Regular Interest for any Interest Accrual Period that shall
be distributable to REMIC III, as the holder of such REMIC II Regular Interest, on the related Distribution Date pursuant to Section
4.01(i), shall be an amount (herein referred to as the “Uncertificated Distributable Interest” with respect to
such REMIC II Regular Interest for the related Distribution Date) equal to (i) the Uncertificated Accrued Interest with respect
to such REMIC II Regular Interest for the related Interest Accrual Period, reduced (to not less than zero) by (ii) the portion
of any Net Aggregate Prepayment Interest Shortfall for such Distribution Date that is allocable to such REMIC II Regular Interest.
For purposes of the foregoing, the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated
among all the REMIC II Regular Interests on a pro rata basis in accordance with their respective amounts of Uncertificated
Accrued Interest for the related Interest Accrual Period. If the entire Uncertificated Distributable Interest with respect to any
REMIC II Regular Interest for any Distribution Date is not deemed distributed to REMIC III, as the holder of such REMIC II Regular
Interest, on such Distribution Date pursuant to Section 4.01(i), then the unpaid portion of such Uncertificated Distributable
Interest shall be distributable with respect to such REMIC II Regular Interest for future Distribution Dates as provided in such
Section 4.01(i).

 

(g)        Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC II
Regular Interest shall be the Rated Final Distribution Date.

 

(h)        The
REMIC II Residual Interest shall not have a principal balance and shall not bear interest.

 

Section 2.14     Conveyance of the REMIC II Regular Interests; Acceptance of the REMIC II Regular
Interests by Trustee. The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this
Agreement, does hereby assign without recourse all of its right, title and interest in and to the REMIC II Regular Interests
to the Trustee for the benefit of the Holders of the Regular Certificates and the Class R Certificates. The Trustee
acknowledges the assignment to it of the REMIC II Regular Interests and declares that it holds and will hold the

 

    	-150-

    	 

    

 

same
in trust for the exclusive use and benefit of all present and future Holders of the Regular Certificates and the Class R Certificates.

 

Section 2.15     Creation of REMIC III; Issuance of the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest,
the Class C Regular Interest, the REMIC III Components and the REMIC III Residual Interest; Certain Matters Involving REMIC III
and the Class A-S, Class B, Class C and Class PEX Certificates.

 

(a)        It
is the intention of the parties hereto that the segregated pool of assets consisting of the REMIC II Regular Interests constitute
a REMIC for federal income tax purposes and, further, that such segregated pool of assets be designated as “REMIC III”.
The Closing Date is hereby designated as the “Startup Day” of REMIC III within the meaning of Section 860G(a)(9) of
the Code.

 

(b)        Concurrently
with the assignment of the REMIC II Regular Interests to the Trustee pursuant to Section 2.14 and in
exchange therefor, the REMIC III Residual Interest shall be issued and the Certificate Administrator shall execute, and
the Authenticating Agent shall authenticate and deliver, to or upon the order of the Depositor, (i) the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class X-B, Class X-E, Class X-FG, Class X-H, Class D, Class E, Class F,
Class G and Class H Certificates in authorized denominations and (ii) the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest, and the Depositor does hereby assign without recourse all of its right, title and
interest in and to the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest to the Trustee for
the benefit of (i) in the case of the Class A-S Regular Interest, the Holders of the Class A-S Certificates and the Class PEX
Certificates in respect of the Class A-S-PEX Component, (ii) in the case of the Class B Regular Interest, the Holders of the
Class B Certificates and the Class PEX Certificate in respect of the Class B-PEX Component, and (iii) in the case of the
Class C Regular Interest, the Holders of the Class C Certificates and the Class PEX Certificates in respect of the Class
C-PEX Component. The Class X-A Certificates shall evidence the ownership of six (6) “regular interests”
corresponding to the REMIC III Components whose designations are described in the first sentence under the caption
“REMIC III—Designations of the REMIC III Components” in the Preliminary Statement hereto, the Class
X-B Certificates shall evidence the ownership of one (1) “regular interest” corresponding to the REMIC III
Components whose designations are described in the second sentence under the caption “REMIC III—Designations of
the REMIC III Components” in the Preliminary Statement hereto, the Class X-E Certificates shall evidence the ownership
of one (1) “regular interest” corresponding to the REMIC III Component whose designation is described in the
second sentence under the caption “REMIC III—Designations of the REMIC III Components” in the Preliminary
Statement hereto, the Class X-FG Certificates shall evidence the ownership of two (2) “regular interests”
corresponding to the REMIC III Components whose designations are described in the third sentence under the caption
“REMIC III—Designations of the REMIC III Components” in the Preliminary Statement hereto and the Class X-H
Certificates shall evidence the ownership of one (1) “regular interest” corresponding to the REMIC III Components
whose designations  are described in the fourth sentence under the caption “REMIC III—Designations of the REMIC
III Components” in the Preliminary Statement hereto. The interests evidenced by the Regular Certificates, together with
the Class A-S Regular Interest, Class B Regular Interest and Class C

 

    	-151-

    	 

    

 

Regular
Interest and the REMIC III Residual Interest, shall collectively constitute the entire beneficial ownership of REMIC III.

 

(c)        The
Regular Certificates that are Principal Balance Certificates, the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest and the REMIC III Components (relating to the Interest Only Certificates), shall constitute the “regular
interests” (within the meaning of Section 860G(a)(1) of the Code) (with REMIC III Component B-X-B and Component C-X-B together
constituting a single “regular interest”), and the REMIC III Residual Interest shall constitute the sole “residual
interest” (within the meaning of Section 860G(a)(2) of the Code), in REMIC III. None of the parties hereto, to the extent
it is within the control thereof, shall create or permit the creation of any other “interests” in REMIC III (within
the meaning of Treasury Regulations Section 1.860D-1(b)(1)).

 

(d)        [Reserved.]

 

(e)        Each
Class of Principal Balance Certificates and each of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest shall have a Class Principal Balance. As of the Closing Date, the Class Principal Balance of each such Class of Principal
Balance Certificates or Regular Interests shall equal the amount set forth opposite such Class of Certificates or the Class A-S
Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, in the table set forth in the Preliminary
Statement under the caption “REMIC III”. On each Distribution Date, the Class Principal Balance of each such Class
of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable,
shall be permanently reduced by any distributions of principal made in respect of such Class on such Distribution Date pursuant
to Section 4.01(a) and shall be further adjusted in the manner and to the extent provided in Section 4.04(a). Except
as provided in the preceding sentence and except to the extent of the recovery of amounts previously allocated as a Realized Loss
as a result of the reimbursement from principal collections of Nonrecoverable Advances, the Class Principal Balance of each such
Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest,
as applicable, shall not otherwise be increased or reduced. Distributions in reimbursement of the Holders of any such Class of
Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable,
for previously allocated Realized Losses and Additional Trust Fund Expenses shall not constitute distributions of principal and
shall not result in any reduction of the Certificate Principal Balances of such Principal Balance Certificates or Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest or of the related Class Principal Balance of such Class of Principal
Balance Certificate or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest.

 

The Interest Only Certificates
shall not have principal balances. For purposes of accruing interest, however, each Class of Interest Only Certificates shall have
or be deemed to have a Class Notional Amount that is, as of any date of determination, equal to: (i) in the case of the Class X-A
Certificates, the total of the then Component Notional Amounts of the REMIC III Components of the Class X-A Certificates; (ii)
in the case of the Class X-B Certificates, the total of the then Component Notional Amounts of the REMIC III Components of the
Class X-B Certificates; (iii) in the case of the Class X-E Certificates, the then Component Notional Amount of the REMIC III Component
of the Class X-E Certificates; (iv) in the case of the Class X-FG

 

    	-152-

    	 

    

 

Certificates,
the then Component Notional Amounts of the REMIC III Components of the Class X-FG Certificates; and (v) in the case of the Class
X-H Certificates, the then Component Notional Amount of the REMIC III Component of the Class X-H Certificates.

 

None of the REMIC III
Components of the Class X-A Certificates, the REMIC III Components of the Class X-B Certificates, the REMIC III Component of the
Class X-E Certificates, the REMIC III Components of the Class X-FG Certificates or the REMIC III Component of the Class X-H Certificates
shall have a principal balance. For purposes of accruing interest, however, each REMIC III Component of the Class X-A Certificates,
each REMIC III Component of the Class X-B Certificates, the REMIC III Component of the Class X-E Certificates, each REMIC III Component
of the Class X-FG Certificates and the REMIC III Component of the Class X-H Certificates shall have a Component Notional Amount.
The Component Notional Amount of each REMIC III Component of the Class X-A Certificates is, as of any date of determination, equal
to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular
Interest for such REMIC III Component. The Component Notional Amount of each REMIC III Component of the Class X-B Certificates
is, as of any date of determination, equal to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest
that is the Corresponding REMIC II Regular Interest for such REMIC III Component. The Component Notional Amount of the REMIC III
Component of the Class X-E Certificates is, as of any date of determination, equal to the then-current Uncertificated Principal
Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular Interest for such REMIC III Component. The
Component Notional Amount of each REMIC III Component of the Class X-FG Certificates is, as of any date of determination, equal
to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular
Interest for such REMIC III Component. The Component Notional Amount of the REMIC III Component of the Class X-H Certificates is,
as of any date of determination, equal to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest that
is the Corresponding REMIC II Regular Interest for such REMIC III Component.

 

(f)         Each
Class of Regular Certificates, each of the Class A-S, Class B and Class C Certificates, each of the Class PEX Components, and each
of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, shall have or be deemed to have a Pass-Through
Rate as set forth in the definition of “Pass-Through Rate.” The Class PEX Certificates shall not have a Pass-Through
Rate, but will be entitled to receive the sum of the interest distributable on the Class PEX Components.

 

(g)        Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each Class of
Regular Certificates (other than the Class A-S, Class B, Class C Certificates and the Interest Only Certificates), REMIC III Component
and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest shall be the Rated Final Distribution
Date.

 

(h)        The
REMIC III Residual Interest shall not have a principal balance and shall not bear interest.

 

    	-153-

    	 

    

 

(i)         The
Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without
recourse all the right, title and interest of the Depositor in and to the Class A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest to the Trustee, and the Trustee hereby acknowledges such assignment and declares that it holds for
the benefit of the respective Holders of (i) in the case of the Class A-S Regular Interest, the Class A-S Certificates and the
Class PEX Certificates in respect of the Class A-S-PEX Component, (ii) in the case of the Class B Regular Interest, the Class B
Certificates and the Class PEX Certificates in respect of the Class B-PEX Component, and (iii) in the case of the Class C Regular
Interest, the Class C Certificates and the Class PEX Certificates in respect of the Class C-PEX Component. The Trustee further
declares that it has caused the Certificate Registrar to execute, and has caused the Authenticating Agent to authenticate and to
deliver to or upon the order of the Depositor, in exchange for the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest, and the Depositor hereby acknowledges the receipt by it or its designees of the Class A-S, Class B, Class C
and Class PEX Certificates in authorized denominations.

 

Section 2.16     Issuance of the Class R Certificates.

 

Simultaneously with the
issuance of the Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest,
the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate and deliver, to or upon the order of the
Depositor, the Class R Certificates in authorized denominations, and evidencing the entire beneficial ownership of each of the
REMIC I Residual Interest, the REMIC II Residual Interest and the REMIC III Residual Interest. The rights of the Holders of the
Class R Certificates to receive distributions from the proceeds of the Trust Fund, and all ownership interests of such Holders
in and to such distributions, shall be as set forth in this Agreement.

 

Section 2.17     Grantor Trust Pool; Issuance of the Class A-S, Class B, Class C, Class PEX and Class V Certificates.

 

(a)        It
is the intention of the parties hereto that: (i) the segregated pool of assets consisting of the Class A-S Specific Grantor Trust
Assets shall constitute a separate portion of the Trust Fund, and the Class A-S Certificates are hereby designated as representing
undivided beneficial interests in such portion of the Trust Fund; (ii) the segregated pool of assets consisting of the Class B
Specific Grantor Trust Assets shall constitute a separate portion of the Trust Fund, and the Class B Certificates are hereby designated
as representing undivided beneficial interests in such portion of the Trust Fund; (iii) the segregated pool of assets consisting
of the Class C Specific Grantor Trust Assets shall constitute a separate portion of the Trust Fund, and the Class C Certificates
are hereby designated as representing undivided beneficial interests in such portion of the Trust Fund; (iv) the segregated pool
of assets consisting of the Class PEX Specific Grantor Trust Assets shall constitute a separate portion of the Trust Fund, and
the Class PEX Certificates are hereby designated as representing undivided beneficial interests in such portion of the Trust Fund;
(v) the segregated pool of assets consisting of the Class V Specific Grantor Trust Assets shall constitute a separate portion of
the Trust Fund, and the Class V Certificates are hereby designated as representing undivided beneficial interests in such portion
of the Trust Fund; (vi) such portions of the Trust Fund collectively constitute a Grantor Trust for federal income tax purposes;
and (vii) such segregated pools of assets be

 

    	-154-

    	 

    

 

collectively
designated as the “Grantor Trust Pool” and that the affairs of such portions of the Trust Fund shall be conducted
so as to qualify as a Grantor Trust. The provisions of this Agreement shall be interpreted consistently with the foregoing intention.
The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of the assets of the Grantor Trust Pool and
declares that it holds and will hold such assets in trust for the exclusive use and benefit of all present and future Holders
of the Class A-S, Class B, Class C, Class PEX and Class V Certificates, as applicable.

 

(b)        Simultaneously
with the assignment to the Trustee of the assets included in the Grantor Trust Pool, the Certificate Registrar shall execute, and
the Authenticating Agent shall authenticate and deliver, to or upon the order of the Depositor, the Class A-S, Class B, Class C,
Class PEX and Class V Certificates in authorized denominations evidencing the entire beneficial ownership of the related portions
of the Grantor Trust Pool. The rights of the Holders of the Class A-S, Class B, Class C, Class PEX and Class V Certificates to
receive distributions from the related proceeds of the Grantor Trust Pool, and all ownership interests of such Holders in and to
such distributions, shall be as set forth in this Agreement.

 

ARTICLE III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section 3.01     General Provisions.

 

(a)        Each
of the Master Servicers and the Special Servicers shall service and administer the applicable Serviced Mortgage Loans, any Serviced
Pari Passu Companion Loan and any applicable Administered REO Properties that it is obligated (as provided below) to service and
administer pursuant to this Agreement on behalf of the Trustee, and in the best interests and for the benefit of the Certificateholders
(or, in the case of any Serviced Loan Combination, of the Certificateholders and the related Serviced Pari Passu Companion Loan
Holder(s)) (as determined by the applicable Master Servicer or the applicable Special Servicer, as the case may be, in its good
faith and reasonable judgment), as a collective whole, in accordance with any and all applicable laws, the terms of this Agreement,
the terms of the respective Serviced Mortgage Loans and, in the case of any Serviced Loan Combination, the terms of the related
Intercreditor Agreement (provided that, in the event the applicable Master Servicer or the applicable Special Servicer,
as applicable, in its reasonably exercised judgment determines that following the terms of any Mortgage Loan Document would or
potentially would result in an Adverse REMIC Event (for which determination, the applicable Master Servicer and the applicable
Special Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an Additional Trust Fund
Expense by withdrawal from the Collection Accounts), the applicable Master Servicer or the applicable Special Servicer, as applicable,
must comply with the REMIC Provisions to the extent necessary to avoid an Adverse REMIC Event) and, to the extent consistent with
the foregoing, in accordance with the Servicing Standard. The General Master Servicer shall be the Master Servicer with respect
to all Mortgage Loans (other than the NCB Mortgage Loans), any Serviced Pari Passu Companion Loan and other related assets in the
Trust and, as such, shall service and administer such Mortgage Loans, any Serviced Pari Passu Companion Loan and such other assets
as shall be required of the applicable Master Servicer hereunder and under any related Intercreditor Agreement. The General Special
Servicer

 

    	-155-

    	 

    

 

shall
be the Special Servicer with respect to all the Mortgage Loans (other than the NCB Co-op Mortgage Loans), any Serviced Pari Passu
Companion Loan and other related assets in the Trust and, as such, shall service and administer such Mortgage Loans, any Serviced
Pari Passu Companion Loan and such other assets as shall be required of the applicable Special Servicer hereunder and under any
related Intercreditor Agreement. The NCB Master Servicer shall be the Master Servicer with respect to the NCB Mortgage Loans and
other related assets in the Trust and, as such, shall service and administer such NCB Mortgage Loans and such other assets as
shall be required of the Master Servicer hereunder. The NCB Special Servicer shall be the Special Servicer with respect to the
NCB Co-op Mortgage Loans and other related assets in the Trust and, as such, shall service and administer such NCB Co-op Mortgage
Loans and such other assets as shall be required of the Special Servicer hereunder. For purposes of this Agreement and any references
to the duties and obligations of the Master Servicers or Special Servicers, any references to Mortgage Loans in the context of
such duties and/or obligations shall be deemed to refer solely to the Mortgage Loans serviced by the applicable Master Servicer
or the applicable Special Servicer and no other Mortgage Loan, Serviced Pari Passu Companion Loan or other related asset in the
Trust serviced hereunder, unless specifically indicated otherwise. In clarification of, and neither in addition to nor in deletion
of the duties and obligations of the applicable Master Servicer or the applicable Special Servicer pursuant to this Agreement,
no provision herein contained shall be construed as an express or implied guarantee by the applicable Master Servicer or the applicable
Special Servicer of the collectability or recoverability of payments on the Mortgage Loans or any Serviced Pari Passu Companion
Loan or shall be construed to impair or adversely affect any rights or benefits provided by this Agreement to the applicable Master
Servicer or the applicable Special Servicer (including with respect to Master Servicing Fees or the right to be reimbursed for
Advances). Any provision in this Agreement for any Advance by the applicable Master Servicer, the applicable Special Servicer
or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders and, if applicable, any Serviced
Pari Passu Companion Loan Holders, and not as credit support or otherwise to impose on any such Person the risk of loss with respect
to one or more of the Mortgage Loans. No provision hereof shall be construed to impose liability on the applicable Master Servicer
or the applicable Special Servicer for the reason that any recovery to the Certificateholders (or, in the case of any Serviced
Loan Combination, to the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s)) in respect of a Mortgage
Loan at any time after a determination of present value recovery made in its reasonable and good faith judgment in accordance
with the Servicing Standard by the applicable Master Servicer or the applicable Special Servicer hereunder at any time is less
than the amount reflected in such determination. Without limiting the foregoing, and subject to Section 3.21, (i) the applicable
Master Servicer shall service and administer all related Performing Serviced Mortgage Loans and related Performing Serviced Pari
Passu Companion Loans, (ii) the applicable Special Servicer shall service and administer (x) each Serviced Mortgage Loan and each
Serviced Pari Passu Companion Loan (other than Corrected Mortgage Loans) as to which a Servicing Transfer Event has occurred,
and (y) each Administered REO Property; provided that the applicable Master Servicer shall continue to (A) make P&I
Advances required hereunder with respect to each related Mortgage Loan that constitutes a Specially Serviced Mortgage Loan and
each related successor REO Mortgage Loan in respect thereof, (B) make Servicing Advances required hereunder with respect to any
related Specially Serviced Mortgage Loans and Administered REO Properties (and related REO Mortgage Loans), (C) receive payments,
collect

 

    	-156-

    	 

    

 

information and deliver reports to the Certificate Administrator and the Trustee required hereunder with respect to any
related Specially Serviced Mortgage Loans and Administered REO Properties (and the related REO Mortgage Loans), and (D) render
such incidental services with respect to any related Specially Serviced Mortgage Loans and Administered REO Properties as and
to the extent as may be specifically provided for herein. In addition, the applicable Master Servicer shall notify the applicable
Special Servicer within three (3) Business Days following its receipt of any collections on any Specially Serviced Mortgage Loan
or REO Mortgage Loan, the applicable Special Servicer shall within one Business Day thereafter notify the applicable Master Servicer
with instructions on how to apply such collections and the applicable Master Servicer shall apply such collections in accordance
with such instructions within one Business Day following the applicable Master Servicer’s receipt of such notice.

 

(b)        Subject
to Section 3.01(a) and the other terms and provisions of this Agreement, the applicable Master Servicer and the applicable
Special Servicer shall each have full power and authority, acting alone or, subject to Section 3.22, through Sub-Servicers,
to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or
desirable. Without limiting the generality of the foregoing, the applicable Master Servicer (with respect to those Serviced Mortgage
Loans and any Serviced Pari Passu Companion Loan that it is obligated to service and administer pursuant to this Agreement) and
the applicable Special Servicer (with respect to any Specially Serviced Mortgage Loans and Administered REO Properties that it
is obligated to service and administer pursuant to this Agreement), in its own name or in the name of the Trustee, is hereby authorized
and empowered by the Trustee (and in the case of any Serviced Loan Combination is, pursuant to the related Intercreditor Agreement,
authorized by the related Serviced Pari Passu Companion Loan Holder) to execute and deliver, on behalf of the Certificateholders,
the Trustee (and in the case of any Serviced Loan Combination), the related Serviced Pari Passu Companion Loan Holder, or any of
them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the
lien created by the Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and other
related collateral; (ii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or
of partial or full defeasance, and all other comparable instruments; and (iii) subject to Sections 3.08, 3.20 and 3.24) any and
all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests in Borrowers,
consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine financing to
be secured by ownership interests in a Borrower, consents to and monitoring of the application of any proceeds of insurance policies
or condemnation awards to the restoration of the related Mortgaged Property or otherwise, consents to other matters that pursuant
to the applicable Mortgage Loan Documents require the consent of the holder of the Mortgage, documents relating to the management,
operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements and requests by
any Borrower with respect to modifications of the standards of operation and management of the Mortgaged Properties or the replacement
of asset managers), documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any
Serviced Mortgage Loan under the related Mortgage Loan Documents, lease subordination agreements, non-disturbance and attornment
agreements or other leasing or rental arrangements that may be requested by any Borrower or its tenants, documents granting, modifying
or releasing (or joining the Borrower therein) any easements, covenants, conditions, restrictions, equitable servitudes, or

 

    	-157-

    	 

    

 

land
use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of any collateral that
now secures or hereafter may secure any Serviced Mortgage Loan and any other consents. Subject to Section 3.10, the Trustee
shall, at the written request of a Servicing Officer of the applicable Master Servicer or the applicable Special Servicer, furnish,
or cause to be so furnished, to the applicable Master Servicer or the applicable Special Servicer, as the case may be, any limited
powers of attorney substantially in the form attached as Exhibit L hereto (or such other form as mutually agreed to by
the Trustee and the applicable Master Servicer or the applicable Special Servicer, as applicable) and other documents (each of
which shall be prepared by the applicable Master Servicer or the applicable Special Servicer, as the case may be) necessary or
appropriate to enable it to carry out its servicing and administrative duties hereunder; provided that the Trustee shall
not be held responsible or liable for any negligence with respect to, or any willful misuse of, any such power of attorney by
the applicable Master Servicer or the applicable Special Servicer. Without limiting the generality of the foregoing, the Trustee
shall execute and deliver to the applicable Master Servicer and the applicable Special Servicer, on or before the Closing Date,
a power of attorney substantially in the form attached as Exhibit L hereto (or such other form as mutually agreed to by
the Trustee and the applicable Master Servicer or the applicable Special Servicer, as applicable). Notwithstanding anything contained
herein to the contrary, neither the applicable Master Servicer nor the applicable Special Servicer shall, without the Trustee’s
written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the applicable
Master Servicer’s or applicable Special Servicer’s, as applicable, representative capacity; provided, however,
that in those jurisdictions in which the foregoing requirement would not be legally or procedurally permissible, the applicable
Master Servicer or the applicable Special Servicer, as applicable, shall provide five (5) Business Days’ prior written notice
to the Trustee of the initiation of such action, suit or proceeding (or provide such prior notice as the applicable Master Servicer
or the applicable Special Servicer, as applicable, shall determine in its reasonable judgment exercised in accordance with the
Servicing Standard, to be reasonably practicable prior to filing such action, suit or proceeding) (and shall not be required to
obtain the Trustee’s written consent or indicate the applicable Master Servicer’s or applicable Special Servicer’s,
as applicable, representative capacity); or (ii) take any action with the intent to cause, and that actually causes, the Trustee
to be registered to do business in any state. The applicable Master Servicer and the applicable Special Servicer shall indemnify
(out of its own funds without reimbursement therefor) the Trustee for any and all costs, liabilities and expenses incurred by
the Trustee in connection with the negligent or willful misuse of such power of attorney by the applicable Master Servicer or
the applicable Special Servicer, as the case may be.

 

(c)        The
applicable Master Servicer or the applicable Special Servicer, as the case may be, in accordance with this Agreement, shall service
and administer each Cross-Collateralized Group as a single Mortgage Loan as and when necessary and appropriate consistent with
the Servicing Standard and applicable law and in accordance with this Agreement.

 

(d)        The
relationship of the applicable Master Servicer and the applicable Special Servicer to the Trustee and, unless they are the same
Person, one another under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint
venturer, partner or agent.

 

    	-158-

    	 

    

 

(e)        Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that each of the applicable Master Servicer’s and
applicable Special Servicer’s obligations and responsibilities hereunder and the applicable Master Servicer’s and applicable
Special Servicer’s authority with respect to the Non-Serviced Loan Combinations and any REO Property that is not an Administered
REO Property is limited by and subject to the terms of the related Intercreditor Agreements and the rights, responsibilities and
obligations of the Non-Trust Master Servicer, the Non-Trust Special Servicer and the Non-Trust Trustee under the related Non-Trust
Pooling and Servicing Agreement. The applicable Master Servicer shall, to the extent directed and instructed as contemplated by
Section 3.01(g), enforce the rights of the Trustee (as holder of each Non-Trust-Serviced Pooled Mortgage Loan) under the
related Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement.

 

(f)         Nothing
contained in this Agreement shall limit the ability of the applicable Master Servicer or the applicable Special Servicer to lend
money to (to the extent not secured, in whole or in part, by any Mortgaged Property, except, in the case of an NCB Co-op Mortgage
Loan, any such indebtedness as to which the NCB Subordinate Debt Conditions have been satisfied, which indebtedness may be secured
by a lien on the related Mortgaged Property), accept deposits from and otherwise generally engage in any kind of business or dealings
with any Borrower as though the applicable Master Servicer or the applicable Special Servicer was not a party to this Agreement
or to the transactions contemplated hereby; provided that this sentence shall not be construed to modify or supersede the
Servicing Standard.

 

(g)        The
parties hereto acknowledge that each Non-Trust-Serviced Pooled Mortgage Loan and any REO Property that is not an Administered REO
Property is subject to the terms and conditions of the related Intercreditor Agreement and the related Non-Trust Pooling and Servicing
Agreement. The parties hereto recognize the respective rights and obligations of the “Initial Note Holders” and “Note
Holders” (or the analogous term) under the Intercreditor Agreements for such Non-Trust-Serviced Pooled Mortgage Loans, including
with respect to the allocation of collections and losses on or in respect of such Non-Trust-Serviced Pooled Mortgage Loans and
the related Non-Serviced Pari Passu Companion Loans and the making of payments to the “Initial Note Holders” and “Note
Holders” in accordance with each such Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement.
The parties hereto further acknowledge that, pursuant to the related Intercreditor Agreement(s) for each Non-Trust-Serviced Pooled
Mortgage Loan and any REO Property that is not an Administered REO Property, each Non-Trust-Serviced Pooled Mortgage Loan, the
related Non-Serviced Pari Passu Companion Loan and any REO Property that is not an Administered REO Property are to be serviced
and administered by the related Non-Trust Master Servicer and related Non-Trust Special Servicer in accordance with the related
Non-Trust Pooling and Servicing Agreement. Although each Non-Trust-Serviced Pooled Mortgage Loan is not a Serviced Mortgage Loan
hereunder, the applicable Master Servicer hereunder for each such Non-Trust-Serviced Pooled Mortgage Loan shall have certain duties
as set forth herein and shall constitute the “Master Servicer” hereunder with respect to each such Non-Trust-Serviced
Pooled Mortgage Loan. The applicable Special Servicer shall have no obligations under this Agreement for servicing any Non-Serviced
Loan Combinations or related REO Property.

 

With respect to any Non-Trust-Serviced
Pooled Mortgage Loan, the parties to this Agreement shall have no obligation or authority to supervise respective parties to the
related

 

    	-159-

    	 

    

 

Non-Trust
Pooling and Servicing Agreement (but this statement shall not relieve them of liabilities they may otherwise have in their capacities
as parties to such Non-Trust Pooling and Servicing Agreement) or to make Servicing Advances with respect to any such Non-Trust-Serviced
Pooled Mortgage Loan. If there are at any time amounts due from the Trust, as holder of a Non-Trust-Serviced Pooled Mortgage Loan,
to any party under the related Intercreditor Agreement or the related Non-Trust Pooling and Servicing Agreement pursuant to the
terms thereof, the applicable Master Servicer shall notify the applicable Special Servicer and the Subordinate Class Representative,
and the applicable Master Servicer shall pay such amounts out of the related Collection Account. Except as otherwise expressly
addressed in Section 3.20, if a party to the Non-Trust Pooling and Servicing Agreement related to a Non-Trust-Serviced
Pooled Mortgage Loan requests the Trustee to consent to a modification, waiver or amendment of, or other loan-level action related
to, such Non-Trust-Serviced Pooled Mortgage Loan, then the Trustee shall promptly deliver a copy of such request to the applicable
Master Servicer to be addressed by the applicable Master Servicer pursuant to Section 3.20(g); provided that, if
such Non-Trust-Serviced Pooled Mortgage Loan were serviced hereunder and such action would not be permitted without Rating Agency
Confirmation, then the applicable Master Servicer shall not grant such direction without first having obtained such Rating Agency
Confirmation (payable at the expense of the party requesting such approval of the Trustee, if a Certificateholder or a party to
this Agreement, otherwise from the Collection Account). If a Responsible Officer of the Trustee receives actual notice of a “servicer
termination event” (or other similar term) under the related Non-Trust Pooling and Servicing Agreement, then (during any
Subordinate Control Period or Collective Consultation Period) the Trustee shall notify (in writing), and direct the applicable
Master Servicer to act in accordance with the instructions of, the Subordinate Class Representative (other than with respect to
any Non-Trust-Serviced Pooled Mortgage Loan that is an Excluded Loan); provided that, during a Senior Consultation Period,
or if such instructions are not provided within a reasonable time period (not to exceed ten (10) Business Days or such lesser
response time as is afforded under the related Non-Trust Pooling and Servicing Agreement), or if the applicable Master Servicer
is not permitted by the related Non-Trust Pooling and Servicing Agreement to follow such instructions, or if the matter is with
respect to an Excluded Loan, then the Trustee shall direct the applicable Master Servicer to take such action or inaction (to
the extent permitted by the related Non-Trust Pooling and Servicing Agreement), as directed in writing by the Holders of the Certificates
entitled to a majority of the Voting Rights (such direction communicated to the applicable Master Servicer by the Trustee) within
a reasonable period of time that does not exceed such response time as is afforded under the related Non-Trust Pooling and Servicing
Agreement. If the Trustee receives a request from any party to a Non-Trust Pooling and Servicing Agreement for consent to or approval
of a modification, waiver or amendment of such Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement,
or the adoption of any servicing agreement that is the successor to and/or in replacement of such Non-Trust Pooling and Servicing
Agreement in effect as of the Closing Date or a change in servicer under such Non-Trust Pooling and Servicing Agreement, then
the Trustee shall not grant such consent or approval unless it receives the consent of the applicable Master Servicer under this
Agreement, the consent of the Subordinate Class Representative (during any Subordinate Control Period or Collective Consultation
Period and other than with respect to any Non-Trust-Serviced Pooled Mortgage Loan that is an Excluded Loan) and a Rating Agency
Confirmation (at the expense of the party requesting such approval of the Trustee, if a Certificateholder or a party to this Agreement,
otherwise from the

 

    	-160-

    	 

    

 

Collection Account) from each Rating Agency to the effect that such consent or approval would not result in
an Adverse Rating Event with respect to any Class of Rated Certificates. During the continuation of any “servicer termination
event” (or other similar term) under a Non-Trust Pooling and Servicing Agreement, each of the Trustee, the applicable Master
Servicer and the applicable Special Servicer shall have the right (but not the obligation) to take all actions to enforce its
rights and remedies and to protect the interests, and enforce the rights and remedies, of the Trust (including the institution
and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection
therewith). The reasonable costs and expenses incurred by the applicable Master Servicer or the applicable Special Servicer in
connection with such enforcement shall be an Additional Trust Fund Expense. The Trustee, the applicable Master Servicer and the
applicable Special Servicer shall each promptly forward all material notices or other communications delivered to it in connection
with each Non-Trust Pooling and Servicing Agreement to the other such parties, the Depositor and (other than with respect to any
Non-Trust-Serviced Pooled Mortgage Loan that is an Excluded Loan) the Subordinate Class Representative and, if such notice or
communication is in the nature of a notice or communication that would be required to be delivered to the Rating Agencies if the
related Non-Trust-Serviced Pooled Mortgage Loan were a Serviced Mortgage Loan, to the Rule 17g-5 Information Provider (who shall
promptly post such notice to the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)). Any
obligation of the applicable Master Servicer or the applicable Special Servicer, as applicable, to provide information and collections
to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Trust-Serviced Pooled Mortgage
Loan shall be dependent on its receipt of the corresponding information and collections from the related Non-Trust Master Servicer
or the related Non-Trust Special Servicer.

 

(h)        With
respect to each Non-Trust-Serviced Pooled Mortgage Loan, the parties to this Agreement agree as follows:

 

(i)         the
Trust shall be responsible for its pro rata share of any “Nonrecoverable Servicing Advances” (or the analogous
term) (as defined in the related Non-Trust Pooling and Servicing Agreement) (and advance interest thereon) and any “Additional
Trust Fund Expenses” (or the analogous term) (as defined in the related Non-Trust Pooling and Servicing Agreement), but only
to the extent that they relate to servicing and administration of the related Non-Serviced Loan Combination, including without
limitation, any unpaid “Special Servicing Fees”, “Liquidation Fees” and “Workout Fees” (or
the analogous terms) (each, as defined in the related Non-Trust Pooling and Servicing Agreement) relating to the related Non-Serviced
Loan Combination, and that if the funds received with respect to the related Non-Serviced Loan Combination are insufficient to
cover “Servicing Advances” or “Additional Trust Fund Expenses” (or the analogous term) (each as defined
in the related Non-Trust Pooling and Servicing Agreement), (i) the applicable Master Servicer shall, promptly following notice
from the Non-Trust Master Servicer, reimburse the Non-Trust Master Servicer, the Non-Trust Special Servicer, the Non-Trust Certificate
Administrator or the Non-Trust Trustee, as applicable (such reimbursement, to the extent owed to the Non-Trust Special Servicer,
the Non-Trust Certificate Administrator or the Non-Trust Trustee, may be paid by the applicable Master Servicer to the Non-Trust
Master Servicer, who shall pay such amounts to the Non-Trust Special Servicer, the Non-Trust Certificate

 

    	-161-

    	 

    

 

Administrator
or the Non-Trust Trustee, as applicable), out of general collections in either Collection Account for the Trust’s pro
rata share of any such “Nonrecoverable Servicing Advances” and/or “Additional Trust Fund Expenses”,
and (ii) if the related Non-Trust Pooling and Servicing Agreement permits the Non-Trust Master Servicer, the Non-Trust Special
Servicer, the Non-Trust Certificate Administrator or the Non-Trust Trustee to reimburse itself from the related trust’s
general collections, then the parties to this Agreement hereby acknowledge and agree that the Non-Trust Master Servicer, the Non-Trust
Special Servicer, the Non-Trust Certificate Administrator or the Non-Trust Trustee, as applicable, may do so and the applicable
Master Servicer shall be required to, promptly following notice from the Non-Trust Master Servicer, reimburse the related trust
out of general collections in the applicable Collection Account for the Trust’s pro rata share of any such “Nonrecoverable
Servicing Advances” and/or “Additional Trust Fund Expenses”; provided, however, that to the extent
of any insufficiency of general collections in the applicable Collection Account, the other Master Servicer shall, subject to
and in accordance with Section 3.05(a)(I)(xxiii), reimburse the related trust for the amount of such insufficiency out
of general collections in its Collection Account as an Uncovered Amount;

 

(ii)        each
of the Indemnified Parties shall be indemnified (as and to the same extent the related trust established pursuant to the related
Non-Trust Pooling and Servicing Agreement is required to indemnify each of such Indemnified Parties in respect of other mortgage
loans in such trust pursuant to the terms of the related Non-Trust Pooling and Servicing Agreement) by the Trust, against any of
the Indemnified Items to the extent of the Trust’s pro rata share of such Indemnified Items, and to the extent amounts
on deposit in the “Pari Passu Companion Loan Custodial Account” (as such term or other similar term is defined in the
related Non-Trust Pooling and Servicing Agreement) are insufficient for reimbursement of such amounts, the applicable Master Servicer
shall, promptly following notice from the Non-Trust Master Servicer, reimburse each of the applicable Indemnified Parties for the
Trust’s pro rata share of the insufficiency out of general funds in the Collection Account;

 

(iii)       the
Certificate Administrator shall deliver to the Non-Trust Trustee, the Non-Trust Certificate Administrator, the Non-Trust Special
Servicer, the Non-Trust Master Servicer and the Non-Trust Trust Advisor (provided that such contact information has been provided
to the Certificate Administrator) (with a copy to be sent to the applicable Master Servicer and applicable Special Servicer) (A)
promptly following the Closing Date, written notice in the form of Exhibit U attached hereto, stating that, as of the Closing
Date, the Trustee is the holder of such Non-Trust-Serviced Pooled Mortgage Loan and directing each such recipient to remit to the
applicable Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to
the applicable Master Servicer all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to, the holder of such Non-Trust-Serviced Pooled Mortgage Loan under the related Intercreditor
Agreement and the related Non-Trust Pooling and Servicing Agreement (which notice shall also provide contact information for the
Trustee, the Certificate Administrator, the applicable Master Servicer, the applicable Special Servicer and the party designated
to exercise the rights of the “Non-Controlling Note Holder” under each

 

    	-162-

    	 

    

 

Intercreditor
Agreement), and (B) notice of any subsequent change in the identity of the applicable Master Servicer; and

 

(iv)       the
Non-Trust Master Servicer, the Non-Trust Special Servicer and the related trust established pursuant to the related Non-Trust Pooling
and Servicing Agreement shall be third party beneficiaries of this Section 3.01(h).

 

(v)        In
the event that any Mortgage Loan included in any Serviced Loan Combination is no longer part of the Trust Fund, such Mortgage Loan
and the related Serviced Loan Combination shall continue to be serviced and administered under this Agreement by the applicable
Master Servicer and the applicable Special Servicer until a successor servicing agreement, acceptable to the parties thereto, is
entered into with the consent of the holder of such Mortgage Loan and the related Pari Passu Companion Loan; provided, however,
that, as of the time such Mortgage Loan is no longer part of the Trust Fund, such Serviced Loan Combination and the related Mortgaged
Property shall be serviced for the benefit of the holders of such Serviced Loan Combination as if they were the sole assets serviced
and administered hereunder, and the sole source of funds hereunder (other than with respect to the reimbursement of Nonrecoverable
Advances made while such Mortgage Loan was part of the Trust Fund) and that there shall be no further obligation of any Person
to make P&I Advances. The Master Servicing Fee, the Special Servicing Fee, the Liquidation Fee and/or the Workout Fee with
respect to such Serviced Loan Combination shall continue to be calculated based on the entire principal amount of such Serviced
Loan Combination. All amounts due to the applicable Master Servicer and the applicable Special Servicer (including Advances and
interest thereon) pursuant to this Agreement and the applicable Intercreditor Agreement shall be paid to the applicable Master
Servicer and the applicable Special Servicer on the first Master Servicer Remittance Date following removal of the Mortgage Loan
from the Trust Fund and any related Master Servicer Remittance Date thereafter. In addition, until such time as a separate servicing
agreement with respect to such Serviced Loan Combination and any related REO Property has been entered into, notwithstanding that
neither such Mortgage Loan nor any related REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage
File.

 

Section 3.02     Collection of Mortgage Loan Payments. (a) Each of the applicable Master Servicer and
the applicable Special Servicer shall make efforts consistent with the Servicing Standard and the terms of this Agreement to
collect all payments required under the terms and provisions of the respective Serviced Mortgage Loans and any Serviced Pari
Passu Companion Loan it is obligated to service hereunder (including, without limitation, all Special Servicing Fees, Workout
Fees, Liquidation Fees and other fees and compensation payable to the applicable Master Servicer and to the applicable
Special Servicer to the extent the Borrower is obligated to pay such amounts pursuant to the related Mortgage Loan
Documents); and shall follow such collection procedures as are consistent with the Servicing Standard; provided that
the applicable Master Servicer shall not, with respect to any Mortgage Loan that constitutes an ARD Mortgage Loan after its
Anticipated Repayment Date, take any enforcement action with respect to the payment of Post-ARD Additional Interest (other
than the making of requests for its collection), and the applicable Special Servicer may do so only if (A) such Mortgage Loan
is a Specially Serviced Mortgage Loan and (B) either (i) the taking of an enforcement action with

 

    	-163-

    	 

    

 

respect
to the payment of other amounts due under such Mortgage Loan is, in the reasonable judgment of such Special Servicer, and without
regard to such Post-ARD Additional Interest, also necessary, appropriate and consistent with the Servicing Standard or (ii) all
other amounts due under such Mortgage Loan have been paid, the payment of such Post-ARD Additional Interest has not been forgiven
in accordance with Section 3.20 and, in the reasonable judgment of the applicable Special Servicer, exercised in accordance
with the Servicing Standard, the Liquidation Proceeds expected to be recovered in connection with such enforcement action will
cover the anticipated costs of such enforcement action and, if applicable, any associated Post-ARD Additional Interest; provided
that the applicable Master Servicer or the applicable Special Servicer, as the case may be, may take action to enforce the
Trust Fund’s right to apply excess cash flow to principal in accordance with the terms of the related Mortgage Loan Documents.
Consistent with the foregoing, the applicable Master Servicer or the applicable Special Servicer may grant case-by-case waivers
of Default Charges in connection with a late payment on a Mortgage Loan or Serviced Pari Passu Companion Loan.

 

(b)        At
least ninety (90) days prior to the Stated Maturity Date of each Balloon Mortgage Loan that is a Serviced Mortgage Loan, the applicable
Master Servicer shall send a notice to the related Borrower of such maturity date (with a copy to be sent to the applicable Special
Servicer) and shall request confirmation that the Balloon Payment will be paid by such maturity date.

 

(c)        With
respect to each Non-Trust-Serviced Pooled Mortgage Loan, if the applicable Master Servicer does not receive from a Non-Trust Master
Servicer any Monthly Payment or other amounts known by the applicable Master Servicer to be owing on a Non-Trust-Serviced Pooled
Mortgage Loan in accordance with the terms of the related Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor
Agreement, then such Master Servicer shall provide notice of such failure to the related Non-Trust Master Servicer and the related
Non-Trust Trustee.

 

Section 3.03     Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing
Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or
Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any
terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held,
each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable
law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts
maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari
Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate
taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if
applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master
Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby
with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the
immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be
overages;

 

    	-164-

    	 

    

 

(iv)
to pay interest or other income, if required and as described below, to the related Borrower on balances in the related Servicing
Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of
any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer);
(v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi)
after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage
Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in a Servicing Account in error; or (viii) to
clear and terminate the Servicing Accounts at the termination of this Agreement in accordance with Section 9.01. The applicable
Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment
of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan
Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited
therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding.
Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage
Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer
shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

 

(b)        The
applicable Master Servicer shall as to each related Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (including each
Specially Serviced Mortgage Loan): (i) maintain accurate records with respect to the related Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts consistent with the Servicing Standard
to obtain, from time to time, all bills for the payment of such items (including renewal premiums) and effect payment thereof prior
to the applicable penalty or termination date. For purposes of effecting any such payment with respect to any Serviced Mortgage
Loan or Serviced Pari Passu Companion Loan, the applicable Master Servicer shall apply Escrow Payments as allowed under the terms
of the related Mortgage Loan Documents; provided that if such Mortgage Loan or Serviced Pari Passu Companion Loan does not
require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if
applicable) and similar items, the applicable Master Servicer (or, if such Mortgage Loan or the related Serviced Loan Combination
becomes a Specially Serviced Mortgage Loan, the applicable Special Servicer) shall, subject to and in accordance with the Servicing
Standard, use reasonable efforts to enforce the requirement of the related Mortgage Loan Documents that the related Borrower make
payments in respect of such items at the time they first become due.

 

(c)        In
accordance with the Servicing Standard, but subject to Section 3.11(h), the applicable Master Servicer, with respect to
each related Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (including each such Mortgage Loan or Serviced Pari Passu
Companion Loan that is a Specially Serviced Mortgage Loan) shall make a Servicing Advance with respect to the related Mortgaged
Property in an amount equal to all such funds as are necessary for the purpose of effecting the timely payment of (i) real estate
taxes, assessments and other similar items, (ii) ground rents (if applicable), and (iii) premiums on Insurance Policies

 

    	-165-

    	 

    

 

(including,
premiums on any Environmental Insurance Policy), in each instance prior to the applicable penalty or termination date, in each
instance if and to the extent that (x) Escrow Payments (if any) collected from the related Borrower are insufficient to pay such
item when due, and (y) the related Borrower has failed to pay such item on a timely basis; provided that, in the case of
amounts described in the preceding clause (i), the applicable Master Servicer shall not make a Servicing Advance of any
such amount if such Master Servicer reasonably anticipates (in accordance with the Servicing Standard) that such amounts will
be paid by the related Borrower on or before the applicable penalty date, in which case the applicable Master Servicer shall use
efforts consistent with the Servicing Standard to confirm whether such amounts have been paid and, subject to Section 3.11(h),
shall make a Servicing Advance of such amounts, if necessary, not later than five (5) Business Days following confirmation by
the applicable Master Servicer that such amounts have not been paid by the applicable penalty date. All such Advances shall be
reimbursable in the first instance from related collections from the Borrowers and further as provided in Section 3.05(a).
No costs incurred by the applicable Master Servicer in effecting the payment of real estate taxes, assessments and, if applicable,
ground rents on or in respect of any Mortgaged Property shall, for purposes hereof, including calculating monthly distributions
to Certificateholders, be added to the respective unpaid principal balances or Stated Principal Balances of the subject Mortgage
Loan or Serviced Pari Passu Companion Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Pari Passu Companion
Loan so permit; provided that this sentence shall not be construed to limit the rights of the applicable Master Servicer
or the applicable Special Servicer on behalf of the Trust to enforce any obligations of the related Borrower under such Mortgage
Loan.

 

(d)        Each
Master Servicer shall establish and maintain one or more accounts, which may be sub-account(s) of the Servicing Accounts or segregated
account(s) (“Reserve Accounts”), in which all Reserve Funds, if any,
received by it with respect to the related Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and
retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature
of the account in which Reserve Funds shall be held, each Reserve Account shall be an Eligible Account. As and to the extent consistent
with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals
from the Reserve Accounts maintained by it, and may apply Reserve Funds held therein with respect to any Serviced Mortgage Loan
or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) in the case of Reserve Funds
that are intended to cover specific costs and expenses, to pay for, or to reimburse the related Borrower in connection with, the
costs associated with the related tenant improvements, leasing commissions, repairs, replacements, capital improvements and/or
environmental testing and remediation, litigation and/or other special expenses at or with respect to the related Mortgaged Property
for which such Reserve Funds were intended and to refund the related Borrower any sums as may be determined to be overages; (ii)
in the case of Reserve Funds intended to cover debt service payments, to apply amounts on deposit therein in respect of principal
and interest on such Mortgage Loan or Serviced Pari Passu Companion Loan; (iii) to reimburse the applicable Master Servicer, the
applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Advances made thereby with respect to such Mortgage
Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clauses (i)
and (ii) (or, if any such Advance has become an Unliquidated Advance, to transfer to the Collection Account an amount equal to
the reimbursement that would otherwise

 

    	-166-

    	 

    

 

have
been made as described in this clause (iii)); (iv) subject to Section 3.20, to release such Reserve Funds to the related
Borrower if the conditions precedent for such release are satisfied or otherwise apply such Reserve Funds in accordance with the
related Mortgage Loan Documents if the conditions precedent for such release are not satisfied; (v) to pay interest or other income,
if required and as described below, to the related Borrower on balances in the Reserve Account (or, if and to the extent not payable
to the related Borrower, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such
Reserve Account for each Collection Period) to the applicable Master Servicer); (vi) to withdraw amounts deposited in such Reserve
Account in error; (vii) after an event of default, to pay the principal of, accrued interest on, and any other amounts payable
with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; or (viii) to clear and terminate the Reserve Account
at the termination of this Agreement in accordance with Section 9.01. If the Borrower under any Serviced Mortgage Loan
or Serviced Pari Passu Companion Loan delivers a Letter of Credit in lieu of Reserve Funds, then the applicable Master Servicer,
subject to Section 3.20, shall make draws on or reduce the amount of such Letter of Credit at such times and for such purposes
as it would have made withdrawals from or reductions of the amount of a Reserve Account and, to the extent consistent with the
Servicing Standard, applicable law and the related Mortgage Loan Documents, in order to convert the amount of such Letter of Credit
into Reserve Funds. Promptly after any Reserve Funds are received by the applicable Special Servicer from any Borrower, and in
any event within one Business Day of such receipt, the applicable Special Servicer shall remit such Reserve Funds to the applicable
Master Servicer for deposit in the applicable Reserve Account(s). Any out-of-pocket expenses, including reasonable attorneys’
fees and expenses, incurred by the applicable Master Servicer or the applicable Special Servicer to enable the applicable Master
Servicer or the applicable Special Servicer, as the case may be, to make any draw under any Letter of Credit shall constitute
a Servicing Advance, and the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall make reasonable
efforts to recover such expenses from the related Borrower to the extent the Borrower is required to pay such expenses under the
terms of the related Mortgage Loan or Serviced Pari Passu Companion Loan.

 

(e)        To the
extent an operations and maintenance plan is required to be established and executed pursuant to the terms of the Mortgage Loan
Documents for a Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, the applicable Master Servicer shall request from
the related Borrower written confirmation thereof within a reasonable time after the later of the Closing Date and the date as
of which such plan is required to be established or completed. To the extent any other action or remediation with respect to environmental
matters is required to have been taken or completed pursuant to the terms of a Serviced Mortgage Loan or Serviced Pari Passu Companion
Loan, the applicable Master Servicer shall request from the related Borrower written confirmation of such action and remediation
within a reasonable time after the later of the Closing Date and the date as of which such action or remediation are required
to have been taken or completed. To the extent that a Borrower shall fail to promptly respond to any inquiry described in this
Section 3.03(e), the applicable Master Servicer shall notify the Trustee, the applicable Special Servicer, the Subordinate
Class Representative (other than with respect to any Excluded Loan), the Majority Subordinate Certificateholder (other than with
respect to any Excluded Loan) and (if affected) the related Serviced Pari Passu Companion Loan Holder(s). The applicable Master
Servicer shall promptly notify the Trustee, the applicable Special Servicer, the Subordinate Class Representative (other than
with respect to any Excluded

 

    	-167-

    	 

    

 

Loan)
and any affected Serviced Pari Passu Companion Loan Holders if such Master Servicer determines that the Borrower under any Serviced
Mortgage Loan or Serviced Pari Passu Companion Loan has failed to perform its obligations under such Serviced Mortgage Loan or
Serviced Pari Passu Companion Loan in respect of environmental matters.

 

(f)         Subject
to applicable law and the terms of the related Mortgage Loan Documents, funds in the Servicing Accounts and the Reserve Accounts
may be invested only in Permitted Investments in accordance with the provisions of Section 3.06.

 

(g)        With
respect to each Serviced Mortgage Loan or Serviced Pari Passu Companion Loan that requires the related Borrower to establish and
maintain one or more lock-box, cash management or similar accounts, the applicable Master Servicer shall establish and maintain,
in accordance with the Servicing Standard, such account(s) in accordance with the terms of the related Mortgage Loan Documents.
No such lock-box account is required to be an Eligible Account, unless the Mortgage Loan Documents otherwise so require. The applicable
Master Servicer shall apply the funds deposited in such accounts in accordance with terms of the related Mortgage Loan Documents,
any lock-box, cash management or similar agreement and the Servicing Standard.

 

Section 3.04     Collection Account, Distribution Account, Interest Reserve Account, Excess Liquidation
Proceeds Account, Serviced Pari Passu Companion Loan Custodial Account and Loss of Value Reserve Fund. (a) Each Master
Servicer shall segregate and hold all funds collected and received by it in connection with the Mortgage Loans serviced by it
hereunder, separate and apart from its own funds and general assets. In connection therewith, each Master Servicer shall
establish and maintain one or more segregated accounts as its Collection Account, in which the funds described below are to
be deposited and held on behalf of the Trustee for the benefit of the Certificateholders. Each account that constitutes a
Collection Account shall be an Eligible Account. Each Master Servicer shall deposit or cause to be deposited in its
Collection Account, within two (2) Business Days of receipt by it of properly identified funds (in the case of payments by
Borrowers or other collections on the Mortgage Loans) or as otherwise required hereunder, the following payments and
collections received or made by or on behalf of the applicable Master Servicer subsequent to the Closing Date with respect to
the Mortgage Loans serviced by it hereunder and any REO Properties acquired in respect thereof (other than in respect of
scheduled payments of principal and interest due and payable on such Mortgage Loans on or before their respective Cut-off
Dates (or, in the case of a Replacement Mortgage Loan, on or before the related date of substitution), which payments shall
be delivered promptly to the related Mortgage Loan Seller or its designee, with negotiable instruments endorsed as necessary
and appropriate without recourse):

 

(i)         all
payments (from whatever source) on account of principal of such Mortgage Loans, including Principal Prepayments;

 

(ii)        all
payments (from whatever source) on account of interest on such Mortgage Loans, including Default Interest;

 

(iii)       all
Prepayment Premiums, Yield Maintenance Charges and/or late payment charges received with respect to such Mortgage Loans;

 

    	-168-

    	 

    

 

(iv)       all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received with respect to such Mortgage Loans and/or, insofar
as such payments and/or proceeds represent amounts allocable to reimburse Servicing Advances or pay Liquidation Expenses and/or
other servicing expenses in respect of the entire Serviced Loan Combination of which any such Mortgage Loan is part;

 

(v)        any
amounts relating to such Serviced Mortgage Loans and/or Administered REO Properties required to be deposited by the applicable
Master Servicer or the applicable Special Servicer pursuant to Section 3.07(c) in connection with losses resulting from
a deductible clause in a blanket or master force-placed hazard insurance policy;

 

(vi)       any
amounts relating to an REO Property required to be transferred from any REO Account pursuant to Section 3.16(c);

 

(vii)      to
the extent not otherwise included in another clause of this Section 3.04(a), any payments collected in respect of Unliquidated
Advances on such Mortgage Loans in respect of amounts previously determined to constitute Nonrecoverable Advances;

 

(viii)     insofar
as they do not constitute Escrow Payments or Reserve Funds, any amounts relating to such Mortgage Loans paid by a Borrower specifically
to cover items for which a Servicing Advance has been made or that represent a recovery of property protection expenses from a
Borrower; and

 

(ix)       any
Loss of Value Payments, as set forth in Section 3.05(h) of this Agreement.

 

Furthermore, each Master
Servicer shall deposit in its Collection Account any amounts required to be deposited by such Master Servicer pursuant to Section
3.06, as and when required by such section, in connection with losses incurred with respect to Permitted Investments of funds
held in its Collection Account.

 

Notwithstanding the foregoing
requirements, each Master Servicer need not deposit into its Collection Account any amount that such Master Servicer would be authorized
to withdraw immediately from its Collection Account in accordance with the terms of Section 3.05 and shall be entitled to
instead pay such amount directly to the Person(s) entitled thereto.

 

The foregoing requirements
for deposit in the Collection Accounts shall be exclusive. Without limiting the generality of the foregoing, actual payments from
Borrowers in the nature of Escrow Payments, Reserve Funds, Assumption Fees, Assumption Application Fees, earn-out fees, extension
fees, Modification Fees, charges for beneficiary statements or demands, amounts collected for checks returned for insufficient
funds and other fees and amounts collected from Borrowers that constitute Additional Master Servicing Compensation and/or Additional
Special Servicing Compensation, need not be deposited by either Master Servicer into its Collection Account. Each Master Servicer
shall promptly, and in any event within two (2) Business Days of such Master Servicer’s receipt of same, deliver to the applicable
Special Servicer any of the foregoing items received by it with respect to any Mortgage Loan, if and to

 

    	-169-

    	 

    

 

the
extent that such items constitute Additional Special Servicing Compensation payable to the applicable Special Servicer. If a Master
Servicer shall deposit into its Collection Account any amount not required to be deposited therein, it may at any time withdraw
such amount from its Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i) through (iv) and (vii) through (viii) of the first paragraph of this Section
3.04(a) with respect to any Serviced Mortgage Loan, the applicable Special Servicer shall promptly, but in no event later than
one Business Day after receipt, remit such amounts to the applicable Master Servicer for deposit into its Collection Account, unless
the applicable Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited
because of a restrictive endorsement. With respect to any such amounts paid by check to the order of the applicable Special Servicer,
the applicable Special Servicer shall endorse such check to the order of the applicable Master Servicer (in its capacity as such),
without recourse, representation or warranty, unless the applicable Special Servicer determines, consistent with the Servicing
Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement. Any such amounts received
by the applicable Special Servicer with respect to an Administered REO Property shall be deposited by such Special Servicer into
the related REO Account and remitted to the applicable Master Servicer for deposit into its Collection Account pursuant to Section
3.16(c).

 

(b)        The
Certificate Administrator shall establish and maintain one or more segregated accounts (collectively, the “Distribution
Account”), to be held on behalf of the Trustee and in the name of the Certificate Administrator for the benefit
of the Certificateholders. Each account that constitutes the Distribution Account shall be an Eligible Account. The Certificate
Administrator shall, as a bookkeeping matter, establish and maintain sub-accounts of the Distribution Account (i) one of which
sub-accounts (such sub-account, the “REMIC Sub-Account”) shall be deemed
to be held in trust for the benefit of the Holders of the Class R Certificates and (ii) one of which sub-accounts (such sub-account,
the “Class V Sub-Account”) shall be deemed to be held in trust for
the benefit of the Holders of the Class V Certificates. Not later than 1:00 p.m. (New York City time) on the Master Servicer Remittance
Date, each Master Servicer shall deliver to the Certificate Administrator, for deposit in the Distribution Account, an aggregate
amount of immediately available funds equal to the related Master Servicer Remittance Amount for the Master Servicer Remittance
Date. In addition, each Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit
in the Distribution Account any P&I Advances and Compensating Interest Payments required to be made by such Master Servicer
hereunder. Furthermore, any amounts paid by any party hereto to indemnify the Trust Fund pursuant to any provision hereof shall
be delivered to the Certificate Administrator for deposit in the Distribution Account. The Certificate Administrator shall, upon
receipt, deposit in the Distribution Account any and all amounts received or, pursuant to Section 4.03, advanced by the
Trustee that are required by the terms of this Agreement to be deposited therein. As and when required pursuant to Section 3.05(c),
the Certificate Administrator shall transfer Interest Reserve Amounts in respect of the Interest Reserve Loans from the Interest
Reserve Account to the Distribution Account. Furthermore, as and when required pursuant to Section 3.05(d), the Certificate
Administrator shall transfer monies from the Excess Liquidation Proceeds Account to the Distribution Account. The Certificate Administrator
shall also deposit in the Distribution Account any amounts required to be

 

    	-170-

    	 

    

 

deposited
by the Certificate Administrator pursuant to Section 3.06 in connection with losses incurred with respect to Permitted
Investments of funds held in the Distribution Account. If the Certificate Administrator shall deposit in the Distribution Account
any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision
herein to the contrary notwithstanding. Immediately upon the deposit of any amount into the Distribution Account, any portion
thereof that represents any Post-ARD Additional Interest related to the ARD Mortgage Loans and/or any successor REO Mortgage Loans
with respect thereto included in the Mortgage Pool shall be deemed to have been deposited into the Class V Sub-Account, and the
remaining portion thereof shall be deemed to have been deposited into the REMIC Sub-Account. In addition, all amounts deposited
into the Distribution Account shall be deemed to have been deposited into the REMIC Sub-Account, except that (a) any portion of
a Master Servicer Remittance Amount that represents any Post-ARD Additional Interest related to the ARD Mortgage Loans and/or
any successor REO Mortgage Loans with respect thereto shall be deemed to have been deposited into the Class V Sub-Account and
(b) any amounts deposited into the Distribution Account by the Certificate Administrator pursuant to Section 3.06 in connection
with losses incurred with respect to Permitted Investments of funds held in the Distribution Account shall be deemed to have been
deposited into the Class V Sub-Account insofar as the losses were incurred in respect of investments of amounts on deposit in
the Class V Sub-Account.

 

(c)        The
Certificate Administrator shall establish and maintain one or more accounts (collectively, the “Interest
Reserve Account”) to be held in its name on behalf of the Trustee for the benefit of the Certificateholders. Each
account that constitutes the Interest Reserve Account shall be an Eligible Account or a sub-account of the Distribution Account.
On the Distribution Date in January (except during a leap year) and February of each calendar year, commencing in 2016, prior to
any distributions being made with respect to the Certificates on such Distribution Date, the Certificate Administrator shall, with
respect to each Interest Reserve Loan, withdraw from the Distribution Account and deposit in the Interest Reserve Account an amount
equal to the Interest Reserve Amount, if any, in respect of such Interest Reserve Loan for such Distribution Date; provided
that no such transfer of monies from the Distribution Account to the Interest Reserve Account shall be made on the Final Distribution
Date. The Certificate Administrator shall also deposit in the Interest Reserve Account from its own funds any amounts required
to be deposited by the Certificate Administrator pursuant to Section 3.06 in connection with losses incurred with respect
to Permitted Investments of funds held in the Interest Reserve Account.

 

Notwithstanding that
the Interest Reserve Account may be a sub-account of the Distribution Account for reasons of administrative convenience, the Interest
Reserve Account and the Distribution Account shall, for all purposes of this Agreement (including the obligations and responsibilities
of the Certificate Administrator hereunder), be considered to be and shall be required to be treated as, separate and distinct
accounts.

 

(d)        If
any Excess Liquidation Proceeds are received, the Certificate Administrator shall establish and maintain one or more accounts (collectively,
the “Excess Liquidation Proceeds Account”) to be held on behalf and
in the name of the Trustee for the benefit of the Certificateholders. Each account that constitutes the Excess Liquidation Proceeds
Account shall be an Eligible Account (or a separately identified sub-account of the Distribution

 

    	-171-

    	 

    

 

Account,
provided that for all purposes of this Agreement (including the obligations of the Certificate Administrator hereunder)
such account shall be considered to be and shall be required to be treated as separate and distinct from the Distribution Account).
On the Master Servicer Remittance Date, each Master Servicer shall withdraw from its Collection Account and remit to the Certificate
Administrator for deposit in the Excess Liquidation Proceeds Account all Excess Liquidation Proceeds received by it during the
Collection Period ending on the Determination Date immediately prior to the Master Servicer Remittance Date. The Certificate Administrator
shall also deposit in the Excess Liquidation Proceeds Account from its own funds any amounts required to be deposited by the Certificate
Administrator pursuant to Section 3.06 in connection with losses incurred with respect to Permitted Investments of funds
held in the Excess Liquidation Proceeds Account. For the avoidance of doubt, each of the Collection Accounts, the Interest Reserve
Account, the Excess Liquidation Proceeds Account, the REO Account, any Reserve Account, any Servicing Account, and the portion
of the Distribution Account which is the REMIC Sub-Account in respect of REMIC I (including interest, if any, earned on the investment
of funds in such accounts) will be owned by REMIC I; the Serviced Pari Passu Companion Loan Custodial Account (including interest,
if any, earned on the investment of funds in such account) will be owned by the applicable Serviced Pari Passu Companion Loan
Holder(s) as described in Section 3.04(i); the Loss of Value Fund (including interest, if any, earned on the investment
of funds in such account) will be owned by the applicable Mortgage Loan Sellers as described in Section 3.04(g); and the
portion of the Distribution Account which is the Class V Sub-Account (including interest, if any, earned on the investment of
funds in such account) will be owned by the Grantor Trust and its beneficial owners, the Class V Certificateholders, each for
federal income tax purposes.

 

(e)        [Reserved.]

 

(f)         Funds
in each of the Collection Accounts, the Distribution Account, the Interest Reserve Account, the Serviced Pari Passu Companion Loan
Custodial Account and the Excess Liquidation Proceeds Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.06. Each Master Servicer shall give notice to the other parties hereto of the location of its Collection Account
as of the Closing Date and of the new location of its Collection Account prior to any change thereof. Notwithstanding the first
sentence of this Section 3.04(f), for as long as WFB acts as Certificate Administrator hereunder, all funds held in the
Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account shall remain uninvested.

 

(g)        If
any Loss of Value Payments are received in connection with a Material Document Defect or Material Breach, as the case may be, pursuant
to or as contemplated by Section 2.03(h) of this Agreement, the applicable Special Servicer shall establish and maintain
one or more accounts (collectively, the “Loss of Value Reserve Fund”)
to be held in trust for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account
that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The applicable
Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it. The
Loss of Value Reserve Fund shall be accounted for as an outside reserve fund within the meaning of Treasury Regulations Section
1.860G-2(h) and not an asset of any REMIC Pool. Furthermore, for all federal tax purposes, the Certificate Administrator shall
(i) treat amounts paid out of the Loss of

 

    	-172-

    	 

    

 

Value
Reserve Fund through the Collection Account to the Certificateholders as damages paid to and distributed by the REMIC Pools on
account of a breach of a representation or warranty by the related Mortgage Loan Seller and (ii) treat any amounts paid out of
the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to
such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the
beneficial owner of the related account in the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable
on all income earned thereon.

 

(h)        A
Master Servicer that is servicing a Serviced Loan Combination shall segregate and hold all funds collected and received by it in
connection with the related Serviced Pari Passu Companion Loan separate and apart from its own funds and general assets. In connection
therewith, if there is one or more Serviced Loan Combinations related to this Trust, the related Master Servicer shall establish
and maintain a segregated account (the “Serviced Pari Passu Companion Loan Custodial
Account”), in which the funds described below are to be deposited and held on behalf of the related Serviced Pari
Passu Companion Loan Holder(s) (and which account may be maintained as a separately identified sub-account of the applicable Collection
Account, provided that for all purposes of this Agreement (including the obligations of the applicable Master Servicer hereunder)
such accounts shall be considered to be and shall be required to be treated as separate and distinct from the Collection Accounts,
and provided, further that no collections in respect of one or more Serviced Pari Passu Companion Loans relating
to a single Serviced Loan Combination and on deposit in the Serviced Pari Passu Companion Loan Custodial Account shall be applied
in respect of, or shall be applied to cover any fees or expenses in respect of, one or more Serviced Pari Passu Companion Loans
relating to another Serviced Loan Combination). Any Serviced Pari Passu Companion Loan Custodial Account shall be an Eligible Account
or a sub-account of an Eligible Account. The applicable Master Servicer shall deposit or cause to be deposited in any Serviced
Pari Passu Companion Loan Custodial Account, within two (2) Business Days of receipt by it of properly identified funds or as otherwise
required hereunder, the following payments and collections received or made by or on behalf of the applicable Master Servicer in
respect of the Serviced Pari Passu Companion Loans subsequent to the Closing Date:

 

(i)         all
payments (from whatever source) on account of principal of any Serviced Pari Passu Companion Loan, including Principal Prepayments;

 

(ii)        all
payments (from whatever source) on account of interest on any Serviced Pari Passu Companion Loan, including Default Interest;

 

(iii)       all
Prepayment Premiums and Yield Maintenance Charges received in respect of any Serviced Pari Passu Companion Loan;

 

(iv)       all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of, and allocable as interest (including
Default Interest) on, principal of or Prepayment Premiums or Yield Maintenance Charges with respect to, any Serviced Pari Passu
Companion Loan (or any successor REO Mortgage Loan with respect thereto);

 

    	-173-

    	 

    

 

(v)        any
amounts required to be deposited by the applicable Master Servicer pursuant to Section 3.06 in connection with losses incurred
with respect to Permitted Investments of funds held in the Serviced Pari Passu Companion Loan Custodial Account;

 

(vi)       any
amounts required to be deposited by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.07(c)
in connection with losses on any Serviced Pari Passu Companion Loan (or any successor interest in an REO Mortgage Loan with respect
thereto) resulting from a deductible clause in a blanket or master force-placed hazard insurance policy;

 

(vii)      any
amounts required to be transferred to the Serviced Pari Passu Companion Loan Custodial Account from the related REO Account pursuant
to Section 3.16(c); and

 

(viii)     any
other amounts received and applied on any Serviced Pari Passu Companion Loan pursuant to the related Intercreditor Agreement.

 

Notwithstanding the foregoing
requirements, the applicable Master Servicer need not deposit into the Serviced Pari Passu Companion Loan Custodial Account any
amount that the applicable Master Servicer would be authorized to withdraw immediately from the Serviced Pari Passu Companion Loan
Custodial Account in accordance with the terms of Section 3.05 and shall be entitled to instead pay such amount directly
to the Person(s) entitled thereto.

 

The foregoing requirements
for deposit in the Serviced Pari Passu Companion Loan Custodial Account shall be exclusive. Without limiting the generality of
the foregoing, actual payments from the applicable Borrower in the nature of Escrow Payments, Reserve Funds, Assumption Fees, Assumption
Application Fees, earn-out fees, extension fees, Modification Fees, charges for beneficiary statements or demands, amounts collected
for checks returned for insufficient funds and other fees and amounts collected from the applicable Borrower that constitute Additional
Master Servicing Compensation and/or Additional Special Servicing Compensation, need not be deposited by the applicable Master
Servicer in the Serviced Pari Passu Companion Loan Custodial Account. The applicable Master Servicer shall promptly deliver to
the applicable Special Servicer any of the foregoing items received by it with respect to any Serviced Pari Passu Companion Loan,
if and to the extent that such items constitute Additional Special Servicing Compensation with respect to any Serviced Pari Passu
Companion Loan. If a Master Servicer shall deposit in the Serviced Pari Passu Companion Loan Custodial Account any amount not required
to be deposited therein, it may at any time withdraw such amount from the Serviced Pari Passu Companion Loan Custodial Account,
any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i) through (iv) of the first paragraph of this Section 3.04(h), the applicable
Special Servicer shall promptly, but in no event later than two (2) Business Days after receipt, remit such amounts to the applicable
Master Servicer for deposit into the Serviced Pari Passu Companion Loan Custodial Account, unless the applicable Special Servicer
determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement
or because of another

 

    	-174-

    	 

    

 

appropriate
reason that is consistent with the Servicing Standard. With respect to any such amounts paid by check to the order of the applicable
Special Servicer, the applicable Special Servicer shall endorse such check to the order of the applicable Master Servicer (in
its capacity as such), without recourse, representation or warranty, unless the applicable Special Servicer determines, consistent
with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or
because of another appropriate reason that is consistent with the Servicing Standard. Any such amounts received by the applicable
Special Servicer with respect to an Administered REO Property relating to the applicable Serviced Loan Combination shall be deposited
by the applicable Special Servicer into the related REO Account and, insofar as such amounts are allocable as interest on, principal
of, or Prepayment Premiums or Yield Maintenance Charges with respect to any Serviced Pari Passu Companion Loan or any successor
REO Mortgage Loan with respect thereto, shall be remitted to the applicable Master Servicer for deposit into the Serviced Pari
Passu Companion Loan Custodial Account pursuant to Section 3.16(c) (subject to the terms of the related Intercreditor Agreement).
Any remittances by the applicable Special Servicer under this paragraph may be made as part of an aggregate remittance under this
paragraph and/or the final paragraph of Section 3.04(a).

 

(i)         To
the extent of any Serviced Pari Passu Companion Loan Holder’s interest therein, the Serviced Pari Passu Companion Loan Custodial
Account shall be treated as an “outside reserve fund” within the meaning of the REMIC Provisions, beneficially owned
by any Serviced Pari Passu Companion Loan Holder(s), who shall be liable for any tax on its share of any reinvestment income thereon,
and who shall be deemed to receive any related reimbursements from the Trust Fund.

 

(j)         Notwithstanding
anything to the contrary contained herein, with respect to each Due Date and any Serviced Pari Passu Companion Loan, within one
Business Day after the related Determination Date, the applicable Master Servicer shall remit, from amounts on deposit in the Serviced
Pari Passu Companion Loan Custodial Account, to any related Serviced Pari Passu Companion Loan Holder by wire transfer in immediately
available funds to the account of any Serviced Pari Passu Companion Loan Holder or an agent therefor appearing on any Serviced
Pari Passu Companion Loan Holder Register on the related date such amounts as are required to be remitted (or, if no such account
so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required
to be remitted, by check sent by first class mail to the address of any Serviced Pari Passu Companion Loan Holder or its agent
appearing on any Serviced Pari Passu Companion Loan Holder Register) the portion of any Serviced Loan Combination Remittance Amount
allocable to such Serviced Pari Passu Companion Loan Holder.

 

Section 3.05     Permitted Withdrawals From the Collection Accounts, the Distribution Account, the Interest Reserve Account and the Excess
Liquidation Proceeds Account.

 

(a)        Subsection
(I). Each Master Servicer may, from time to time, make withdrawals from its Collection Account for any of the following purposes
(the order set forth below not constituting an order of priority for such withdrawals):

 

    	-175-

    	 

    

 

(i)         to
remit to the Certificate Administrator for deposit in the Distribution Account (A) the Master Servicer Remittance Amount for the
Master Servicer Remittance Date and (B) any amounts that may be applied by the applicable Master Servicer to make P&I Advances
pursuant to Section 4.03(a);

 

(ii)        to
reimburse the Trustee or itself, as applicable, in that order, for unreimbursed P&I Advances made by such Person (in each case,
with its own funds) with respect to the Mortgage Loans and/or any successor REO Mortgage Loans serviced by such Master Servicer
in respect thereof, the applicable Master Servicer’s and the Trustee’s, as the case may be, respective rights to reimbursement
pursuant to this clause (ii) with respect to any P&I Advance (other than a Nonrecoverable P&I Advance, which is
reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of subsection (II)(iii) of
this Section 3.05(a)) amounts on deposit in such Collection Account that represent Late Collections of interest and principal
Received by the Trust in respect of the particular Mortgage Loan or REO Mortgage Loan as to which such P&I Advance was made
(net of related Master Servicing Fees);

 

(iii)       to
pay itself earned and unpaid Master Servicing Fees, with respect to the Mortgage Loans and/or any successor REO Mortgage Loans
in respect thereof, such Master Servicer’s right to payment pursuant to this clause (iii) with respect to any such
Mortgage Loan or REO Mortgage Loan being limited to amounts on deposit in such Collection Account that are received and allocable
as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be, and to pay to the Trust Advisor earned and unpaid Trust
Advisor Ongoing Fees, with respect to each Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof (other than
any Non-Trust-Serviced Pooled Mortgage Loan or any successor REO Mortgage Loan in respect thereof), the Trust Advisor’s right
to payment pursuant to this clause (iii) with respect to any such Mortgage Loan or successor REO Mortgage Loan being limited
to amounts received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be;

 

(iv)       to
pay the applicable Special Servicer (or, if applicable, any predecessor thereto) earned and unpaid Special Servicing Fees, Workout
Fees and Liquidation Fees to which it is entitled in respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan
and/or REO Mortgage Loan pursuant to, and from the sources contemplated by, Section 3.11(c) and, following a Liquidation
Event in respect of any Serviced Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof, to pay to itself, from
general collections on the Mortgage Loans on deposit in such Collection Account, any unpaid Master Servicing Fees in respect of
such Mortgage Loan and/or successor REO Mortgage Loan;

 

(v)        to
reimburse the Trustee, the applicable Special Servicer or itself, as applicable, in that order, for any unreimbursed Servicing
Advances made thereby (in each case, with its own funds), the applicable Master Servicer’s, the applicable Special Servicer’s
and the Trustee’s, as the case may be, respective rights to reimbursement pursuant to this clause (v) with respect
to any Servicing Advance (other than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to clause (vi) below) being
limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a))

 

    	-176-

    	 

    

 

amounts
on deposit in such Collection Account that represent (A) payments made by the related Borrower that are allocable to cover the
item in respect of which such Servicing Advance was made, and/or (B) Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds
and, if applicable, REO Revenues Received by the Trust in respect of the particular Mortgage Loan or related REO Property as to
which such Servicing Advance was made;

 

(vi)       to
reimburse the Trustee, the applicable Special Servicer or itself, as applicable, in that order, out of such general collections
(subject to the operation of Section 3.05(a)(II)(iv) below) on the Mortgage Loans and any REO Properties serviced by such
Master Servicer as are then on deposit in such Collection Account, for any unreimbursed Nonrecoverable Advances made thereby with
respect to any of the Mortgage Loans and/or related REO Properties;

 

(vii)      to
pay the Trustee, the applicable Special Servicer or itself, as applicable, in that order, any unpaid Advance Interest accrued on
Advances made by such Person, such payment to be made, as and to the extent contemplated by Section 3.25, out of amounts
on deposit in such Collection Account that represent Default Charges Received by the Trust on the Mortgage Loans or REO Mortgage
Loans as to which the subject Advance was made;

 

(viii)     to
the extent that the applicable Master Servicer has reimbursed or is reimbursing the Trustee, the applicable Special Servicer or
itself, as applicable, for any unreimbursed Advance (regardless of whether such reimbursement is pursuant to clause (ii), (v)
or (vi) above, pursuant to Section 3.03(c) or Section 3.03(d) or pursuant to Section 3.05(a)(II)),
and insofar as payment has not already been made out of related Default Charges, and the related Default Charges then on deposit
in such Collection Account and available therefor are not sufficient to make such payment, pursuant to clause (vii) above,
to pay the Trustee, the applicable Special Servicer or itself, as applicable, in that order, first out of amounts on deposit in
the Collection Account that represent the remaining Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any,
from the Mortgage Loan or REO Property to which the Advance relates, then out of such general collections (subject to the operation
of Section 3.05(a)(II) below) on the Mortgage Loans and any REO Properties as are then on deposit in the Collection Account,
any related Advance Interest accrued and payable on the portion of such Advance so reimbursed or being reimbursed;

 

(ix)       to
pay (A) any outstanding expenses that were incurred by the applicable Special Servicer in connection with its inspecting, pursuant
to Section 3.12(a), any Administered REO Property or any Mortgaged Property securing a Specially Serviced Mortgage Loan
or (B) any other outstanding expenses incurred on behalf of the Trust with respect to any Mortgage Loan or related REO Property
(other than Advance Interest that is paid pursuant to clause (vii) above, and other than Special Servicing Fees, Workout
Fees and Liquidation Fees, which are covered by clause (iv) above) that will likely otherwise become Additional Trust Fund
Expenses, such payments to be made, first, out of amounts on deposit in such Collection Account that represent Insurance
Proceeds, Condemnation Proceeds or Liquidation Proceeds and, if applicable, REO

 

    	-177-

    	 

    

 

Revenues
received with respect to such Mortgage Loan or REO Property, as the case may be, and then, out of such general collections
on the Mortgage Loans and any REO Properties serviced by such Master Servicer as are then on deposit in such Collection Account;

 

(x)        to
pay itself any items of Additional Master Servicing Compensation, and to pay the applicable Special Servicer any items of Additional
Special Servicing Compensation, in each case on deposit in such Collection Account from time to time, and to pay to the Trust Advisor
any Trust Advisor Consulting Fee then due and payable to the Trust Advisor, the Trust Advisor’s right to payment pursuant
to this clause (x) with respect to any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage Loan) being limited
to amounts on deposit in such Collection Account that represent collections of such fee from the related Borrower in accordance
with the other provisions of this Agreement;

 

(xi)       to
pay any unpaid Liquidation Expenses incurred with respect to any Serviced Mortgage Loan or related Administered REO Property, such
payments to be made, first, out of amounts on deposit in such Collection Account that represent Insurance Proceeds, Condemnation
Proceeds or Liquidation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage Loan or REO Property,
as the case may be, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced by such
Master Servicer as are then on deposit in such Collection Account;

 

(xii)      to
pay, subject to and in accordance with Section 3.11(i), out of such general collections on the Mortgage Loans and any related
REO Properties serviced by such Master Servicer as are then on deposit in such Collection Account, servicing expenses related to
the Mortgage Loans and related REO Properties, which expenses would, if advanced, constitute Nonrecoverable Servicing Advances;

 

(xiii)     to
pay, first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds
and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any related REO Properties
serviced by such Master Servicer as are then on deposit in such Collection Account, costs and expenses incurred by the Trust pursuant
to Section 3.09(c) with respect to any Serviced Mortgage Loan or Administered REO Property (other than the costs of environmental
testing, which are to be covered by, and reimbursable as, a Servicing Advance);

 

(xiv)     to
pay itself, the applicable Special Servicer, the Depositor, the Certificate Administrator, the Tax Administrator, the Trustee,
the Trust Advisor, or any of their respective directors, officers, members, managers, employees and agents, as the case may be,
first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds and/or
Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced
by such Master Servicer as are then on deposit in such Collection Account, any amounts payable to any such Person pursuant to Section
6.03, Section 7.01(b), or

 

    	-178-

    	 

    

 

Section
8.05(b); provided that in the case of the Trust Advisor, any such amount withdrawn pursuant to this clause (xiv)
in respect of any Trust Advisor Expenses other than Designated Trust Advisor Expenses shall not exceed the limit set forth
for the related Distribution Date in Section 4.05(b) hereof (and, in connection with any request by the Trust Advisor for
the reimbursement of any Trust Advisor Expenses, (x) the applicable Master Servicer shall be entitled to request and rely on reasonable
documentation of expenses and certifications as to the nature thereof (including whether such expenses are Designated Trust Advisor
Expenses) from the Trust Advisor, and (y) the Certificate Administrator shall cooperate with the applicable Master Servicer and
provide a calculation of the limit set for the related Distribution Date in Section 4.05(b) hereof with respect to Trust
Advisor Expenses that are not Designated Trust Advisor Expenses);

 

(xv)       to
pay, first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds
and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced
by such Master Servicer as are then on deposit in such Collection Account, (A) any reasonable out-of-pocket cost or expense (including
the reasonable fees of tax accountants and attorneys) incurred by the Trustee pursuant to Section 3.17(a)(iii) in connection
with providing advice to the applicable Special Servicer with respect to any REO Property serviced by such Special Servicer, and
(B) to the extent not otherwise advanced by the applicable Master Servicer, any fees and/or expenses payable or reimbursable, as
the case may be, in accordance with Section 3.18, to the applicable Master Servicer or the Trustee or an Independent third
party for confirming, in accordance with such Section 3.18, a fair price determination made with respect to any Defaulted
Mortgage Loan or REO Property serviced by such Master Servicer;

 

(xvi)      to
pay itself, the applicable Special Servicer, the Certificate Administrator, the Trustee, the Trust Advisor or the Depositor, as
the case may be, any amount related to the Mortgage Loans and/or related REO Properties serviced by such Master Servicer, that
is specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement and to
which reference is not made in any other clause of this Section 3.05(a), it being acknowledged that this clause (xvi)
shall not be construed to modify any limitation otherwise set forth in this Agreement on the time at which any Person is entitled
to payment or reimbursement of any amount or the funds from which any such payment or reimbursement is permitted to be made;

 

(xvii)     to
pay itself, the applicable Special Servicer, any Responsible Repurchase Party, a Subordinate Class Certificateholder, any Serviced
Pari Passu Companion Loan Holder or any other particular Person, as the case may be, with respect to any Mortgage Loan (or portion
thereof) serviced by such Master Servicer that was previously purchased or otherwise removed from the Trust Fund by such Person
pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan (or portion thereof) subsequent to
the date of purchase or other removal;

 

(xviii)    to
pay to the applicable Mortgage Loan Seller or Responsible Repurchase Party, as the case may be, any amounts on deposit in such
Collection Account that

 

    	-179-

    	 

    

 

represent
Monthly Payments due on the respective Mortgage Loans serviced by such Master Servicer on or before the Cut-off Date or, in the
case of a Replacement Mortgage Loan, on or before the date on which such Replacement Mortgage Loan was added to the Trust Fund;

 

(xix)      in
connection with a Non-Trust-Serviced Pooled Mortgage Loan, to pay, out of such general collections on the Mortgage Loans and REO
Properties as are then on deposit in such Collection Account, to the related Non-Trust Master Servicer, the related Non-Trust Special
Servicer, the related Non-Trust Trust Advisor and/or the holders of the related Non-Serviced Pari Passu Companion Loan(s), any
amount reimbursable to such party by the holder of such Non-Trust-Serviced Pooled Mortgage Loan pursuant to the terms of the related
Intercreditor Agreement(s);

 

(xx)       to
pay to CREFC® (solely to the extent of funds available in such Collection Account following the withdrawal of the amounts described
in clauses (ii) through (xix) above), the CREFC® License Fee;

 

(xxi)      to
transfer any applicable Excess Liquidation Proceeds on deposit in such Collection Account to the Excess Liquidation Proceeds Account
in accordance with Section 3.04(d);

 

(xxii)     to
withdraw any amount and pay to the Person entitled thereto any amount deposited in such Collection Account in error;

 

(xxiii)    so
long as such Master Servicer has received notice of the applicable Uncovered Amount on or before the related Determination Date,
to pay or reimburse the applicable Person for any Uncovered Amount in respect of the other Master Servicer’s Collection Account,
any such Person’s right to payment or reimbursement for any such Uncovered Amount being limited to any general funds in the
subject Master Servicer’s Collection Account that are not otherwise to be applied to make any of the payments or reimbursements
contemplated to be made out of the subject Master Servicer’s Collection Account pursuant to any of clauses (ii)-(xxi)
above; and

 

(xxiv)    to
clear and terminate such Collection Account at the termination of this Agreement pursuant to Section 9.01;

 

provided that if and to the extent
that any expense, cost, reimbursement or other amount otherwise permitted to be withdrawn from Collection Account pursuant to clause
(vi) (relating to Nonrecoverable Advances), clause (ix) (relating to certain expenses), clause (xiii) (relating
to certain environmental costs) or clause (xiv) (relating to certain indemnification and similar expenses), other than (in
the case of clause (xiv)) Trust Advisor Expenses, relates to a Serviced Loan Combination, then such payment shall be made
from collections with respect to such Serviced Loan Combination on deposit in the Collection Account and (unless the expense, cost,
reimbursement or other amount is a Nonrecoverable P&I Advance, in which case (for the avoidance of doubt) the payment in reimbursement
thereof shall be made solely from the relevant Collection Account) any related Serviced Pari Passu Companion Loan Custodial Account
(withdrawals from the Collection Account and any related Serviced Pari Passu

 

    	-180-

    	 

    

 

Companion Loan Custodial Account shall be made pro
rata according to the related Intercreditor Agreement and based on the respective outstanding principal balances of the related
Mortgage Loan and any related Serviced Pari Passu Companion Loan) prior to payment from funds in the Collection Account that are
unrelated to such Serviced Loan Combination; provided, further, that in the case of any amounts payable as reimbursements
to the Depositor, the Certificate Administrator, the Tax Administrator, the Trustee, the Trust Advisor, a Special Servicer, or
any of their respective directors, officers, members, managers, employees and agents pursuant to clause (xiv) that do not
relate to a specific Mortgage Loan or REO Property (other than costs incurred in connection with the replacement of a Master Servicer
or Special Servicer) or that relate to multiple Mortgage Loans and/or REO Properties not all being serviced by the same Master
Servicer, such amounts shall be payable out of both Collection Accounts, to the extent funds are available, on a pro rata
basis, based on the aggregate Stated Principal Balances of the Mortgage Loans being serviced by each Master Servicer (and any Master
Servicer that receives notice or obtains awareness of such an amount to be payable shall promptly notify the other Master Servicer
of the nature and aggregate amount of the item payable and such other information in its possession as to enable the calculation
of a pro rata allocation). Notwithstanding the foregoing, to the extent the applicable Master Servicer, the applicable Special
Servicer or the Trustee, as applicable, obtains funds from the Collection Account that are unrelated to a Serviced Loan Combination
as a reimbursement for a Nonrecoverable Servicing Advance or any Advance Interest on a Servicing Advance or a Nonrecoverable Servicing
Advance relating to a Serviced Loan Combination, any related Serviced Pari Passu Companion Loan Holder is required under the related
Intercreditor Agreement to, promptly following notice from the applicable Master Servicer, reimburse the Trust Fund for its pro
rata share of such Nonrecoverable Servicing Advance or Advance Interest to the extent set forth in the related Intercreditor
Agreement.

 

If amounts on deposit
in either Collection Account at any particular time (after withdrawing any portion of such amounts deposited in such Collection
Account in error) are insufficient to satisfy all payments, reimbursements and remittances to be made therefrom as set forth in
clauses (ii) through (xxi) of the first paragraph of this Section 3.05(a)(I), then the corresponding withdrawals
from such Collection Account shall be made in the following priority and subject to the following rules: (x) if the payment, reimbursement
or remittance is to be made from a specific source of funds, then such payment, reimbursement or remittance shall be made from
that specific source of funds on a pro rata basis with any and all other payments, reimbursements and remittances to be
made from such specific source of funds; and (y) if the payment, reimbursement or remittance can be made from any funds on deposit
in such Collection Account, then (following any withdrawals made from such Collection Account in accordance with the immediately
preceding clause (x) of this sentence) such payment, reimbursement or remittance shall be made from the general funds remaining
on deposit in such Collection Account on a pro rata basis with any and all other payments, reimbursements or remittances
to be made from such general funds; provided that any reimbursements of Advances in respect of any particular Mortgage Loan
or REO Property out of such Collection Account pursuant to any of clauses (ii), (v) and (vi) of the first paragraph
of this Section 3.05(a)(I), and any payments of interest thereon out of such Collection Account pursuant to either of clauses
(vii) and (viii) of the first paragraph of this Section 3.05(a)(I), shall be made (to the extent of their respective
entitlements to such reimbursements and/or payments): first, to the

 

    	-181-

    	 

    

 

Trustee;
and second, pro rata, to the applicable Master Servicer and the applicable Special Servicer.

 

The applicable Master
Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property-by-property basis when appropriate,
in connection with any withdrawal from its Collection Account pursuant to any of clauses (ii) through (xviii) of
the first paragraph of this Section 3.05(a)(I).

 

The applicable Master
Servicer shall pay to the other Master Servicer, the applicable Special Servicer, and, subject to Section 3.01(h)(i), any
Non-Trust Master Servicer, any Non-Trust Special Servicer, any Non-Trust Certificate Administrator or any Non-Trust Trustee, as
applicable, from its Collection Account on the Master Servicer Remittance Date amounts permitted to be paid to the other Master
Servicer, the applicable Special Servicer, any Non-Trust Master Servicer, any Non-Trust Special Servicer, any Non-Trust Certificate
Administrator or any Non-Trust Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the other
Master Servicer, the applicable Special Servicer, such Non-Trust Master Servicer, such Non-Trust Special Servicer, such Non-Trust
Certificate Administrator or such Non-Trust Trustee, as applicable, on the first Business Day following the immediately preceding
Determination Date, describing the item and amount to which the other Master Servicer, the applicable Special Servicer, such Non-Trust
Master Servicer, such Non-Trust Special Servicer, such Non-Trust Certificate Administrator or such Non-Trust Trustee, as applicable,
is entitled. The applicable Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate
the amounts stated therein. The applicable Special Servicer shall keep and maintain separate accounting for each Specially Serviced
Mortgage Loan and REO Property as to which it is the applicable Special Servicer on a loan-by-loan and property-by-property basis,
for the purpose of justifying any request thereby for withdrawal from the applicable Collection Account.

 

Subsection (II).
The provisions of this subsection (II) of this Section 3.05(a) shall apply notwithstanding any contrary provision
of subsection (I) of this Section 3.05(a):

 

(i)         Identification
of Workout-Delayed Reimbursement Amounts: If any Advance made with respect to any Mortgage Loan on or before the date on which
such Mortgage Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a
Corrected Mortgage Loan, together with (to the extent theretofore accrued and unpaid) Advance Interest thereon, is not pursuant
to the operation of the provisions of Section 3.05(a)(I) reimbursed to the Person who made such Advance on or before the
date, if any, on which such Mortgage Loan becomes a Corrected Mortgage Loan (or, but for the making of three monthly payments under
its modified terms, would constitute a Mortgage Loan that is a Corrected Mortgage Loan), such Advance, together with such Advance
Interest, shall constitute a “Workout-Delayed Reimbursement Amount” to the extent that such amount has not been determined
to constitute a Nonrecoverable Advance. All references herein to “Workout-Delayed Reimbursement Amount” shall be construed
always to mean the related Advance and (to the extent theretofore accrued and unpaid) any Advance Interest thereon, together with
(to the extent it remains unpaid) any further Advance Interest that accrues on the unreimbursed portion of such Advance from time
to time in accordance with the other

 

    	-182-

    	 

    

 

provisions
of this Agreement. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner
limit the right of any Person hereunder to determine that such amount instead constitutes a Nonrecoverable Advance.

 

(ii)        General
Relationship of Provisions. Subsection (iii) below (subject to the terms, conditions and limitations thereof) sets forth the
terms of and conditions to the right of a Person to be reimbursed for any Workout-Delayed Reimbursement Amount to the extent that
such Person is not otherwise entitled to reimbursement and payment of such Workout-Delayed Reimbursement Amount pursuant to the
operation of Section 3.05(a)(I) above (construed without regard to the reference therein to this subsection except that
it is nonetheless hereby acknowledged that, for purposes of “Late Collections” in Section 3.05(a)(I), funds
received on the related Mortgage Loan shall be applied in accordance with the terms of the applicable modification even though
such application may result in an Advance continuing to be outstanding when the Borrower is current in its payments under the terms
of the Mortgage Loan as modified). Subsection (iv) below (subject to the terms, conditions and limitations thereof) authorizes
or permits the applicable Master Servicer, under certain circumstances, to abstain from reimbursing itself (or, if applicable,
the Trustee to abstain from obtaining reimbursement) for Nonrecoverable Advances at its sole option. Upon any determination that
all or any portion of a Workout-Delayed Reimbursement Amount constitutes a Nonrecoverable Advance, then the reimbursement or payment
of such amount (and any further Advance Interest that may accrue thereon) shall cease to be subject to the operation of subsection
(iii) below, such amount (and further Advance Interest) shall be as fully payable and reimbursable to the relevant Person as
would any other Nonrecoverable Advance (and Advance Interest thereon) and, as a Nonrecoverable Advance, such amount may become
the subject of the applicable Master Servicer’s (or, if applicable, the Trustee’s) exercise of its sole option authorized
by subsection (iv) below.

 

(iii)       Reimbursements
of Workout-Delayed Reimbursement Amounts: The applicable Master Servicer, the applicable Special Servicer and the Trustee,
as applicable, shall be entitled to reimbursement and payment (and, notwithstanding any contrary provision of subsection (I)
above, shall be entitled to withdraw and pay to itself the amount of such reimbursement and payment) for all Workout-Delayed Reimbursement
Amounts in each Collection Period (and it is again hereby acknowledged that, for purposes of “Late Collections” in
Section 3.05(a)(I), funds received on the related Mortgage Loan shall be applied in accordance with the terms of the applicable
modification even though such application may result in an Advance continuing to be outstanding when the Borrower is current in
its payments under the terms of the Mortgage Loan as modified); provided that the aggregate amount (for all such Persons
collectively) of such reimbursements and payments from amounts advanced or collected on the Mortgage Pool in such Collection Period
shall not exceed (and the reimbursement and payment shall be made from) the aggregate principal portions of P&I Advances and
principal collections and recoveries on the Mortgage Pool for such Collection Period contemplated by clauses (i) through
(v) of the definition of “Unadjusted Principal Distribution Amount”, net of the aggregate deduction amounts
for Nonrecoverable Advances (and accrued and unpaid Advance Interest thereon) that were reimbursed or

 

    	-183-

    	 

    

 

paid
during the related Collection Period from principal collections on the Mortgage Pool, as described by clause (II)(B) of
the definition of “Principal Distribution Amount” and pursuant to Section 3.05(a)(II)(iv). As and to the extent
provided in clause (II)(A) of the definition thereof, the Principal Distribution Amount for the Distribution Date related
to such Collection Period shall be reduced to the extent that such payment or reimbursement of a Workout-Delayed Reimbursement
Amount is made from aggregate principal collections pursuant to the preceding sentence.

 

Any collections (as applied
under Section 1.03) received on or in respect of the Mortgage Loans during a Collection Period that, in each case, represents
a delinquent amount as to which an Advance had been made, which Advance was previously reimbursed during the Collection Period
for a prior Distribution Date as part of a Workout-Delayed Reimbursement Amount, shall be added to and constitute a part of the
Principal Distribution Amount for the related Distribution Date (pursuant to clause (I)(B) of the definition of “Principal
Distribution Amount”) to the extent of all Workout-Delayed Reimbursement Amounts on or in respect of such respective Mortgage
Loan that were reimbursed from collections of principal on the Mortgage Pool in all prior Collection Periods pursuant to the preceding
paragraph.

 

The Certificate Administrator
(and, with respect to Advances made by the applicable Master Servicer or the Trustee) shall be entitled to rely conclusively upon
any direction or notice received from the applicable Master Servicer in connection with any determination made by the applicable
Master Servicer pursuant to the foregoing provisions of this Section 3.05(a)(II)(iii) and shall not be obligated to independently
verify, monitor or oversee any such determination.

 

(iv)       Sole
Option to Abstain from Reimbursements of Certain Nonrecoverable Advances. To the extent that Section 3.05(a)(I) entitles
the applicable Master Servicer, the applicable Special Servicer or the Trustee to reimbursement for any Nonrecoverable Advance
(or payment of Advance Interest thereon from a source other than Default Charges on the related Mortgage Loan) during any Collection
Period, then, notwithstanding any contrary provision of subsection (I) above, (a) to the extent that one or more such reimbursements
and payments of Nonrecoverable Advances (and such Advance Interest thereon) are made, they shall be made, first, from the
aggregate principal portions of P&I Advances and principal collections and recoveries on the Mortgage Pool for such Collection
Period contemplated by clauses (i) through (v) of the definition of “Unadjusted Principal Distribution Amount”,
and then from other amounts advanced or collected on the Mortgage Pool for such Collection Period; provided that,
if so provided as set forth below, the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable,
shall provide each Rating Agency with at least fifteen (15) days’ notice before any reimbursement shall be made of a Nonrecoverable
Advance (or payment of Advance Interest thereon from a source other than Default Charges on the related Mortgage Loan from such
other amounts advanced or collected on the Mortgage Pool for such Collection Period, and (b) if and to the extent that the amount
of such a Nonrecoverable Advance (and Advance Interest thereon), together with all Nonrecoverable Advances (and Advance Interest
thereon) theretofore reimbursed during such Collection Period, would exceed the aggregate principal portions of P&I Advances
and principal collections and recoveries on the Mortgage Pool for such Collection Period

 

    	-184-

    	 

    

 

contemplated
by clauses (i) through (v) of the definition of “Unadjusted Principal Distribution Amount”, the applicable
Master Servicer and/or the Trustee, as applicable, if it made the relevant Advance) is hereby authorized (but shall not be construed
to have any obligation whatsoever), if it elects at its sole option and in its sole discretion, to abstain from reimbursing itself
or obtaining reimbursement (notwithstanding that it is entitled to such reimbursement) during that Collection Period for all or
a portion of such Nonrecoverable Advance (and Advance Interest thereon), for successive one-month periods for a total period not
to exceed twelve (12) months; provided that any such deferral exceeding six (6) months shall require (during a Subordinate
Control Period) the consent of the Subordinate Class Representative; provided, further, that the aggregate amount
that is the subject of the exercise of such option with respect to all Nonrecoverable Advances (and Advance Interest thereon)
with respect to all Mortgage Loans for any particular Collection Period is less than or equal to such excess described above in
this clause (b). If the applicable Master Servicer (or the Trustee, as applicable) makes such an election at its sole option
to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (and Advance Interest thereon), then such
Nonrecoverable Advance (and Advance Interest thereon) or portion thereof shall continue to be fully reimbursable in any subsequent
Collection Period. In connection with a potential election by the applicable Master Servicer (or the Trustee, as applicable) to
abstain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the Collection Period for any
Distribution Date, the applicable Master Servicer (or the Trustee, as applicable) shall further be authorized to wait for principal
collections to be received before making its determination of whether to abstain from the reimbursement of a particular Nonrecoverable
Advance or portion thereof. The applicable Master Servicer or the Trustee, as applicable, shall give the Rating Agencies at least
fifteen (15) days’ notice (subject to Section 3.27) prior to any reimbursement to it of Nonrecoverable Advances from
amounts in the Collection Account or Distribution Account, as applicable, allocable to interest on the Mortgage Loans unless (1)
the applicable Master Servicer or the Trustee, as applicable, determines in its sole discretion that waiting fifteen (15) days
after such a notice could jeopardize its ability to recover such Nonrecoverable Advances, (2) changed circumstances or new or
different information becomes known to the applicable Master Servicer or Trustee, as applicable, that could affect or cause a
determination of whether any Advance is a Nonrecoverable Advance or whether to defer reimbursement of a Nonrecoverable Advance
or the determination in clause (1) above, or (3) the applicable Master Servicer has not timely received from the Trustee
information requested by the applicable Master Servicer to consider in determining whether to defer reimbursement of a Nonrecoverable
Advance; provided that, if any of clause (1), clause (2) or clause (3) above apply, the applicable
Master Servicer or Trustee, as applicable, shall give each Rating Agency notice (subject to Section 3.27) of an anticipated
reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account or Distribution Account, as applicable,
allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. The applicable Master Servicer
or the Trustee, as applicable, shall have no liability for any loss, liability or expenses resulting from any notice provided
to the Rating Agencies contemplated by the immediately preceding sentence.

 

    	-185-

    	 

    

 

Any collections (as applied
under Section 1.03) received on the Mortgage Loans during a Collection Period that, in each case, represents a recovery
of an amount determined in a prior Collection Period to have been a Nonrecoverable Advance shall be added to and constitute a part
of the Principal Distribution Amount for the related Distribution Date (pursuant to clause (I)(C) of the definition of “Principal
Distribution Amount”) to the extent of all Nonrecoverable Advances on such respective Mortgage Loan that were
reimbursed from collections of principal on the Mortgage Pool in all prior Collection Periods pursuant to the preceding paragraph.

 

None of the Master Servicers
or the Trustee shall have any liability whatsoever for making an election, or refraining from making an election, that is authorized
under this subsection (II)(iv). The foregoing shall not, however, be construed to limit any liability that may otherwise
be imposed on such Person for any failure by such Person to comply with the conditions to making such an election under this subsection
(II)(iv) or to comply with the terms of this subsection (II)(iv) and the other provisions of this Agreement that apply
once such an election, if any, has been made.

 

Any election by the applicable
Master Servicer (or the Trustee, as applicable) to abstain from reimbursing itself for any Nonrecoverable Advance (and Advance
Interest thereon) or portion thereof with respect to any Collection Period shall not be construed to impose on the applicable Master
Servicer (or the Trustee, as applicable) any obligation to make such an election (or any entitlement in favor of any Certificateholder
or any other Person to such an election) with respect to any subsequent Collection Period or to constitute a waiver or limitation
on the right of the applicable Master Servicer (or the Trustee, as applicable) to otherwise be reimbursed for such Nonrecoverable
Advance (and Advance Interest thereon). Any such election by one of the applicable Master Servicer or the Trustee shall not be
construed to impose any duty on any other such party to make such an election (or any entitlement in favor of any Certificateholder
or any other Person to such an election). Any such election by any such party to abstain from reimbursing itself or obtaining reimbursement
for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual
of Advance Interest on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance.
None of the Master Servicers, the Trustee or the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Companion Loan Holders for any such election that such party makes to defer or not
to defer reimbursement as contemplated by this subsection or for any losses, damages or other adverse economic or other effects
that may arise from such an election, nor shall such election constitute a violation of the Servicing Standard or any duty under
this Agreement. The foregoing statements in this paragraph shall not limit the generality of the statements made in the immediately
preceding paragraph.

 

The Certificate Administrator
(and, with respect to Advances made by the applicable Master Servicer and the Trustee) shall be entitled to rely conclusively upon
any direction or notice received from the applicable Master Servicer in connection with any determination made by such Master Servicer
pursuant to the foregoing provisions of this Section 3.05(a)(II)(iv) and shall not be obligated to independently verify,
monitor or oversee any such determination.

 

    	-186-

    	 

    

 

(v)        Deferral
is Not Subordination. No determination by the applicable Master Servicer (or the Trustee, as applicable) to exercise its sole
option to defer the reimbursement of Advances and/or Advance Interest under subsection (iv) above shall be construed as
an agreement by the applicable Master Servicer (or the Trustee, as applicable) to subordinate (in respect of realizing losses),
to any Class of Certificates, such party’s right to such reimbursement during such period of deferral.

 

(b)        The
Certificate Administrator shall, from time to time, make withdrawals from the Distribution Account for each of the following purposes
(the order set forth below not constituting an order of priority for such withdrawals):

 

(i)         to
make distributions to the Holders of the Regular Certificates (and to the Holders of the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest) on each Distribution Date pursuant to Section 4.01;

 

(ii)        to
transfer Interest Reserve Amounts in respect of the Interest Reserve Loans to the Interest Reserve Account as and when required
by Section 3.04(c);

 

(iii)       to
pay itself, the Tax Administrator, the applicable Master Servicer, the applicable Special Servicer, the Depositor, the Trustee,
the Trust Advisor or any of their respective directors, officers, members, managers, employees and agents, as the case may be,
any amounts payable to any such Person pursuant to Section 6.03, Section 7.01(b) or Section 8.05(b), as applicable,
if and to the extent such amounts are not payable out of the Collection Account pursuant to Section 3.05(a)(I); provided
that in the case of the Trust Advisor, no such amount may be withdrawn by the Certificate Administrator and paid to the Trust Advisor
unless the conditions set forth in the proviso to Section 3.05(a)(I)(xiv) are satisfied;

 

(iv)       to
pay any and all federal, state and local taxes imposed on any REMIC Pool or on the assets or transactions of any REMIC Pool, together
with all incidental costs and expenses, and any and all expenses relating to tax audits, if and to the extent that either (A) none
of the parties hereto are liable therefor pursuant to Section 10.01(b) and/or Section 10.01(f) or (B) any such Person
that may be so liable has failed to timely make the required payment;

 

(v)        to
pay for the cost of the Opinions of Counsel as contemplated by Section 12.01(a) or Section 12.01(c) in connection
with any amendment to this Agreement requested by the Trustee or the Certificate Administrator which amendment is in furtherance
of the rights and interests of Certificateholders;

 

(vi)       to
pay itself Net Investment Earnings earned on funds in the Distribution Account for each Collection Period;

 

(vii)      to
pay for the cost of recording this Agreement pursuant to Section 12.02(a);

 

(viii)     to
pay to any party hereto any amounts deposited or remitted by such Person for deposit into the Distribution Account in error; and

 

    	-187-

    	 

    

 

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

 

(c)        On
the Master Servicer Remittance Date in March of each year (commencing in March 2016) and in any event on the Master Servicer Remittance
Date that occurs in the same calendar month as the Final Distribution Date, the Certificate Administrator shall withdraw from the
Interest Reserve Account and deposit in the Distribution Account all Interest Reserve Amounts in respect of the Interest Reserve
Loans then on deposit in the Interest Reserve Account. In addition, the Certificate Administrator shall, from time to time, make
withdrawals from the Interest Reserve Account to pay itself interest or other income earned on deposits in the Interest Reserve
Account, in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect
to the Interest Reserve Account for each Collection Period).

 

(d)        On
the Business Day prior to each Distribution Date, the Certificate Administrator shall withdraw from the Excess Liquidation Proceeds
Account and deposit in the Distribution Account, for distribution on such Distribution Date, an amount equal to the lesser of (i)
the entire amount of Excess Liquidation Proceeds, if any, then on deposit in the Excess Liquidation Proceeds Account and (ii) the
excess, if any, of the aggregate amount distributable on such Distribution Date pursuant to Section 4.01(a), over the Available
Distribution Amount for such Distribution Date (calculated without regard to such transfer from the Excess Liquidation Proceeds
Account to the Distribution Account); provided that on the Business Day prior to the Final Distribution Date, the Certificate
Administrator shall withdraw from the Excess Liquidation Proceeds Account and deposit in the Distribution Account, for distribution
on such Distribution Date, any and all Excess Liquidation Proceeds then on deposit in the Excess Liquidation Proceeds Account.
In addition, the Certificate Administrator shall, from time to time, make withdrawals from the Excess Liquidation Proceeds Account
to pay itself interest or other income earned on deposits in the Excess Liquidation Proceeds Account, in accordance with Section
3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to the Excess Liquidation Proceeds Account
for each Collection Period).

 

(e)        The
Certificate Administrator, the Trustee, the Depositor, the applicable Master Servicer, the applicable Special Servicer and, subject
to Section 4.05(b) with respect to any Trust Advisor Expenses, the Trust Advisor, as applicable, shall in all cases have
a right prior to the Certificateholders to any particular funds on deposit in the Collection Accounts and the Distribution Account
from time to time for the reimbursement or payment of compensation, Advances (with interest thereon at the Reimbursement Rate)
and their respective expenses hereunder, but only if and to the extent such compensation, Advances (with such interest) and expenses
are to be reimbursed or paid from such particular funds on deposit in the Collection Accounts or the Distribution Account pursuant
to the express terms of this Agreement.

 

(f)        The
applicable Master Servicer may, from time to time, make withdrawals from the Serviced Pari Passu Companion Loan Custodial Account
for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):

 

    	-188-

    	 

    

 

(i)         to
remit to any Serviced Pari Passu Companion Loan Holder the amounts to which such Serviced Pari Passu Companion Loan Holder is entitled
in accordance with Section 3.04(j), as and when required by such paragraph;

 

(ii)        to
pay to itself earned and unpaid Master Servicing Fees in respect of any related Serviced Pari Passu Companion Loan or any successor
interest in an REO Mortgage Loan with respect thereto;

 

(iii)       to
pay to the applicable Special Servicer earned and unpaid Special Servicing Fees in respect of any related Serviced Pari Passu Companion
Loan or any successor interest in an REO Mortgage Loan with respect thereto;

 

(iv)       to
pay the applicable Special Servicer (or, if applicable, any predecessor thereto) earned and unpaid Workout Fees and Liquidation
Fees to which it is entitled with respect to any related Serviced Pari Passu Companion Loan or any successor REO Mortgage Loan
with respect thereto pursuant to, and from the sources contemplated by, the second and third paragraphs of Section 3.11(c);

 

(v)        to
reimburse itself, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby
(in each case, with its own funds) with respect to any related Serviced Loan Combination or any related REO Property (but only
to the extent that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(vi)       to
pay itself, the applicable Special Servicer or the Trustee, as applicable, any Advance Interest then due and owing to such Person
with respect to any Servicing Advance made by such Person (out of its own funds) with respect to any related Serviced Loan Combination
or any successor REO Mortgage Loan with respect thereto;

 

(vii)      to
pay itself any items of Additional Master Servicing Compensation, and to pay to the applicable Special Servicer any items of Additional
Special Servicing Compensation with respect to any related Serviced Loan Combination, in each case on deposit in such Serviced
Pari Passu Companion Loan Custodial Account from time to time, and to pay to the Trust Advisor any Trust Advisor Consulting Fee
then due and payable to the Trust Advisor with respect to any related Serviced Loan Combination, the Trust Advisor’s right
to payment pursuant to this clause (vii) with respect to such Serviced Loan Combination being limited to amounts on deposit
in such Serviced Pari Passu Companion Loan Custodial Account that represent collections of such fee from the related Borrower in
accordance with the other provisions of this Agreement;

 

(viii)     to
pay any unpaid Liquidation Expenses incurred with respect to any related Serviced Loan Combination or any related REO Property
(but only to the extent that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(ix)       to
pay, in accordance with Section 3.11(i), certain servicing expenses with respect to any related Serviced Loan Combination
or any related REO Property, which expenses would, if advanced, constitute Nonrecoverable Servicing Advances (but only to

 

    	-189-

    	 

    

 

the
extent that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(x)        to
pay any costs and expenses incurred by the Trust pursuant to Section 3.09(c) (other than the costs of environmental testing,
which are to be covered by, and reimbursable as, a Servicing Advance) with respect to any related Serviced Loan Combination or
any related REO Property (but only to the extent that amounts specifically allocable to such purpose have not been deposited in
the Collection Account);

 

(xi)       to
pay itself, the applicable Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Trust Advisor, or any
of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any
such Person pursuant to Section 6.03, Section 7.01(b) or Section 8.05, as applicable, in connection with any
related Serviced Loan Combination or any related REO Property (but only to the extent that amounts specifically allocable to such
purpose have not been deposited in the Collection Account);

 

(xii)      to
pay to itself, the applicable Special Servicer, the Trustee or the Depositor, as the case may be, any amount specifically required
to be paid to such Person at the expense of any related Serviced Pari Passu Companion Loan Holder(s) under any provision of this
Agreement or the related Intercreditor Agreement to which reference is not made in any other clause of this Section 3.05(f),
it being acknowledged that this clause (xii) shall not be construed to modify any limitation otherwise set forth in this
Agreement on the time at which any Person is entitled to payment or reimbursement of any amount or the funds from which any such
payment or reimbursement is permitted to be made;

 

(xiii)     to
withdraw any amount and pay to the Person entitled thereto any amount deposited in such Serviced Pari Passu Companion Loan Custodial
Account in error; and

 

(xiv)     to
clear and terminate such Serviced Pari Passu Companion Loan Custodial Account at the termination of this Agreement pursuant to
Section 9.01 or at such time as any related Serviced Loan Combination or any related REO Property is no longer serviced
hereunder.

 

provided that in connection with
any expense, cost, reimbursement or other amount otherwise permitted to be withdrawn from a Serviced Pari Passu Companion Loan
Custodial Account pursuant to clause (v) (relating to Servicing Advances), clause (vi) (relating to Advance Interest
on Servicing Advances), clause (viii) (relating to Liquidation Expenses), clause (ix) (relating to Nonrecoverable
Servicing Advances), clause (x) (relating to certain environmental expenses) or clause (xi) (relating to certain
indemnification and similar expenses), other than (in the case of such clause (xi)) Trust Advisor Expenses, such payment
shall be made from amounts on deposit in the applicable Collection Account and any related Serviced Pari Passu Companion Loan Custodial
Account (withdrawals from the applicable Collection Account and any related Serviced Pari Passu Companion Loan Custodial Account
shall be made pro rata according to the related Intercreditor Agreement and based on the respective outstanding principal
balances of the

 

    	-190-

    	 

    

 

related Mortgage Loan and any related Serviced Pari Passu Companion Loan) from related funds prior to payment from
funds in the Collection Accounts that are unrelated to such Serviced Loan Combination. Notwithstanding the foregoing, to the extent
the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, obtains funds from the Collection
Account that are unrelated to a Serviced Loan Combination as a reimbursement for a Nonrecoverable Servicing Advance or any Advance
Interest on a Servicing Advance or a Nonrecoverable Servicing Advance relating to a Serviced Loan Combination, the parties acknowledge
that any related Serviced Pari Passu Companion Loan Holder shall, if and to the extent required under the related Intercreditor
Agreement, promptly following notice from the applicable Master Servicer, reimburse the Trust Fund for its pro rata share
of such Nonrecoverable Servicing Advance or Advance Interest.

 

Notwithstanding any contrary
provision above, any reimbursements of Servicing Advances out of such Serviced Pari Passu Companion Loan Custodial Account shall
be made (to the extent of their respective entitlements to such reimbursements and/or payments): first, to the Trustee;
second, to the applicable Special Servicer; and third, to the applicable Master Servicer.

 

The applicable Master
Servicer shall pay to the applicable Special Servicer from any related Serviced Pari Passu Companion Loan Custodial Account amounts
permitted to be paid to the applicable Special Servicer therefrom in respect of Special Servicing Fees, Workout Fees or otherwise,
such payment to be based upon a written statement of the applicable Special Servicer describing the item and amount to which the
applicable Special Servicer is entitled; provided that no written statement is required for a payment of Special Servicing
Fees and/or Workout Fees arising from collections other than the initial collection on a Corrected Mortgage Loan. The applicable
Master Servicer may rely conclusively on any such statement and shall have no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Depositor, the applicable Master Servicer, the applicable Special Servicer and the Trust Advisor, as applicable,
shall in all cases have a right prior to any related Serviced Pari Passu Companion Loan Holder(s) to any particular funds on deposit
in a Serviced Pari Passu Companion Loan Custodial Account from time to time for the reimbursement or payment of compensation, Servicing
Advances (with interest thereon at the Reimbursement Rate) and their respective expenses hereunder, but only if and to the extent
such compensation, Servicing Advances (with interest) and expenses are to be reimbursed or paid from such funds on deposit in such
Serviced Pari Passu Companion Loan Custodial Account pursuant to the express terms of this Agreement and/or the related Intercreditor
Agreement.

 

(g)        [Reserved.]

 

(h)        If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related REO
Property, then the applicable Special Servicer shall, promptly upon written direction from the applicable Master Servicer (provided
that, (1) with respect to clause (iv) below, the applicable Special Servicer shall have provided notice to the applicable
Master Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator
shall have provided the applicable Master Servicer and the applicable Special Servicer with five

 

    	-191-

    	 

    

 

Business
Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof)
from the Loss of Value Reserve Fund to the applicable Master Servicer for deposit into the Collection Account for the following
purposes:

 

(i)         to
reimburse the applicable Master Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related REO Property (together with Advance Interest);

 

(ii)        to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related REO Property that constitutes or, if not paid out of such Loss of Value Payments,
would constitute an Additional Trust Fund Expense;

 

(iii)       to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property (as calculated without
regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor
REO Mortgage Loan;

 

(iv)       following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
above as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or REO Mortgage Loan; and

 

(v)        on
the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv) above,
to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are
attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred
with respect to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments
transferred to the Collection Accounts pursuant to clauses (i) - (iii) of the prior paragraph shall be treated as Liquidation
Proceeds Received by the Trust in respect of the related Mortgage Loan or any successor REO Mortgage Loan with respect thereto
for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Accounts pursuant
to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds Received by the Trust in respect of the Mortgage
Loan or REO Mortgage Loan for which such Loss of Value Payments are being transferred to the Collection Accounts to cover an item
contemplated by clauses (i)-(iii) of the prior paragraph.

 

(i)         With
respect to any Serviced Loan Combination, if amounts required to pay the compensation, fees, costs, expenses or reimbursement incurred
in connection with the servicing and administration of any related Serviced Pari Passu Companion Loan exceed amounts on deposit
in the Serviced Pari Passu Companion Loan Custodial Account and the

 

    	-192-

    	 

    

 

applicable
Master Servicer, the applicable Special Servicer, the Certificate Administrator, the Trust Advisor or the Trustee, as applicable,
have sought reimbursement from the Trust Fund with respect to such expenses allocable to such Serviced Pari Passu Companion Loan,
then the applicable Master Servicer or the applicable Special Servicer, as applicable, shall use efforts in accordance with the
Servicing Standard to exercise promptly the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement
from the holder of any Serviced Pari Passu Companion Loan for that holder’s pro rata share of the expense.

 

Section 3.06     Investment of Funds in the Accounts. (a) Each Master Servicer may direct (pursuant
to a standing order or otherwise) any depositary institution (including the Certificate Administrator) that holds its
Collection Account, the Serviced Pari Passu Companion Loan Custodial Account, any Servicing Account or any Reserve Account,
in each case, maintained by it, each Special Servicer may direct (pursuant to a standing order or otherwise) any depositary
institution (including the Certificate Administrator) that holds the REO Account and any Loss of Value Reserve Fund, and the
Certificate Administrator (other than WFB acting as the Certificate Administrator) may direct (pursuant to a standing order
or otherwise) any depositary institution that holds the Distribution Account, the Interest Reserve Account or the Excess
Liquidation Proceeds Account to invest, or if any of the applicable Master Servicer, the applicable Special Servicer or the
Certificate Administrator, as appropriate, is such depositary institution, the applicable Master Servicer, the applicable
Special Servicer or the Certificate Administrator (other than WFB acting as the Certificate Administrator), as the case may
be, may invest itself, the funds held therein in (but only in) one or more Permitted Investments bearing interest or sold at
a discount, and maturing, unless payable on demand, no later than the Business Day immediately preceding the next succeeding
date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement or the related
Mortgage Loan Documents, as applicable, or with respect to Permitted Investments of funds held in the Distribution Account,
no later than 11:00 a.m., New York City time, on the next succeeding Distribution Date; provided that any such
investment of funds in any Servicing Account or Reserve Account shall be subject to applicable law and the terms of the
related Mortgage Loan Documents; and provided, further, that the funds in any Investment Account shall remain
uninvested unless and until the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator,
as appropriate, gives timely investment instructions with respect thereto pursuant to or as contemplated by this Section
3.06. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an
Investment Account shall be made in the name of the Trustee (in its capacity as such). The applicable Master Servicer
(with respect to Permitted Investments of amounts in its Collection Account, the Serviced Pari Passu Companion Loan Custodial
Account, any Servicing Account or any Reserve Account, in each case, maintained by it), the applicable Special Servicer (with
respect to Permitted Investments of amounts in the REO Account), and the Certificate Administrator (with respect to Permitted
Investments of amounts in the Distribution Account, the Interest Reserve Account or the Excess Liquidation Proceeds Account)
acting on behalf of the Trustee, shall (and the Trustee hereby designates the applicable Master Servicer, the applicable
Special Servicer or the Certificate Administrator, as the case may be, as the Person that shall) (i) be the
“entitlement holder” of any Permitted Investment that is a “security entitlement” and (ii) maintain
“control” of any Permitted Investment that is either a “certificated security” or an
“uncertificated security”. For purposes of this Section 3.06(a), the terms “entitlement
holder”, “security entitlement”, “control”, “certificated security” and
“uncertificated security” shall have the meanings given

 

    	-193-

    	 

    

 

such
terms in Revised Article 8 (1994 Revision) of the UCC, and “control” of any Permitted Investment by the applicable
Master Servicer, the applicable Special Servicer or the Certificate Administrator shall constitute “control” by a
Person designated by, and acting on behalf of, the Trustee for purposes of Revised Article 8 (1994 Revision) of the UCC. If amounts
on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the party hereunder
that maintains such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate
Administrator), shall:

 

(x)        consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount at least equal to the lesser of (1) all amounts then payable thereunder and (2) the
amount required to be withdrawn on such date; and

 

(y)        demand
payment of all amounts due thereunder promptly upon determination by the applicable Master Servicer, the applicable Special Servicer
or the Certificate Administrator, as the case may be, that such Permitted Investment would not constitute a Permitted Investment
in respect of funds thereafter on deposit in such Investment Account.

 

(b)        Whether
or not the applicable Master Servicer directs the investment of funds in any Investment Account (other than a Servicing Account
or Reserve Account) maintained by it, interest and investment income realized on funds deposited therein, to the extent of the
Net Investment Earnings, if any, for such Investment Account for each Collection Period, shall be for the sole and exclusive benefit
of the applicable Master Servicer and shall be subject to its withdrawal in accordance with Section 3.05. Whether or not
the applicable Master Servicer directs the investment of funds in any Servicing Account or Reserve Account maintained by it, interest
and investment income realized on funds deposited therein, to the extent of the Net Investment Earnings, if any, for such Investment
Account for each Collection Period, and subject to the requirements of applicable law or the terms of the related Serviced Mortgage
Loan(s) or Serviced Pari Passu Companion Loan(s) regarding the payment of such interest and investment income to the related Borrower,
shall be for the sole and exclusive benefit of the applicable Master Servicer and shall be subject to withdrawal from time to time
in accordance with Section 3.03. Whether or not the applicable Special Servicer directs the investment of funds in the REO
Account or the Loss of Value Reserve Fund, interest and investment income realized on funds deposited therein, to the extent of
the Net Investment Earnings, if any, for such Investment Account for each Collection Period, shall be for the sole and exclusive
benefit of the applicable Special Servicer and shall be subject to its withdrawal in accordance with Section 3.16(b). Whether
or not the Certificate Administrator directs the investment of funds in the Distribution Account, the Interest Reserve Account
or the Excess Liquidation Proceeds Account, interest and investment income realized on funds deposited therein, to the extent of
the Net Investment Earnings, if any, for each such Investment Account for each Collection Period, shall be for the sole and exclusive
benefit of the Certificate Administrator and shall be subject to its withdrawal in accordance with Section 3.05. If any
loss shall be incurred in respect of any Permitted Investment on deposit in any Investment Account, the party hereunder that maintains
such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator),
shall promptly deposit therein from its own funds, without right of reimbursement, no later than the end of the

 

    	-194-

    	 

    

 

Collection
Period during which such loss was incurred, the amount of the Net Investment Loss, if any, in respect of such Investment Account
for such Collection Period (except, in the case of any such loss with respect to a Servicing Account or Reserve Account, to the
extent the loss amounts were invested for the benefit of a Borrower under the terms of a Serviced Mortgage Loan, Serviced Pari
Passu Companion Loan or applicable law).

 

(c)        Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of any payment due (or in any other performance
required) under any Permitted Investment of funds on deposit in any Investment Account, and if the party hereunder that maintains
such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator)
is in default of its obligations under or contemplated by Section 3.06(b), the Trustee may and, subject to Section 8.02,
upon the request of (i) Holders of Certificates entitled to not less than 25% of the Voting Rights allocated to any Class of Interest
Only Certificates or Principal Balance Certificates or (ii) the Subordinate Class Representative or (iii) alternatively, but only
if the Permitted Investment involves funds on deposit in a Serviced Pari Passu Companion Loan Custodial Account, any related Serviced
Pari Passu Companion Loan Holder(s) (it being understood that, for purposes of this clause (iii), Section 8.02 shall
be construed as if references therein to one or more “Certificateholders” were instead references to such Serviced
Pari Passu Companion Loan Holder), the Trustee shall, take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate legal proceedings. Any costs incurred by the Trustee in taking any such
action shall be reimbursed to it by the party hereunder that maintains such Investment Account (whether it is the applicable Master
Servicer, the applicable Special Servicer or the Certificate Administrator). This provision is in no way intended to limit any
actions that the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator may take in this
regard at its own expense.

 

(d)        Notwithstanding
the investment of funds held in any Investment Account, for purposes of the calculations hereunder, including the calculation of
the Available Distribution Amount, the Master Servicer Remittance Amounts and the monthly amounts payable to the respective Serviced
Pari Passu Companion Loan Holders, the amounts so invested shall be deemed to remain on deposit in such Investment Account.

 

Section 3.07     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a)
In the case of each Serviced Mortgage Loan or Serviced Loan Combination, the applicable Master Servicer shall use reasonable
efforts consistent with the Servicing Standard to cause the related Borrower to maintain (including identifying the extent to
which a Borrower is maintaining insurance coverage and, if such Borrower does not so maintain, the applicable Master Servicer
will itself cause to be maintained with Qualified Insurers having the Required Claims-Paying Ratings) for the related
Mortgaged Property (x) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to
depreciation, in an amount that is at least equal to the lesser of (i) the full replacement cost of improvements securing
such Serviced Mortgage Loan or Serviced Loan Combination or (ii) the outstanding principal balance of such Serviced Mortgage
Loan or Serviced Loan Combination, but, in any event, in an amount sufficient to avoid the application of any co-insurance
clause and (y) all other insurance coverage (including but not limited to coverage for damage resulting from acts of
terrorism) as is required or (subject to the Servicing Standard) that the lender is entitled to

 

    	-195-

    	 

    

 

reasonably
require, subject to applicable law, under the related Mortgage Loan Documents; provided that all of the following conditions
and/or limitations shall apply:

 

(A)        the
applicable Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced Loan Combination unless such insurance policy was in effect at the time
of the origination of such Serviced Mortgage Loan or Serviced Loan Combination pursuant to the terms of the related Mortgage Loan
Documents and is available at commercially reasonable rates and the Trustee has an insurable interest;

 

(B)        if
and to the extent that any Serviced Mortgage Loan or Serviced Loan Combination grants the lender thereunder any discretion (by
way of consent, approval or otherwise) as to the insurance provider from whom the related Borrower is to obtain the requisite insurance
coverage, the applicable Master Servicer shall (to the extent consistent with the Servicing Standard) use efforts consistent with
the Servicing Standard to cause the related Borrower to obtain the requisite insurance coverage from Qualified Insurers that, in
each case, have the Required Claims-Paying Ratings at the time such insurance coverage is obtained;

 

(C)        the
applicable Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard
to cause the Borrower under any Serviced Mortgage Loan to maintain the insurance required to be maintained or that the lender is
entitled to reasonably require, subject to applicable law, under the related Mortgage Loan Documents;

 

(D)        in
no event shall the applicable Master Servicer be required to cause the Borrower under any Serviced Mortgage Loan to maintain, or
itself obtain, insurance coverage that the applicable Master Servicer has determined is either (i) not available at any rate or
(ii) not available at commercially reasonable rates and the related hazards are not at the time commonly insured against at the
then-available rates for properties similar to the related Mortgaged Property and located in or around the region in which the
related Mortgaged Property is located;

 

(E)        the
reasonable efforts of the applicable Master Servicer to cause the Borrower under any Serviced Mortgage Loan to maintain insurance
shall be conducted in a manner that takes into account the insurance that would then be available to such Master Servicer on a
force-placed basis; and

 

(F)        to
the extent the applicable Master Servicer itself is required to maintain insurance that the Borrower under any Serviced Mortgage
Loan does not maintain, the applicable Master Servicer shall not be required to maintain insurance other than what is available
to the applicable Master Servicer on a force-placed basis (and this will not be construed to modify the other limits set forth
in clause (D) above).

 

    	-196-

    	 

    

 

Notwithstanding the limitation
set forth in clause (D) above, if the related Borrower under any Serviced Mortgage Loan fails to maintain with respect to
the related Mortgaged Property (i) specific casualty insurance coverage providing for “special” form coverage that
does not specifically exclude, terrorist or similar acts, and/or (ii) specific insurance coverage with respect to damages or casualties
caused by terrorist or similar acts, the applicable Master Servicer shall cause the related Borrower to maintain, or itself obtain,
such insurance upon terms not materially less favorable than those in place as of the Closing Date, unless the applicable Special
Servicer has determined in its reasonable judgment based on inquiry consistent with the Servicing Standard, and (during any Subordinate
Control Period and other than with respect to any Excluded Loan) with the consent of the Subordinate Class Representative or (during
any Collective Consultation Period or Senior Consultation Period) after having consulted with the Trust Advisor and (during any
Collective Consultation Period and other than with respect to any Excluded Loan) the Subordinate Class Representative, that either
(a) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured
against for properties similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged
Property is located, or (b) such insurance is not available at any rate (failure to maintain required insurance due to either of
clause (a) or (b) is referred to herein as an “Acceptable Insurance Default”).
The Subordinate Class Representative and/or Trust Advisor, as applicable, will have no more than thirty (30) days to respond to
the applicable Special Servicer’s request for such consent or consultation; provided that upon the applicable Special
Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the applicable
Special Servicer to consult with the Subordinate Class Representative and/or Trust Advisor, the applicable Special Servicer will
not be required to do so. If any such approval of the applicable Special Servicer has not been expressly denied within ninety (90)
days of the applicable Special Servicer’s receipt from the applicable Master Servicer of the applicable Master Servicer’s
determination and analysis and all information reasonably requested thereby and reasonably available to the applicable Master Servicer
in order to make an informed decision, such approval shall be deemed to have been granted. If the applicable Special Servicer is
in the process of making a determination described above in this paragraph, then, during the period of such evaluation by the applicable
Special Servicer (or, to the extent applicable, during the period that the applicable Special Servicer is obtaining the consent
of the Subordinate Class Representative (other than with respect to an Excluded Loan) or consulting with the Trust Advisor and/or
the Subordinate Class Representative (other than with respect to an Excluded Loan), as applicable), the applicable Master Servicer
shall not be liable for any loss related to its failure to require the related Borrower to maintain terrorism insurance and shall
not be in default of its obligations hereunder as a result of such failure to maintain terrorism insurance.

 

The applicable Master
Servicer shall notify the applicable Special Servicer, the Trustee, the Subordinate Class Representative (other than with respect
to an Excluded Loan) and the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan) and (if a Serviced
Loan Combination is involved) the related Serviced Pari Passu Companion Loan Holder(s) if the applicable Master Servicer determines
that any Borrower under a Serviced Mortgage Loan or Serviced Loan Combination has failed to maintain insurance required under (or
that such Master Servicer has required pursuant to a provision that entitles the lender to reasonably require insurance under)
the related Mortgage Loan Documents and such failure materially and adversely affects such Mortgage Loan or Loan Combination and/or
the interest of

 

    	-197-

    	 

    

 

the
Trust or the Serviced Pari Passu Companion Loan Holder(s) in the related Mortgaged Property or if any Borrower under a Serviced
Mortgage Loan or Serviced Loan Combination has notified the applicable Master Servicer in writing that such Borrower does not
intend to maintain such insurance and the applicable Master Servicer has determined that such failure materially and adversely
affects such Mortgage Loan or Loan Combination and/or the interest of the Trust or the Serviced Pari Passu Companion Loan Holder(s)
in the related Mortgaged Property.

 

(b)        Subject
to Sections 3.17(b), and/or 3.24, as applicable, with respect to each Administered REO Property, the applicable Special
Servicer shall use reasonable efforts, consistent with the Servicing Standard, to maintain with Qualified Insurers having the Required
Claims-Paying Ratings (a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation,
in an amount that is at least equal to the lesser of (i) the full replacement cost of improvements at such Administered REO Property
or (ii) the outstanding principal balance of the related REO Mortgage Loan, but, in any event, in an amount sufficient to avoid
the application of any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to
that which would be required under prudent lending requirements and in an amount not less than $1,000,000 per occurrence and (c)
to the extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents
for a period of at least twelve (12) months (or at least eighteen (18) months, in the case of an Administered REO Property whose
related REO Mortgage Loan had an initial principal balance exceeding $35,000,000), in each case if so required pursuant to the
related Mortgage Loan Documents; provided that both of the following conditions and/or limitations shall apply:

 

(A)        the
applicable Special Servicer shall not be required to maintain or obtain the insurance coverage otherwise described above unless
the Trustee has an insurable interest; and

 

(B)        the
applicable Special Servicer shall not be required to maintain or obtain the insurance coverage otherwise described above to the
extent that the coverage is not available at commercially reasonable rates and consistent with the Servicing Standard.

 

All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the applicable Master Servicer (or the applicable sub-servicer) on behalf of the Trustee, in the case of insurance
maintained in respect of a Serviced Mortgage Loan or Serviced Loan Combination, or shall name the Trustee as the insured, with
loss payable to the applicable Special Servicer on behalf of the Trustee, in the case of insurance maintained in respect of an
Administered REO Property. Any amounts collected by the applicable Master Servicer or the applicable Special Servicer, as applicable,
under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO
Property or amounts to be released to the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited
in the Collection Account or, to the extent the loss affects a Serviced Pari Passu Companion Loan Holder, in the Serviced Pari
Passu Companion Loan Custodial Account, as applicable, in each case as appropriate in accordance with Section 3.04, subject
to withdrawal pursuant to Section 3.05, in the case of amounts received in respect of a Serviced Mortgage

 

    	-198-

    	 

    

 

Loan,
or in the REO Account of the applicable Special Servicer, subject to withdrawal pursuant to Section 3.16(c), in the case
of amounts received in respect of an Administered REO Property. Any cost incurred by the applicable Master Servicer or the applicable
Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions
to Certificateholders, be added to unpaid principal balance or Stated Principal Balance of the related Serviced Mortgage Loan
or Serviced Loan Combination, notwithstanding that the terms of such Serviced Mortgage Loan or Serviced Loan Combination so permit;
provided that this sentence shall not limit the rights of the applicable Master Servicer or the applicable Special Servicer
on behalf of the Trust (and, if applicable, any related Serviced Pari Passu Companion Loan Holders) to enforce any obligations
of the related Borrower under such Serviced Mortgage Loan or Serviced Loan Combination. Costs to the applicable Master Servicer
or the applicable Special Servicer of maintaining insurance policies pursuant to this Section 3.07 shall (subject to Section
3.11(h) and Section 3.19(b)) be paid by, and reimbursable to, the applicable Master Servicer or the applicable Special
Servicer, as the case may be, as a Servicing Advance.

 

(c)        If
(i) the applicable Master Servicer or the applicable Special Servicer shall obtain and maintain, or cause to be obtained and maintained,
a blanket policy or master force-placed policy insuring against hazard losses on all of any Serviced Mortgage Loans, Serviced Loan
Combinations or Administered REO Properties, as applicable, then, to the extent such policy (A) is obtained from a Qualified Insurer
having the Required Claims-Paying Ratings, and (B) provides protection equivalent to the individual policies otherwise required
herein and in the Mortgage Loan Documents or (ii) the applicable Master Servicer or the applicable Special Servicer has long-term
unsecured debt obligations or deposit accounts that are rated not lower than “A-“ by Fitch (or, if not rated by Fitch,
an equivalent rating by (A) at least two NRSROs (which may include Morningstar and/or Moody’s) or (B) one NRSRO (which may
include Moody’s or Morningstar) and A.M. Best Company), and “A3” by Moody’s (or, if not rated by Moody’s,
at least “A-“ by S&P (or, if not rated by S&P, an equivalent rating by (A) at least two NRSROs (which may include
Fitch and/or Morningstar) or (B) one NRSRO (which may include Fitch or Morningstar) and A.M. Best Company)), or it has received
a Rating Agency Confirmation from each Rating Agency with respect to which such rating is not satisfied, and the applicable Master
Servicer or the applicable Special Servicer, as the case may be, self-insures for its obligation to maintain the individual policies
otherwise required, the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall conclusively be
deemed to have satisfied its obligation to cause hazard insurance to be maintained on the related Mortgaged Properties or REO Properties,
as applicable. Such a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount),
in which case the applicable Master Servicer or the applicable Special Servicer, as the case may be, whichever maintains such policy,
shall, if there shall not have been maintained on any Mortgaged Property securing a Serviced Mortgage Loan, Serviced Loan Combination
or any Administered REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.07(a),
and there shall have been one or more losses that would have been covered by such an individual policy, promptly deposit into the
Collection Account (or, to the extent the loss affects any Serviced Pari Passu Companion Loan Holder(s), in the Serviced Pari Passu
Companion Loan Custodial Account, as applicable) maintained by the applicable Master Servicer, from its own funds without any right
of reimbursement from the Trust, the amount not otherwise payable under the blanket or master force-placed policy in connection
with such loss or losses because of

 

    	-199-

    	 

    

 

such
deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Serviced
Mortgage Loan or Serviced Loan Combination (or, in the absence of any such deductible limitation, the deductible limitation for
an individual policy which is consistent with the Servicing Standard). The applicable Master Servicer and the applicable Special
Servicer shall each prepare and present, on behalf of itself, the Trustee and Certificateholders and, if applicable, any related
Serviced Pari Passu Companion Loan Holders, claims under any such blanket or master force-placed policy maintained by it in a
timely fashion in accordance with the terms of such policy.

 

(d)        With
respect to each Performing Serviced Mortgage Loan that is subject to an Environmental Insurance Policy, if the applicable Master
Servicer has actual knowledge of any event (an “Insured Environmental Event”)
giving rise to a claim under an Environmental Insurance Policy, the applicable Master Servicer shall notify the applicable Special
Servicer to such effect and the applicable Master Servicer shall take reasonable actions as are in accordance with the Servicing
Standard and the terms and conditions of such Environmental Insurance Policy to make a claim thereunder and achieve the payment
of all amounts to which the Trust is entitled thereunder. With respect to each Specially Serviced Mortgage Loan that is subject
to an Environmental Insurance Policy, if the applicable Special Servicer has actual knowledge of any event giving rise to a claim
under an Environmental Insurance Policy, the applicable Special Servicer shall notify the applicable Master Servicer, which shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Administered REO Property that is subject to an Environmental Insurance Policy, if the applicable Special Servicer has
actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, the applicable Special Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. Any legal fees
or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection with any claim under an Environmental
Insurance Policy described above (whether by the applicable Master Servicer or the applicable Special Servicer) shall be (subject
to Section 3.11(h) and Section 3.19(b)) paid by, and reimbursable to, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, as a Servicing Advance.

 

(e)        The
applicable Master Servicer and the applicable Special Servicer shall each at all times during the term of this Agreement (or, in
the case of the applicable Special Servicer, at all times during the term of this Agreement during which Specially Serviced Mortgage
Loans and/or Administered REO Properties exist as part of the Trust Fund) keep in force with a Qualified Insurer having the Required
Claims-Paying Ratings, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The applicable Master
Servicer or applicable Special Servicer shall be deemed to have complied with the foregoing provision if an Affiliate thereof has
such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the applicable
Master Servicer or the applicable Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled
without ten (10) days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit
accounts of the applicable Master Servicer or the applicable Special Servicer, as applicable, are rated not lower than “A-“
by Fitch (or, if not rated

 

    	-200-

    	 

    

 

by
Fitch, an equivalent (or higher) rating by (1) any two other NRSROs (which may include Moody’s and/or Morningstar) or (2)
one NRSRO (which may include Moody’s or Morningstar) and A.M. Best Company), and “A3” by Moody’s (or,
if not rated by Moody’s, at least “A-“ by S&P (or, if not rated by S&P, an equivalent rating by (A)
at least two NRSROs (which may include Fitch and/or Morningstar) or (B) one NRSRO (which may include Fitch or Morningstar) and
A.M. Best Company)), or it has received a Rating Agency Confirmation from each Rating Agency with respect to which such rating
is not satisfied, the applicable Master Servicer or the applicable Special Servicer, as the case may be, may self-insure with
respect to the fidelity bond coverage required as described above, in which case it shall not be required to maintain an insurance
policy with respect to such coverage.

 

The applicable Master
Servicer and the applicable Special Servicer shall each at all times during the term of this Agreement (or, in the case of the
applicable Special Servicer, at all times during the term of this Agreement during which Specially Serviced Mortgage Loans and/or
Administered REO Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer having the Required Claims-Paying
Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in
connection with its servicing obligations hereunder, which policy or policies shall be in such form and amount as are consistent
with the Servicing Standard. The applicable Master Servicer or applicable Special Servicer shall be deemed to have complied with
the foregoing provision if an Affiliate thereof has such policy or policies and, by the terms of such policy or policies, the coverage
afforded thereunder extends to the applicable Master Servicer or the applicable Special Servicer, as the case may be. Any such
errors and omissions policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the applicable Master Servicer or the applicable
Special Servicer, as applicable, are rated not lower than “A-“ by Fitch (or, if not rated by Fitch, an equivalent (or
higher) rating by (1) any two other NRSROs (which may include Moody’s and/or Morningstar) or (2) one NRSRO (which may include
Moody’s or Morningstar) and A.M. Best Company), and “A3” by Moody’s (or, if not rated by Moody’s,
at least “A-“ by S&P (or, if not rated by S&P, an equivalent rating by (A) at least two NRSROs (which may include
Fitch and/or Morningstar) or (B) one NRSRO (which may include Fitch or Morningstar) and A.M. Best Company)), or it has received
a Rating Agency Confirmation from each Rating Agency with respect to which such rating is not satisfied, the applicable Master
Servicer or the applicable Special Servicer, as the case may be, may self-insure with respect to the errors and omissions coverage
required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

Section 3.08     Enforcement of Alienation Clauses. (a) If the provisions of any Serviced Mortgage
Loan or Serviced Loan Combination expressly permit the assignment of the related Mortgaged Property to, and assumption of
such Mortgage Loan by, another Person, or the transfer of interests in the related Borrower, in each case upon the
satisfaction of specified conditions, prohibit such an assignment and assumption or transfer except upon the satisfaction of
specified conditions, or fully prohibit such an assignment and assumption or transfer, and the related Borrower (and/or the
holders of interests in such Borrower) requests approval for such an assignment and assumption or transfer or enters into a
transfer of the related Mortgaged Property or of interest(s) in such Borrower in violation of the related Mortgage Loan
Documents, or if the provisions of any Serviced Mortgage Loan or Serviced Loan Combination expressly permit the

 

    	-201-

    	 

    

 

further
encumbrance of the related Mortgaged Property upon the satisfaction of specified conditions, prohibit such a further encumbrance
except upon the satisfaction of specified conditions, or fully prohibit such a further encumbrance, in each case, other than an
encumbrance with respect to an NCB Co-op Mortgage Loan as to which the NCB Subordinate Debt Conditions have been satisfied, and
the related Borrower requests approval for such a further encumbrance or enters into a further encumbrance in violation of the
related Mortgage Loan Documents, the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan and, if applicable,
any related Performing Serviced Pari Passu Companion Loan) or the applicable Special Servicer (with respect to a Specially Serviced
Mortgage Loan) shall obtain the relevant information and review and make a determination to either (i) disapprove such request
for approval of an assignment and assumption or transfer or further encumbrance (in the case of a Borrower request for approval
thereof) and not waive any violation of the relevant due-on-sale clause or due-on-encumbrance clause or (ii) if in the best economic
interest of the Trust and, if applicable, any affected Serviced Pari Passu Companion Loan Holder(s) (as a collective whole), approve
the request or waive the effect of the due-on-sale or due-on-encumbrance clause; provided that all of the following conditions
and/or restrictions shall apply:

 

(A)        subject
to Section 3.08(c), the applicable Master Servicer shall not enter into such a waiver or approval for any Performing
Serviced Mortgage Loan and, if applicable, any related Performing Serviced Pari Passu Companion Loan, unless such Master
Servicer has obtained the consent of the applicable Special Servicer (it being understood and agreed that (1) the applicable
Master Servicer shall promptly provide the applicable Special Servicer with (x) written notice of any Borrower request for
such assignment and assumption or such encumbrance, (y) the applicable Master Servicer’s written recommendations and
analysis, and (z) all information reasonably available to the applicable Master Servicer that the applicable Special Servicer
may reasonably request in order to withhold or grant any such consent, (2) the applicable Special Servicer shall decide
whether to withhold or grant such consent in accordance with the Servicing Standard (and subject to Section 3.24,
and/or Section 3.26 if and as applicable), and (3) if any such consent has not been expressly denied within fifteen
(15) Business Days (or at least five (5) Business Days after the time period provided for in the related Intercreditor
Agreement) of the applicable Special Servicer’s receipt from the applicable Master Servicer of the applicable Master
Servicer’s written recommendations and analysis and all information reasonably requested thereby and reasonably
available to the applicable Master Servicer in order to make an informed decision, such consent shall be deemed to have been
granted;

 

(B)        if
approval of an assignment and assumption or waiver of a due-on-sale provision is involved and the affected Serviced Mortgage Loan
is a Mortgage Loan that (together with all other Mortgage Loans, if any, that are in the same Cross-Collateralized Group as such
Mortgage Loan or have the same Borrower as such Mortgage Loan or have Borrowers that are known to be affiliated with the Borrower
under such Mortgage Loan) is one of the ten largest Mortgage Loans then in the Trust, has a Cut-off Date Principal Balance in excess
of $20,000,000, or if a Serviced Loan Combination is involved, then, subject to

 

    	-202-

    	 

    

 

the
related Mortgage Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing Serviced
Mortgage Loan or, if applicable, any related Performing Serviced Pari Passu Companion Loan) nor the applicable Special Servicer
(with respect to a Specially Serviced Mortgage Loan) shall enter into such approval or waiver unless and until such approval or
waiver is the subject of a Rating Agency Confirmation (subject to Section 3.27) and in the case of a Serviced Loan Combination,
the equivalent confirmation from each Pari Passu Companion Loan Rating Agency with respect to the related Serviced Pari Passu
Companion Loan Securities; and

 

(C)        if
approval of a further encumbrance or waiver of a due-on-encumbrance provision is involved, then, subject to the related Mortgage
Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan
or, if applicable, any related Performing Serviced Pari Passu Companion Loan) nor the applicable Special Servicer (with respect
to a Specially Serviced Mortgage Loan) shall enter into such approval or waiver unless and until such approval or waiver is the
subject of a Rating Agency Confirmation (subject to Section 3.27) if the related Serviced Mortgage Loan (a) represents 2%
or more of the then-aggregate principal balance of all of the Mortgage Loans then in the Trust Fund, (b) is one of the ten largest
Mortgage Loans then in the Trust Fund by principal balance, (c) has an aggregate loan-to-value ratio (including existing and proposed
additional debt) that is equal to or greater than 85% or (d) has an aggregate debt service coverage ratio (including the debt service
on the existing and proposed additional debt) that is less than 1.20x;

 

(D)        if
approval of an assignment and assumption or waiver of a due-on-sale provision is involved, then, subject to the related Mortgage
Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan
or, if applicable, any related Performing Serviced Pari Passu Companion Loan) nor the applicable Special Servicer (with respect
to a Specially Serviced Mortgage Loan) shall enter into such approval or waiver with respect to any Mortgaged Property which secures
a Cross-Collateralized Group unless (i) all of the Mortgaged Properties securing such Cross-Collateralized Group are transferred
simultaneously by the respective Borrower(s) or (ii) either (x) in the case of the applicable Master Servicer, it has obtained
the consent of the applicable Special Servicer (pursuant to the approval procedures described in clause (A) above) or (y)
in the case of the applicable Special Servicer, it has obtained the consent of the Subordinate Class Representative (other than
with respect to an Excluded Loan), if and to the extent required under Sections 3.24 and/or Section 3.26, as applicable);

 

(E)        subject
to the related Mortgage Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing
Serviced Mortgage Loan or, if applicable, any related Performing Serviced Pari Passu Companion Loan) nor the applicable Special
Servicer (with respect to a Specially Serviced Mortgage Loan) shall enter into such approval or waiver unless all

 

    	-203-

    	 

    

 

associated
costs and expenses (including the costs of any Rating Agency Confirmation) are covered without any expense to the Trust or (in
the case of a Serviced Loan Combination) any expense to any related Serviced Pari Passu Companion Loan Holder(s) (it being understood
and agreed that, except as expressly provided herein, neither the applicable Master Servicer nor the applicable Special Servicer
shall be obligated to cover or assume any such costs or expenses) and if the related Borrower refuses to pay any such costs and
expenses then the applicable Master Servicer or the applicable Special Servicer, as applicable, shall be permitted to deny the
related request;

 

(F)        neither
the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan or, if applicable, any related Performing Serviced
Pari Passu Companion Loan) nor the applicable Special Servicer (with respect to a Specially Serviced Mortgage Loan) shall, in connection
with any such approval or waiver, consent or agree to any modification, waiver or amendment of any term or provision of such Serviced
Mortgage Loan that would result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with
respect to the Grantor Trust Pool; and

 

(G)        the
applicable Special Servicer shall not consent to the applicable Master Servicer’s recommendation described in clause (A)
above, or itself enter into such an approval or waiver, unless the applicable Special Servicer has complied with Section 3.24
and/or Section 3.26, as applicable.

 

Notwithstanding the foregoing,
in no event will the applicable Master Servicer’s approval of an assignment and assumption or further encumbrance be conditioned
on the approval or absence of objection from the applicable Special Servicer (or the applicable Special Servicer interacting with
the Subordinate Class Representative in connection with such Master Servicer approval) or (solely in the case of an approval of
a further encumbrance of a Mortgaged Property securing a Co-op Mortgage Loan) the need to obtain a Rating Agency Confirmation if
either (x) solely in the case of an NCB Co-op Mortgage Loan, the NCB Subordinate Debt Conditions have been met with respect to
such NCB Co-op Mortgage Loan or (y)(a) the transaction is permitted under the related Mortgage Loan Documents and (b) the conditions
to the transaction that are set forth in the related Mortgage Loan Documents do not include the approval of the lender or the exercise
of lender discretion (other than confirming the satisfaction of the other conditions to the transaction set forth in the related
Mortgage Loan Documents that do not include any other approval or exercise of discretion).

 

Notwithstanding the foregoing,
and regardless of whether a particular NCB Co-op Mortgage Loan contains specific provisions regarding the incurrence of subordinate
debt, or prohibits the incurrence of subordinate debt, or requires the consent of the Mortgagee in order to incur subordinate debt,
the NCB Master Servicer may, nevertheless, in accordance with the Servicing Standard, without the need to obtain any consent or
approval hereunder (and without the need to obtain a Rating Agency Confirmation), permit the related Borrower to incur subordinate
debt if the NCB Subordinate Debt Conditions have been met; provided that, subject to the related Mortgage Loan Documents
and applicable law, the NCB Master Servicer shall not waive any right it has, or grant any consent it is otherwise entitled to
withhold, in accordance

 

    	-204-

    	 

    

 

with
any related “due-on-encumbrance” clause under any Mortgage Loan, pursuant to this paragraph, unless in any such case,
all associated costs and expenses are covered without any expense to the Trust.

 

(b)        In
connection with any permitted assumption of any Serviced Mortgage Loan or Serviced Loan Combination or waiver of a “due-on-sale”
or “due-on-encumbrance” clause thereunder, the applicable Master Servicer (in the case of a Performing Serviced Mortgage
Loan) or the applicable Special Servicer (in the case of a Specially Serviced Mortgage Loan) shall prepare all documents necessary
and appropriate for such purposes and shall coordinate with the related Borrower for the due execution and delivery of such documents.

 

(c)        Notwithstanding
Section 3.08(a), in connection with any transfer of an interest in the related Borrower under a Performing Serviced Mortgage
Loan or related Serviced Pari Passu Companion Loan, the applicable Master Servicer shall have the right to grant its consent to
the same without the consent or approval of the applicable Special Servicer (or the applicable Special Servicer interacting with
the Subordinate Class Representative in connection with such applicable Master Servicer consent) if such transfer is allowed under
the terms of the related Mortgage Loan Documents without the exercise of any lender approval or discretion other than confirming
the satisfaction of the other conditions to the transfer set forth in the related Mortgage Loan Documents that do not include any
other approval or exercise of discretion and does not involve incurring new mezzanine indebtedness, including a consent to transfer
to any subsidiary or affiliate of such Borrower or to a person acquiring less than a majority interest in such Borrower; provided
that, subject to the terms of the related Mortgage Loan Documents and applicable law, if (i) the affected Serviced Mortgage Loan
is or relates to a Mortgage Loan that, together with all other Mortgage Loans, if any, that are in the same Cross-Collateralized
Group as such Mortgage Loan or have the same Borrower as such Mortgage Loan or have Borrowers that are known to be affiliated with
the Borrower under such Mortgage Loan, is one of the then-current top ten Mortgage Loans (by Stated Principal Balance) in the Mortgage
Pool, has a Cut-off Date Principal Balance in excess of $20,000,000, or has a Stated Principal Balance that equals or exceeds 5%
of the then-aggregate Stated Principal Balance of the Mortgage Pool, or a Serviced Loan Combination is involved and the related
Other Pooling and Servicing Agreement would require Rating Agency Confirmation if such Serviced Loan Combination was serviced thereunder,
and (ii) the transfer is of an interest in the Borrower greater than 49% or otherwise would result in a change in control of the
Borrower (for these purposes, “control” when used with respect to any specified person means the power to direct the
management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing),
then the applicable Master Servicer shall not consent to such transfer unless and until such transfer is the subject of a Rating
Agency Confirmation (subject to Section 3.27) (and, in the case of any applicable Serviced Mortgage Loan that is part of
a Loan Combination, an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, if applicable pursuant
to Section 3.27(k)) (the costs of which are to be payable by the related Borrower to the extent provided for in the related
Mortgage Loan Documents, which provisions shall not be waived by the applicable Master Servicer, and, if not paid, such costs shall
be paid by and reimbursed to the applicable Master Servicer as an Additional Trust Fund Expense). The applicable Master Servicer
shall be entitled to collect and

 

    	-205-

    	 

    

 

receive
from Borrowers any customary fees in connection with such transfers of interest as Additional Master Servicing Compensation.

 

Section 3.09     Realization Upon Defaulted Serviced Mortgage Loans. (a) The applicable Special
Servicer shall, subject to Sections 3.09(b), 3.09(c), 3.09(d), Section 3.24, Section 3.26 and/or Section
3.28, as applicable, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose upon or otherwise
comparably convert the ownership of the real property and other collateral securing any Serviced Mortgage Loan or Serviced
Loan Combination that comes into and continues in default and as to which no satisfactory arrangements can be made for
collection of delinquent payments, including pursuant to Section 3.20. In connection with the foregoing, in the event
of a default under any Serviced Mortgage Loan, Serviced Loan Combination or Cross-Collateralized Group that is secured by
real properties located in multiple states, and such states include California or another state with a statute, rule or
regulation comparable to California’s “one action rule”, then the applicable Special Servicer shall consult
Independent counsel regarding the order and manner in which the applicable Special Servicer should foreclose upon or
comparably proceed against such properties. The applicable Special Servicer may direct the applicable Master Servicer to
advance, as contemplated by Section 3.19(b), all costs and expenses (including attorneys’ fees and litigation
costs and expenses) to be incurred on behalf of the Trust in any such proceedings or such consultation, subject to the
applicable Master Servicer being entitled to reimbursement for any such advance as a Servicing Advance as provided in Section
3.05(a), and further subject to the applicable Special Servicer’s being entitled to pay out of the related
Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds any Liquidation Expenses incurred in respect of any
Serviced Mortgage Loan or Serviced Loan Combination, which Liquidation Expenses were outstanding at the time such proceeds
are received. Nothing contained in this Section 3.09 shall be construed so as to require the applicable Special
Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a foreclosure sale or similar proceeding that is
in excess of the fair market value of such property, as determined by the applicable Special Servicer taking into account the
factors described in Section 3.18 and the results of any appraisal obtained pursuant to the following sentence or
otherwise, all such cash bids to be made in a manner consistent with the Servicing Standard. If and when the applicable
Master Servicer or the applicable Special Servicer deems it necessary in accordance with the Servicing Standard for purposes
of establishing the fair market value of any Mortgaged Property securing a defaulted Serviced Mortgage Loan or Serviced Loan
Combination, whether for purposes of bidding at foreclosure or otherwise, the applicable Master Servicer or the applicable
Special Servicer (as the case may be) is authorized to have an Appraisal completed with respect to such property (the cost of
which appraisal shall be covered by, and be reimbursable as, a Servicing Advance).

 

The applicable Master
Servicer shall not foreclose upon or otherwise comparably convert, including by taking title thereto, any real property or other
collateral securing a Defaulted Mortgage Loan or Serviced Loan Combination.

 

(b)        Notwithstanding
the foregoing provisions of this Section 3.09, no Mortgaged Property shall be acquired by the applicable Special Servicer
on behalf of the Trust (and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s))
under such circumstances, in such manner or pursuant to such terms as would (i) cause such Mortgaged Property to fail to qualify
as “foreclosure property” within the meaning

 

    	-206-

    	 

    

 

of
Section 860G(a)(8) of the Code (unless the portion of such REO Property that is not treated as “foreclosure property”
and that is held by any REMIC Pool at any given time constitutes not more than a de minimis amount of the assets of such
REMIC Pool within the meaning of Treasury Regulations Section 1.860D-1(b)(3)(i) and (ii)), or (ii) except as permitted by Section
3.17(a), subject the Trust to the imposition of any federal income or prohibited transaction taxes under the Code. Subject
to the foregoing, however, a Mortgaged Property may be acquired through a single-member limited liability company. In addition,
except as permitted under Section 3.17(a), the applicable Special Servicer shall not acquire any personal property on behalf
of the Trust (and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)) pursuant
to this Section 3.09 unless either:

 

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

 

(ii)        the
applicable Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be covered by, and reimbursable
as, a Servicing Advance) to the effect that the holding of such personal property as part of the Trust Fund will not result in
an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool.

 

(c)        Notwithstanding
the foregoing provisions of this Section 3.09, the applicable Special Servicer shall not, on behalf of the Trust (and, in
the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)), have a receiver of rents appointed
with respect to a Mortgaged Property, or obtain title to a Mortgaged Property by foreclosure, deed in lieu of foreclosure or otherwise,
or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of
the Certificateholders, could, in the reasonable judgment of the applicable Special Servicer, exercised in accordance with the
Servicing Standard, be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner”
or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless:

 

(i)         the
applicable Special Servicer has previously determined in accordance with the Servicing Standard, based on a Phase I Environmental
Assessment (and any additional environmental testing that the applicable Special Servicer deems necessary and prudent) of such
Mortgaged Property conducted by an Independent Person who regularly conducts Phase I Environmental Assessments and performed during
the nine-month period preceding any such acquisition of title or other action, that such Mortgaged Property is in compliance with
applicable environmental laws and regulations and there are no circumstances or conditions present at the Mortgaged Property relating
to the use, management or disposal of Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or
remediation could be required under any applicable environmental laws and regulations; or

 

(ii)        if
the determination described in clause (c)(i) above cannot be made, the applicable Special Servicer has previously determined
in accordance with the Servicing Standard, on the same basis as described in clause (c)(i) above, and taking into account
the coverage provided under the related Environmental Insurance Policy, that it would

 

    	-207-

    	 

    

 

maximize
the recovery to the Certificateholders and, in the case of a Mortgaged Property securing a Serviced Loan Combination, to the related
Serviced Pari Passu Companion Loan Holder(s) (as a collective whole) on a present value basis (the relevant discounting of anticipated
collections that will be distributable to Certificateholders and, in the case of a Mortgaged Property securing a Serviced Loan
Combination, to the related Serviced Pari Passu Companion Loan Holder(s), to be performed at the related Net Mortgage Rate (or
(x) in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, at the related Net Mortgage Rate immediately prior
to the Anticipated Repayment Date, or (y) in the case of a Serviced Loan Combination, at the weighted average of the Net Mortgage
Rates for the related notes)) to acquire title to or possession of the Mortgaged Property and to take such remedial, corrective
and/or other further actions as are necessary to bring the Mortgaged Property into compliance with applicable environmental laws
and regulations and to appropriately address any of the circumstances and conditions referred to in clause (c)(i) above.

 

Any such determination
by the applicable Special Servicer contemplated by clause (i) or clause (ii) of the preceding paragraph shall be
evidenced by an Officer’s Certificate to such effect delivered to the Trustee, the applicable Master Servicer, the Subordinate
Class Representative (other than with respect to any Mortgaged Property securing an Excluded Loan) and the Majority Subordinate
Certificateholder (other than with respect to any Mortgaged Property securing an Excluded Loan) (and, in the case of a Mortgaged
Property securing a Serviced Loan Combination, to the related Serviced Pari Passu Companion Loan Holder(s)), specifying all of
the bases for such determination, such Officer’s Certificate to be accompanied by all related environmental reports.

 

The cost of such Phase
I Environmental Assessment and any such additional environmental testing, as well as the cost of any remedial, corrective or other
further action contemplated by clause (i) and/or clause (ii) above of the first paragraph of Section 3.09(c),
shall be paid out of the Collection Account (subject to, if it relates to one or more Mortgage Loans in a Serviced Loan Combination,
the proviso at the end of the first paragraph (that is, the initial paragraph that includes the enumerated clauses (i) through
(xxiii) of Section 3.05(a)(I)).

 

(d)        If
neither of the conditions set forth in clauses (i) and (ii) of the first paragraph of Section 3.09(c) has
been satisfied with respect to any Mortgaged Property securing a defaulted Serviced Mortgage Loan (or, if applicable, a Serviced
Loan Combination), the applicable Special Servicer shall take such action as is in accordance with the Servicing Standard (other
than proceeding against the Mortgaged Property) and, at such time as it deems appropriate, may, on behalf of the Trust and, if
applicable, any related Serviced Pari Passu Companion Loan Holder(s), release all or a portion of such Mortgaged Property from
the lien of the related Mortgage; provided that both (i) if such Serviced Mortgage Loan has a then-outstanding principal
balance greater than $1,000,000, then prior to the release of all or a portion of the related Mortgaged Property from the lien
of the related Mortgage, the applicable Special Servicer shall have notified the Rating Agencies (subject to Section 3.27),
the Subordinate Class Representative, the Majority Subordinate Certificateholder, the Trustee, the Certificate Administrator and
the applicable Master Servicer, in writing of its intention to so release all or a portion of such Mortgaged Property and the basis
for the determination that such intention, in the applicable Special Servicer’s good faith judgment, was consistent with
the

 

    	-208-

    	 

    

 

Servicing
Standard and (ii) if any Serviced Loan Combination is involved, the holders of the related Serviced Pari Passu Companion Loan
or their representatives shall have the rights, if any, in respect thereof that are enumerated in the related Intercreditor Agreement.

 

(e)        The
applicable Special Servicer shall report to the Trustee, the applicable Master Servicer, the Majority Subordinate Certificateholder
(other than with respect to any Mortgaged Property securing an Excluded Loan), the Trust Advisor (during any Collective Consultation
Period and any Senior Consultation Period), the Subordinate Class Representative (during any Subordinate Control Period and any
Collective Consultation Period and other than with respect to any Mortgaged Property securing an Excluded Loan), and, in case of
a Mortgaged Property securing a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s), monthly in
writing as to any actions taken by the applicable Special Servicer with respect to any Mortgaged Property as to which neither of
the conditions set forth in clauses (i) and (ii) of the first paragraph of Section 3.09(c) has been satisfied,
in each case until the earliest to occur of satisfaction of either of such conditions, release of the lien of the related Mortgage
on such Mortgaged Property and the related Mortgage Loan’s (or in the case of a Serviced Loan Combination, each of the related
Mortgage Loan and any related Serviced Pari Passu Companion Loan) becoming a Corrected Mortgage Loan.

 

(f)        The
applicable Special Servicer shall have the right to determine, in accordance with the Servicing Standard, with respect to any Specially
Serviced Mortgage Loan, the advisability of seeking to obtain a deficiency judgment if the state in which the related Mortgaged
Property is located and the terms of the subject Mortgage Loan permit such an action and shall, in accordance with the Servicing
Standard, seek such deficiency judgment if it deems advisable. The applicable Master Servicer, at the direction of the applicable
Special Servicer, shall make a Servicing Advance for the costs incurred in pursuing any such deficiency action, provided
that the applicable Master Servicer shall not be obligated in connection therewith to advance any funds, which if so advanced would
constitute a Nonrecoverable Advance.

 

(g)        Annually
in each January, each Master Servicer shall, with the reasonable cooperation of the applicable Special Servicer, prepare and file
with the IRS on a timely basis the information returns with respect to the reports of foreclosures and abandonments and reports
relating to any cancellation of indebtedness income with respect to any Serviced Mortgage Loan, or Mortgaged Property securing
a Serviced Mortgage Loan and any Serviced Loan Combination, required by Sections 6050H (as applicable), 6050J and 6050P of the
Code. Contemporaneously therewith, the applicable Master Servicer shall deliver a copy of such information returns to the applicable
Special Servicer and the Trustee.

 

(h)        As
soon as the applicable Special Servicer makes a Final Recovery Determination (during any Subordinate Control Period and any Collective
Consultation Period, such determination to be made in consultation with the Subordinate Class Representative and the related calculations
to be subject to the approval of such Subordinate Class Representative, in each case, other than with respect to any Mortgaged
Property securing an Excluded Loan) with respect to any Mortgage Loan, Serviced Loan Combination or REO Property, it shall promptly
notify the Certificate Administrator, the Trustee, the Rating Agencies (subject to Section 3.27), the applicable Master
Servicer (unless it is the one making the determination), the Trust Advisor (during any Collective Consultation Period and any
Senior Consultation Period) and the

 

    	-209-

    	 

    

 

Subordinate
Class Representative (other than with respect to an Excluded Loan) (during any Subordinate Control Period and any Collective Consultation
Period). The applicable Special Servicer shall maintain accurate records, prepared by a Servicing Officer, of each such Final
Recovery Determination (if any) made by it and the basis thereof. Each such Final Recovery Determination (if any) shall be evidenced
by an Officer’s Certificate delivered to the Certificate Administrator, the Trustee, the applicable Master Servicer (unless
it is the one making the determination), the Trust Advisor (during any Collective Consultation Period and any Senior Consultation
Period) and the Subordinate Class Representative (other than with respect to an Excluded Loan) (during any Subordinate Control
Period and any Collective Consultation Period) no later than ten (10) Business Days following such Final Recovery Determination.

 

(i)         Notwithstanding
anything the contrary, to the extent that the applicable Special Servicer acquires a Mortgaged Property that is a hospitality property
on behalf of the Trust and such hospitality property has a franchise or licensing agreement that requires a successor or replacement
franchisee or licensee to have a specified net worth, the applicable Special Servicer shall, to the extent consistent with the
Servicing Standard, take all actions reasonably necessary to permit the Mortgaged Property to maintain its franchise or license
with the same franchisor or licensor in place prior to such foreclosure.

 

Section 3.10     Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any
Serviced Mortgage Loan, or the receipt by the applicable Master Servicer of a notification that payment in full shall be
escrowed or made in a manner customary for such purposes, the applicable Master Servicer shall promptly so notify the Trustee
and the Custodian and, in the case of any Serviced Pari Passu Companion Loan, the applicable Master Servicer shall promptly
so notify any related Serviced Pari Passu Companion Loan Holder, and request delivery to it or its designee of the related
Mortgage File and request delivery to it or its designee of the related Mortgage Note, as applicable (such notice and request
to be effected by delivering to the Custodian a Request for Release in the form of Exhibit F-1 attached hereto, which
Request for Release shall be accompanied by the form of any release or discharge to be executed by the Custodian and, in the
case of a Serviced Pari Passu Companion Loan, the related Serviced Pari Passu Companion Loan Holder, and shall include a
statement to the effect that all amounts received or to be received in connection with such payment which are required to be
deposited in the Collection Account and/or in the case of any Serviced Pari Passu Companion Loan, in the Serviced Pari Passu
Companion Loan Custodial Account, as applicable, pursuant to Section 3.04 have been or will be so deposited). Upon
receipt of such Request for Release, the Custodian shall promptly release the related Mortgage File to the applicable Master
Servicer or its designee and shall deliver to the applicable Master Servicer or its designee such accompanying release or
discharge, duly executed. No expenses incurred in connection with preparing or recording any instrument of satisfaction or
deed of reconveyance shall be chargeable to the Collection Account, the Serviced Pari Passu Companion Loan Custodial Account
or the Distribution Account.

 

(b)        If
from time to time, and as appropriate for servicing or foreclosure of any Serviced Mortgage Loan, the applicable Master Servicer
or the applicable Special Servicer shall otherwise require any Mortgage File (or any portion thereof) or, in the case of any Serviced
Pari Passu Companion Loan, the related Mortgage Note, then, upon request of the applicable Master Servicer and receipt from the
applicable Master Servicer of a Request for Release in the form of Exhibit F-1 attached hereto signed by a Servicing Officer
thereof, or upon request of the

 

    	-210-

    	 

    

 

applicable
Special Servicer and receipt from the applicable Special Servicer of a Request for Release in the form of Exhibit F-2 attached
hereto, the Custodian shall release such Mortgage File (or portion thereof) or such Mortgage Note to the applicable Master Servicer
or the applicable Special Servicer, as the case may be, or its designee. Upon return of such Mortgage File (or portion thereof)
to the Person from whom it was obtained as described above, or upon the applicable Special Servicer’s delivery to such Person
of an Officer’s Certificate stating that (i) such Mortgage Loan was liquidated and all amounts received or to be received
in connection with such liquidation that are required to be deposited into the Collection Account and/or the Serviced Pari Passu
Companion Loan Custodial Account (if any) pursuant to Section 3.04 have been or will be so deposited or (ii) such Mortgage
Loan has become an REO Mortgage Loan, a copy of the Request for Release shall be returned to the applicable Master Servicer or
the applicable Special Servicer, as applicable, by the Person to whom it was delivered as described above.

 

(c)        Within
five (5) Business Days of the applicable Special Servicer’s written request therefor (or, in case of an exigency, within
such shorter period as is reasonable under the circumstances), the Trustee and, in the case of a Serviced Loan Combination, any
related Serviced Pari Passu Companion Loan Holder shall execute and deliver to the applicable Special Servicer, in the form supplied
to the Trustee or any related Serviced Pari Passu Companion Loan Holder(s), as applicable, by the applicable Special Servicer,
any court pleadings, requests for trustee’s sale or other documents reasonably necessary, with respect to any Mortgage Loan,
to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action brought to obtain
judgment against the related Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other
remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity or to defend any legal
action or counterclaim filed against the Trust, the applicable Master Servicer, the applicable Special Servicer or any related
Serviced Pari Passu Companion Loan Holder(s); provided that the Trustee and each such Serviced Pari Passu Companion Loan
Holder may alternatively execute and deliver to the applicable Special Servicer, in the form supplied to the Trustee and such Serviced
Pari Passu Companion Loan Holder, as applicable by the applicable Special Servicer, a limited power of attorney issued in favor
of the applicable Special Servicer, subject to Section 3.01(b), and empowering the applicable Special Servicer to execute
and deliver any or all of such pleadings or documents on behalf of the Trustee and any Serviced Pari Passu Companion Loan Holder
(however, neither the Trustee nor any such Serviced Pari Passu Companion Loan Holder shall be liable for any misuse of such power
of attorney by the applicable Special Servicer). Together with such pleadings or documents (or such power of attorney), the applicable
Special Servicer shall deliver to the Trustee or such Serviced Pari Passu Companion Loan Holder an Officer’s Certificate
requesting that such pleadings or documents (or such power of attorney) be executed by the Trustee or such Serviced Pari Passu
Companion Loan Holder and certifying as to the reason such pleadings or documents are required and that the execution and delivery
thereof by the Trustee or such Serviced Pari Passu Companion Loan Holder (or by the applicable Special Servicer on behalf of such
Person) will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion
of the foreclosure or trustee’s sale. Within five (5) Business Days following receipt, the Trustee shall forward any documents
it receives related to the servicing of the Mortgage Loans (including but not limited to any court pleadings and other documents
related to legal action involving any Borrower or Mortgaged Property) to the applicable Special Servicer. Upon

 

    	-211-

    	 

    

 

delivery
of such documents, the Trustee shall not be liable for any loss, claim or expense related to any failure by the applicable Special
Servicer to process such documentation in a timely fashion. Any document delivered to the applicable Special Servicer shall be
deemed to have been duly delivered when delivered via overnight carrier to the address of such party as set forth in Section
12.05.

 

(d)        If
from time to time, pursuant to the terms of an Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement
related to a Non-Trust-Serviced Pooled Mortgage Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing,
such Non-Trust-Serviced Pooled Mortgage Loan, the related Non-Trust Master Servicer, the related Non-Trust Special Servicer or
other similar party requests delivery to it of the original Mortgage Note for such Non-Trust-Serviced Pooled Mortgage Loan, then
such party shall deliver a Request for Release in the form of Exhibit F-1 attached hereto to the Custodian and the Custodian
shall release or cause the release of such original Mortgage Note to the requesting party or its designee. In connection with the
release of the original Mortgage Note for a Non-Trust-Serviced Pooled Mortgage Loan in accordance with the preceding sentence,
the Custodian shall obtain such documentation as is appropriate to evidence the holding by the related Non-Trust Master Servicer,
the related Non-Trust Special Servicer or such other similar party, as the case may be, of such original Mortgage Note as custodian
on behalf of and for the benefit of the Trustee.

 

Section 3.11     Master Servicing and Special Servicing Compensation; Interest on and Reimbursement of
Servicing Advances; Payment of Certain Expenses; Obligations of the Trustee Regarding Back-up Servicing Advances. (a) As
compensation for its activities hereunder, the applicable Master Servicer shall be entitled to receive monthly the Master
Servicing Fee with respect to each Mortgage Loan and any Serviced Pari Passu Companion Loan (including each Specially
Serviced Mortgage Loan), and each successor REO Mortgage Loan thereto (in the case of a Serviced Loan Combination, including
(in each case) both the interest therein represented by the related Mortgage Loan and the interest therein represented by the
related Serviced Pari Passu Companion Loan). As to each such Mortgage Loan, Serviced Pari Passu Companion Loan and REO
Mortgage Loan, for each calendar month (commencing with August 2015) or any applicable portion thereof, the Master Servicing
Fee shall accrue at the related Master Servicing Fee Rate (or, (i) in the case of a Serviced Pari Passu Mortgage Loan, at the
sum of the applicable Master Servicing Fee Rate and the applicable Pari Passu Primary Servicing Fee Rate or (ii) in the case
of a Serviced Pari Passu Companion Loan, at the applicable Pari Passu Primary Servicing Fee Rate) on the Stated Principal
Balance of such Mortgage Loan, Serviced Pari Passu Companion Loan or such REO Mortgage Loan, as the case may be, and shall be
calculated on the same Interest Accrual Basis as is applicable to such Mortgage Loan, Serviced Pari Passu Companion Loan or
REO Mortgage Loan, as the case may be, and for the same number of days respecting which any related interest payment due on
such Mortgage Loan, Serviced Pari Passu Companion Loan or deemed to be due on such REO Mortgage Loan is computed under the
terms of the related Mortgage Note (as such terms may be changed or modified at any time following the Closing Date) and
applicable law. To the extent attributable to a Mortgage Loan, the Master Servicing Fee with respect to any Mortgage Loan or
any REO Mortgage Loan shall cease to accrue (but not as to any Replacement Mortgage Loan with respect thereto) if a
Liquidation Event occurs in respect of such Mortgage Loan. Furthermore, to the extent attributable to any Serviced Pari Passu
Companion Loan or any REO Mortgage Loan with

 

    	-212-

    	 

    

 

respect
thereto, the Master Servicing Fee shall cease to accrue if a Liquidation Event occurs in respect of the related Mortgage Loan.
Master Servicing Fees earned with respect to any Mortgage Loan, Serviced Pari Passu Companion Loan or any REO Mortgage Loan shall
be payable monthly from payments of interest on such Mortgage Loan, Serviced Pari Passu Companion Loan or REO Revenues allocable
as interest on such REO Mortgage Loan, as the case may be. The applicable Master Servicer shall be entitled to recover unpaid
Master Servicing Fees in respect of any Mortgage Loan or any REO Mortgage Loan out of the portion any related Insurance Proceeds,
Condemnation Proceeds or Liquidation Proceeds allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may
be and, to the extent such amounts are not sufficient to pay accrued Master Servicing Fees on any Mortgage Loan and a Liquidation
Event has occurred with respect to such Mortgage Loan, from general collections on the Mortgage Loans on deposit in the Collection
Accounts. Master Servicing Fees earned with respect to a Serviced Pari Passu Companion Loan (or any successor REO Mortgage Loan
with respect thereto) shall be payable out of the related Serviced Pari Passu Companion Loan Custodial Account as provided in
Section 3.05(f).

 

WFB, with respect to
each Mortgage Loan and any Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan with respect thereto) for which
it acts as Master Servicer hereunder, and NCB, with respect to each Mortgage Loan (and any successor REO Mortgage Loan with respect
thereto) for which it acts as Master Servicer hereunder, and any successor holder of the related Excess Servicing Fee Rights shall
be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign its Excess Servicing Fee Rights in
whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than
a Plan), provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale,
pledge or other assignment is exempt from the registration and/or qualification requirements of the Securities Act and any applicable
state and foreign securities laws and is otherwise made in accordance with the Securities Act and such state and foreign securities
laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as
Exhibit F-3A hereto, and (iii) the prospective transferee shall have delivered to WFB or NCB, as the case may be, and the
Depositor a certificate substantially in the form attached as Exhibit F-3B hereto. None of the Depositor, the Trustee or
the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Securities Act or any other
securities law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment
of an Excess Servicing Fee Right without registration or qualification. WFB or NCB, as the case may be, and each holder of an Excess
Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and
WFB and NCB, as the case may be, hereby agree, and each such holder of an Excess Servicing Fee Right by its acceptance of such
Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected
by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate Administrator,
the Trustee, the Custodian, the applicable Master Servicer, the other Master Servicer, the Trust Advisor, the Certificate Registrar
and the applicable Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Securities Act or other applicable federal, state and foreign securities laws or is not made in accordance
with such federal, state and foreign laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of
an Excess Servicing Fee Right, the holder thereof shall be deemed to have

 

    	-213-

    	 

    

 

agreed
not to use or disclose such information in any manner that could result in a violation of any provision of the Securities Act
or other applicable securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant
to the Securities Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right or
if at any time WFB or NCB shall no longer be a Master Servicer but shall retain an Excess Servicing Fee Right, the Person then
acting as the applicable Master Servicer shall pay, out of each amount paid to such applicable Master Servicer as Master Servicing
Fees with respect to each subject Mortgage Loan, Serviced Pari Passu Companion Loan or REO Mortgage Loan, as the case may be,
the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment
of such Master Servicing Fees to the applicable Master Servicer, in each case in accordance with payment instructions provided
by such holder in writing to the applicable Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights
under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator,
the Certificate Registrar, the Depositor, the applicable Special Servicer, the other Master Servicer, the Trustee, the Trust Advisor,
the Custodian or the Tax Administrator shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the
assignment or transfer of the Excess Servicing Fee Right.

 

The applicable Master
Servicer’s right to receive the Master Servicing Fees to which it is entitled may not be transferred in whole or in part
except in connection with the transfer of all of the applicable Master Servicer’s responsibilities and obligations under
this Agreement and except as otherwise expressly provided herein, including as contemplated by the prior paragraph.

 

(b)        Each
Master Servicer shall be entitled to receive the following items as additional servicing compensation, in each case, related to
a Mortgage Loan or Serviced Pari Passu Companion Loan master serviced by such Master Servicer hereunder, or, in the case of clause
(x), related to an Investment Account maintained by such Master Servicer (the following items, collectively, “Additional
Master Servicing Compensation”):

 

(i)         100%
of any defeasance fees actually collected during the related Collection Period in connection with the defeasance of a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Loan Combination, if applicable (provided that for the avoidance
of doubt, any such defeasance fee shall not include any Modification Fees in connection with a defeasance that the applicable Special
Servicer is entitled to under this Agreement);

 

(ii)        (x)
50% of Modification Fees actually collected during the related Collection Period with respect to Performing Serviced Mortgage Loans
and the Performing Serviced Pari Passu Companion Loan and paid in connection with a consent, approval or other action that the
applicable Master Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of
the applicable Special Servicer under the other provisions of this Agreement and (y) 100% of Modification Fees actually collected
during the related Collection Period with respect to Performing Serviced Mortgage Loans and the Performing Serviced Pari Passu
Companion Loan and paid in connection with a consent, approval or other action that the

 

    	-214-

    	 

    

 

applicable
Master Servicer is permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable
Special Servicer under the other provisions of this Agreement;

 

(iii)       100%
of Assumption Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans and the Performing
Serviced Pari Passu Companion Loan in connection with a consent, approval or other action that the applicable Master Servicer is
permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer
under the other provisions of this Agreement, and 50% of Assumption Fees collected during the related Collection Period with respect
to Performing Serviced Mortgage Loans and the Performing Serviced Pari Passu Companion Loan in connection with a consent, approval
or other action that the applicable Master Servicer is not permitted to take in the absence of the consent or approval (or deemed
consent or approval) of the applicable Special Servicer under the other provisions of this Agreement;

 

(iv)       100%
of Assumption Application Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans
and the Performing Serviced Pari Passu Companion Loan;

 

(v)        100%
of consent fees on Performing Serviced Mortgage Loans and the Performing Serviced Pari Passu Companion Loan in connection with
a consent that involves no modification, waiver or amendment of the terms of any Performing Serviced Mortgage Loan and the Performing
Serviced Pari Passu Companion Loan and is paid in connection with a consent the applicable Master Servicer is permitted to grant
in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer under the other provisions
of this Agreement, and 50% of consent fees on Performing Serviced Mortgage Loans and the Performing Serviced Pari Passu Companion
Loan in connection with a consent that involves no modification, waiver or amendment of the terms of any Performing Serviced Mortgage
Loan and the Performing Serviced Pari Passu Companion Loan and is paid in connection with a consent that the applicable Master
Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special
Servicer under the other provisions of this Agreement;

 

(vi)       any
and all amounts collected for checks returned for insufficient funds on all Serviced Mortgage Loans and any Serviced Pari Passu
Companion Loan;

 

(vii)      100%
of charges for beneficiary statements or demands actually paid by the Borrowers under the Performing Serviced Mortgage Loans and
the Performing Serviced Pari Passu Companion Loan;

 

(viii)     (a)
100% of other loan processing fees actually paid by the Borrowers under the Performing Serviced Mortgage Loans and any Performing
Serviced Pari Passu Companion Loan to the extent that the consent of the applicable Special Servicer is not required in connection
with the associated action and (b) 50% of other loan processing fees actually paid by the Borrowers under the Performing Serviced
Mortgage Loans and

 

    	-215-

    	 

    

 

the
Performing Serviced Pari Passu Companion Loan to the extent that the consent of the applicable Special Servicer is required in
connection with the associated action;

 

(ix)       any
Prepayment Interest Excesses arising from any Principal Prepayments on the Mortgage Loans;

 

(x)        interest
or other income earned on deposits in the Investment Accounts maintained by the applicable Master Servicer, in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to any such Investment Account
for each Collection Period and, further, in the case of a Servicing Account or Reserve Account, only to the extent such interest
or other income is not required to be paid to any Borrower under applicable law or under the related Mortgage Loan); and

 

(xi)       a
portion of Net Default Charges as set forth in Section 3.25.

 

To the extent that any
of the amounts described in clauses (i) through (ix) in the preceding paragraph are collected by the applicable Special
Servicer, the applicable Special Servicer shall promptly pay such amounts to the applicable Master Servicer.

 

For the avoidance of
doubt, with respect to any fee split between the applicable Master Servicer and the applicable Special Servicer pursuant to the
terms of this Agreement, the applicable Master Servicer and the applicable Special Servicer shall each have the right, but not
any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however (x) neither
the applicable Master Servicer nor the applicable Special Servicer shall have the right to reduce or elect not to charge the percentage
interest of any fee due to the other and (y) to the extent either of the applicable Master Servicer or the applicable Special Servicer
exercises its right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or elected
not to charge such fee shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt,
if the applicable Master Servicer decides not to charge any fee, the applicable Special Servicer shall still be entitled to charge
the portion of the related fee the applicable Special Servicer would have been entitled to if the applicable Master Servicer had
charged a fee and the applicable Master Servicer shall not be entitled to any of such fee charged by the applicable Special Servicer.

 

(c)        As
compensation for its activities hereunder, the applicable Special Servicer shall be entitled to receive monthly the Special Servicing
Fee with respect to each Specially Serviced Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest
therein represented by the related Mortgage Loan and interest therein represented by the related Serviced Pari Passu Companion
Loan), and each successor REO Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest therein represented
by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan) thereto that
relates to an Administered REO Property. As to each such Specially Serviced Mortgage Loan and REO Mortgage Loan (in the case of
a Serviced Loan Combination, including both the interest therein represented by the related Mortgage Loan and the interest therein
represented by the related Serviced Pari Passu Companion Loan), for any particular calendar month or applicable portion thereof,
the Special Servicing Fee shall accrue at

 

    	-216-

    	 

    

 

the
Special Servicing Fee Rate on the Stated Principal Balance of such Specially Serviced Mortgage Loan or related REO Mortgage Loan,
as the case may be, and shall be calculated on the same Interest Accrual Basis as is applicable for such Specially Serviced Mortgage
Loan or REO Mortgage Loan, as the case may be, and for the same number of days respecting which any related interest payment due
on such Specially Serviced Mortgage Loan or deemed to be due on such REO Mortgage Loan is computed under the terms of the related
Mortgage Note (as such terms may be changed or modified at any time following the Closing Date) and applicable law. To the extent
attributable to a Mortgage Loan, the Special Servicing Fee with respect to any Specially Serviced Mortgage Loan or any successor
REO Mortgage Loan thereto shall cease to accrue as of the date a Liquidation Event occurs in respect of such Mortgage Loan or,
in the case of such a Specially Serviced Mortgage Loan, as of the date that such Mortgage Loan becomes a Corrected Mortgage Loan.
To the extent attributable to a Serviced Pari Passu Companion Loan, the Special Servicing Fee with respect to any Specially Serviced
Mortgage Loan or any successor REO Mortgage Loan thereto shall cease to accrue as of the date a Liquidation Event occurs in respect
of the related Mortgage Loan or REO Property included in the same Serviced Loan Combination or, in the case of such a Specially
Serviced Mortgage Loan, as of the date the related Mortgage Loan becomes a Corrected Mortgage Loan. Earned but unpaid Special
Servicing Fees with respect to Mortgage Loans that are Specially Serviced Mortgage Loans and REO Mortgage Loans shall be payable
(pursuant to Section 3.05(a)) monthly first out of related Liquidation Proceeds, Insurance Proceeds and/or Condemnation
Proceeds, if any, and then out of general collections on the Mortgage Loans and any REO Properties on deposit in the Collection
Account and earned but unpaid Special Servicing Fees with respect to a Serviced Loan Combination or any successor REO Mortgage
Loan with respect thereto shall be payable in accordance with the related Intercreditor Agreement and first, out of the
proceeds of such Serviced Loan Combination on deposit in the Collection Account and/or the related Serviced Pari Passu Companion
Loan Custodial Account (as applicable) and then out of general collections in the Collection Account (following which,
the applicable Special Servicer shall use efforts in accordance with the Servicing Standard to exercise promptly the rights of
the Trust Fund under the related Intercreditor Agreement to obtain reimbursement from the related Serviced Pari Passu Companion
Loan Holder (or if any Serviced Pari Passu Companion Loan is held by an Other Securitization, from such Other Securitization)
of such Serviced Pari Passu Companion Loan’s allocable share of such Special Servicing Fees to the extent so paid from general
collections in the Collection Account).

 

As further compensation
for its activities hereunder, the applicable Special Servicer shall be entitled to receive the Workout Fee with respect to each
Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan that is a Corrected Mortgage Loan, unless the basis on
which the related Serviced Mortgage Loan became a Corrected Mortgage Loan was the remediation of a circumstance or condition relating
to the related Responsible Repurchase Party’s obligation to repurchase the related Mortgage Loan pursuant to the related
Mortgage Loan Purchase Agreement, as applicable, in which case, if such Mortgage Loan is repurchased within the Initial Resolution
Period (and, if applicable any Resolution Extension Period as is permitted under Section 2.03) no Workout Fee will be payable
from or based upon the receipt of, any Purchase Price paid by the related Responsible Repurchase Party in satisfaction of such
repurchase obligation. As to each such Corrected Mortgage Loan, the Workout Fee shall be payable out of, and shall be calculated
by application of the Workout Fee Rate to, each payment of interest (other than Default Interest and Post-ARD Additional Interest)

 

    	-217-

    	 

    

 

and
principal received from the related Borrower on such Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan,
except that any Workout Fees earned with respect to any Serviced Loan Combination or any successor REO Mortgage Loan with respect
thereto and attributable to the related Serviced Pari Passu Companion Loan shall be payable in accordance with the related Intercreditor
Agreement and solely out of the proceeds of such Serviced Pari Passu Companion Loan; provided that any Workout Fees earned
with respect to a Serviced Pari Passu Companion Loan or any successor REO Mortgage Loan with respect thereto will be payable out
of any proceeds on or with respect to such Serviced Pari Passu Companion Loan and/or the related Serviced Pari Passu Companion
Loan Holder’s share of proceeds on such related REO Property prior to any proceeds on or with respect to the Mortgage Loan
and/or the Trust Fund’s share of proceeds on such related REO Property as otherwise described above. In addition, the determination
and payment of the Workout Fee with respect to any Corrected Mortgage Loan (in the case of a Serviced Loan Combination, including
both the interest therein represented by the related Mortgage Loan and the interest therein represented by the related Serviced
Pari Passu Companion Loan) for which the amount of related Offsetting Modification Fees is greater than zero shall be adjusted
in the following manner: (i) the Workout Fee Rate shall be multiplied by the aggregate amount of all the scheduled payments
of principal and interest scheduled to become due under the terms of such Corrected Mortgage Loan during the period from the date
when such Mortgage Loan (or Serviced Loan Combination, as applicable) becomes a Corrected Mortgage Loan to and including the Stated
Maturity Date of such Corrected Mortgage Loan, without discounting for present value (the resulting product, the “Workout
Fee Projected Amount”); and (ii) either (a) if the amount of the Offsetting Modification Fees for such Corrected
Mortgage Loan is greater than or equal to the Workout Fee Projected Amount for such Corrected Mortgage Loan, the applicable Special
Servicer shall not be entitled to any payments in respect of the Workout Fee with respect to such Corrected Mortgage Loan, or
(b) if the amount of Offsetting Modification Fees for such Corrected Mortgage Loan is less than the Workout Fee Projected Amount,
the applicable Special Servicer shall be entitled to payments of the Workout Fee with respect to such Corrected Mortgage Loan,
on the terms and conditions otherwise set forth in this Agreement without regard to this sentence, until the cumulative amount
of such payments is equal to the excess of the Workout Fee Projected Amount over the Offsetting Modification Fees, after which
date the applicable Special Servicer shall not be entitled to any further payments in respect of the Workout Fee for such Corrected
Mortgage Loan. The Workout Fee with respect to any Corrected Mortgage Loan shall cease to be payable if such Corrected Mortgage
Loan again becomes a Specially Serviced Mortgage Loan or if the related Mortgaged Property becomes an REO Property; provided
that a new Workout Fee would become payable if and when such Serviced Mortgage Loan (or Serviced Loan Combination, as applicable)
again became a Corrected Mortgage Loan after having again become a Specially Serviced Mortgage Loan. If the applicable Special
Servicer is terminated or resigns, the applicable Special Servicer shall retain the right (and the applicable successor Special
Servicer shall not have the right) to receive any and all Workout Fees payable in respect of (i) any Serviced Mortgage Loans or
Serviced Pari Passu Companion Loan serviced by the applicable Special Servicer that became Corrected Mortgage Loans during the
period that it acted as the applicable Special Servicer and that were still Corrected Mortgage Loans at the time of such termination
or resignation and (ii) unless the applicable Special Servicer was terminated for cause (in which case only clause (i)
above shall apply), any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan that constitute Specially Serviced Mortgage

 

    	-218-

    	 

    

 

Loans for which the applicable Special Servicer has resolved the circumstances and/or conditions causing any such Mortgage Loan
or Serviced Pari Passu Companion Loan to be a Specially Serviced Mortgage Loan such that the Mortgage Loan or Serviced Pari Passu
Companion Loan would be deemed a Corrected Mortgage Loan but for the Borrower having not yet made, as of the date of such termination
or resignation, three timely Monthly Payments required by the terms of the workout; provided that in either case no other
event has occurred as of the time of the applicable Special Servicer’s termination or resignation that would otherwise cause
such Mortgage Loan (or Serviced Loan Combination, as applicable) to again become a Specially Serviced Mortgage Loan. The Workout
Fee with respect to any Corrected Mortgage Loan shall be capped in accordance with the last paragraph of this Section 3.11(c).

 

As further compensation
for its activities hereunder, the applicable Special Servicer shall also be entitled to receive a Liquidation Fee with respect
to each Specially Serviced Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest therein represented
by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan) as to which
any full, partial or discounted payoff is received from the related Borrower and with respect to each Specially Serviced Mortgage
Loan or Administered REO Property (in the case of a Serviced Loan Combination, including in each case both the interest therein
represented by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan)
as to which the applicable Special Servicer receives any Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds and
(without duplication) each Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) as to which the applicable Special
Servicer otherwise receives any Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds; provided that, if a Liquidation
Fee otherwise becomes payable with respect to a Mortgage Loan or Serviced Loan Combination, then such Liquidation Fee payable to
the applicable Special Servicer with respect to such Mortgage Loan in the aggregate shall be reduced by the amount of any Offsetting
Modification Fees; provided, further, that if a Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially
Serviced Mortgage Loan only because of an event described in clause (a) of the definition of “Specially Serviced Mortgage
Loan” and the related proceeds are received within 90 days following the related Stated Maturity Date in connection with
the full and final payoff or refinancing of the related Serviced Mortgage Loan or Serviced Loan Combination, in each case the related
Special Servicer will not be entitled to collect a Liquidation Fee, but may collect and retain appropriate fees from the related
Borrower in connection with such liquidation; provided, further, that no Liquidation Fee shall be paid with respect
to: (A) the purchase or other acquisition of any Serviced Mortgage Loan or REO Mortgage Loan by any Subordinate Class Certificateholder(s),
the Sole Certificateholder(s), the applicable Master Servicer or the applicable Special Servicer pursuant to Section 9.01,
(B) (i) the repurchase or replacement of any Serviced Mortgage Loan by a Responsible Repurchase Party pursuant to the related Mortgage
Loan Purchase Agreement as a result of a Material Breach or Material Document Defect, if the repurchase or replacement occurs prior
to the end of the period, as the same may be extended, in which such Responsible Repurchase Party must cure, repurchase or substitute
for such Serviced Mortgage Loan or (ii) the repurchase or replacement of any Serviced Pari Passu Companion Loan by a responsible
repurchase party pursuant to the related mortgage loan purchase agreement as a result of a material breach or material document
defect thereunder, if the repurchase or replacement occurs prior to the end of the period, as the same may be extended, in which
such responsible repurchase party must cure, repurchase or

 

    	-219-

    	 

    

 

substitute
for such Serviced Pari Passu Companion Loan, (C) in the case of a Mortgage Loan included in a Serviced Loan Combination or any
related Administered REO Property, the purchase or other acquisition of any such Specially Serviced Mortgage Loan or Administered
REO Property by any related Serviced Pari Passu Companion Loan Holder(s) pursuant to or as contemplated by Section 3.26
(provided that a Liquidation Fee shall be payable in connection with such a purchase by a Serviced Pari Passu Companion
Loan Holder relating to a Serviced Loan Combination pursuant to the defaulted loan purchase option (if any) granted to it under
the related Intercreditor Agreement if the purchase occurs more than ninety (90) days after the later of (x) the date when the
related Mortgage Loan becomes a Specially Serviced Mortgage Loan and (y) the date when such Serviced Pari Passu Companion Loan
Holder receives the initial written notice from the applicable Special Servicer that such transfer to special servicing has occurred)
or (D) the purchase of any such Specially Serviced Mortgage Loan or Administered REO Property by any other creditor of the related
Borrower or any of its Affiliates or other equity holders pursuant to a right under the related Mortgage Loan Documents (including,
without limitation, the purchase of any such Specially Serviced Mortgage Loan or Administered REO Property by a mezzanine lender
of the related Borrower or any of its Affiliates pursuant to the related mezzanine intercreditor or other similar agreement) (provided
that such right is exercised within ninety (90) days after such creditor’s purchase option first becomes exercisable
and in the manner required under such Mortgage Loan Documents or, with respect to any purchase by a mezzanine lender pursuant
to the related mezzanine intercreditor agreement, if the purchase occurs within ninety (90) days after the later of (x) the date
when the related Serviced Mortgage Loan becomes a Specially Serviced Mortgage Loan and (y) the date when such mezzanine lender
receives the initial written notice from the applicable Special Servicer that such transfer to special servicing has occurred)).
As to each such Specially Serviced Mortgage Loan or Administered REO Property for which the applicable Special Servicer is entitled
to a Liquidation Fee as set forth above, such Liquidation Fee shall be payable out of, and shall be calculated by application
of the Liquidation Fee Rate to, any such full, partial or discounted payoff, Condemnation Proceeds, Insurance Proceeds and/or
Liquidation Proceeds received or collected in respect thereof (other than any portion of such payment or proceeds that represents
Default Charges or Post-ARD Additional Interest) provided that any Liquidation Fees earned with respect to a Serviced Pari
Passu Companion Loan in a Serviced Loan Combination shall be payable out of any collections on or with respect to such related
Serviced Pari Passu Companion Loan and/or the related Serviced Pari Passu Companion Loan Holder’s share of collections on
any related Administered REO Property prior to payment out of any collections otherwise described above). The Liquidation Fee
with respect to any such Specially Serviced Mortgage Loan shall not be payable if such Specially Serviced Mortgage Loan becomes
a Corrected Mortgage Loan. The Liquidation Fee with respect to any Specially Serviced Mortgage Loan shall be capped in accordance
with the last paragraph of this Section 3.11(c).

 

The applicable Special
Servicer’s right to receive any Special Servicing Fee, Workout Fee and/or Liquidation Fee to which it is entitled may not
be transferred in whole or in part except in connection with the transfer of all of the applicable Special Servicer’s responsibilities
and obligations under this Agreement and except as otherwise expressly provided herein, including as provided in the next sentence.
Notwithstanding anything herein to the contrary, the applicable Special Servicer may enter into one or more arrangements with the
Majority Subordinate Certificateholder (other than with respect to any Excluded Loan) and/or the Subordinate Class Representative
(other than with respect to any Excluded Loan), or any other

 

    	-220-

    	 

    

 

Person(s)
that may be entitled to remove or replace the applicable Special Servicer, to provide for the payment by the applicable Special
Servicer to such party or parties of certain of the applicable Special Servicer’s compensation hereunder, whether in consideration
of the applicable Special Servicer’s appointment or continuation of appointment as applicable Special Servicer in connection
with this Agreement or the related Intercreditor Agreement, limitations on such parties’ right to terminate or replace the
applicable Special Servicer in connection with this Agreement or the related Intercreditor Agreement or otherwise. If the applicable
Special Servicer exercises the authority set forth in the preceding sentence, any and all obligations pursuant to any such agreement
shall constitute obligations solely of the applicable Special Servicer and not of any other party hereto. If the applicable Special
Servicer enters into such an agreement and one or more other Person(s) thereafter becomes the applicable Majority Subordinate
Certificateholders, the Subordinate Class Representative, or becomes entitled to remove or replace the applicable Special Servicer,
as applicable, such agreement shall not be binding on such other Person(s), nor may it limit the rights that otherwise inure to
the benefit of such other Person(s) as the Majority Subordinate Certificateholder and/or the Subordinate Class Representative,
as applicable, or as a party otherwise entitled to remove or replace the applicable Special Servicer, in the absence of such other
Persons(s)’ express written consent, which may be granted or withheld in their sole discretion.

 

The total amount of Workout
Fees, Liquidation Fees and Modification Fees received by a Special Servicer with respect to the workout, liquidation (including
partial liquidation), modification, extension, waiver or amendment of a Specially Serviced Mortgage Loan (or Serviced Loan Combination
that is in special servicing) or REO Mortgage Loan shall be subject to an aggregate cap equal to the lesser of (i) $1,000,000 and
(ii) 1.00% of the Stated Principal Balance of the subject Specially Serviced Mortgage Loan (or Serviced Loan Combination that is
in special servicing) or REO Mortgage Loan; provided that such aggregate cap will not apply in the event the aggregate liquidation
fee is less than $25,000.

 

(d)        The
applicable Special Servicer shall be entitled to receive the following items as additional special servicing compensation (the
following items, collectively, the “Additional Special Servicing Compensation”):

 

(i)         100%
of Modification Fees actually collected during the related Collection Period with respect to any Specially Serviced Mortgage Loans
(and any related Serviced Pari Passu Companion Loan) or REO Mortgage Loans, subject to the cap set forth in Section 3.11(c)
above;

 

(ii)        50%
of Modification Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans and Performing
Serviced Pari Passu Companion Loans in connection with a consent, approval or other action that the applicable Master Servicer
is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer
under the other provisions of this Agreement, subject to the cap set forth in Section 3.11(c) above;

 

(iii)       100%
of Assumption Fees collected during the related Collection Period with respect to Specially Serviced Mortgage Loans, and 50% of
Assumption Fees collected during the related Collection Period with respect to Performing Serviced

 

    	-221-

    	 

    

 

Mortgage
Loans and Performing Serviced Pari Passu Companion Loans in connection with a consent, approval or other action that the applicable
Master Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable
Special Servicer under the other provisions of this Agreement;

 

(iv)       100%
of Assumption Application Fees collected during the related Collection Period with respect to Specially Serviced Mortgage Loans;

 

(v)        100%
of consent fees on Specially Serviced Mortgage Loans in connection with a consent that involves no modification, waiver or amendment
of the terms of any Mortgage Loan or Serviced Pari Passu Companion Loan, and 50% of consent fees on Performing Serviced Mortgage
Loans and Performing Serviced Pari Passu Companion Loans in connection with a consent that involves no modification, waiver or
amendment of the terms of any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan and is paid in connection with a consent
that the applicable Master Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval)
of the applicable Special Servicer under the other provisions of this Agreement;

 

(vi)       100%
of charges for beneficiary statements or demands actually paid by the Borrowers under the Mortgage Loans that are Specially Serviced
Mortgage Loans;

 

(vii)      (a)
50% of other loan processing fees actually paid by the Borrowers under any Serviced Mortgage Loans and any Serviced Pari Passu
Companion Loans that are not Specially Serviced Mortgage Loans to the extent that the consent of the applicable Special Servicer
is required in connection with the associated action, and (b) 100% of other loan processing fees actually paid by the Borrowers
under Specially Serviced Mortgage Loans;

 

(viii)     interest
or other income earned on deposits in any REO Account and the Loss of Value Reserve Fund maintained by the applicable Special Servicer,
in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such
REO Account for each Collection Period); and

 

(ix)       a
portion of Net Default Charges as set forth in Section 3.25.

 

To the extent that any
of the amounts described in clauses (i) through (vii) of the preceding paragraph are collected by the applicable
Master Servicer, the applicable Master Servicer shall promptly pay such amounts to the applicable Special Servicer and shall not
be required to deposit such amounts in the Collection Account or the Serviced Pari Passu Companion Loan Custodial Account pursuant
to Section 3.04.

 

For the avoidance of
doubt, with respect to any fee split between the applicable Master Servicer and the applicable Special Servicer pursuant to the
terms of this Agreement, the applicable Master Servicer and the applicable Special Servicer shall each have the right, but not
any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however (x) neither
the applicable Master Servicer nor the applicable Special Servicer

 

    	-222-

    	 

    

 

shall
have the right to reduce or elect not to charge the percentage interest of any fee due to the other and (y) to the extent either
of the applicable Master Servicer or the applicable Special Servicer exercises its right to reduce or elect not to charge its
respective percentage interest in any fee, the party that reduced or elected not to charge such fee shall not have any right to
share in any portion of the other party’s fee. For the avoidance of doubt, if the applicable Master Servicer decides not
to charge any fee, the applicable Special Servicer shall still be entitled to charge the portion of the related fee the applicable
Special Servicer would have been entitled to if the applicable Master Servicer had charged a fee and the applicable Master Servicer
shall not be entitled to any of such fee charged by the applicable Special Servicer.

 

(e)        The
applicable Master Servicer and the applicable Special Servicer shall each be required (subject to Section 3.11(h) below)
to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including payment
of any amounts due and owing to any of Sub-Servicers retained by it (including any termination fees) and the premiums for any blanket
policy or the standby fee or similar premium, if any, for any master force-placed policy obtained by it insuring against hazard
losses pursuant to Section 3.07(c)), if and to the extent such expenses are not payable directly out of the applicable Collection
Account, the Serviced Pari Passu Companion Loan Custodial Account, any Servicing Account, Reserve Account or REO Account, and neither
the applicable Master Servicer nor the applicable Special Servicer shall be entitled to reimbursement for any such expense incurred
by it except as expressly provided in this Agreement. If the applicable Master Servicer is required to make any Servicing Advance
hereunder at the discretion of the applicable Special Servicer in accordance with Section 3.19 or otherwise, the applicable
Special Servicer shall promptly provide the applicable Master Servicer with such documentation regarding the subject Servicing
Advance as the applicable Master Servicer may reasonably request.

 

(f)        If
the applicable Master Servicer or, as contemplated by Section 3.19, the applicable Special Servicer is required under this
Agreement to make a Servicing Advance, but fails to do so within ten (10) days after such Advance is required to be made, the Trustee
shall, if it has actual knowledge of such failure on the part of the applicable Master Servicer or the applicable Special Servicer,
as the case may be, give written notice of such failure to the defaulting party. If such Advance is not made by the applicable
Master Servicer within one Business Day after receipt of such written notice, then (subject to Section 3.11(h) below) the
Trustee shall make such Advance.

 

(g)        The
applicable Master Servicer, the applicable Special Servicer and the Trustee shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, accrued on the amount of each Servicing Advance made thereby (with its own funds), for so long
as such Servicing Advance is outstanding (it being acknowledged that Advance Interest shall not accrue on Unliquidated Advances
related to prior Servicing Advances). Such interest with respect to any Servicing Advances shall be payable: (i) first,
in accordance with Sections 3.05 and 3.25, out of any Default Charges subsequently collected on or in respect of
the particular Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property as to which such Servicing Advance
relates; and (ii) then, after such Servicing Advance is reimbursed, but only if and to the extent that such Default Charges
are insufficient to cover such Advance Interest, out of general collections on the Mortgage Loans and REO Properties on deposit
in the Collection Account. The applicable Master Servicer shall (subject to the operation

 

    	-223-

    	 

    

 

of
Section 3.05(a)(II)) reimburse itself, the applicable Special Servicer or the Trustee, as appropriate, for any Servicing
Advance made by any such Person with respect to any Serviced Mortgage Loan or Administered REO Property as soon as practicable
after funds available for such purpose are deposited in the Collection Account or the Serviced Pari Passu Companion Loan Custodial
Account, as applicable.

 

(h)        Notwithstanding
anything to the contrary set forth herein, none of the Master Servicers, the Special Servicers or the Trustee shall be required
to make any Servicing Advance that would, if made, constitute a Nonrecoverable Servicing Advance. The determination by any Person
with an obligation hereunder to make Servicing Advances that it has made a Nonrecoverable Servicing Advance or that any proposed
Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be made by such Person subject to the Servicing
Standard, or, in the case of the Trustee, in its reasonable, good faith judgment. In making such recoverability determination,
such Person will be entitled to consider (among other things) the obligations of the Borrower under the terms of the related Serviced
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries. In addition, any
such Person may update or change its recoverability determinations at any time and may obtain any analysis, Appraisals or market
value estimates or other information in the possession of the applicable Special Servicer for such purposes. Any determination
by any Person with an obligation hereunder to make Servicing Advances that it has made a Nonrecoverable Servicing Advance or that
any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be evidenced by an Officer’s
Certificate delivered promptly to the Depositor, the Certificate Administrator, the Trustee (unless it is the Person making such
determination), the applicable Special Servicer, the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan) and the Subordinate Class Representative (other than with respect to any Excluded Loan) and, if any Serviced Loan Combination
is involved, any Serviced Pari Passu Companion Loan Holder(s) (or Other Master Servicer), setting forth the basis for such determination,
accompanied by a copy of any Appraisal of the related Mortgaged Property or REO Property performed within the 12 months preceding
such determination by a Qualified Appraiser, and, if such reports were used by the applicable Master Servicer or the Trustee to
determine that any Servicing Advance is or would be nonrecoverable, further accompanied by any other information, including engineers’
reports, environmental surveys or similar reports, that the Person making such determination may have obtained. Notwithstanding
the foregoing, absent bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and
binding on the Certificateholders and, in all cases, the Trustee shall be entitled to conclusively rely on any determination of
nonrecoverability that may have been made by the applicable Master Servicer or the applicable Special Servicer or, if appropriate,
any party under the related Non-Trust Servicing Agreement (in the case of a Non-Trust-Serviced Pooled Mortgage Loan), and the applicable
Master Servicer and the applicable Special Servicer shall each be entitled to conclusively rely on any determination of nonrecoverability
that may have been made by the other such party or, if appropriate, any party under the related Non-Trust Servicing Agreement (in
the case of a Non-Trust-Serviced Pooled Mortgage Loan) with respect to a particular

 

    	-224-

    	 

    

 

Servicing
Advance for any Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property. The applicable Special Servicer
shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding
the Specially Serviced Mortgage Loans and Administered REO Properties as such party required to make Servicing Advances may reasonably
request. A copy of any such Officer’s Certificate (and accompanying information) of the applicable Master Servicer shall
also be delivered promptly to the applicable Special Servicer, a copy of any such Officer’s Certificate (and accompanying
information) of the applicable Special Servicer shall also be promptly delivered to the applicable Master Servicer for the subject
Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property, and a copy of any such Officer’s Certificates
(and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the Subordinate
Class Representative (other than information related to any Excluded Loan), the Majority Subordinate Certificateholder
(other than information related to any Excluded Loan), the applicable Special Servicer, the applicable Master Servicer
and, if any Serviced Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s). The applicable Master
Servicer and the applicable Special Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances as outstanding
Advances for purposes of recoverability determinations as if such Unliquidated Advance were a Servicing Advance.

 

The applicable Special
Servicer shall also be entitled to make (but shall not be obligated to make or not make), in its sole discretion, a determination
(subject to the same standards and procedures that apply in connection with a determination by the applicable Master Servicer)
to the effect that a prior Servicing Advance (or Unliquidated Advance in respect thereof) previously made hereunder by the applicable
Master Servicer or the applicable Special Servicer (or, if applicable, the Trustee) constitutes a Nonrecoverable Servicing Advance
or that any proposed Servicing Advance by the applicable Master Servicer or the applicable Special Servicer (or, if applicable,
the Trustee), if made, would constitute a Nonrecoverable Servicing Advance, in which case such determination shall be conclusive
and binding on the applicable Master Servicer and the Trustee and such Servicing Advance shall constitute a Nonrecoverable Servicing
Advance for all purposes of this Agreement (but this statement shall not be construed to entitle such Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination,
that a Servicing Advance constitutes or would constitute a Nonrecoverable Servicing Advance). The preceding statement shall not
be construed to limit the provision set forth in Section 3.19(b) to the effect that any request by the applicable Special
Servicer that the applicable Master Servicer make a Servicing Advance shall be deemed to be a determination by the applicable Special
Servicer that such Servicing Advance is not a Nonrecoverable Advance.

 

(i)         Notwithstanding
anything to the contrary set forth herein, the applicable Master Servicer may (and, at the direction of the applicable Special
Servicer if a Serviced Mortgage Loan or Serviced Loan Combination that is a Specially Serviced Mortgage Loan or an Administered
REO Property is involved, shall) pay directly out of the Collection Account any servicing expense that, if paid by the applicable
Master Servicer or the applicable Special Servicer, would constitute a Nonrecoverable Servicing Advance for the subject Serviced
Mortgage Loan, Serviced Loan Combination or REO Property; provided that (A) it shall be a condition to such payment that
the applicable Master Servicer (or the applicable Special

 

    	-225-

    	 

    

 

Servicer,
if a Specially Serviced Mortgage Loan or an Administered REO Property is involved) has determined in accordance with the Servicing
Standard that making such payment is in the best interests of the Certificateholders and, if applicable, any Serviced Pari Passu
Companion Loan Holders (as a collective whole), as evidenced by an Officer’s Certificate delivered promptly to the Depositor,
the Certificate Administrator, the Trustee, the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan) and the Subordinate Class Representative (other than with respect to any Excluded Loan) and, if any Serviced Loan Combination
is involved, any Serviced Pari Passu Companion Loan Holder(s), setting forth the basis for such determination and accompanied
by any information that such Person may have obtained that supports such determination; (B) if such servicing expense relates
to any Serviced Loan Combination, the payment of such expense shall be subject to the proviso at the end of the first paragraph
of Section 3.05(a)(I); and (C) such servicing expense shall be deemed to constitute a Nonrecoverable Advance for purposes
of Section 3.05(a)(II)(iv) and the definition of “Principal Distribution Amount” and the terms and conditions
set forth in such subsection that are applicable to Nonrecoverable Advances shall apply to such servicing expense. A copy of any
such Officer’s Certificate (and accompanying information) of the applicable Master Servicer shall also be delivered promptly
to (other than with respect to any Excluded Loan) the Subordinate Class Representative (and, if any Serviced Loan Combination
is involved, the related Serviced Pari Passu Companion Loan Holder(s)) and the applicable Special Servicer, and a copy of any
such Officer’s Certificate (and accompanying information) of the applicable Special Servicer shall also be promptly delivered
to the applicable Master Servicer and (other than with respect to any Excluded Loan) the Subordinate Class Representative (and,
if any Serviced Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s)).

 

(j)         With
respect to each Collection Period during which any Disclosable Special Servicer Fees were received by a Special Servicer, such
Special Servicer shall deliver or cause to be delivered to the applicable Master Servicer within two (2) Business Days following
the related Determination Date, and, if so delivered, the applicable Master Servicer shall deliver or cause to be delivered to
the Certificate Administrator, within three (3) Business Days following the related Determination Date, in each case without charge,
a report in EDGAR-Compatible Format (or such other format as mutually agreeable between the Certificate Administrator and such
Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by such Special
Servicer or any of its Affiliates, if any, during the related Collection Period.

 

(k)        The
applicable Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Borrower, any property manager, any guarantor or indemnitor in respect
of a Mortgage Loan or Serviced Loan Combination and any purchaser of any Mortgage Loan, Serviced Pari Passu Companion Loan or REO
Property) in connection with the disposition, workout or foreclosure of any Serviced Mortgage Loan or Serviced Loan Combination,
the management or disposition of any REO Property or Serviced Pari Passu Companion Loan, or the performance of any other special
servicing duties under this Agreement, other than as expressly provided in this

 

    	-226-

    	 

    

 

Section
3.11; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

Section
3.12     Property Inspections; Collection of Financial Statements. (a) The applicable Special
Servicer shall perform or cause to be performed a physical inspection of a Mortgaged Property securing a Specially Serviced
Mortgage Loan as soon as practicable (but in any event not later than sixty (60) days) after the subject Serviced Mortgage
Loan becomes a Specially Serviced Mortgage Loan (and the applicable Special Servicer shall continue to perform or cause to be
performed a physical inspection of the subject Mortgaged Property at least once per calendar year thereafter for so long as
the subject Serviced Mortgage Loan remains a Specially Serviced Mortgage Loan or if such Mortgaged Property becomes an REO
Property); provided that the applicable Special Servicer shall be entitled to reimbursement of the reasonable and
direct out-of-pocket expenses incurred by it in connection with each such inspection as Servicing Advances or otherwise as
contemplated by Section 3.05(a). Each Master Servicer shall, at its own expense, inspect or cause to be inspected each
Mortgaged Property for which it is acting as Master Servicer (other than a Mortgaged Property securing a Non-Trust-Serviced
Pooled Mortgage Loan) every calendar year beginning in 2016, or every second calendar year beginning in 2017 if the unpaid
principal balance of the related Mortgage Loan (or the portion thereof allocated to such Mortgaged Property) is less than
$2,000,000; provided that with respect to any Serviced Mortgage Loan (other than a Specially Serviced Mortgage Loan)
that has an aggregate unpaid principal balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch
List, the applicable Master Servicer shall, at the request and expense of the Subordinate Class Representative, inspect or
cause to be inspected the related Mortgaged Property (other than any Mortgaged Property securing an Excluded Loan) every
calendar year not earlier than 2016 so long as such Mortgage Loan continues to be on the CREFC® Servicer Watch List; and provided, further,
that the applicable Master Servicer will not be obligated to inspect any particular Mortgaged Property during any one-year or
two-year, as applicable, period contemplated above in this sentence, if the applicable Special Servicer has already done so
during that period pursuant to the preceding sentence or on any date when the related Mortgage Loan is a Specially Serviced
Mortgage Loan. Each of the applicable Master Servicer and the applicable Special Servicer shall prepare a written report of
each such inspection performed by it or on its behalf that sets forth in detail the condition of the subject Mortgaged
Property and that specifies the occurrence or existence of: (i) any vacancy in the Mortgaged Property that is, in the
reasonable judgment of the applicable Master Servicer or the applicable Special Servicer (or its respective designee), as the
case may be, material and is evident from such inspection, (ii) any abandonment of the Mortgaged Property of which it is
aware, (iii) any change in the condition or value of the Mortgaged Property that is, in the reasonable judgment of the
applicable Master Servicer or the applicable Special Servicer (or its respective designee), as the case may be, material and
is evident from such inspection, (iv) any material waste on or deferred maintenance in respect of the Mortgaged Property that
is evident from such inspection or (v) any material capital improvements made that are evident from such inspection. Such
report may be in the form of the standard property inspection report (or such other form for the presentation of such
information) as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions
generally. Each of the applicable Master Servicer and the applicable Special Servicer shall deliver or make available a copy
(or image in suitable electronic media) of each such written report prepared by it (x) within 30 days following the later of
(i) completion of the related inspection if the inspection is performed by the applicable Master

 

    	-227-

    	 

    

 

Servicer
or the applicable Special Servicer, as applicable, or (ii) receipt by the applicable Master  Servicer or the
applicable Special Servicer, as applicable, of the related inspection report, to be completed no later than 30 days after
such inspection, if the inspection is performed by a third party (including a Sub-Servicer), to the Certificate Administrator
and the Trustee (and to the applicable Master Servicer, if done by the applicable Special Servicer, and to the applicable
Special Servicer, if done by the applicable Master Servicer), (y) if there has been a material adverse change in the
condition of the subject Mortgaged Property or REO Property, as applicable, within 30 days following the later of (i)
completion of the related inspection if the inspection is performed by the applicable Master Servicer or the applicable
Special Servicer, as applicable, or (ii) receipt by the applicable Master Servicer or the applicable Special Servicer, as
applicable, of the related inspection report, to be completed no later than 30 days after such inspection, if the inspection
is performed by a third party (including a Sub-Servicer), to the Majority Subordinate Certificateholder (other than with
respect to any Mortgaged Property securing an Excluded Loan), the Subordinate Class Representative (other than with respect
to any Mortgaged Property securing an Excluded Loan) (and, if a Mortgaged Property or REO Property relates to any Serviced
Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s) if and to the extent required under the applicable
Intercreditor Agreement), and the Rating Agencies (subject to Section 3.27), and (z) if there has been no material
adverse change in the condition of the subject Mortgaged Property or REO Property, as applicable, upon request, to, or at the
direction of the Subordinate Class Representative (during any Subordinate Control Period and any Collective Consultation
Period and other than with respect to any Mortgaged Property securing an Excluded Loan), the Majority Subordinate
Certificateholder (during any Subordinate Control Period and any Collective Consultation Period and other than with respect
to any Mortgaged Property securing an Excluded Loan), the Trust Advisor (during any Collective Consultation Period and any
Senior Consultation Period) and, if applicable, any related Serviced Pari Passu Companion Loan Holder, in each case within
thirty (30) days following receipt of such request.

 

(b)        Commencing
with respect to the calendar year ending December 31, 2015 (as to annual information) and the calendar quarter ending on September
30, 2015 (as to quarterly information), the applicable Special Servicer, in the case of any Specially Serviced Mortgage Loan, and
the applicable Master Servicer, in the case of each Performing Serviced Mortgage Loan, shall make reasonable efforts to collect
promptly from each related Borrower quarterly (for each Serviced Mortgage Loan other than any Co-op Mortgage Loan) and annual operating
statements, budgets and rent rolls (if applicable) and, with respect to any Co-op Mortgage Loan, maintenance schedules, of the
related Mortgaged Property, and quarterly (for each Serviced Mortgage Loan other than any Co-op Mortgage Loan) and annual financial
statements of such Borrower, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan
Documents. The applicable Master Servicer shall deliver images in suitable electronic media of all of the foregoing items so collected
or obtained by it to the Persons and in the time and manner set forth in Section 4.02(d). In addition, the applicable Special
Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of each
Administered REO Property and shall collect all such items promptly following their preparation. The applicable Special Servicer
shall deliver images in suitable electronic media of all of the foregoing items so collected or obtained by it to the applicable
Master Servicer, the Majority Subordinate Certificateholder (during any Subordinate Control Period and
any Collective Consultation Period, and other than with respect to any Excluded Loan), the Subordinate Class Representative (during
any Subordinate Control Period 

 

    	-228-

    	 

    

 

and any Collective Consultation Period, and other than with respect to any Excluded Loan), the
Trust Advisor (during any Collective Consultation Period and any Senior Consultation Period) and, if any Serviced Loan Combination
is involved, the related Serviced Pari Passu Companion Loan Holder(s) if and to the extent required under the applicable Intercreditor
Agreement, within thirty (30) days of its receipt thereof.

 

Section 3.13     [Reserved]

 

Section 3.14     [Reserved]

 

Section 3.15     Access to Information. (a) Each of the applicable Master Servicer and the applicable
Special Servicer shall afford to the OTS, the FDIC, any other banking or insurance regulatory authority that may exercise
authority over any Certificateholder or Certificate Owner, the Certificate Administrator, the Trustee, the Trust Advisor
(except that the Trust Advisor shall be entitled to such access only from the applicable Special Servicer during any
Collective Consultation Period or Senior Consultation Period and only with respect to Mortgage Loan information that the
Trust Advisor determined is reasonably necessary in order for it to perform any consultation right or duty it may then
currently have with respect to such Mortgage Loan under the other provisions of this Agreement), the Depositor, each
Underwriter, the Subordinate Class Representative (other than any Excluded Information with respect to an Excluded Loan) and
any Serviced Pari Passu Companion Loan Holder, access to any records regarding the Mortgage Loans serviced by it hereunder
(or, in the case of a Serviced Pari Passu Companion Loan Holder, only the related Serviced Pari Passu Companion Loan) and the
servicing thereof within its control, except to the extent it is prohibited from doing so by applicable law, the terms of the
related Mortgage Loan Documents or contract entered into prior to the Closing Date or to the extent such information is
subject to a privilege under applicable law to be asserted on behalf of the Certificateholders. At the election of the
applicable Master Servicer and/or the applicable Special Servicer, such access may be so afforded to the Certificate
Administrator, the Trustee, the Depositor, the Trust Advisor, the Subordinate Class Representative, the Majority
Subordinate Certificateholder and any related Serviced Pari Passu Companion Loan Holder, by the delivery of copies of
information as requested by such Person and the applicable Master Servicer and/or the applicable Special Servicer, as
applicable, shall be permitted to require payment of a sum sufficient to cover the reasonable out-of-pocket costs incurred by
it in making such copies. Such access shall otherwise be afforded without charge but only upon reasonable prior written
request and during normal business hours at the offices of the particular applicable Master Servicer or applicable Special
Servicer, as the case may be, designated by it.

 

(b)        In
connection with providing access to information pursuant to Section 3.15(a) above, Section 4.02(a), Section 8.12(d)
or, only with respect to clause (i) below, Section 8.12(g), each of the applicable Master Servicer and the applicable
Special Servicer may (i) affix a reasonable disclaimer to any information provided by it for which it is not the original source
(without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable
statement regarding securities law restrictions on such information and/or condition access to information on the execution of
a reasonable confidentiality agreement; (iii) withhold access to confidential information or any intellectual property; and (iv)
withhold access to items of information contained in the Servicing File for any

 

    	-229-

    	 

    

 

Serviced
Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions of any related Mortgage Loan Documents
or would constitute a waiver of the attorney-client privilege. In connection with providing access to information pursuant to
this Section 3.15, the applicable Master Servicer shall require the execution (which may be in electronic form) of a confidentiality
agreement substantially in the form of Exhibit K-4 hereto.

 

(c)        Upon
the request of the Subordinate Class Representative made not more frequently than once a month during the normal business hours
of the applicable Master Servicer and the applicable Special Servicer, each of the applicable Master Servicer and the applicable
Special Servicer shall, without charge, make a knowledgeable Servicing Officer available either by telephone (with Servicing Officers
of each of the applicable Master Servicer and the applicable Special Servicer participating simultaneously if the Subordinate Class
Representative so requests) or, at the option of the Subordinate Class Representative if it provides reasonable advance notice,
at the office of such Servicing Officer, to verbally answer questions from the Subordinate Class Representative regarding the performance
and servicing of the Serviced Mortgage Loans (other than with respect to any Excluded Loan) and/or Administered REO Properties
for which the applicable Master Servicer or the applicable Special Servicer, as the case may be, is responsible.

 

(d)        Notwithstanding
any provision of this Agreement to the contrary, the failure of the applicable Master Servicer or the applicable Special Servicer
to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of
this Agreement to the extent that the applicable Master Servicer or the applicable Special Servicer, as the case may be, determines,
in its reasonable and good faith judgment consistent with the Servicing Standard, that such disclosure would violate applicable
law or any provision of a Mortgage Loan Document prohibiting disclosure of information with respect to the Mortgage Loans or the
Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise
materially harm the Trust or the Trust Fund.

 

(e)        If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Mortgage Loans (any such party a “Due Diligence Service
Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the Rule 17g-5 Information
Provider for posting on the Rule 17g-5 Information Provider’s Website. The Rule 17g-5 Information Provider shall post on
the Rule 17g-5 Information Provider’s Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service
Provider or from another party to this Agreement, promptly upon receipt thereof.

 

(f)        Neither
the applicable Master Servicer nor the applicable Special Servicer shall be liable for providing, disseminating or withholding
information in accordance with the terms of this Agreement. In addition to their other rights hereunder, each of the applicable
Master Servicer and the applicable Special Servicer (and their respective employees, attorneys, officers, directors and agents)
shall, in each case, be indemnified by the Trust Fund for any claims, losses or expenses arising from any such provision, dissemination
or withholding.

 

    	-230-

    	 

    

 

Section 3.16     Title to Administered REO Property; REO Account. (a) If title to any Administered
REO Property is acquired, the deed or certificate of sale shall be issued to the Trustee or its nominee, on behalf of the
Certificateholders (and, in the case of a Serviced Loan Combination, also the related Serviced Pari Passu Companion Loan
Holder(s)), or, subject to Section 3.09(b), to a single-member limited liability company of which the Trust is the
sole member, which limited liability company is formed or caused to be formed by the applicable Special Servicer at the
expense of the Trust (or, in the case of an Administered REO Property related to a Mortgage Loan that is part of a Serviced
Loan Combination, the Trust and the related Serviced Pari Passu Companion Loan Holder(s) for the purpose of taking title to
one or more Administered REO Properties pursuant to this Agreement. Any such limited liability company formed by the
applicable Special Servicer shall be a manager-managed limited liability company, with the applicable Special Servicer to
serve as the initial manager to manage the property of the limited liability company, including any applicable Administered
REO Property, in accordance with the terms of this Agreement as if such property was held directly in the name of the Trust
or Trustee under this Agreement. The applicable Special Servicer shall sell any Administered REO Property in accordance with Section
3.18 by the end of the third calendar year following the year in which the Trust acquires ownership of such Administered
REO Property for purposes of Section 860G(a)(8) of the Code, unless the applicable Special Servicer either (i) applies, more
than sixty (60) days prior to the expiration of such liquidation period, and is granted (or, pursuant to IRS regulations,
deemed to have been granted) an extension of time or the IRS does not deny an application for an extension of time (an
“REO Extension”) by the IRS to sell such Administered REO
Property or (ii) obtains for the Trustee an Opinion of Counsel, addressed to the Trustee, to the effect that the holding
by the Trust of such Administered REO Property subsequent to the end of the third calendar year following the year in which
such acquisition occurred will not result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor
Trust Event with respect to the Grantor Trust Pool. Regardless of whether the applicable Special Servicer applies for or is
granted the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of
Counsel referred to in clause (ii) of such sentence, the applicable Special Servicer shall act in accordance with the
Servicing Standard to liquidate the subject Administered REO Property on a timely basis. If the applicable Special Servicer
is granted such REO Extension or obtains such Opinion of Counsel with respect to any Administered REO Property, the
applicable Special Servicer shall (i) promptly forward a copy of such REO Extension or Opinion of Counsel to the Trustee, and
(ii) sell the subject Administered REO Property within such extended period as is permitted by such REO Extension or
contemplated by such Opinion of Counsel, as the case may be. Any expense incurred by the applicable Special Servicer in
connection with its applying for and being granted the REO Extension contemplated by clause (i) of the third preceding
sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the third preceding sentence, and for
the creation of and the operating of a limited liability company, shall be covered by, and be reimbursable as, a Servicing
Advance.

 

(b)        The
applicable Special Servicer shall segregate and hold all funds collected and received by it in connection with any Administered
REO Property separate and apart from its own funds and general assets. If any REO Acquisition occurs in respect of any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced Loan Combination, then the applicable Special Servicer shall establish and
maintain one or more accounts (collectively, an “REO Account”), to
be held on behalf of the Trustee for the benefit of the Certificateholders (or,

 

    	-231-

    	 

    

 

in
the case of any Administered REO Property related to a Serviced Loan Combination, on behalf of both the Certificateholders and
the related Serviced Pari Passu Companion Loan Holder(s)), as a collective whole, for the retention of revenues and other proceeds
derived from such Administered REO Property. Each account that constitutes an REO Account shall be an Eligible Account. The applicable
Special Servicer shall deposit, or cause to be deposited, in its REO Account, within one Business Day following receipt, all REO
Revenues, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of an Administered REO Property.
Funds in an REO Account may be invested in Permitted Investments in accordance with Section 3.06. The applicable Special
Servicer is authorized to pay out of related Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, any
Liquidation Expenses incurred in respect of an Administered REO Property and outstanding at the time such proceeds are received,
as well as any other items that otherwise may be paid by the applicable Master Servicer out of such Liquidation Proceeds as contemplated
by Section 3.05(a). The applicable Special Servicer shall be entitled to make withdrawals from its REO Account to pay itself,
as Additional Special Servicing Compensation, interest and investment income earned in respect of amounts held in such REO Account
as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such REO
Account for any Collection Period). The applicable Special Servicer shall give notice to the other parties hereto of the location
of its REO Account when first established and of the new location of such REO Account prior to any change thereof.

 

(c)        The
applicable Special Servicer shall withdraw from its REO Account funds necessary for the proper operation, management, leasing,
maintenance and disposition of any Administered REO Property, but only to the extent of amounts on deposit in such REO Account
relating to such Administered REO Property. Monthly within one Business Day following the end of each Collection Period, the applicable
Special Servicer shall withdraw from its REO Account and deposit into the Collection Account, or deliver to the applicable Master
Servicer for deposit into the Collection Account, the aggregate of all amounts received in respect of each Administered REO Property
during such Collection Period that are then on deposit in such REO Account, net of any withdrawals made out of such amounts pursuant
to the preceding sentence; provided that (A) in the case of each Administered REO Property, the applicable Special Servicer
may retain in its REO Account such portion of such proceeds and collections as may be necessary to maintain a reserve of sufficient
funds for the proper operation, management, leasing, maintenance and disposition of such Administered REO Property (including the
creation of a reasonable reserve for repairs, replacements, necessary capital improvements and other related expenses) and (B)
if such Administered REO Property relates to a Serviced Loan Combination, the applicable Master Servicer shall make, from such
amounts so deposited or remitted as described above, any deposits into any related Serviced Pari Passu Companion Loan Custodial
Account contemplated by Section 3.04(h) or Section 3.04(i), as applicable. For the avoidance of doubt, such amounts
withdrawn from an REO Account and deposited into the Collection Account following the end of each Collection Period pursuant to
the preceding sentence shall, upon such deposit, be construed to have been received by the applicable Master Servicer during such
Collection Period.

 

(d)          The
applicable Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting
for all deposits to, and withdrawals from, its REO Account pursuant to Section 3.16(b) or 3.16(c).

 

    	-232-

    	 

    

 

(e)          Notwithstanding
anything to the contrary, this Section 3.16 shall not apply to any REO Property related to a Non-Trust-Serviced Pooled Mortgage
Loan.

 

Section
3.17     Management of Administered REO Property. (a) Prior to the acquisition of title to any
Mortgaged Property securing a defaulted Serviced Mortgage Loan, the applicable Special Servicer shall review the operation of
such Mortgaged Property and determine the nature of the income that would be derived from such property if it were acquired by
the Trust. If the applicable Special Servicer determines from such review that:

 

(i)          None
of the income from Directly Operating such Mortgaged Property would be subject to tax as “net income from foreclosure property”
within the meaning of the REMIC Provisions (such tax referred to herein as an “REO Tax”),
then such Mortgaged Property may be Directly Operated by the applicable Special Servicer as Administered REO Property, other than
holding such Administered REO Property for sale or lease or performing construction work thereon;

 

(ii)         Directly
Operating such Mortgaged Property as an Administered REO Property could result in income from such property that would be subject
to an REO Tax, but that a lease of such property to another party to operate such property, or the performance of some services
by an Independent Contractor with respect to such property, or another method of operating such property would not result in income
subject to an REO Tax, then the applicable Special Servicer may (provided that in the judgment of the applicable Special
Servicer, exercised in accordance with the Servicing Standard, it is commercially reasonable) so lease or otherwise operate such
Administered REO Property; or

 

(iii)        It
is reasonable to believe that Directly Operating such property as Administered REO Property could result in income subject to an
REO Tax and either (i) that the income or earnings with respect to such REO Property will offset any REO Tax relating to such income
or earnings and will maximize the net recovery from the applicable Administered REO Property to the Certificateholders (taking
into account that any related Serviced Pari Passu Companion Loan Holder(s) do not have any obligation under the related Intercreditor
Agreement to bear the effect of any such REO Tax) or (ii) that no commercially reasonable means exists to operate such property
as Administered REO Property without the Trust incurring or possibly incurring an REO Tax on income from such property, then the
applicable Special Servicer shall deliver to the Tax Administrator and the Subordinate Class Representative (other than with respect
to any such property securing an Excluded Loan), in writing, a proposed plan (the “Proposed
Plan”) to manage such property as Administered REO Property. Such plan shall include potential sources of income
and good faith estimates of the amount of income from each such source. Within a reasonable period of time after receipt of such
plan, the Tax Administrator shall consult with the applicable Special Servicer and shall advise the applicable Special Servicer
of the Trust’s federal income tax reporting position with respect to the various sources of income that the Trust would derive
under the Proposed Plan. In addition, the Tax Administrator shall (to the maximum extent reasonably possible and at a reasonable
fee, which fee shall be an expense of the Trust) advise the applicable Special Servicer of the estimated amount of taxes that the
Trust

 

    	-233-

    	 

    

 

would
be required to pay with respect to each such source of income. After receiving the information described in the two preceding
sentences from the Tax Administrator, the applicable Special Servicer shall either (A) implement the Proposed Plan (after acquiring
the respective Mortgaged Property as Administered REO Property) or (B) manage and operate such property in a manner that would
not result in the imposition of an REO Tax on the income derived from such property.

 

Subject to Section
3.17(b), the applicable Special Servicer’s decision as to how each Administered REO Property shall be managed and operated
shall be in accordance with the Servicing Standard. Neither the applicable Special Servicer nor the Tax Administrator shall be
liable to the Certificateholders, the Trustee, the Trust, the other parties hereto, any beneficiaries hereof or each other for
errors in judgment made in good faith in the exercise of their discretion while performing their respective responsibilities under
this Section 3.17(a) with respect to any Administered REO Property. Nothing in this Section 3.17(a) is intended to
prevent the sale of any Administered REO Property pursuant to the terms and subject to the conditions of Section 3.18.

 

(b)          If
title to any Administered REO Property is acquired, the applicable Special Servicer shall manage, conserve, protect and operate
such Administered REO Property for the benefit of the Certificateholders (or, in the case of any Administered REO Property related
to a Serviced Loan Combination, on behalf of both the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s)),
as a collective whole, solely for the purpose of its prompt disposition and sale in accordance with Section 3.18 below,
in a manner that does not cause such Administered REO Property to fail to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code or, except as contemplated by Section 3.17(a) above, result in the receipt
by any REMIC Pool of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool.
Except as contemplated by Section 3.17(a) above, the applicable Special Servicer shall not enter into any lease, contract
or other agreement with respect to any Administered REO Property that causes the Trust to receive, and (unless required to do so
under any lease, contract or agreement to which the applicable Special Servicer or the Trust may become a party or successor to
a party due to a foreclosure, deed in lieu of foreclosure or other similar exercise of a creditor’s rights or remedies with
respect to the related Serviced Mortgage Loan) shall not, with respect to any Administered REO Property, cause or allow the Trust
to receive, any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Subject
to the foregoing, however, the applicable Special Servicer shall have full power and authority to do any and all things in connection
with the administration of any Administered REO Property, as are consistent with the Servicing Standard and, consistent therewith,
shall withdraw from its REO Account, to the extent of amounts on deposit therein with respect to such Administered REO Property,
funds necessary for the proper operation, management, maintenance and disposition of such Administered REO Property, including:

 

(i)          all
insurance premiums due and payable in respect of such Administered REO Property;

 

    	-234-

    	 

    

 

(ii)         all
real estate taxes and assessments in respect of such Administered REO Property that may result in the imposition of a lien thereon;

 

(iii)        any
ground rents in respect of such Administered REO Property; and

 

(iv)        all
other costs and expenses necessary to maintain, lease, sell, protect, manage, operate and restore such Administered REO Property.

 

To the extent that amounts
on deposit in the applicable Special Servicer’s REO Account with respect to any Administered REO Property are insufficient
for the purposes contemplated by the preceding sentence with respect to such REO Property, the applicable Master Servicer shall,
at the direction of the applicable Special Servicer, but subject to Section 3.11(h), make a Servicing Advance of such amounts
as are necessary for such purposes unless the applicable Master Servicer or the applicable Special Servicer determines, in its
reasonable judgment, that such advances would, if made, be Nonrecoverable Servicing Advances; provided that the applicable
Master Servicer may in its sole discretion make any such Servicing Advance without regard to recoverability if it is a necessary
fee or expense incurred in connection with the defense or prosecution of legal proceedings.

 

(c)          The
applicable Special Servicer may, and, if required for the Administered REO Property to continue to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code, shall, contract with any Independent Contractor for the operation
and management of any Administered REO Property, provided that:

 

(i)          the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)         the
fees of such Independent Contractor (which shall be expenses of the Trust) shall be reasonable and customary in consideration of
the nature and locality of such Administered REO Property;

 

(iii)        any
such contract shall be consistent with Treasury Regulations Section 1.856-6(e)(6) and shall require, or shall be administered to
require, that the Independent Contractor, in a timely manner, (A) pay all costs and expenses incurred in connection with the operation
and management of such Administered REO Property, including those listed in Section 3.17(b) above, and (B) remit all related
revenues collected (net of its fees and such costs and expenses) to the applicable Special Servicer upon receipt;

 

(iv)        none
of the provisions of this Section 3.17(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the applicable Special Servicer of any of its duties and obligations hereunder with respect
to the operation and management of any such Administered REO Property; and

 

(v)          the
applicable Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties
and obligations in connection with the operation and management of such Administered REO Property, and the

 

    	-235-

    	 

    

  

applicable
Special Servicer shall comply with the Servicing Standard in maintaining such Independent Contractor.

 

The applicable Special
Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its
duties and obligations hereunder for indemnification of the applicable Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification. To the extent the costs of any contract with any Independent
Contractor for the operation and management of any Administered REO Property are greater than the revenues available from such
property, such excess costs shall be covered by, and be reimbursable as, a Servicing Advance.

 

(d)          Without
limiting the generality of the foregoing, the applicable Special Servicer shall not:

 

(i)           permit
the Trust Fund to enter into, renew or extend any New Lease with respect to any Administered REO Property, if the New Lease by
its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize
or permit any construction on any Administered REO Property, other than the repair or maintenance thereof or the completion of
a building or other improvement thereon, and then only if more than 10% of the construction of such building or other improvement
was completed before default on the related Mortgage Loan become imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)        except
as otherwise provided for in Sections 3.17(a)(i), 3.17(a)(ii) and 3.17(a)(iii) above, Directly Operate, or
allow any other Person, other than an Independent Contractor, to Directly Operate, any Administered REO Property on any date more
than ninety (90) days after its date of acquisition by or on behalf of the Trust Fund;

 

unless, in any such case, the applicable
Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the applicable Master Servicer as a Servicing
Advance) to the effect that such action will not cause such Administered REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust Fund,
in which case the applicable Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(e)          Notwithstanding
anything to the contrary, this Section 3.17 shall not apply to any REO Property related to a Non-Trust-Serviced Pooled Mortgage
Loan.

 

Section
3.18     Sale of Defaulted Mortgage Loans and Administered REO Properties; Sale of the Non-Trust-Serviced Pooled Mortgage Loans.
(a) The applicable Master Servicer, the applicable Special Servicer or the Trustee may sell or purchase, or permit the sale or
purchase of, a Mortgage Loan or Administered REO Property only (i) on the terms and subject to the conditions set forth in this
Section 3.18, (ii) as otherwise expressly provided in or

 

    	-236-

    	 

    

 

contemplated
by Sections 2.03 and 9.01 of this Agreement, (iii) in the case of a Mortgage Loan (or Administered REO Property
related thereto) with a related mezzanine loan, in connection with a Mortgage Loan default if and as set forth in the related
intercreditor agreement or (iv) in the case of a Mortgage Loan related to a Serviced Loan Combination (or REO Mortgage Loan related
thereto), in connection with a Mortgage Loan default if and as set forth in the related Intercreditor Agreement.

 

(b)          Promptly
upon a Serviced Mortgage Loan becoming a Defaulted Mortgage Loan and if the applicable Special Servicer determines in accordance
with the Servicing Standard that it would be in the best interests of the Certificateholders, as a collective whole (or if such
Defaulted Mortgage Loan is part of a Serviced Loan Combination, in the best interest of the Certificateholders and the related
Serviced Pari Passu Companion Loan Holder as a collective whole), to attempt to sell such Defaulted Mortgage Loan (and if such
Defaulted Mortgage Loan is part of a Serviced Loan Combination, to sell the entire Serviced Loan Combination), the applicable Special
Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan or Serviced Loan Combination on behalf
of the Certificateholders (or if such Defaulted Mortgage Loan is part of a Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Pari Passu Companion Loan Holder) in such manner as will be reasonably likely to realize a fair price;
provided that, in the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, if the applicable Special
Servicer determines to attempt to sell such Mortgage Loan it shall sell such Defaulted Mortgage Loan together with the related
Serviced Pari Passu Companion Loan as a whole loan pursuant to Section 3.18(e) and pursuant to the terms of the related
Intercreditor Agreement. The applicable Special Servicer shall accept the first (and, if multiple offers are contemporaneously
received, the highest) cash offer received from any Person that constitutes a fair price for such Defaulted Mortgage Loan, subject
to any applicable provisions in the related Intercreditor Agreement. During any Subordinate Control Period or Collective Consultation
Period, the applicable Special Servicer shall notify the Subordinate Class Representative (other than with respect to any Excluded
Loan) of any inquiries or offers received regarding the sale of any Defaulted Mortgage Loan. During any Collective Consultation
Period or Senior Consultation Period, the applicable Special Servicer shall notify the Trust Advisor of any inquiries or offers
received regarding the sale of any Defaulted Mortgage Loan.

 

(c)          The
applicable Special Servicer shall give the Trustee, the Certificate Administrator, the applicable Master Servicer, the Trust Advisor
(at any time other than a Subordinate Control Period), the Subordinate Class Representative (at any time other than during a Senior
Consultation Period and other than with respect to any Excluded Loan) and the Majority Subordinate Certificateholder (at any time
other than during a Senior Consultation Period and other than with respect to any Excluded Loan) not less than three (3) Business
Days’ prior written notice of its intention to sell any Defaulted Mortgage Loan. No Interested Person shall be obligated
to submit an offer to purchase any Defaulted Mortgage Loan. In no event shall the Trustee, in its individual capacity, offer for
or purchase any Defaulted Mortgage Loan.

 

(d)          Whether
any cash offer constitutes a fair price for any Defaulted Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a
Serviced Loan Combination) for purposes of Section 3.18(b) of this Agreement shall be determined by the applicable Special
Servicer, if the
highest offeror is a Person other than an Interested Person, and by the Trustee, if 

 

    	-237-

    	 

    

 

the highest offeror is an Interested Person;
provided that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received
and (ii) at least two other offers are received from independent third parties. In determining whether any offer received from
an Interested Person represents a fair price for any such Defaulted Mortgage Loan, (other than a Defaulted Mortgage Loan that
is part of a Serviced Loan Combination), the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated
Appraisal conducted in accordance with this Agreement within the preceding nine (9) month period or, in the absence of any such
Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be a Qualified Appraiser selected by (i)
the applicable Special Servicer, if no Interested Person is so making an offer, or (ii) the Trustee, if an Interested Person is
so making an offer. The cost of any such Appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. Notwithstanding
the foregoing, but subject to the proviso in the first sentence of this paragraph, in the event that an offer from an Interested
Person is equal to or in excess of the Purchase Price for such Mortgage Loan, then such offer shall be deemed to be a fair price
and the Trustee shall not make such determination (provided that such offer is also the highest cash offer received and
at least two independent offers have been received); provided that receipt by the Trustee of such offer pursuant to the
applicable notice provisions set forth in Section 12.05 of this Agreement shall be deemed receipt by a Responsible Officer
of the Trustee for the purpose of this sentence. Where any Interested Person is among those submitting offers with respect to
a Defaulted Mortgage Loan, the applicable Special Servicer shall require that all offers be submitted to the Trustee in writing.
In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted
Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a Serviced Loan Combination), the applicable Special Servicer
shall take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to
this Agreement within the prior nine (9) months), and in determining whether any offer from an Interested Person constitutes a
fair price for any such Defaulted Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a Serviced Loan Combination),
the Trustee or any Independent expert designated by the Trustee as described in the immediately following paragraph of this Section
3.18(d) shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency
on the affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the
local economy. The Purchase Price for any Defaulted Mortgage Loan shall in all cases be deemed a fair price (but subject to the
proviso in the first sentence of this paragraph with respect to an offer from an Interested Person).

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested
Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust Fund) designate an Independent
third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing loans
similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer
constitutes a fair price for such Mortgage Loan. If the Trustee designates such a third party to make such determination, the Trustee
shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party pursuant to this paragraph shall be covered by, and shall
be reimbursable from, the offering Interested Person, and to the extent not collected from such Interested Person within 30 days
of request therefor, from the Collection Account; provided that, the Trustee shall

 

    	-238-

    	 

    

 

not
engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.

 

(e)          In
the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the applicable Special Servicer shall solicit
offers for such Defaulted Mortgage Loan together with the related Serviced Pari Passu Companion Loan as a whole loan and shall
require that all offers be submitted to the Trustee in writing and otherwise meet the requirements of the related Intercreditor
Agreement.

 

Whether any cash offer
constitutes a fair price for any such Serviced Loan Combination for purposes of Section 3.18(b) of this Agreement shall
be determined by the applicable Special Servicer, if the highest offeror is a Person other than an Interested SLC Person, and by
the Trustee, if the highest offeror is an Interested SLC Person; provided that no offer from an Interested SLC Person for
a Serviced Loan Combination shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other
bona fide offers are received from independent third parties. In determining whether any offer received from an Interested
SLC Person represents a fair price for any such Serviced Loan Combination, the Trustee shall be supplied with and shall rely on
the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding nine (9) month
period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be a
Qualified Appraiser selected by (i) the applicable Special Servicer, if no Interested SLC Person is so making an offer, or (ii)
the Trustee, if an Interested SLC Person is so making an offer. The cost of any such Appraisal shall be covered by, and shall be
reimbursable as, a Servicing Advance. In determining whether any such offer from a Person other than an Interested SLC Person constitutes
a fair price for any such Serviced Loan Combination, the applicable Special Servicer shall take into account (in addition to the
results of any Appraisal or updated Appraisal that it may have obtained pursuant to this Agreement within the prior nine (9) months),
and in determining whether any offer from an Interested SLC Person constitutes a fair price for any such Serviced Loan Combination,
the Trustee or any Independent expert designated by the Trustee as described in the immediately following paragraph of this Section
3.18(e) shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency
on the affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the
local economy. The Trustee shall act in a commercially reasonable manner in making such determination. Notwithstanding the foregoing,
in the event that an offer from an Interested SLC Person is equal to or in excess of the Purchase Price for such Serviced Loan
Combination, then the Trustee will not be required to make any such determination of fair price and such offer will be deemed to
be a fair price (provided such offer is also the highest cash offer received and at least two independent offers have been received).
Further notwithstanding the foregoing, the applicable Special Servicer shall not be permitted to sell the related Serviced Pari
Passu Companion Loan without the written consent of the related Serviced Pari Passu Companion Loan Holder unless the applicable
Special Servicer has delivered to any Serviced Pari Passu Companion Loan Holder: (a) at least fifteen (15) Business Days prior
written notice of any decision to attempt to sell any related Serviced Loan Combination; (b) at least ten (10) days prior to the
proposed sale, a copy of each bid package (together with any amendments to such bid packages) received by the applicable Special
Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale, a copy of the most recent
Appraisal for any such Serviced Loan Combination, and

 

    	-239-

    	 

    

 

any
documents in the Servicing File requested by any related Serviced Pari Passu Companion Loan Holder and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors and the Subordinate Class Representative)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the applicable Special Servicer in connection with the proposed sale; provided that the
related Serviced Pari Passu Companion Loan Holder may waive any of the delivery or timing requirements set forth in this sentence.
Subject to the foregoing, each of the Majority Subordinate Certificateholder (other than with respect to any Excluded Loan), the
Subordinate Class Representative (during any Subordinate Control Period and other than with respect to any Excluded Loan), any
related Serviced Pari Passu Companion Loan Holder or a representative thereof shall be permitted to bid at any sale of the Mortgage
Loan.

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested
SLC Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust Fund) designate an Independent
third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing loans
similar to the subject Serviced Loan Combination, that has been selected with reasonable care by the Trustee to determine if such
cash offer constitutes a fair price for such Serviced Loan Combination. If the Trustee designates such a third party to make such
determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs
of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph
shall be covered by, and shall be reimbursable from, the offering Interested SLC Person, and to the extent not collected from such
Interested SLC Person within 30 days of request therefor, from the applicable Collection Account; provided that, the Trustee
shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.

 

(f)          The
applicable Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to solicit cash offers for
each Administered REO Property in such manner as will be reasonably likely to realize a fair price (determined pursuant to Section
3.18(g) below) for any Administered REO Property within a customary and normal time frame for the sale of comparable properties
(and, in any event, within the time period provided for by Section 3.16(a)). The applicable Special Servicer shall accept
the first (and, if multiple cash offers are received by a specified offer date, the highest) cash offer received from any Person
that constitutes a fair price (determined pursuant to Section 3.18(g) below) for such Administered REO Property. If the
applicable Special Servicer reasonably believes that it will be unable to realize a fair price (determined pursuant to Section
3.18(g) below) with respect to any Administered REO Property within the time constraints imposed by Section 3.16(a),
then the applicable Special Servicer shall, consistent with the Servicing Standard, dispose of such Administered REO Property upon
such terms and conditions as it shall deem necessary and desirable to maximize the recovery thereon under the circumstances.

 

The applicable Special
Servicer shall give the Certificate Administrator, the Trustee, the applicable Master Servicer, the Subordinate Class Representative
(other than with respect to any Excluded Loan), the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan) not less than five (5) Business Days’ prior written notice (subject

 

    	-240-

    	 

    

 

to
any applicable provisions in the related Intercreditor Agreement) of its intention to sell any Administered REO Property pursuant
to this Section 3.18(f).

 

No Mortgage Loan Seller,
Certificateholder or any Affiliate of any such Person shall be obligated to submit an offer to purchase any Administered REO Property,
and notwithstanding anything to the contrary herein, the Trustee, in its individual capacity, may not offer for or purchase any
Administered REO Property pursuant hereto.

 

(g)          Whether
any cash offer constitutes a fair price for any Administered REO Property for purposes of Section 3.18(f) above, shall be
determined by the applicable Special Servicer or, if such cash offer is from the applicable Special Servicer or any Affiliate of
the applicable Special Servicer, by the Trustee. In determining whether any offer received from the applicable Special Servicer
or an Affiliate of the applicable Special Servicer represents a fair price for any Administered REO Property, the Trustee shall
be supplied with and shall be entitled to rely on the most recent Appraisal in the related Servicing File conducted in accordance
with this Agreement within the preceding nine-month period (or, in the absence of any such Appraisal or if there has been a material
change at the subject property since any such Appraisal, on a new Appraisal to be obtained by the applicable Special Servicer,
the cost of which shall be covered by, and be reimbursable as, a Servicing Advance). The appraiser conducting any such new Appraisal
shall be a Qualified Appraiser that is (i) selected by the applicable Special Servicer if neither the applicable Special Servicer
nor any Affiliate thereof is submitting an offer with respect to the subject Administered REO Property and (ii) selected by the
Trustee if either the applicable Special Servicer or any Affiliate thereof is so submitting an offer. Notwithstanding the foregoing,
and subject to the last sentence of this paragraph, in the event that an offer from the applicable Special Servicer or an Affiliate
thereof is equal to or in excess of the Purchase Price for such REO Property, then the Trustee shall not make any determination
of fair price and such offer shall be deemed to be a fair price (provided such offer is also the highest cash offer received
and at least two independent offers have been received); provided that receipt by the Trustee of such offer pursuant to
the applicable notice provisions set forth in Section 12.05 of this Agreement shall be deemed receipt by a Responsible Officer
of the Trustee for the purpose of this sentence. Where any Mortgage Loan Seller, any Certificateholder or any Affiliate of any
such Person is among those submitting offers with respect to any Administered REO Property, the applicable Special Servicer shall
require that all offers be submitted to it (or, if the applicable Special Servicer or an Affiliate thereof is submitting an offer,
be submitted to the Trustee) in writing and, if applicable, otherwise meet the requirements of the related Intercreditor Agreement.
In determining whether any offer from a Person other than any Mortgage Loan Seller, any Certificateholder or any Affiliate of any
such Person constitutes a fair price for any Administered REO Property, the applicable Special Servicer (or the Trustee, if applicable)
shall take into account the results of any Appraisal or updated Appraisal that it or the applicable Master Servicer may have obtained
in accordance with this Agreement within the prior nine (9) months, as well as, among other factors, the occupancy level and physical
condition of such Administered REO Property, the state of the then-current local economy and commercial real estate market where
such Administered REO Property is located and the obligation to dispose of such Administered REO Property within a customary and
normal time frame for the sale of comparable properties (and, in any event, within the time period specified in Section 3.16(a)).
The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee at the expense of the Trust Fund

 

    	-241-

    	 

    

 

in
connection with making any such determination. The Purchase Price for any Administered REO Property (which, in connection with
an Administered REO Property related to a Serviced Loan Combination, shall be construed and calculated with respect to the entire
Serviced Loan Combination) shall in all cases be deemed a fair price. Notwithstanding the other provisions of this Section
3.18, no cash offer from the applicable Special Servicer or any Affiliate thereof shall constitute a fair price for any Administered
REO Property unless such offer is the highest cash offer received and at least two Independent offers (not including the offer
of the applicable Special Servicer or any Affiliate) have been received. In the event the offer of the applicable Special Servicer
or any Affiliate thereof is the only offer received or is the higher of only two offers received, then additional offers shall
be solicited. If an additional offer or offers, as the case may be, are received for any Administered REO Property and the original
offer of the applicable Special Servicer or any Affiliate thereof is the highest of all offers received, then the offer of the
applicable Special Servicer or such Affiliate shall be accepted, provided that the Trustee has otherwise determined, as
provided above in Section 3.18(f), that such offer constitutes a fair price for the subject Administered REO Property.
Any offer by the applicable Special Servicer for any Administered REO Property shall be unconditional; and, if accepted, the subject
Administered REO Property shall be transferred to the applicable Special Servicer without recourse, representation or warranty
other than customary representations as to title given in connection with the sale of a real property.

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, and, if applicable, to the extent consistent with any related Intercreditor
Agreement, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee
may (at its option and at the expense of the Trust Fund) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least 5 years’ experience in valuing loans similar to the subject mortgage loan, that has been
selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such mortgage loan. If
the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such
third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party pursuant to this paragraph shall be covered by, and shall be reimbursable from, the offering Interested
Person, and to the extent not collected from such Interested Person within 30 days of request therefor, from the applicable Collection
Account; provided that, the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount
as determined by the Trustee.

 

(h)          Subject
to Sections 3.18(a) through 3.18(g) above, the applicable Special Servicer shall act on behalf of the Trust in negotiating
with Independent third parties in connection with the sale of any Defaulted Mortgage Loan or Administered REO Property and taking
any other action necessary or appropriate in connection with the sale of any Defaulted Mortgage Loan or Administered REO Property,
and the collection of all amounts payable in connection therewith. In connection with the sale of any Defaulted Mortgage Loan or
Administered REO Property, the applicable Special Servicer may charge prospective offerors, and may retain, fees that approximate
the applicable Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or
evaluating offers without obligation to deposit such amounts into the Collection Account; provided that if the applicable
Special Servicer was previously reimbursed for such costs from the Collection Account, then the

 

    	-242-

    	 

    

 

applicable
Special Servicer must deposit such amounts into the Collection Account. Any sale of a Defaulted Mortgage Loan or any Administered
REO Property shall be final and without recourse to the Trustee or the Trust, and if such sale is consummated in accordance with
the terms of this Agreement, neither the applicable Special Servicer nor the Trustee shall have any liability to any Certificateholder
with respect to the purchase price therefor accepted by the applicable Special Servicer or the Trustee.

 

(i)          Any
sale of any Defaulted Mortgage Loan or Administered REO Property shall be for cash only. The applicable Special Servicer in its
capacity as applicable Special Servicer shall have no authority to provide financing to the purchaser.

 

(j)          With
respect to any Non-Trust-Serviced Pooled Mortgage Loan that becomes a “Defaulted Mortgage Loan” (as such term or other
similar term is defined pursuant to the terms of the related Non-Trust Pooling and Servicing Agreement and construed as if such
Non-Trust-Serviced Pooled Mortgage Loan were a “Mortgage Loan” under such Non-Trust Pooling and Servicing Agreement),
the liquidation of such Non-Trust-Serviced Pooled Mortgage Loan shall be administered by the related Non-Trust Special Servicer
in accordance with the related Non-Trust Pooling and Servicing Agreement and the related Intercreditor Agreement. Any such sale
of a Non-Trust-Serviced Pooled Mortgage Loan pursuant to the related Non-Trust Pooling and Servicing Agreement and/or the related
Intercreditor Agreement shall be final and without recourse to the Trustee or the Trust, and none of the applicable Master Servicer,
the applicable Special Servicer or the Trustee shall have any liability to any Certificateholder with respect to the purchase price
for such Non-Trust-Serviced Pooled Mortgage Loan accepted on behalf of the Trust.

 

(k)          If
any Defaulted Mortgage Loan or REO Property is sold under this Section 3.18, or a Non-Trust-Serviced Pooled Mortgage Loan
is sold in accordance with the related Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement, then
the purchase price shall be deposited into the Collection Account or, if applicable, the Serviced Pari Passu Companion Loan Custodial
Account, and the Trustee, upon receipt of written notice from the applicable Master Servicer to the effect that such deposit has
been made (based upon, in the case of a Defaulted Mortgage Loan or REO Property, notification by the applicable Special Servicer
to the applicable Master Servicer of the amount of the purchase price), shall execute and deliver such instruments of transfer
or assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to vest ownership of such
Mortgage Loan or Administered REO Property in the Person who purchased such Mortgage Loan or Administered REO Property.

 

(l)          Any
purchaser of a Defaulted Mortgage Loan that has a related Serviced Pari Passu Companion Loan, whether pursuant to this Section
3.18 or pursuant to Section 2.03 or Section 9.01, will be subject to the related Intercreditor Agreement, including
any requirements thereof governing who may be a holder of such Mortgage Loan. The applicable Special Servicer will require, in
connection with such a sale of such a Defaulted Mortgage Loan, that the purchaser assume in writing all of the rights and obligations
of the holder of such Mortgage Loan under the related Intercreditor Agreement.

 

    	-243-

    	 

    

 

 

(m)        In
connection with the sale of any Defaulted Mortgage Loan (other than a Non-Trust-Serviced Pooled Mortgage Loan) under the provisions
described in this Section 3.18 for an amount less than the Purchase Price, the applicable Special Servicer shall obtain
the approval of the Subordinate Class Representative (during any Subordinate Control Period and other than with respect to any
Excluded Loan) or consult with the Subordinate Class Representative (during any Collective Consultation Period and other than with
respect to any Excluded Loan) and the applicable Special Servicer shall consult with the Trust Advisor (during any Collective Consultation
Period or Senior Consultation Period), subject to the applicable Special Servicer’s prevailing duty to comply with the Servicing
Standard. In addition, in considering such a sale, the applicable Special Servicer shall consider the interests only of the Certificateholders
and, in the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the related Serviced Pari Passu Companion
Loan Holder (as a collective whole, as if they together constituted a single lender) (for example, if the prospective buyer making
the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer
are more favorable). In connection with any consultation with the Trust Advisor contemplated above in this Section 3.18(m),
the applicable Special Servicer shall provide the Trust Advisor with any relevant information reasonably requested by the Trust
Advisor in order to enable it to consult with the applicable Special Servicer.

 

(n)         Notwithstanding
any of the foregoing paragraphs of this Section 3.18, the applicable Special Servicer shall not be obligated to accept the
highest cash offer if such Special Servicer determines (in accordance with the Servicing Standard and, to the extent a Subordinate
Control Period is then in effect, with the consent or deemed consent of the Subordinate Class Representative (other than with respect
to any Excluded Loan), and, to the extent a Collective Consultation Period is then in effect, in consultation with the Subordinate
Class Representative (other than with respect to any Excluded Loan) and the Trust Advisor, and, to the extent a Senior Consultation
Period is then in effect, in consultation with the Trust Advisor), that rejection of such offer would be in the best interests
of the Certificateholders and, in the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the related
Serviced Pari Passu Companion Loan Holder (as a collective whole as if they together constituted a single lender), and such Special
Servicer may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in accordance with
the Servicing Standard, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case
of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)
(as a collective whole as if they together constituted a single lender). In connection with any consultation with the Trust Advisor
contemplated above in this Section 3.18(n), the applicable Special Servicer shall provide the Trust Advisor with any relevant
information reasonably requested by the Trust Advisor in order to enable it to consult with the applicable Special Servicer.

 

Section
3.19     Additional Obligations of Master Servicers and Special Servicers. 

 

(a)          Within
sixty (60) days (or within such longer period as the applicable Special Servicer is (as certified thereby to the Trustee in writing)
diligently using reasonable efforts to obtain the Appraisal referred to below) after the earliest of the date on which any Serviced
Mortgage Loan (i) becomes a Modified Mortgage Loan following the occurrence of a Servicing Transfer Event, (ii) becomes an REO
Mortgage Loan, (iii) with respect to which a

 

    	-244-

    	 

    

 

receiver
or similar official is appointed and continues for sixty (60) days in such capacity in respect of the related Mortgaged Property,
(iv) the related Borrower becomes the subject of bankruptcy, insolvency or similar proceedings or, if such proceedings are involuntary,
such proceedings remain undismissed for sixty (60) days, (v) any Monthly Payment (other than a Balloon Payment) becomes sixty
(60) days or more delinquent, or (vi) the related Borrower fails to make when due any Balloon Payment and the Borrower does not
deliver to the applicable Master Servicer or the applicable Special Servicer, on or before the Due Date of the Balloon Payment,
a written and fully executed (subject only to customary final closing conditions) refinancing commitment from an acceptable lender
and reasonably satisfactory in form and substance to the applicable Master Servicer (and such Master Servicer shall promptly forward
such commitment to the applicable Special Servicer) which provides that such refinancing will occur within 120 days after the
date on which the Balloon Payment will become due (provided that if either such refinancing does not occur during that
time or the applicable Master Servicer is required during that time to make any P&I Advance in respect of the Mortgage Loan,
an Appraisal Trigger Event will occur immediately) (each such event, an “Appraisal Trigger Event” and each such Serviced
Mortgage Loan and any related REO Mortgage Loan that is the subject of an Appraisal Trigger Event, until it ceases to be such
in accordance with the following paragraph, a “Required Appraisal Loan”),
the applicable Special Servicer shall obtain an Appraisal of the related Mortgaged Property, unless an Appraisal thereof had previously
been received (or, if applicable, conducted) within the prior nine (9) months and the applicable Special Servicer has no knowledge
of changed circumstances that in the applicable Special Servicer’s reasonable judgment would materially affect the value
of the Mortgaged Property. If such Appraisal is obtained from a Qualified Appraiser, the cost thereof shall be covered by, and
be reimbursable as, a Servicing Advance, such Advance to be made at the direction of the applicable Special Servicer when the
Appraisal is received by the applicable Special Servicer. Promptly following the receipt of, and based upon, such Appraisal and
receipt of information requested by the applicable Special Servicer from the applicable Master Servicer pursuant to the last paragraph
of this Section 3.19(a), the applicable Special Servicer, in consultation with (i) the Subordinate Class Representative
(during any Subordinate Control Period and other than with respect to any Excluded Loan) or (ii) one or more of the Subordinate
Class Representative (other than with respect to any Excluded Loan) and the Trust Advisor, under the procedures set forth in Sections
3.28(d) and 3.28(e) (during any Collective Consultation Period or Senior Consultation Period), shall determine and
report to the Certificate Administrator, the Trustee and the applicable Master Servicer the then applicable Appraisal Reduction
Amount, if any, with respect to the subject Required Appraisal Loan. For purposes of this Section 3.19(a), an Appraisal
may, in the case of any Serviced Mortgage Loan with an aggregate outstanding principal balance of less than $2,000,000 only, consist
solely of an internal valuation performed by the applicable Special Servicer. In connection with a Mortgaged Property related
to any Serviced Loan Combination, the applicable Special Servicer shall also determine and report to the Trustee, the applicable
Master Servicer, the Subordinate Class Representative (other than with respect to any Serviced Loan Combination that is an Excluded
Loan), any related Serviced Pari Passu Companion Loan Holder and the related Other Master Servicer the Appraisal Reduction Amount,
if any, with respect to the entire such Serviced Loan Combination (calculated, for purposes of this sentence, as if it were a
single Mortgage Loan).

 

A Serviced Mortgage Loan
shall cease to be a Required Appraisal Loan if and when, following the occurrence of the most recent Appraisal Trigger Event, any
and all

 

    	-245-

    	 

    

 

Servicing
Transfer Events with respect to such Mortgage Loan have ceased to exist and no other Appraisal Trigger Event has occurred with
respect thereto during the preceding ninety (90) days.

 

For so long as any Serviced
Mortgage Loan or related REO Mortgage Loan remains a Required Appraisal Loan, the applicable Special Servicer shall, every nine
(9) months after such Mortgage Loan becomes a Required Appraisal Loan, obtain (or, if such Required Appraisal Loan has a Stated
Principal Balance of less than $2,000,000, at the applicable Special Servicer’s option, conduct) an update of the prior Appraisal.
If such update is obtained from a Qualified Appraiser, the cost thereof shall be covered by, and be reimbursable as, a Servicing
Advance, such Advance to be made at the direction of the applicable Special Servicer when the Appraisal is received by the applicable
Special Servicer. Promptly following the receipt of, and based upon, such update, the applicable Special Servicer shall redetermine,
in consultation with (i) the Subordinate Class Representative (during any Subordinate Control Period and other than with respect
to any Excluded Loan) or (ii) one or more of the Subordinate Class Representative (other than with respect to any Excluded Loan)
and the Trust Advisor, under the procedures set forth in Sections 3.28(d) and 3.28(e) (during any Collective Consultation
Period or Senior Consultation Period), and report to the Certificate Administrator, the Trustee and the applicable Master Servicer,
the then applicable Appraisal Reduction Amount, if any, with respect to the subject Required Appraisal Loan. In connection with
a Mortgaged Property related to any Serviced Loan Combination, promptly following the receipt of, and based upon, such update,
the applicable Special Servicer shall also redetermine, and report to the Trustee, the applicable Master Servicer, the Subordinate
Class Representative (other than with respect to an Excluded Loan) and related Serviced Pari Passu Companion Loan Holder(s) the
Appraisal Reduction Amount, if any, with respect to the entire such Serviced Loan Combination (calculated, for purposes of this
sentence, as if it were a single Mortgage Loan).

 

Notwithstanding the foregoing,
but subject to the final paragraph of this Section 3.19(a), solely for purposes of determining whether a Subordinate Control
Period is in effect (and the identity of the Subordinate Class), whenever the applicable Special Servicer is required to obtain
an Appraisal or updated Appraisal under this Agreement, the Subordinate Class Representative shall have the right, exercisable
within ten (10) Business Days after the applicable Special Servicer’s report of the resulting Appraisal Reduction Amount,
to direct the applicable Special Servicer to hire a Qualified Appraiser reasonably satisfactory to the Subordinate Class Representative
to prepare a second Appraisal of the Mortgaged Property at the expense of the Subordinate Class Representative. The applicable
Special Servicer must use reasonable efforts to cause the delivery of such second Appraisal (other than in respect of an Excluded
Loan) within thirty (30) days following the direction of the Subordinate Class Representative. Within ten (10) Business Days following
its receipt of such second Appraisal, the applicable Special Servicer shall determine, in accordance with the Servicing Standard,
whether, based on its assessment of such second Appraisal and receipt of information requested from the applicable Master Servicer
reasonably required to perform such recalculation of the Appraisal Reduction Amount, any recalculation of the Appraisal Reduction
Amount is warranted and, if so, the applicable Special Servicer shall recalculate the applicable Appraisal Reduction Amount on
the basis of such second Appraisal and receipt of information requested by the applicable Special Servicer from the applicable
Master Servicer pursuant to the last paragraph of this Section 3.19(a). Solely for purposes of determining whether a Subordinate
Control Period is in effect and the identity of the Subordinate Class:

 

    	-246-

    	 

    

 

(i)          the
first Appraisal shall be disregarded and have no force or effect, and, if an Appraisal Reduction Amount is already then in effect,
the Appraisal Reduction Amount for the related Mortgage Loan shall be calculated on the basis of the most recent prior Appraisal
or updated Appraisal obtained under this Agreement (or, if no such Appraisal exists, there shall be no Appraisal Reduction Amount
for purposes of determining whether a Subordinate Control Period is in effect and the identity of the Subordinate Class) unless
and until (a) the Subordinate Class Representative fails to exercise its right to direct the applicable Special Servicer to obtain
a second Appraisal within the exercise period described above or (b) if the Subordinate Class Representative exercises its right
to direct the applicable Special Servicer to obtain a second Appraisal, and such second Appraisal is not received by the applicable
Special Servicer (using efforts consistent with the Servicing Standard to obtain such Appraisal) within ninety (90) days following
such direction, whichever occurs earlier (and, in such event, an Appraisal Reduction Amount calculated on the basis of such first
Appraisal, if any, shall be effective); and

 

(ii)        if
the Subordinate Class Representative exercises its right to direct the applicable Special Servicer to obtain a second Appraisal
and such second Appraisal is received by the applicable Special Servicer within ninety (90) days following such direction, the
Appraisal Reduction Amount (if any), calculated on the basis of the second Appraisal (if the applicable Special Servicer determines
that a recalculation was warranted as described above) or (otherwise) on the basis of the first Appraisal shall be effective.

 

In addition, if there
is a material change with respect to any of the Mortgaged Properties related to a Serviced Mortgage Loan with respect to which
an Appraisal Reduction Amount has been calculated, then (i) during any Subordinate Control Period, the Holder (or group of Holders)
of Certificates representing a majority of the aggregate Voting Rights of the Classes of Principal Balance Certificates reduced
by Appraisal Reduction Amounts allocated thereto to less than 25% of the initial Class Principal Balance of each such Class and
(ii) during any Collective Consultation Period, the Majority Subordinate Certificateholder shall have the right, at its sole cost
and expense, to present to the applicable Special Servicer an additional Appraisal prepared by a Qualified Appraiser on an “as-is”
basis and acceptable to the applicable Special Servicer in accordance with the Servicing Standard. Subject to the applicable Special
Servicer’s confirmation, determined in accordance with the Servicing Standard, that there has been a change with respect
to the related Mortgaged Property and such change was material, the applicable Special Servicer shall recalculate such Appraisal
Reduction Amount based upon such additional Appraisal and updated information. If required by any such recalculation, any applicable
Class of Principal Balance Certificates notionally reduced by any Appraisal Reduction Amounts allocated to such Class shall have
its related Certificate Principal Balance notionally restored to the extent required by such recalculation, and there shall be
a redetermination of whether a Subordinate Control Period or a Collective Consultation Period is then in effect. With respect to
each Class of Control-Eligible Certificates, the right to present the applicable Special Servicer with any such additional Appraisals
as provided above is limited to no more frequently than once in any 12-month period for each Serviced Mortgage Loan with respect
to which an Appraisal Reduction Amount has been calculated.

 

    	-247-

    	 

    

 

With respect to any Appraisal
Reduction Amount calculated for the purposes of determining the Majority Subordinate Certificateholder, the existence of a Subordinate
Control Period, Collective Consultation Period or Senior Consultation Period and, if applicable, the allocation of Voting Rights
among the respective Classes of Principal Balance Certificates, (i) the Appraised Value of the related Mortgaged Property used
to calculate the Appraisal Reduction Amount shall be determined on an “as-is” basis and (ii) the Appraisal Reduction
Amount so calculated shall be notionally allocable between the respective Classes of Principal Balance Certificates in reverse
order of their alphanumeric designations (in each case until the Certificate Principal Balance thereof is notionally reduced to
zero) and the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates shall be treated as a single Class in such
notional allocation; provided, however, that for the purposes of such allocation, Appraisal Reduction Amounts shall
be allocated to the respective Class PEX Components rather than to the Class PEX Certificates, and for the purposes of such allocation
(A) the Class A-S Certificates and the Class A-S-PEX Component shall be considered as if they together constitute a single “Class”
with an alphanumeric designation of “A-S”, (B) the Class B Certificates and the Class B-PEX Component shall be considered
as if they together constitute a single “Class” with an alphanumeric designation of “B”, and (C) the Class
C Certificates and the Class C-PEX Component shall be considered as if they together constitute as single “Class” with
an alphanumeric designation of “C”.

 

The applicable Master
Servicer shall deliver by electronic mail to the applicable Special Servicer any information in the applicable Master Servicer’s
possession that is reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount or updated
Appraisal Reduction Amount pursuant to the definition thereof, using reasonable best efforts to deliver such information, within
four (4) Business Days following the applicable Special Servicer’s request therefor (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the applicable Special Servicer’s receipt of the applicable Appraisal
or preparation of the applicable internal valuation); provided, the applicable Special Servicer’s failure to timely make
such request shall not relieve the applicable Master Servicer of its obligation to provide such information to the applicable Special
Servicer in the manner and timing set forth in this sentence.

 

(b)          Notwithstanding
anything to the contrary contained in any other Section of this Agreement, the applicable Special Servicer shall notify the applicable
Master Servicer whenever a Servicing Advance is required to be made with respect to any Specially Serviced Mortgage Loan or Administered
REO Property, and, the applicable Master Servicer shall (subject to Section 3.11(h)) make such Servicing Advance; provided
that the applicable Special Servicer shall either (i) make any Servicing Advance (other than a Nonrecoverable Servicing Advance)
on a Specially Serviced Mortgage Loan or Administered REO Property that constitutes an Emergency Advance or (ii) notify the applicable
Master Servicer no later than one (1) Business Day after the applicable Special Servicer acquires actual knowledge of the need
for such Emergency Advance on a Specially Serviced Mortgage Loan or Administered REO Property and request the applicable Master
Servicer to make such Emergency Advance. Each such notice and request shall be made, in writing, not less than five (5) Business
Days or, in the case of an Emergency Advance, not later than two (2) Business Days (provided the request sets forth the nature
of the emergency), in advance of the date on which the subject Servicing Advance is to be made and shall be accompanied by such
information and documentation

 

    	-248-

    	 

    

 

regarding
the subject Servicing Advance as the applicable Master Servicer may reasonably request; provided that the applicable Special
Servicer shall not be entitled to make such a request more frequently than once per calendar month with respect to Servicing Advances
other than Emergency Advances (although such request may relate to more than one Servicing Advance). The applicable Master Servicer
shall have the obligation to make any such Servicing Advance (other than a Nonrecoverable Servicing Advance) that it is so requested
by the applicable Special Servicer to make (as described above) not later than the date on which the subject Servicing Advance
is to be made, but in no event shall it be required to make any Servicing Advance on a date that is earlier than five (5) Business
Days or, in the case of an Emergency Advance, on a date that is earlier than two (2) Business Days, following the applicable Master
Servicer’s receipt of such request. If the request is timely and properly made, the requesting applicable Special Servicer
shall be relieved of any obligations with respect to a Servicing Advance that it so requests the applicable Master Servicer to
make with respect to any Specially Serviced Mortgage Loan or Administered REO Property (regardless of whether or not the applicable
Master Servicer shall make such Servicing Advance). The applicable Master Servicer shall be entitled to reimbursement for any
Servicing Advance made by it at the direction of the applicable Special Servicer, together with Advance Interest in accordance
with Sections 3.05(a) and 3.11(g), at the same time, in the same manner and to the same extent as the applicable
Master Servicer is entitled with respect to any other Servicing Advances made thereby. Any request by the applicable Special Servicer
that the applicable Master Servicer make a Servicing Advance shall be deemed to be a determination by the applicable Special Servicer
that such Servicing Advance is not a Nonrecoverable Advance, on which deemed determination the applicable Master Servicer is entitled
to rely. The preceding statement shall not be construed to limit the right of the applicable Special Servicer under Section
3.11(i) with respect to the payment of any servicing expense that, if advanced, would constitute a Nonrecoverable Servicing
Advance. If the applicable Special Servicer makes an Emergency Advance, the applicable Master Servicer shall reimburse the applicable
Special Servicer for such Emergency Advance (with Advance Interest thereon at the Reimbursement Rate) within five (5) Business
Days following the applicable Special Servicer’s request for reimbursement (which request shall be accompanied by such information
and documentation regarding the subject Emergency Advance as the applicable Master Servicer may reasonably request), upon which
reimbursement the applicable Master Servicer will be deemed to have made such Emergency Advance when the applicable Special Servicer
made such Emergency Advance.

 

Notwithstanding the foregoing
provisions of this Section 3.19(b), the applicable Master Servicer shall not be required to reimburse the applicable Special
Servicer for, or to make at the direction of the applicable Special Servicer, any Servicing Advance if the applicable Master Servicer
determines in its reasonable judgment that such Servicing Advance, although not characterized by the applicable Special Servicer
as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The applicable Master Servicer shall notify
the applicable Special Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing Advance shall
be reimbursed to the applicable Special Servicer pursuant to Section 3.05(a).

 

(c)          Each
Master Servicer shall deliver to the Certificate Administrator for deposit in the Distribution Account by 1:00 p.m. (New York City
time) on the Master Servicer Remittance Date, without any right of reimbursement therefor, a cash payment (a “Compensating

 

    	-249-

    	 

    

 

Interest
Payment”) in an amount equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred
in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans for which it is acting as
Master Servicer (other than Specially Serviced Mortgage Loans and Serviced Mortgage Loans on which the applicable Special Servicer
allowed or consented to the applicable Master Servicer allowing a Principal Prepayment on such Serviced Mortgage Loan on a date
other than the applicable Due Date) during the related Collection Period, and (ii) the aggregate of (A) that portion of its Master
Servicing Fees earned by such Master Servicer for the related Distribution Date that is, in the case of each and every Serviced
Mortgage Loan and REO Mortgage Loan for which such Master Servicing Fees are being paid in the related Collection Period, calculated
for this purpose at one (1) basis point (0.01%) per annum, and (B) all Prepayment Interest Excesses received by the applicable
Master Servicer during the related Collection Period; provided that the applicable Master Servicer shall pay (without regard
to clause (ii) above) the amount of any Prepayment Interest Shortfall otherwise described in clause (i) above incurred
in connection with any Principal Prepayment received in respect of a Serviced Mortgage Loan during the related Collection Period
to the extent such Prepayment Interest Shortfall occurs as a result of the applicable Master Servicer allowing the related Borrower
to deviate from the terms of the related Mortgage Loan Documents regarding Principal Prepayments (other than (w) subsequent to
a default under the related Mortgage Loan Documents, (x) pursuant to applicable law or a court order (including in connection
with amounts collected as Insurance Proceeds or Condemnation Proceeds to the extent that such applicable law or court order limits
the ability of the applicable Master Servicer to apply the proceeds in accordance with the related Mortgage Loan Documents), (y)
at the request or with the consent of the applicable Special Servicer, or (z) during any Subordinate Control Period or Collective
Consultation Period, (other than with respect to any Excluded Loan) at the request or with the consent of the Subordinate Class
Representative). No Master Servicer shall be obligated to make any Compensating Interest Payments as a result of any prepayments
on Mortgage Loans for which it does not act as Master Servicer.

 

The rights of the Certificateholders
to offsets of any Prepayment Interest Shortfalls shall not be cumulative from Collection Period to Collection Period.

 

(d)          Subject
to the consent rights and process set forth in Section 3.24(c) with respect to Material Actions, the applicable Master Servicer
shall process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Pari Passu Companion Loans
in accordance with the 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 any Modification Fees in connection
with a defeasance that the applicable Special Servicer is entitled to under this Agreement). With respect to each Serviced Mortgage
Loan that is to be defeased in accordance with its terms, the applicable Master Servicer shall execute and deliver to each Rating
Agency (subject to Section 3.27) a certification substantially in the form attached hereto as Exhibit N and, further,
shall, to the extent permitted by the terms of such Mortgage Loan, require the related Borrower (i) to provide replacement collateral
consisting of U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company Act in an amount sufficient
to make all scheduled payments under the subject Serviced Mortgage Loan (or defeased portion thereof) when due (and assuming, in
the case of an ARD Mortgage Loan, to the extent consistent with the

 

    	-250-

    	 

    

 

related
Mortgage Loan Documents, that the subject ARD Mortgage Loan matures on its Anticipated Repayment Date), (ii) to deliver a certificate
from an independent certified public accounting firm certifying that the replacement collateral is sufficient to make such payments,
(iii) at the option of the applicable Master Servicer, to designate a single purpose entity (which may be (but is not required
to be) a subsidiary of the applicable Master Servicer established for the purpose of assuming all defeased Serviced Mortgage Loans)
to assume the subject Serviced Mortgage Loan (or defeased portion thereof) and own the defeasance collateral, (iv) to implement
such defeasance only after the second anniversary of the Closing Date, (v) to provide an Opinion of Counsel that the Trustee has
a perfected, first priority security interest in the new collateral, and (vi) in the case of a partial defeasance of the subject
Serviced Mortgage Loan, to defease a principal amount equal to at least 125% of the allocated loan amount for the Mortgaged Property
or Properties to be released; provided that, if (A) the subject Serviced Mortgage Loan has a Cut-off Date Principal Balance
greater than or equal to $35,000,000 or an outstanding principal balance greater than or equal to 2% of the aggregate Stated Principal
Balance of the Mortgage Pool or is one of the ten largest Mortgage Loans then in the Trust Fund, (B) the terms of the subject
Serviced Mortgage Loan do not permit the applicable Master Servicer to impose the foregoing requirements and the applicable Master
Servicer does not satisfy such requirements on its own or (C) the applicable Master Servicer is unable to execute and deliver
the certification attached hereto as Exhibit N in connection with the subject defeasance, then the applicable Master Servicer
shall so notify the Rating Agencies (subject to Section 3.27), the Subordinate Class Representative and the Majority Subordinate
Certificateholder and, if any Mortgage Loan in a Serviced Loan Combination is involved, the related Serviced Pari Passu Companion
Loan Holder(s) and, so long as such a requirement would not violate applicable law or the Servicing Standard, obtain a Rating
Agency Confirmation (subject to Section 3.27) with respect to such defeasance. Subject to the related Mortgage Loan Documents
and applicable law, the applicable Master Servicer shall not permit a defeasance unless (i) the subject Serviced Mortgage Loan
requires the Borrower to pay (or the Borrower in fact pays) all Rating Agency fees associated with defeasance (if a Rating Agency
Confirmation is a specific condition precedent thereto) and all expenses associated with defeasance or other arrangements for
payment of such costs are made at no expense to the Trust Fund or the applicable Master Servicer (provided that in no event
shall such proposed other arrangements result in any liability to the Trust Fund including any indemnification of the applicable
Master Servicer or the applicable Special Servicer which may result in legal expenses to the Trust Fund), and (ii) the Borrower
is required to provide all Opinions of Counsel, including Opinions of Counsel that the defeasance will not cause an Adverse REMIC
Event or an Adverse Grantor Trust Event and that the related Mortgage Loan Documents are fully enforceable in accordance with
their terms (subject to bankruptcy, insolvency and similar standard exceptions), and any applicable Rating Agency Confirmations.

 

(e)          In
connection with the Serviced Mortgage Loans or any Serviced Pari Passu Companion Loan for which the related Borrower was required
to escrow funds or post a Letter of Credit related to obtaining performance objectives, such as targeted debt service coverage
levels or leasing criteria with respect to the Mortgaged Property as a whole or particular portions thereof, if the mortgagee has
the discretion to retain the cash or Letter of Credit (or the proceeds of such Letters of Credit) as additional collateral if the
relevant conditions to release are not satisfied, then the applicable Master Servicer shall hold such escrows or Letters of Credit
(or the proceeds of such Letters of Credit) as additional collateral and not use such funds to reduce the principal balance of
the related Mortgage Loan or Serviced

 

    	-251-

    	 

    

 

Pari Passu Companion Loan (to the extent the related Mortgage Loan Documents allow such action),
unless holding such funds would otherwise be inconsistent with the Servicing Standard.

 

Section
3.20     Modifications, Waivers, Amendments and Consents. (a) The applicable Special Servicer
(in the case of a Specially Serviced Mortgage Loan) or the applicable Master Servicer (in the case of a Performing Serviced Mortgage
Loan or Performing Serviced Pari Passu Companion Loan) may (consistent with the Servicing Standard) agree to any modification,
waiver or amendment of any term of, extend the maturity of, defer or forgive interest (including Default Interest) on and principal
of, defer or forgive late payment charges, Prepayment Premiums and Yield Maintenance Charges on, permit the release, addition
or substitution of collateral securing, and/or permit the release, addition or substitution of the Borrower on or any guarantor
of, any Serviced Mortgage Loan for which it is responsible, and respond to or approve Borrower requests for consent on the part
of the mortgagee (including the lease reviews and lease consents related thereto), subject, however, to Sections 3.08, 3.24,
3.26, and/or 3.28, as applicable, and, in the case of each Mortgage Loan in a Serviced Loan Combination, to the rights
of third parties set forth in the related Intercreditor Agreement, and, further to each of the following limitations, conditions
and restrictions:

 

(i)          other
than as expressly set forth in Section 3.02 (with respect to Default Charges and Post-ARD Additional Interest), Section
3.07 (insurance), Section 3.08 (with respect to due-on-sale and due-on-encumbrance clauses and transfers of interests
in Borrowers), Section 3.19(d) (with respect to defeasances), and Section 3.20(f) (with respect to various routine
matters), the applicable Master Servicer shall not agree to or consent to a request for any modification, waiver or amendment of
any term of, or take any of the other acts referenced in this Section 3.20(a) with respect to, any Serviced Mortgage Loan
or Serviced Pari Passu Companion Loan, that would (x) affect the amount or timing of any related payment of principal, interest
or other amount payable under such Mortgage Loan, (y) materially and adversely affect the security for such Serviced Mortgage Loan
or Serviced Pari Passu Companion Loan or (z) constitute a Material Action (including any Material Action in connection with a defeasance),
unless (solely in the case of a Performing Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan) the applicable
Master Servicer has obtained the consent of the applicable Special Servicer (it being understood and agreed that (A) the applicable
Master Servicer shall promptly provide the applicable Special Servicer with (x) written notice of any Borrower request for such
modification, waiver or amendment, (y) the applicable Master Servicer’s written analysis, and (z) all information that the
applicable Special Servicer may reasonably request in order to withhold or grant any such consent, (B) the applicable Special Servicer
shall decide whether to withhold or grant such consent in accordance with the Servicing Standard (and subject to Sections 3.24
and/or 3.26, as applicable), and (C) any such consent shall be deemed to have been granted if such consent has not been
expressly denied within (x), for consents other than on a Serviced Loan Combination, fifteen (15) Business Days (or in connection
with an Acceptable Insurance Default, ninety (90) days) of the applicable Special Servicer’s receipt from the applicable
Master Servicer of the applicable Master Servicer’s written analysis and all information reasonably requested thereby in
order to make an informed decision and (y), for consents on a Serviced Loan Combination, ten (10) Business Days (or, in connection
with an Acceptable Insurance Default with respect to a Serviced Loan

 

    	-252-

    	 

    

 

Combination,
thirty (30) days) after the time period provided in the related Intercreditor Agreement (provided that such time period shall
be deemed to have commenced upon the applicable Special Servicer’s receipt from the applicable Master Servicer of the applicable
Master Servicer’s written analysis and all information reasonably requested thereby in order to make an informed decision).
If consent to a matter processed by the applicable Master Servicer and for which such Master Servicer is required to obtain the
consent of the applicable Special Servicer pursuant to this clause (i) is granted or deemed to have been granted by such
Special Servicer, then such Master Servicer will be responsible for entering into the relevant documentation;

 

(ii)        other
than as provided in Sections 3.02, 3.08, and 3.20(e), the applicable Special Servicer shall not agree to (or, in
the case of a Performing Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan, consent to the applicable Master
Servicer’s agreeing to) any modification, waiver or amendment of any term of, or take (or, in the case of a Performing Serviced
Mortgage Loan or Performing Serviced Pari Passu Companion Loan, consent to the applicable Master Servicer’s taking) any of
the other acts referenced in this Section 3.20(a) with respect to, any Serviced Mortgage Loan or Serviced Pari Passu Companion
Loan that would affect the amount or timing of any related payment of principal, interest or other amount payable thereunder or,
in the reasonable judgment of the applicable Special Servicer, would materially impair the security for such Mortgage Loan or Serviced
Pari Passu Companion Loan, unless a material default on such Mortgage Loan or Serviced Pari Passu Companion Loan has occurred or,
in the reasonable judgment of the applicable Special Servicer, a default with respect to payment on such Mortgage Loan or Serviced
Pari Passu Companion Loan at maturity or on an earlier date is reasonably foreseeable, or the applicable Special Servicer reasonably
believes that there is a significant risk of such a default, and, in either case, such modification, waiver, amendment or other
action is reasonably likely to produce an equal or a greater recovery to Certificateholders (and, in the case of a Serviced Loan
Combination, the related Serviced Pari Passu Companion Loan Holder(s)), as a collective whole, on a present value basis (the relevant
discounting of anticipated collections that will be distributable to Certificateholders (and, in the case of a Serviced Loan Combination,
the related Serviced Pari Passu Companion Loan Holder(s)) to be done at a rate determined by the applicable Special Servicer but
in no event less than the related Net Mortgage Rate (or, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date,
at the related Net Mortgage Rate immediately prior to the Anticipated Repayment Date), than would liquidation; provided
that (A) any modification, extension, waiver or amendment of the payment terms of any related Serviced Loan Combination shall be
structured in a manner so as to be consistent with the allocation and payment priorities set forth in the related Mortgage Loan
Documents, including the related Intercreditor Agreement, it being the intention that neither the Trust as holder of the related
Mortgage Loan nor any Serviced Pari Passu Companion Loan Holder shall gain a priority over any other with respect to any payment,
which priority is not, as of the date of the related Intercreditor Agreement, reflected in the related Mortgage Loan Documents,
including the related Intercreditor Agreement; and (B) to the extent consistent with the Servicing Standard, no waiver, reduction
or deferral of any particular amounts due on the related Mortgage Loan shall be effected prior to the waiver, reduction

 

    	-253-

    	 

    

 

or
deferral of the entire corresponding item in respect of the related Serviced Pari Passu Companion Loan;

 

(iii)  
     neither the applicable Master Servicer nor the applicable Special Servicer shall extend the
date on which any Balloon Payment is scheduled to be due on any Mortgage Loan to a date beyond the earlier of (A) five years
prior to the Rated Final Distribution Date and (B) if such Mortgage Loan is secured by a Mortgage solely or primarily on the
related Borrower’s leasehold interest in the related Mortgaged Property, 20 years (or, to the extent consistent with
the Servicing Standard, giving due consideration to the remaining term of the related Ground Lease or Space Lease, ten years)
prior to the end of the then-current term of the related Ground Lease or Space Lease (plus any unilateral options to
extend);

 

(iv)        neither
the applicable Master Servicer nor the applicable Special Servicer shall make or permit any modification, waiver or amendment of
any term of, or take any of the other acts referenced in this Section 3.20(a) with respect to, any Mortgage Loan or Serviced
Loan Combination that would result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with
respect with to the Grantor Trust Pool (the applicable Master Servicer and the applicable Special Servicer shall not be liable
for decisions made under this subsection which were made in good faith and each of them may rely on Opinions of Counsel in making
such decisions);

 

(v)          (A)
in the event of a taking of any portion of any real property collateral securing an outstanding Serviced Mortgage Loan by a state,
political subdivision or authority thereof, whether by condemnation, similar legal proceeding or by agreement in anticipation of
such condemnation or other similar legal proceeding, the applicable Master Servicer or the applicable Special Servicer, as the
case may be, shall apply the Condemnation Proceeds (or other similar award) and the net proceeds from the receipt of any insurance
or tort settlement with respect to such real property to pay down the principal balance of the Serviced Mortgage Loan, unless immediately
after the release of such portion of the real property collateral, the applicable Master Servicer or the applicable Special Servicer,
as the case may be, reasonably believes that the Serviced Mortgage Loan would remain “principally secured by an interest
in real property” within the meaning of Section 1.860G-2(b)(7)(ii) or (iii) of the Treasury Regulations (taking into account
the value of the real property continuing to secure such Serviced Mortgage Loan after any restoration of such real property), or
as may be permitted by IRS Revenue Procedure 2010-30, 2010-36 I.R.B. 316 (the applicable Master Servicer and the applicable Special
Servicer may each rely on Opinions of Counsel in making such decisions, the costs of which shall be covered by, and reimbursable
as, Servicing Advances) and (B) in connection with (i) the release of any portion of a Mortgaged Property from the lien of the
related Mortgage (other than in connection with a defeasance) or (ii) the taking of any portion of a Mortgaged Property by exercise
of the power of eminent domain or condemnation, if the Mortgage Loan Documents require the related Master Servicer or Special Servicer,
as applicable, to calculate (or approve the calculation by the related Borrower of) the loan-to-value ratio of the remaining Mortgaged
Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or
Mortgaged Properties, for purposes of

 

    	-254-

    	 

    

 

REMIC
qualification of the related Mortgage Loan, then such calculation of the value of collateral will be solely based on the real
property included therein and exclude personal property and going concern value, if any, unless otherwise permitted under the
applicable REMIC rules as evidenced by an Opinion of Counsel provided to the Trustee;

 

(vi)        subject
to applicable law, the related Mortgage Loan Documents and the Servicing Standard, neither the applicable Master Servicer nor the
applicable Special Servicer shall permit any modification, waiver or amendment of any term of any Performing Serviced Mortgage
Loan unless all related fees and expenses are paid by the Borrower;

 

(vii)       the
applicable Special Servicer shall not permit (or, in the case of a Performing Serviced Mortgage Loan, consent to the applicable
Master Servicer’s permitting) any Borrower to add or substitute any real estate collateral for its Serviced Mortgage Loan
(or Serviced Loan Combination, as applicable) unless the applicable Special Servicer shall have first (A) determined in its reasonable
judgment, based upon a Phase I Environmental Assessment (and any additional environmental testing that the applicable Special Servicer
deems necessary and prudent) conducted by an Independent Person who regularly conducts Phase I Environmental Assessments, at the
expense of the related Borrower, that such additional or substitute collateral is in compliance with applicable environmental laws
and regulations and that there are no circumstances or conditions present with respect to such new collateral relating to the use,
management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation
would be required under any then applicable environmental laws or regulations and (B) received, at the expense of the related Borrower
to the extent permitted to be charged by the holder of the Serviced Mortgage Loan under the related Mortgage Loan Documents, a
Rating Agency Confirmation with respect to the addition or substitution of real estate collateral (and, in the case of any Serviced
Loan Combination an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, if applicable pursuant
to Section 3.27(k)); and

 

(viii)      the
applicable Special Servicer shall not release (or, in the case of a Performing Serviced Mortgage Loan, consent to the applicable
Master Servicer’s releasing), including, without limitation, in connection with a substitution contemplated by clause
(vii) above, any real property collateral securing an outstanding Serviced Mortgage Loan or Serviced Loan Combination, except
as provided in Section 3.09(d), except as specifically required under the related Mortgage Loan Documents, except where
a Mortgage Loan or Serviced Pari Passu Companion Loan (or, in the case of a Cross-Collateralized Group, where such entire Cross-Collateralized
Group) is satisfied, or except in the case of a release where (A) the Rating Agencies (and, in the case of a Serviced Loan Combination,
the Pari Passu Companion Loan Rating Agencies, if applicable) (subject to Section 3.27) have been notified in writing, and
(B) if the collateral to be released has an appraised value in excess of $3,000,000, such release is the subject of a Rating Agency
Confirmation (and, in the case of any Serviced Loan Combination, an analogous rating agency confirmation from each Pari Passu Companion
Loan Rating Agency, if applicable pursuant to Section 3.27(k));

 

    	-255-

    	 

    

 

provided that the limitations, conditions
and restrictions set forth in clauses (i) through (viii) above shall not apply to any act or event (including, without
limitation, a release, substitution or addition of collateral) in respect of any Serviced Mortgage Loan or Serviced Pari Passu
Companion Loan that either occurs automatically, or results from the exercise of a unilateral option within the meaning of Treasury
Regulations Section 1.1001-3(c)(3) by the related Borrower, in any event under the terms of such Mortgage Loan in effect on the
Closing Date (or, in the case of a Replacement Mortgage Loan, on the related date of substitution) (provided that in the
case of any and all transactions involving a release of a lien on real property that secures a Serviced Mortgage Loan or Serviced
Loan Combination, such a lien release shall be permitted only if the related Serviced Mortgage Loan or Serviced Loan Combination
will continue to be “principally secured by real property” after the lien is released, or if it would not be, the release
is permitted under IRS Revenue Procedure 2010-30, 2010-36 I.R.B. 316); and provided, further, that, notwithstanding
clauses (i) through (vii) above, neither the applicable Master Servicer nor the applicable Special Servicer shall
be required to oppose the confirmation of a plan in any bankruptcy or similar proceeding involving a Borrower under a Serviced
Mortgage Loan or Serviced Loan Combination if, in its reasonable judgment, such opposition would not ultimately prevent the confirmation
of such plan or one substantially similar.

 

(b)          If
any payment of interest on a Serviced Mortgage Loan is deferred pursuant to Section 3.20(a), then such payment of interest
shall not, for purposes of calculating monthly distributions and reporting information to Certificateholders, be added to the unpaid
principal balance or Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan
so permit or that such interest may actually be capitalized; provided that this sentence shall not limit the rights of the
applicable Master Servicer or the applicable Special Servicer on behalf of the Trust to enforce any obligations of the related
Borrower under such Mortgage Loan.

 

(c)          Each
of the applicable Master Servicer and the applicable Special Servicer may, as a condition to its granting any request by a Borrower
under a Serviced Mortgage Loan or Serviced Pari Passu Companion Loan for consent, modification, waiver or indulgence or any other
matter or thing, the granting of which is within the applicable Master Servicer’s or the applicable Special Servicer’s,
as the case may be, discretion pursuant to the terms of the related Mortgage Loan Documents and is permitted by the terms of this
Agreement, require that such Borrower pay to it a reasonable or customary fee for the additional services performed in connection
with such request, together with any related costs and expenses incurred by it; provided that (A) the charging of such fees
would not otherwise constitute a “significant modification” of the subject Mortgage Loan or Serviced Pari Passu Companion
Loan pursuant to Treasury Regulations Section 1.860G-2(b); (B) the right of the applicable Special Servicer shall be limited as
set forth in the definition of “Modification Fees”; and (C) in connection with any request by the Borrower for a modification,
waiver or amendment of any provision of the Mortgage Loan Documents that is made to correct any manifest, typographical or grammatical
errors therein or to correct or supplement any inconsistent or defective provisions therein, and such modification, waiver or amendment
does not affect any economic term of the Mortgage Loan or is otherwise immaterial, the applicable Master Servicer and the applicable
Special Servicer shall be permitted to require that the Borrower pay any costs and expenses incurred by it and a nominal processing
fee for the services performed in connection with such request.

 

    	-256-

    	 

    

 

(d)          All
modifications, amendments, material waivers and other Material Actions entered into or taken in respect of the Serviced Mortgage
Loans or Serviced Pari Passu Companion Loan pursuant to this Section 3.20 (other than waivers of Default Charges), and all
material consents, shall be in writing. Each of the applicable Special Servicer and the applicable Master Servicer shall notify
the other such party, each Rating Agency (subject to Section 3.27), the Certificate Administrator, the Trustee, the Subordinate
Class Representative (during any Subordinate Control Period and any Collective Consultation Period and other than with respect
to any Excluded Loan), the Majority Subordinate Certificateholder (during any Subordinate Control Period and any Collective Consultation
Period and other than with respect to any Excluded Loan) and, if the Mortgage Loan is included in any Serviced Loan Combination,
the related Serviced Pari Passu Companion Loan Holder(s), in writing, of any material modification, waiver, amendment or other
action entered into or taken thereby in respect of any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan pursuant to
this Section 3.20 (other than waivers of Default Charges for which the consent of the applicable Special Servicer is required
under Section 3.02) and the date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File (with
a copy to the other such party and, if the Mortgage Loan is included in a Serviced Loan Combination, the related Serviced Pari
Passu Companion Loan Holder), an original counterpart of the agreement relating to such modification, waiver, amendment or other
action agreed to or taken by it, promptly (and in any event within ten (10) Business Days) following the execution thereof. In
addition, following the execution of any modification, waiver or amendment agreed to by the applicable Special Servicer or the
applicable Master Servicer, as appropriate, pursuant to Section 3.20(a) above, the applicable Special Servicer or the applicable
Master Servicer, as applicable, shall deliver to the other such party, the Certificate Administrator, the Trustee and the Rating
Agencies (subject to Section 3.27) and, if affected, any related Serviced Pari Passu Companion Loan Holder, an Officer’s
Certificate certifying that all of the requirements of Section 3.20(a) have been met and, in the case of the applicable
Special Servicer, setting forth in reasonable detail the basis of the determination made by it pursuant to Section 3.20(a)(ii);
provided that, if such modification, waiver or amendment involves an extension of the maturity of any Serviced Mortgage
Loan, such Officer’s Certificate shall be so delivered before the modification, waiver or amendment is agreed to. Copies
of any such notice and documents prepared or received by the applicable Special Servicer with respect to any Serviced Mortgage
Loan shall be furnished to the Trust Advisor (during any Collective Consultation Period and any Senior Consultation Period) in
connection with any consultation with respect to such Mortgage Loan that the Trust Advisor is then entitled to engage in under
any other provision of this Agreement.

 

(e)          With
respect to any Performing Mortgage Loan that is an ARD Mortgage Loan after its Anticipated Repayment Date, the applicable Master
Servicer shall be permitted to waive (such waiver to be in writing addressed to the related Borrower, with a copy to the Trustee
and the Certificate Administrator) all or any portion of the accrued Post-ARD Additional Interest in respect of such ARD Mortgage
Loan if (i) the related Borrower has requested the right to prepay such ARD Mortgage Loan in full together with all payments required
by the related Mortgage Loan Documents in connection with such prepayment except for such accrued Post-ARD Additional Interest,
and (ii) the applicable Master Servicer has determined, in its reasonable judgment, that waiving such Post-ARD Additional Interest
is in accordance with the Servicing Standard. The applicable Master Servicer shall prepare all documents necessary and appropriate
to effect any such waiver and shall coordinate with the related Borrower for the

 

    	-257-

    	 

    

 

execution
and delivery of such documents. The applicable Master Servicer shall not be required to seek the consent of, or provide prior
notice to, the applicable Special Servicer, any Certificateholder or obtain any Rating Agency Confirmation in connection with
such a waiver.

 

(f)          Notwithstanding
anything in this Section 3.20 or in Section 3.08, Section 3.24 and/or Section 3.26 to the contrary,
the applicable Master Servicer shall not be required to seek the consent of, or provide prior notice to, the applicable Special
Servicer or any Certificateholder or Serviced Pari Passu Companion Loan Holder or obtain any Rating Agency Confirmation (unless
required by the Mortgage Loan Documents) in order to approve the following modifications, waivers or amendments of the Performing
Serviced Mortgage Loans:

 

(i)          waivers
of minor covenant defaults (other than financial covenants), including late financial statements;

 

(ii)   
     releases of non-material parcels of a Mortgaged Property (including, without limitation, any
such releases (A) to which the related Mortgage Loan Documents expressly require the mortgagee thereunder to make such
releases upon the satisfaction of certain conditions (and the conditions to the release that are set forth in the related
Mortgage Loan Documents do not include the approval of the lender or the exercise of lender discretion (other than confirming
the satisfaction of the other conditions to the release set forth in the related Mortgage Loan Documents that do not include
any other approval or exercise)) and such release is made as required by the related Mortgage Loan Documents or (B) that are
related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the
Mortgaged Property);

 

(iii)     
  grants of easements or rights of way that do not materially affect the use or value of a Mortgaged Property or
the Borrower’s ability to make any payments with respect to the related Serviced Mortgage Loan or Serviced Pari Passu
Companion Loan;

 

(iv)        granting
other routine approvals, including the granting of subordination and nondisturbance and attornment agreements and consents involving
routine leasing activities that (1) do not involve a ground lease or lease of an outparcel and (2) affect an area less than the
lesser of (a) 30% of the net rentable area of the improvements at the Mortgaged Property and (b) 30,000 square feet of the improvements
at the Mortgaged Property (but, other than with respect to the Co-op Mortgage Loans, the applicable Master Servicer shall (other
than with respect to an Excluded Loan) deliver to the Subordinate Class Representative and the Majority Subordinate Certificateholder
copies of any such approvals granted by the applicable Master Servicer and any other leasing matters shall be subject to the operation
of Section 3.20(a) and Section 3.24(c));

 

(v)          approvals
of annual budgets to operate a residential cooperative Mortgaged Property;

 

(vi)        approvals
of annual budgets to operate a Mortgaged Property (other than a residential cooperative Mortgaged Property), other than a budget
with (1) a material (more than 15%) increase in operating expenses or (2) payments to entities actually

 

    	-258-

    	 

    

 

known
by the applicable Master Servicer to be affiliates of the related Borrower (excluding payments to affiliated entities agreed to
at the origination of the related Mortgage Loan or previously agreed by the applicable Special Servicer);

 

(vii)       approving
a change of the property manager that does not otherwise constitute a Material Action pursuant to clause (x) of the definition
thereof at the request of the related Borrower (provided that the related Mortgaged Property is not a hospitality property
and either (A) the change occurs in connection with an assignment and assumption approved in accordance with Section 3.08,
(B) the successor property manager is not affiliated with the Borrower and is a nationally or regionally recognized manager of
similar properties and the related Serviced Mortgage Loan does not have a Stated Principal Balance that is greater than or equal
to $8,500,000 or 2% of the then-aggregate Stated Principal Balance of the Mortgage Pool, whichever is less or (C) the related Mortgaged
Property secures a Co-op Mortgage Loan);

 

(viii)      (A)
any releases or reductions of or withdrawals from (as applicable) any Letters of Credit, Reserve Funds or other Additional Collateral
with respect to any Mortgaged Property securing a Co-op Mortgage Loan or (B) any releases or reductions of or withdrawals from
(as applicable) any Letters of Credit, Reserve Funds or other Additional Collateral with respect to any Mortgaged Property securing
a Mortgage Loan other than a Co-op Mortgage Loan where the release or reduction of or withdrawal from (as applicable) the applicable
Letter of Credit, Reserve Funds or Additional Collateral is not conditioned on obtaining the consent of the lender and the conditions
to the release, reduction or withdrawal (as applicable) that are set forth in the related Mortgage Loan Documents do not include
the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction of the other conditions
to the transaction set forth in the related Mortgage Loan Documents that do not include any other approval or exercise),

 

(ix)        with
respect to NCB Co-op Mortgage Loans, the related Borrower incurring subordinate debt secured by the related Mortgaged Property,
subject to the satisfaction of the NCB Subordinate Debt Conditions with respect to such subordinate debt; or

 

(x)          modifications
to cure any ambiguity in, or to correct or supplement any provision of an Intercreditor Agreement to the extent permitted therein
without obtaining any Rating Agency Confirmation, except that (other than with respect to any Excluded Loan) the Subordinate Class
Representative’s consent shall be required for any such modification to an Intercreditor Agreement during any Subordinate
Control Period;

 

provided that such modification,
waiver, consent or amendment (A) would not constitute a “significant modification” of the subject Serviced Mortgage
Loan or Serviced Loan Combination pursuant to Treasury Regulations Section 1.860G-2(b), would not cause any Serviced Mortgage Loan
or Serviced Loan Combination to cease to be treated as “principally secured by real property” and would not otherwise
constitute an Adverse REMIC Event with respect to REMIC I, REMIC II or REMIC III or constitute an Adverse Grantor Trust Event with
respect to the Grantor Trust Pool, and (B) would be consistent with the Servicing Standard.

 

    	-259-

    	 

    

 

(g)          If
and to the extent that the Trust, as holder of a Non-Trust-Serviced Pooled Mortgage Loan, is entitled to consent to or approve
any modification, waiver or amendment of such Non-Trust-Serviced Pooled Mortgage Loan, the applicable Master Servicer shall be
responsible for responding to any request for such consent or approval in accordance with the Servicing Standard, and subject to
Section 3.01(g), subject to the same conditions and/or restrictions, as if such Non-Trust-Serviced Pooled Mortgage Loan
was a Performing Serviced Mortgage Loan. Insofar as any other Person would have consent rights hereunder with respect to a similar
modification, waiver or amendment of a Mortgage Loan that is a Performing Serviced Mortgage Loan, such Person shall likewise have
the same consent rights, subject to the same conditions and/or restrictions, with respect to such modification, waiver or amendment
of such Non-Trust-Serviced Pooled Mortgage Loan.

 

(h)          The
applicable Master Servicer shall, as to each Serviced Mortgage Loan or Serviced Loan Combination that is secured by an interest
listed on the Mortgage Loan Schedule as a leasehold interest, in accordance with the related Mortgage Loan Documents, promptly
(and, in any event, within forty-five (45) days) after the Closing Date (or, if later, ten (10) Business Days after its receipt
of a copy of the related Ground Lease or Space Lease) notify the related lessor of the transfer of such Mortgage Loan or Serviced
Loan Combination to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related
Ground Lease or Space Lease should thereafter be forwarded to the applicable Master Servicer.

 

(i)      
    In connection with (i) the release of any portion of a Mortgaged Property from the lien of the
related Serviced Mortgage Loan or (ii) the taking of any portion of a Mortgaged Property securing a Serviced Mortgage Loan by
exercise of the power of eminent domain or condemnation, if the Mortgage Loan Documents require the applicable Master
Servicer or the applicable Special Servicer, as applicable, to calculate (or to approve the calculation of the related
Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or the fair market value of the real property
constituting the remaining Mortgaged Property, for purposes of REMIC qualification of the related Serviced Mortgage Loan,
then such calculation shall include only the value of the real property constituting the remaining Mortgaged Property.

 

Section
3.21     Transfer of Servicing Between Master Servicers and Special Servicers; Record Keeping.
(a) Upon determining that a Servicing Transfer Event has occurred with respect to any Serviced Mortgage Loan or Serviced Loan
Combination, the applicable Master Servicer shall promptly give notice thereof to the Subordinate Class Representative (other
than with respect to any Excluded Loan) and the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan) (and to the related Serviced Pari Passu Companion Loan Holder(s)), and if the applicable Master Servicer is not also the
applicable Special Servicer, the applicable Master Servicer shall promptly give notice thereof to the applicable Special Servicer,
the Trust Advisor and the Trustee, and shall deliver the related Servicing File to the applicable Special Servicer and shall use
its best reasonable efforts to provide the applicable Special Servicer with all information, documents (or copies thereof) and
records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Serviced Mortgage
Loan or Serviced Loan Combination and reasonably requested by the applicable Special Servicer to enable the applicable Special
Servicer to assume its functions

 

    	-260-

    	 

    

 

hereunder with respect thereto without acting through a Sub-Servicer. The information, documents
and records to be delivered by the applicable Master Servicer to the applicable Special Servicer pursuant to the prior sentence
shall include, but not be limited to, financial statements, appraisals, environmental/engineering reports, leases, rent rolls
(or, with respect to Co-op Mortgage Loans, maintenance schedules), Insurance Policies, UCC Financing Statements and tenant estoppels,
to the extent they are in the possession of the applicable Master Servicer (or any Sub-Servicer thereof). The applicable Master
Servicer shall use its best reasonable efforts to comply with the preceding two sentences within five (5) Business Days of the
occurrence of each related Servicing Transfer Event.

 

Upon determining that
a Specially Serviced Mortgage Loan has become a Corrected Mortgage Loan and if the applicable Master Servicer is not also the applicable
Special Servicer, the applicable Special Servicer shall immediately give notice thereof to the applicable Master Servicer, the
Trust Advisor, the Trustee, the Subordinate Class Representative (other than with respect to any Excluded Loan) and the Majority
Subordinate Certificateholder (other than with respect to any Excluded Loan) (and to the related Serviced Pari Passu Companion
Loan Holder(s)) and shall return the related Servicing File within five (5) Business Days to the applicable Master Servicer. Upon
giving such notice and returning such Servicing File to the applicable Master Servicer, the applicable Special Servicer’s
obligation to service such Serviced Mortgage Loan or Serviced Loan Combination and the applicable Special Servicer’s right
to receive the Special Servicing Fee with respect to such Serviced Mortgage Loan or Serviced Loan Combination, shall terminate,
and the obligations of the applicable Master Servicer to service and administer such Serviced Mortgage Loan or Serviced Loan Combination
shall resume.

 

Notwithstanding anything
herein to the contrary, in connection with the transfer to the applicable Special Servicer of the servicing of a Cross-Collateralized
Mortgage Loan as a result of a Servicing Transfer Event or the re-assumption of servicing responsibilities by the applicable Master
Servicer with respect to any such Cross-Collateralized Mortgage Loan upon its becoming a Corrected Mortgage Loan, the applicable
Master Servicer and the applicable Special Servicer shall each transfer to the other, as and when applicable, the servicing of
all other Cross-Collateralized Mortgage Loans constituting part of the same Cross-Collateralized Group; provided that no
Cross-Collateralized Mortgage Loan may become a Corrected Mortgage Loan at any time that a continuing Servicing Transfer Event
exists with respect to another Cross-Collateralized Mortgage Loan in the same Cross-Collateralized Group.

 

(b)          In
servicing any Specially Serviced Mortgage Loan, the applicable Special Servicer shall provide to the Custodian originals of documents
contemplated by the definition of “Mortgage File” and generated while the subject Serviced Mortgage Loan is a Specially
Serviced Mortgage Loan, for inclusion in the related Mortgage File (with a copy of each such original to the applicable Master
Servicer), and copies of any additional related Mortgage Loan information, including correspondence with the related Borrower generated
while the subject Serviced Mortgage Loan is a Specially Serviced Mortgage Loan.

 

(c)          The
applicable Master Servicer and the applicable Special Servicer shall each furnish to the other, upon reasonable request, such reports,
documents, certifications and information in its possession, and access to such books and records maintained thereby, as may relate
to any Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) or

 

    	-261-

    	 

    

 

Administered
REO Property and as shall be reasonably required by the requesting party in order to perform its duties hereunder.

 

(d)          In
connection with the performance of its obligations hereunder with respect to any Serviced Mortgage Loan, Serviced Loan Combination
or Administered REO Property, each of the applicable Master Servicer and the applicable Special Servicer shall be entitled to rely
upon written information provided to it by the other.

 

(e)          Subject
to the provisions of the following sentence, until such time as a Serviced Mortgage Loan becomes a Specially Serviced Mortgage
Loan, neither the General Special Servicer nor any of its Affiliates shall contact the related Borrower or any key principal of
such Borrower about such Serviced Mortgage Loan without the prior consent of the applicable Master Servicer; provided that
the General Special Servicer or its Affiliates may conduct promotions which are directed generally to commercial mortgage loan
borrowers, originators and mortgage brokers, including, without limitation, mass mailings based upon commercially acquired mailing
lists or information generally available in the public domain, newspaper, radio, television or print advertisements, or take actions
in connection with servicing the refinancing needs of a Borrower who, without such direct or indirect solicitation by the General
Special Servicer, contacts the General Special Servicer with the purpose of refinancing such Serviced Mortgage Loan. The General
Special Servicer and its Affiliates shall not use any information obtained in its capacity as General Special Servicer or, if applicable,
as a Certificateholder, to solicit any Borrower or a key principal of such Borrower or any mortgage broker to permit the General
Special Servicer or any of its Affiliates to refinance a Serviced Mortgage Loan transferred to the Trust by a Mortgage Loan Seller
that is not affiliated with the General Special Servicer or such Certificateholder, including, without limitation, (i) the name,
address, phone number or other information regarding such Borrower or a key principal of such Borrower, or (ii) information related
to the related Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) or Mortgaged Property including, without limitation,
the maturity date, the interest rate, the prepayment provisions, or any operating or other financial information; provided
that such limitation on the solicitation of refinancing shall not prevent the General Special Servicer from pursuing such refinancing
for (y) any Serviced Mortgage Loan that is a Specially Serviced Mortgage Loan, or (z) any Serviced Mortgage Loan (or Serviced Loan
Combination, as applicable) that is within 180 days of its Stated Maturity Date (or if such Mortgage Loan is an ARD Mortgage Loan,
its Anticipated Repayment Date) if, after written inquiry by the General Special Servicer to the General Master Servicer, the General
Master Servicer indicates that the Borrower has not obtained a written commitment for refinancing.

 

Section
3.22     Sub-Servicing Agreements. (a) Each Master Servicer and each Special Servicer may
enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its respective obligations
hereunder, provided that (A) in each case, the Sub-Servicing Agreement (as it may be amended or modified from time to time):
(i) insofar as it affects the Trust, is consistent with this Agreement in all material respects; (ii) expressly or effectively
provides that if the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall for any reason no
longer act in such capacity hereunder (including, without limitation, by reason of a Servicer Termination Event), any successor
to the applicable Master Servicer or the applicable Special Servicer, as the case may be, hereunder (including the Trustee if
the Trustee has become such successor pursuant to Section 7.02) may thereupon either

 

    	-262-

    	 

    

 

assume
all of the rights and, except to the extent they arose prior to the date of assumption, obligations of the applicable Master Servicer
or the applicable Special Servicer, as the case may be, under such agreement or, other than in the case of any Designated Sub-Servicing
Agreement, terminate such rights and obligations without payment of any fee; (iii) prohibits the Sub-Servicer (other than a Designated
Sub-Servicer) from modifying any Mortgage Loan or commencing any foreclosure or similar proceedings with respect to any Mortgaged
Property without the consent of the applicable Master Servicer and, further, prohibits the Sub-Servicer from taking any action
that the applicable Master Servicer would be prohibited from taking hereunder; (iv) if it is entered into by the applicable Master
Servicer, does not purport to delegate or effectively delegate to the related Sub-Servicer any of the rights or obligations of
the applicable Special Servicer with respect to any Specially Serviced Mortgage Loan or otherwise; (v) provides that the Trustee,
for the benefit of the Certificateholders (and, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination,
also for the benefit of the related Serviced Pari Passu Companion Loan Holder(s)), shall be a third party beneficiary under such
agreement, but that (except to the extent the Trustee or its designee assumes the obligations of the applicable Master Servicer
or the applicable Special Servicer, as the case may be, thereunder as contemplated by clause (A)(ii) above) none of the
Trustee, any successor to the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any Certificateholder
(or, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, the related Serviced Pari Passu Companion
Loan Holder(s)) shall have any duties under such agreement or any liabilities arising therefrom except as explicitly permitted
by Section 3.22(k) below or otherwise herein; (vi) permits any purchaser of a Mortgage Loan pursuant to this Agreement
to terminate such agreement with respect to such purchased Mortgage Loan without cause and without payment of any termination
fee; (vii) does not permit the subject Sub-Servicer any rights of indemnification out of the Trust Fund except through the applicable
Master Servicer or the applicable Special Servicer, as the case may be, pursuant to Section 6.03; (viii) does not impose
any liability or indemnification obligation whatsoever on the Trustee or the Certificateholders with respect to anything contained
therein; (ix) provides that, following receipt of the applicable Mortgage Loan Purchase Agreement, the applicable Master Servicer
or the applicable Special Servicer, as applicable, shall provide a copy of the applicable Mortgage Loan Purchase Agreement to
the related Sub-Servicer, and that such Sub-Servicer shall notify the applicable Master Servicer or the applicable Special Servicer,
as applicable, in writing within five (5) Business Days after such Sub-Servicer discovers (without implying that the Sub-Servicer
has a duty to make or attempt to make such discovery) a Document Defect or discovers (without implying that the Sub-Servicer has
a duty to make or attempt to make such discovery) or receives notice of a Breach or receives a Repurchase Communication of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, in each case with respect to a Mortgage Loan
being sub-serviced by such Sub-Servicer; and (x) if the subject Sub-Servicer is a Servicing Function Participant or an Additional
Servicer, provides that (y) the failure of such Sub-Servicer to comply with any of the requirements under Article XI of
this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports, certificates or disclosure information
under the Exchange Act or under the rules and regulations promulgated under the Exchange Act, at the time such report, certification
or information is required under Article XI and (z) the failure of such Sub-Servicer to comply with any requirements to
deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to
any other series of certificates for which the

 

    	-263-

    	 

    

 

Depositor
or an Affiliate is the depositor shall constitute an event of default or servicer termination event on the part of such Sub-Servicer
upon the occurrence of which the applicable Master Servicer or the applicable Special Servicer, as the case may be, and the Depositor
shall be entitled to immediately terminate the related Sub-Servicer, which termination shall be deemed for cause; and (B) at the
time the Sub-Servicing Agreement is entered into, the subject Sub-Servicer (other than a Designated Sub-Servicer in connection
with a Sub-Servicing Agreement executed as of the Closing Date) is not a Prohibited Party unless (in the case of this clause
(B)) the appointment of such Person as a Sub-Servicer has been expressly approved by the Depositor acting in its reasonable
discretion.

 

(b)          References
in this Agreement to actions taken or to be taken by the applicable Master Servicer or the applicable Special Servicer include
actions taken or to be taken by a Sub-Servicer on behalf of such applicable Master Servicer or such applicable Special Servicer.
For purposes of this Agreement, the applicable Master Servicer and the applicable Special Servicer shall each be deemed to have
received any payment when a Sub-Servicer retained by it receives such payment.

 

(c)          The
applicable Master Servicer and the applicable Special Servicer shall each deliver to the Custodian copies of all Sub-Servicing
Agreements, and any amendments thereto and modifications thereof, entered into by it promptly upon its execution and delivery of
such documents.

 

(d)          Each
Sub-Servicer actually performing servicing functions shall be authorized to transact business in the state or states in which the
Mortgaged Properties for the Mortgage Loans it is to service are situated, if and to the extent required by applicable law, except
where the failure to so comply would not adversely affect the Sub-Servicer’s ability to perform its obligations in accordance
with the terms of the related Sub-Servicing Agreement.

 

(e)          Each
of the applicable Master Servicer and the applicable Special Servicer, for the benefit of the Trustee and the Certificateholders
(and, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, for the benefit of the related Serviced
Pari Passu Companion Loan Holder(s)), shall (at no expense to any other party hereto or to the Certificateholders or the Trust)
monitor the performance and enforce the obligations of their respective Sub-Servicers under the related Sub-Servicing Agreements.
Such enforcement, including the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective
terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as
the applicable Master Servicer or the applicable Special Servicer, as applicable, in its reasonable judgment, would require were
it the owner of the subject Mortgage Loans. Subject to the terms of the related Sub-Servicing Agreement, including any provisions
thereof limiting the ability of the applicable Master Servicer or the applicable Special Servicer, as applicable, to terminate
a Sub-Servicer, each of the applicable Master Servicer and the applicable Special Servicer shall have the right to remove a Sub-Servicer
retained by it at any time it considers such removal to be in the best interests of Certificateholders (and/or, in the case of
a Sub-Servicer for a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)), as applicable.

 

    	-264-

    	 

    

 

(f)          If
the Trustee or its designee assumes the rights and obligations of the applicable Master Servicer or the applicable Special Servicer
under any Sub-Servicing Agreement, the applicable Master Servicer or the applicable Special Servicer, as the case may be, at its
expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to such Sub-Servicing
Agreement, and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it
thereunder, and otherwise use efforts consistent with the Servicing Standard to effect the orderly and efficient transfer of the
Sub-Servicing Agreement to the assuming party.

 

(g)          Notwithstanding
any Sub-Servicing Agreement entered into by the applicable Master Servicer or the applicable Special Servicer, as the case may
be, the applicable Master Servicer and the applicable Special Servicer shall each remain obligated and liable to the Trustee and
the Certificateholders (and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s))
for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to
the same extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans and/or
REO Properties for which it is responsible. The applicable Master Servicer and the applicable Special Servicer shall each pay the
fees of any Sub-Servicer retained by it in accordance with the respective Sub-Servicing Agreement and, in any event, from its own
funds (or from funds otherwise then payable to it hereunder).

 

(h)          Notwithstanding
anything to the contrary set forth herein, any account established and maintained by a Sub-Servicer pursuant to a Sub-Servicing
Agreement with the applicable Master Servicer shall for all purposes under this Agreement be deemed to be an account established
and maintained by the applicable Master Servicer.

 

(i)          Notwithstanding
any contrary provisions of the foregoing subsections of this Section 3.22, the appointment by the applicable Master Servicer
or the applicable Special Servicer of one or more third-party contractors for the purpose of performing discrete, ministerial functions
shall not constitute the appointment of Sub-Servicers and shall not be subject to the provisions of this Section 3.22; provided
that (a) the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall remain responsible for the
actions of such third-party contractors as if it were alone performing such functions and shall pay all fees and expenses of such
third-party contractors; (b) such appointment imposes no additional duty on any other party to this Agreement, any successor hereunder
to the applicable Master Servicer or the applicable Special Servicer, as the case may be, or on the Trust; and (c) the subject
contractor (if it would be a Servicing Function Participant) is not a Prohibited Party at the time of such appointment unless (in
the case of this clause (c)) the appointment of such contractor has been expressly approved by the Depositor acting in its
reasonable discretion. The proviso to the preceding sentence shall not be construed to limit the right of the applicable Master
Servicer or the applicable Special Servicer to be reimbursed for any cost or expense for which it is otherwise entitled to reimbursement
under this Agreement.

 

(j)          The
applicable Special Servicer shall not enter into any Sub-Servicing Agreement unless (other than with respect to any Excluded Loan)
the Subordinate Class Representative has consented thereto (during any Subordinate Control Period) or such Sub-Servicing Agreement
is required to be entered into in connection with a Serviced Loan

 

    	-265-

    	 

    

 

 

Combination
pursuant to the exercise by a related Serviced Pari Passu Companion Loan Holder of its rights under Section 7.01(b) of
this Agreement, and the execution and delivery of such Sub-Servicing Agreement is the subject of a Rating Agency Confirmation.

 

(k)          Notwithstanding
any other provision set forth in this Agreement to the contrary, immediately upon the effectiveness of any resignation or termination
of the applicable Master Servicer under this Agreement or any other transaction in which a Person becomes the applicable Master
Servicer hereunder, the successor Master Servicer (including, without limitation, the Trustee if it assumes the servicing obligations
of the applicable Master Servicer) shall be deemed to automatically have assumed and agreed to the terms and provisions of each
Designated Sub-Servicing Agreement without any further action. No Designated Sub-Servicing Agreement shall be deemed to be inconsistent
with the terms of this Agreement solely as a result of its recognition of the provisions, or its inclusion of provisions to the
effect, set forth in the preceding sentence. If a task, right or obligation of the applicable Master Servicer is delegated to a
Designated Sub-Servicer under a Designated Sub-Servicing Agreement, and such task, right or obligation involves or requires the
consent of the applicable Special Servicer, then the applicable Special Servicer shall accept the performance of such task, right
or obligation by the Designated Sub-Servicer only in accordance with the terms of this Agreement (including without limitation
any time periods for consent or deemed consent to be observed by the applicable Special Servicer) as if the applicable Master Servicer
were performing it. Notwithstanding any provision of this Agreement, each of the parties hereto acknowledges and agrees that the
applicable Special Servicer is neither a party to any Designated Sub-Servicing Agreement, nor is it bound by any provision of any
Designated Sub-Servicing Agreement. The applicable Special Servicer hereby acknowledges the delegation of rights and duties hereunder
by the applicable Master Servicer pursuant to the provisions of each Designated Sub-Servicing Agreement. Nothing in this Section
3.22(k) shall affect the applicable Master Servicer’s obligations under this Section 3.22 to monitor the performance
and enforce the obligations of a Designated Sub-Servicer under the related Designated Sub-Servicing Agreement, imposes any additional
liability on the applicable Special Servicer for the actions or inactions of a Designated Sub-Servicer or imposes on the applicable
Special Servicer any obligation to monitor the performance and enforce the obligations of the Designated Sub-Servicer under the
related Designated Sub-Servicing Agreement. Each Designated Sub-Servicer shall be a third party beneficiary of this subsection
(k). In no event shall this subsection (k) be construed to impose liability on the Trust Fund or the applicable Special
Servicer for the failure of the applicable Master Servicer, or any successor Master Servicer, to perform its duties under any Designated
Sub-Servicing Agreement.

 

Section
3.23     Subordinate Class Representative. (a) The Majority Subordinate Certificateholder
shall have a continuing right, subject to and in accordance with this Section 3.23, to appoint a representative (the “Subordinate
Class Representative”) having the rights and powers specified in this Agreement (including those specified in
Section 3.24) ̧ and/or remove or replace any existing Subordinate Class Representative, by delivering notice to the
Certificate Administrator, the Trustee, the Special Servicers, the Master Servicers and, in the case of a removal or replacement
of a Subordinate Class Representative, the then existing Subordinate Class Representative; provided that Ellington Management
Group, LLC, on behalf of certain funds or accounts, shall be the initial Subordinate Class Representative. Such continuing right
of the Majority Subordinate Certificateholder shall be exercisable in its sole discretion and at any time and from time to time,
subject to subsection (b) below. If at any time

 

    	-266-

    	 

    

 

the
Majority Subordinate Certificateholder has not appointed a Subordinate Class Representative pursuant to this Section 3.23
or a Subordinate Class Representative has resigned or has been removed without the Majority Subordinate Certificateholder having
appointed a successor Subordinate Class Representative, then the Majority Subordinate Certificateholder shall be deemed to be
the Subordinate Class Representative; provided that this provision shall not apply in the event the Majority Subordinate
Certificateholder has expressly waived its right to act as or appoint a Subordinate Class Representative and to exercise any of
the rights of the Majority Subordinate Certificateholder.

 

(b)          No
appointment of any Person as a Subordinate Class Representative shall be effective until such Person provides the Certificate Administrator
with (i) written confirmation of its acceptance of such appointment, (ii) written confirmation of its agreement to keep confidential
information confidential in accordance with the provisions set forth in Exhibit K-4, (iii) an address and facsimile number
for the delivery of notices and other correspondence and (iv) a list of officers or employees of such Person with whom the parties
to this Agreement may deal (including their names, titles, work addresses and facsimile numbers).

 

(c)          Within
five (5) Business Days of the Certificate Administrator’s receipt of notice of any appointment or replacement of a Subordinate
Class Representative (other than the initial Subordinate Class Representative), the Certificate Administrator shall deliver to
each of the Trustee, the Master Servicers, the Special Servicers and the Trust Advisor notice of the identity of such Subordinate
Class Representative, including the name and address furnished to the Certificate Administrator under subsection (a) above.
The Certificate Administrator shall also deliver such information to each Master Servicer or each Special Servicer promptly upon
request therefor by such Master Servicer or such Special Servicer, as the case may be. With respect to such information, the Certificate
Administrator shall be entitled to conclusively rely on information provided to it under subsection (a) above, and the Master
Servicers and the Special Servicers shall all be entitled to rely on such information provided by the Certificate Administrator
with respect to any obligation or right hereunder that the Master Servicers or the Special Servicers, as the case may be, may have
to deliver information or otherwise communicate with the Subordinate Class Representative. In addition to the foregoing, within
two (2) Business Days of its receipt of notice of the resignation or removal of a Subordinate Class Representative, the Certificate
Administrator shall notify the other parties to this Agreement of such event.

 

(d)          A
Subordinate Class Representative may at any time resign as such by giving written notice to the Majority Subordinate Certificateholder,
which shall thereupon give written notice to the Certificate Administrator, the Trustee, the Special Servicers and the Master Servicers.
The effectiveness of such resignation shall not be conditioned upon or subject to the prior appointment or approval of a successor
to the resigning Subordinate Class Representative. In no event shall the failure of the Subordinate Class Representative or the
Majority Subordinate Certificateholder to provide such notice prejudice or call into question the effectiveness of such resignation.
The preceding statement shall not be construed to limit the effect of subsection (e) below.

 

(e)          Once
a Subordinate Class Representative has been selected pursuant to this Section 3.23, each of the parties to this Agreement
shall be entitled to rely on such selection

 

    	-267-

    	 

    

 

unless
the Majority Subordinate Certificateholder or such Subordinate Class Representative, as applicable, shall have notified the Certificate
Administrator and each other party to this Agreement, in writing, of the resignation or removal of such Subordinate Class Representative.

 

(f)          Any
and all expenses of the Subordinate Class Representative shall be borne by the Holders (or, if applicable, the Certificate Owners)
of Certificates of the Subordinate Class, pro rata according to their respective Percentage Interests in such Class, and
not by the Trust. Notwithstanding the foregoing, if a claim is made against the Subordinate Class Representative by a Borrower
with respect to this Agreement or any particular Mortgage Loan, the Subordinate Class Representative shall immediately notify the
Certificate Administrator, the Trustee, the Master Servicers and the Special Servicers, whereupon (if a Special Servicer, a Master
Servicer, the Certificate Administrator, the Trustee or the Trust are also named parties to the same action and, in the sole judgment
of the NCB Special Servicer, if such claim arises out of or relates solely to an NCB Co-op Mortgage Loan, or the General Special
Servicer, in the case of all other claims, (i) the Subordinate Class Representative had acted in good faith, without negligence
or willful misfeasance, with regard to the particular matter at issue, and (ii) there is no potential for either Special Servicer,
either Master Servicer, the Certificate Administrator, the Trustee or the Trust to be an adverse party in such action as regards
the Subordinate Class Representative) the NCB Special Servicer, if such claim arises out of or relates solely to an NCB Co-op Mortgage
Loan, or the General Special Servicer, in the case of all other claims, on behalf of the Trust shall, subject to Section 6.03
and the consent of the Subordinate Class Representative, assume, at the expense of the Trust Fund, the defense of any such claim
against the Subordinate Class Representative; provided that no judgment against the Subordinate Class Representative shall
be payable out of the Trust Fund. This provision shall survive the termination of this Agreement and the termination or resignation
of any Subordinate Class Representative.

 

(g)          The
Subordinate Class Representative may receive amounts payable to the applicable Special Servicer as special servicing compensation
(other than with respect to any Excluded Loan) as described in and to the extent as such Special Servicer and the Subordinate Class
Representative may agree; provided, however, that the applicable Special Servicer shall have no liability for sharing
any special servicing compensation relating to an Excluded Loan if such Special Servicer has not received written notice as provided
in the definition of “Excluded Loan” and in Section 8.12(f).

 

(h)          In
addition, upon request of a Master Servicer, a Special Servicer or Trust Advisor, as applicable, the Certificate Administrator
shall reasonably promptly provide the name of the then-current Majority Subordinate Certificateholder and, if requested, a list
of the Certificateholders (or a securities position listing from the Depository) of the Majority Subordinate Certificateholder
to such requesting party (at the expense of the Trust Fund).

 

(i)          Notwithstanding
anything to the contrary contained herein, during such time as the Class E Certificates are the Subordinate Class, the Majority
Subordinate Certificateholder may waive its rights to appoint a Subordinate Class Representative and to exercise any of the rights
of the Majority Subordinate Certificateholder or to cause the exercise of the rights of the Subordinate Class Representative as
set forth in this Agreement by irrevocable written notice delivered to the Depositor, Certificate Administrator, Trustee, each

 

    	-268-

    	 

    

 

Master
Servicer, each Special Servicer and the Trust Advisor (any such Holder or group of affiliated Holders that makes such an election,
the “Opting-Out Party”). Any such waiver shall remain effective with
respect to such Holder and such Class until such time as the Opting-Out Party has sold or transferred, in the aggregate, a majority
of the Class E Certificates to an unaffiliated third party or third parties (such sale or transfer, a “Class
E Transfer”). Following any such Transfer the successor Majority Subordinate Certificateholder shall again have
the rights of the Majority Subordinate Certificateholder as set forth herein (including the rights to appoint a Subordinate Class
Representative or cause the exercise of the rights of the Subordinate Class Representative) without regard to any prior waiver
by the predecessor Majority Subordinate Certificateholder. The successor Majority Subordinate Certificateholder shall also have
the right as provided in this Section 3.23(i) to irrevocably waive its rights to appoint a Subordinate Class Representative
and to exercise any of the rights of the Majority Subordinate Certificateholder or to cause the exercise of the rights of the
Subordinate Class Representative as set forth in this Agreement. No successor Majority Subordinate Certificateholder described
above shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Mortgage Loan prior to
the Transfer and had not also become a Corrected Mortgage Loan prior to such Transfer until such time as such Mortgage Loan becomes
a Corrected Mortgage Loan.

 

(j)          In
connection with its duties or exercise of its rights under this Agreement, if the Subordinate Class Representative is an Excluded
Holder, the Subordinate Class Representative (i) shall not directly or indirectly provide any information related to the Excluded
Loan to the related Borrower or (A) any of the Subordinate Class Representative’s employees or personnel or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) shall maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above. None of the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the Trust Advisor
or the Trustee shall be liable for its dissemination of information in accordance with this Agreement or for the dissemination
of information by others in violation of the terms of this Agreement. The applicable Master Servicer, applicable Special Servicer,
Certificate Administrator, Trust Advisor and Trustee may rely on an investor certification in the form of Exhibit K-1B hereto
from the Subordinate Class Representative or a Subordinate Class Certificateholder to the effect that such Person is not an Excluded
Controlling Class Holder or in the form of Exhibit K-2B and Exhibit K-3A hereto from the Subordinate Class Representative
or a Subordinate Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to
one or more Excluded Controlling Class Loans.

 

(k)          Notwithstanding
anything herein to the contrary, each Master Servicer, each Special Servicer, the Certificate Administrator, the Trustee and the
Trust Advisor shall be entitled to conclusively assume that the Subordinate Class Representative and all Subordinate Class Certificateholders
are not Excluded Controlling Class Holders except to the extent that such Master Servicer, Special Servicer, Certificate Administrator,
Trustee or Trust Advisor, as applicable, has received notice from the Subordinate Class Representative or a Subordinate Class Certificateholder
that it has become an Excluded Controlling Class Holder. None of the Master Servicers, the Special Servicers, the Certificate Administrator,
the Trustee or the Trust Advisor

 

    	-269-

    	 

    

 

shall
be liable for any communication to the Subordinate Class Representative or a Subordinate Class Certificateholder or disclosure
of information relating to an Excluded Controlling Class Loan if such Master Servicer, Special Servicer, Certificate Administrator,
Trustee or Trust Advisor, as applicable, has not received prior written notice that the related Mortgage Loan is an Excluded Controlling
Class Loan (including, in the case of any Excluded Information delivered to the Certificate Administrator for posting to the Certificate
Administrator’s Website and/or any failure to label any such information provided to the Certificate Administrator). Each
Master Servicer, each Special Servicer, the Certificate Administrator, the Trustee and the Trust Advisor shall be entitled to
conclusively rely on any written notice from the Subordinate Class Representative or a Subordinate Class Certificateholder that
it is no longer an Excluded Controlling Class Holder.

 

(l)          If
the Majority Subordinate Certificateholder or Subordinate Class Representative is an Excluded Holder, then the Special Servicers
shall have no obligation to obtain the consent of, or consult with, such Majority Subordinate Certificateholder or such Subordinate
Class Representative at any time with respect to such Excluded Loan.

 

Section
3.24     Asset Status Reports and Certain Rights and Powers of the Subordinate Class Representative.
(a) No later than forty-five (45) days after a Servicing Transfer Event for a Specially Serviced Mortgage Loan, the applicable
Special Servicer shall deliver in electronic format a report (the “Asset Status Report”)
with respect to such Specially Serviced Mortgage Loan and the related Mortgaged Property to the applicable Master Servicer, the
Trustee, the Certificate Administrator, the related Serviced Pari Passu Companion Loan Holder (if any) (only to the extent such
Serviced Pari Passu Companion Loan Holder is expressly entitled to receive such Asset Status Report under the related Intercreditor
Agreement and the subject of the Asset Status Report does not involve a sale or proposed sale of the Mortgage Loan), the Subordinate
Class Representative (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information),
the Majority Subordinate Certificateholder (during any Subordinate Control Period or Collective Consultation Period and other
than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information), the Trust Advisor (during
any Collective Consultation Period or Senior Consultation Period) and the Rule 17g-5 Information Provider (who shall promptly
post such report on the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)). Such Asset
Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)          a
summary of the status of such Specially Serviced Mortgage Loan and any negotiations with the related Borrower;

 

(ii)    
    a discussion of the general legal and environmental considerations reasonably known to the applicable
Special Servicer (including without limitation by reason of any Phase I Environmental Assessment and any additional
environmental testing contemplated by Section 3.09(c)), consistent with the Servicing Standard, that are applicable to
the exercise of remedies set forth herein and to the enforcement of any related guaranties or other collateral for the
related Specially Serviced Mortgage Loan and whether outside legal counsel has been retained;

  

    	-270-

    	 

    

 

(iii)     
  the most current rent roll (or, with respect to a Co-op Mortgage Loan, maintenance schedule) and income or
operating statement available for the related Mortgaged Property or Mortgaged Properties;

 

(iv)        a
summary of the applicable Special Servicer’s recommended action with respect to such Specially Serviced Mortgage Loan;

 

(v)         the
Appraised Value of the related Mortgaged Property or Mortgaged Properties, together with the assumptions used in the calculation
thereof (which the applicable Special Servicer may satisfy by providing a copy of the most recently obtained Appraisal); and

 

(vi)        such
other information as the applicable Special Servicer deems relevant in light of the Servicing Standard.

 

During a Subordinate
Control Period (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information), if
the Subordinate Class Representative does not disapprove an Asset Status Report within ten (10) Business Days (or, with respect
to a Serviced Loan Combination, such longer period of time as may be set forth in the related Intercreditor Agreement) of receipt,
the applicable Special Servicer shall implement the recommended action as outlined in the Asset Status Report. In addition, during
a Subordinate Control Period (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information),
the Subordinate Class Representative may object to any Asset Status Report within ten (10) Business Days of receipt (or, with respect
to a Serviced Loan Combination, such longer period of time as may be set forth in the related Intercreditor Agreement); provided
that the applicable Special Servicer shall implement the recommended action as outlined in the Asset Status Report if it makes
a determination in accordance with the Servicing Standard that the objection is not in the best interest of all the Certificateholders
and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder (as a collective whole,
as if they together constituted a single lender). If, during a Subordinate Control Period, the Subordinate Class Representative
disapproves the Asset Status Report (other than with respect to any Excluded Loan) and the applicable Special Servicer has not
made the affirmative determination described above, the applicable Special Servicer shall revise the Asset Status Report and deliver
a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after the disapproval, to the applicable
Master Servicer, the Trustee, the Certificate Administrator, the Majority Subordinate Certificateholder (other than with respect
to any Excluded Loan, as to which such Asset Status Report is Excluded Information), the related Serviced Pari Passu Companion
Loan Holder (if any) (only to the extent such Serviced Pari Passu Companion Loan Holder is expressly entitled to receive such Asset
Status Report under the related Intercreditor Agreement and the subject of the Asset Status Report does not involve a sale or proposed
sale of the Mortgage Loan) and the Rule 17g-5 Information Provider (who shall promptly post such revised Asset Status Report on
the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)). During a Subordinate Control Period,
the applicable Special Servicer shall revise the Asset Status Report (other than with respect to any Excluded Loan, as to which
such Asset Status Report is Excluded Information) until the Subordinate Class Representative
fails to disapprove the revised Asset Status Report as described above, until the Subordinate Class

 

    	-271-

    	 

    

 

Representative’s
approval is no longer required or until the applicable Special Servicer makes a determination that the objection is not
in the best interests of all the Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced
Pari Passu Companion Loan Holder (as a collective whole, as if they together constituted a single lender). If, during
a Subordinate Control Period, the Subordinate Class Representative and the applicable Special Servicer have not agreed upon
an Asset Status Report (other than with respect to any Excluded Loan, as to which such Asset Status Report is
Excluded Information) within ninety (90) days following the Subordinate Class Representative’s receipt of the initial
Asset Status Report, the applicable Special Servicer shall implement the actions directed by the Subordinate Class
Representative unless such directions would violate the Servicing Standard (in which case the applicable Special Servicer
shall implement the actions described in the most recent Asset Status Report submitted by such Special Servicer).
Notwithstanding the foregoing, if the applicable Special Servicer determines that emergency action is necessary to protect
the related Mortgaged Property or the interests of the Certificateholders, or if a failure to take any such action at such
time would be inconsistent with the Servicing Standard, the applicable Special Servicer may take actions with respect to the
related Mortgaged Property before the expiration of the ten (10) Business Day period (or, with respect to a Serviced
Loan Combination, such longer period of time as may be set forth in the related Intercreditor Agreement) referenced above and
if the applicable Special Servicer reasonably determines in accordance with the Servicing Standard that failure to take
such actions before the expiration of such period would materially and adversely affect the interest of the
Certificateholders and, except in case of any Excluded Loan, the applicable Special Servicer has made commercially reasonable
efforts, during a Subordinate Control Period, to contact the Subordinate Class Representative. The foregoing shall not
relieve the applicable Special Servicer of its duties to comply with the Servicing Standard. Any Asset Status Report
delivered with respect to an Excluded Loan shall be sent via email (or such other electronic means mutually acceptable to the
parties) in one or more separate files labeled by the applicable Special Servicer with “Excluded Loan” followed
by the applicable loan number and loan name, via e-mail to cmbsexcludedinformation@wellsfargo.com, as provided in Section
3.29.

 

The applicable Special
Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided
such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.24(a).

 

In addition, the applicable
Special Servicer shall deliver a summary (as approved by the Subordinate Class Representative if a Subordinate Control Period is
in effect, and other than with respect to any Excluded Loan) of each Final Asset Status Report to the Certificate Administrator,
the Majority Subordinate Certificateholder and the Trust Advisor (and, with respect to the Trust Advisor, shall also deliver each
Final Asset Status Report). Upon receipt of such summary, the Certificate Administrator shall post such summary on its website
in accordance with Section 8.12(b). The applicable Special Servicer shall deliver any summary of a Final Asset Status Report
with respect to an Excluded Loan via e-mail (or such other electronic means mutually acceptable by the parties) containing one
or more separate files labeled “Excluded Loan” followed by the applicable loan number and loan name, via e-mail to
cmbsexcludedinformation@wellsfargo.com, as provided in Section 3.29.

 

A “Final
Asset Status Report”, with respect to any Specially Serviced Mortgage Loan, means each related Asset Status Report,
together with such other data or supporting

 

    	-272-

    	 

    

 

information provided by the applicable Special Servicer to the Subordinate Class Representative
(other than with respect to any Excluded Loan), in each case prepared in connection with the workout or liquidation of such Specially
Serviced Mortgage Loan and which, in any event, will not include any Privileged Information; provided that no Asset Status
Report shall be considered to be a Final Asset Status Report unless, during a Subordinate Control Period, the Subordinate Class
Representative (other than with respect to any Excluded Loan) has either finally approved of and consented to the actions proposed
to be taken in connection therewith, or has exhausted all of its rights of approval or consent, or has been deemed to approve or
consent to such action.

 

Each of the Subordinate
Class Representative (during any Collective Consultation Period and other than with respect to any Excluded Loan) and the Trust
Advisor (during any Collective Consultation Period and any Senior Consultation Period) will be entitled to consult on a non-binding
basis with the applicable Special Servicer and propose possible alternative courses of action and provide other feedback in respect
of any Asset Status Report, and the applicable Special Servicer shall consider such alternative courses of action and any other
feedback provided by the Subordinate Class Representative (other than with respect to any Excluded Loan) and/or the Trust Advisor,
as applicable. The applicable Special Servicer may revise any Asset Status Report as it deems reasonably necessary in accordance
with the Servicing Standard to take into account any input and/or recommendations of the Subordinate Class Representative and/or
the Trust Advisor. Consultation with the Trust Advisor shall occur in the manner provided in Sections 3.28(f) and 3.28(h).

 

(b)          Upon
receiving notice of the occurrence of the events described in clause (c) of the definition of Specially Serviced Mortgage
Loan (without regard to the sixty (60) day or one hundred twenty (120) day period, respectively, set forth therein), the applicable
Master Servicer shall with reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the applicable
Special Servicer with all information relating to the Serviced Mortgage Loan and reasonably requested by the applicable Special
Servicer. The applicable Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5)
Business Days of the occurrence of each such event.

 

(c)          During
any Subordinate Control Period, (i) the Subordinate Class Representative will be entitled to approve or disapprove Asset Status
Reports (other than any Asset Status Report related to any Excluded Loan) and (ii) other than with respect to any Excluded Loan,
the applicable Special Servicer generally will not be permitted to take or consent to the applicable Master Servicer’s taking
any Material Action not otherwise covered by an approved Asset Status Report, unless and until the applicable Special Servicer
has notified the Subordinate Class Representative and the Subordinate Class Representative has consented (or failed to object)
thereto in writing within ten (10) Business Days (or, in connection with a leasing matter, five (5) Business Days, or in connection
with an Acceptable Insurance Default, thirty (30) days) of having been notified thereof in writing and provided with all reasonably
requested information by it. However, the applicable Special Servicer may take any Material Action (or consent to the applicable
Master Servicer’s taking a Material Action) without waiting for the response of the Subordinate Class Representative if the
applicable Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and,
if affected thereby, the related Serviced Pari Passu Companion Loan Holder(s), as a collective whole. Furthermore, during a Subordinate
Control Period, the Subordinate Class Representative

 

    	-273-

    	 

    

 

may,
in general, direct the applicable Special Servicer (other than with respect to any Excluded Loan) to take, or to refrain from
taking, any actions as that representative may deem advisable with respect to the servicing and administration of Specially Serviced
Mortgage Loans and REO Properties or as to which provision is otherwise made in this Agreement. During a Subordinate Control Period,
the Majority Subordinate Certificateholder, or the Subordinate Class Representative on its behalf shall have the right to remove
the existing applicable Special Servicer, with or without cause, and appoint a successor to the applicable Special Servicer, all
as provided in Section 6.05(a) (in each case, other than with respect to any Excluded Loan).

 

During any Collective
Consultation Period, the Subordinate Class Representative shall have consultation rights (in addition to those of the Trust Advisor)
with respect to Material Actions not otherwise covered by an Asset Status Report (other than with respect to any Excluded Loan)
as to which the Subordinate Class Representative has been consulted. During any Collective Consultation Period or Senior Consultation
Period, the Majority Subordinate Certificateholder and the Subordinate Class Representative shall have no right to remove the existing
applicable Special Servicer.

 

During any Collective
Consultation Period or Senior Consultation Period, the applicable Special Servicer shall consult on a non-binding basis with the
Trust Advisor with respect to Material Actions (regardless of whether such Material Action is covered by an Asset Status Report);
provided that the applicable Special Servicer shall not consult with the Trust Advisor with respect to Material Actions
related to collateral substitutions, assignments, insurance policies, Borrower substitutions, lease modifications and amendments
and other similar actions that the applicable Special Servicer may perform under this Agreement, to the extent such actions do
not relate to the restructuring, resolution, sale or liquidation of a Specially Serviced Mortgage Loan or REO Property.

 

For the purposes of this
Agreement, “Material Action” means, for any Serviced Mortgage Loan
and any related Serviced Pari Passu Companion Loan, any of the following actions:

 

(i)          any
proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property) of the ownership
of the property or properties securing any Specially Serviced Mortgage Loan that comes into and continues in default;

 

(ii)    
    any modification, consent to a modification or waiver of any monetary term (other than late fees and
Default Interest) or material non-monetary term (including, without limitation, the timing of payments and acceptance of
discounted payoffs) of a Serviced Mortgage Loan or Serviced Loan Combination or any extension of the maturity date of a
Serviced Mortgage Loan or Serviced Loan Combination;

 

(iii)   
   following a default or an event of default with respect to a Serviced Mortgage Loan or Serviced Loan
Combination, any exercise of remedies, including the acceleration of the Serviced Mortgage Loan or Serviced Loan Combination
or initiation of any proceedings, judicial or otherwise, under the related Mortgage Loan Documents;

 

    	-274-

    	 

    

 

(iv)        any
sale of a Defaulted Mortgage Loan or REO Property for less than the applicable Purchase Price;

 

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

 

(vi)        any
release of material collateral or any acceptance of substitute or additional collateral for a Serviced Mortgage Loan or Serviced
Loan Combination or any consent to either of the foregoing, other than if required pursuant to the specific terms of the related
Mortgage Loan Documents and for which there is no lender discretion;

 

(vii)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage Loan or Serviced
Loan Combination or any consent to such a waiver or consent to a transfer of a Mortgaged Property or interests in the Borrower
(other than any waiver of a “due-on-encumbrance” clause pertaining to an NCB Co-op Mortgage Loan with respect to subordinate
financing as to which the NCB Subordinate Debt Conditions have been satisfied);

 

(viii)      any
incurrence of additional debt by a Borrower or any mezzanine financing by any beneficial owner of a Borrower (to the extent that
the lender has consent rights pursuant to the related Mortgage Loan Documents (for purposes of the determination whether a lender
has such consent rights pursuant to the related Mortgage Loan Documents, any Mortgage Loan Document provision that requires that
an intercreditor agreement be reasonably or otherwise acceptable to the lender shall constitute such consent rights)), other than,
with respect to an NCB Co-op Mortgage Loan, subordinate debt as to which the NCB Subordinate Debt Conditions have been satisfied;

 

(ix)        any
material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with any mezzanine
lender or subordinate debt holder related to a Serviced Mortgage Loan or Serviced Loan Combination, or any action to enforce rights
(or decision not to enforce rights) with respect thereto, or any material modification, waiver or amendment thereof;

 

(x)          any
property management company changes (with respect to a Mortgage Loan with a principal balance equal to or greater than $2,500,000
and other than with respect to a Co-op Mortgage Loan), including, without limitation, approval of the termination of a manager
and appointment of a new property manager, or franchise changes (with respect to a Serviced Mortgage Loan or Serviced Loan Combination
for which the lender is required to consent or approve such changes under the Mortgage Loan Documents);

 

(xi)        other
than with respect to any Co-op Mortgage Loan, releases of any material amounts from any escrow accounts, Reserve Funds or Letters
of Credit, in each case, held as performance escrows or reserves, other than those required pursuant to the specific terms of the
related Mortgage Loan Documents and for which there is no lender

 

    	-275-

    	 

    

 

discretion
and other than those that are permitted to be undertaken by the applicable Master Servicer without the consent of the applicable
Special Servicer pursuant to Section 3.20(f); provided, however, that releases of any material amounts from
any escrow accounts, Reserve Funds or Letters of Credit held as performance escrows or reserves with respect to the Mortgage Loans
secured by the Mortgaged Properties identified on Schedule X hereto shall constitute Material Actions;

 

(xii)       any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Borrower, guarantor or other
obligor releasing a Borrower, guarantor or other obligor from liability under a Mortgage Loan or Serviced Loan Combination other
than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion;

 

(xiii)      any
determination of an Acceptable Insurance Default;

 

(xiv)       any
determination by the applicable Master Servicer to transfer a Serviced Mortgage Loan or Serviced Loan Combination to the applicable
Special Servicer under the circumstances described in paragraph (c) of the definition of “Specially Serviced Mortgage Loan”;
or

 

(xv)        any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and nondisturbance
or attornment agreement in connection with any lease, at a Mortgaged Property if (a) the lease involves a ground lease or lease
of an outparcel or affects an area greater than or equal to the lesser of (1) 30% of the net rentable area of the improvements
at the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property and (b) such transaction either
is not described by Section 3.20(f)(iv) or such transaction relates to a Specially Serviced Mortgage Loan.

 

(d)          [Reserved.]

 

(e)          Notwithstanding
anything herein to the contrary: (i) subject to Section 3.23(a), the applicable Special Servicer shall have no right or
obligation to consult with or to seek and/or obtain consent or approval from any Subordinate Class Representative prior to acting
(and provisions of this Agreement requiring such consultation, consent or approval shall be of no effect) during the period following
any resignation or removal of a Subordinate Class Representative and before a replacement is selected; and (ii) no advice, direction
or objection from or by the Subordinate Class Representative, as contemplated by Section 3.24(a) or Section 3.24(c)
or any other provision of this Agreement, may (and the applicable Special Servicer shall ignore and act without regard to any such
advice, direction or objection that the applicable Special Servicer has determined, in its reasonable, good faith judgment, would):
(A) require or cause the applicable Special Servicer to violate applicable law, the terms of any Mortgage Loan or any other Section
of this Agreement (or, with respect to any Serviced Loan Combination, the related Intercreditor Agreement), including the applicable
Special Servicer’s obligation to act in accordance with the Servicing Standard and the REMIC Provisions, (B) result in an
Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool, (C)
expose the Trust, the Depositor, either

 

    	-276-

    	 

    

 

Master
Servicer (or a Sub-Servicer acting on behalf of either Master Servicer), the applicable Special Servicer, the Certificate Administrator,
the Trustee, the Trust Advisor, the Custodian or any of their respective Affiliates, members, managers, officers, directors, employees
or agents, to any claim, suit or liability or (D) materially expand the scope of the applicable Master Servicer’s or applicable
Special Servicer’s responsibilities under this Agreement.

 

(f)          Also
notwithstanding anything to the contrary contained herein, (i) during a Collective Consultation Period, the Subordinate Class Representative
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) during a Collective Consultation
Period (other than with respect to any Excluded Loan), the Subordinate Class Representative and the Majority Subordinate Certificateholder
shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the
applicable Master Servicer, applicable Special Servicer and any other applicable party shall consult with the Subordinate Class
Representative in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) during
a Senior Consultation Period, the Subordinate Class Representative shall have no consultation or consent rights hereunder and no
right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all
Certificateholders) or any other rights as Subordinate Class Representative.

 

(g)          Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Subordinate Class Representative
may have special relationships and interests that conflict with those of Holders and Certificate Owners of one or more Classes
of Certificates; (ii) the Subordinate Class Representative may act solely in the interests of the Holders of the Class E, Class
F, Class G and/or Class H Certificates; (iii) the Subordinate Class Representative does not have any duties to the Trust Fund or
to the Holders of any Class of Certificates; (iv) the Subordinate Class Representative may take actions that favor interests of
the Holders of the Class E, Class F, Class G and/or Class H Certificates over the interests of the Holders of one or more other
Classes of Certificates; (v) the Subordinate Class Representative shall have no liability whatsoever to the Trust Fund, the Certificateholders
or any Borrower for having acted as described in this Section 3.24(g), or in exercising its rights, powers and privileges,
in taking any action or refraining from taking any action, or in giving any consent or failing to give any consent, in each case,
pursuant to this Agreement; and (vi) no Certificateholder may take any action whatsoever against the Subordinate Class Representative
or any Affiliate, director, officer, shareholder, member, partner, agent or principal thereof as a result of the Subordinate Class
Representative having acted in the manner described in this Section 3.24(g), or a result of the special relationships or
interests described in this Section 3.24(g). In addition, each initial Certificateholder further acknowledges and agrees,
by its acceptance of its Certificates, that (i) such Certificateholder is not entitled to rely, and has not relied, on any due
diligence or other review of the Trust Fund or its assets by the Initial Subordinate Class Representative or the Initial Majority
Subordinate Certificateholder, or any Affiliate, director, officer, shareholder, member, partner, agent or principal thereof, in
connection with the initial issuance of the Certificates, and (ii) such Certificateholder waives any cause of action that it may
otherwise have against the Initial Subordinate Class Representative or the Initial Majority Subordinate Certificateholder, or any
Affiliate, director, officer, shareholder, member, partner, agent or principal thereof, based upon or arising from any due diligence
or other review of the Trust Fund or its assets by any such Person.

 

    	-277-

    	 

    

 

(h)          The
Subordinate Class Representative shall not be entitled to receive any compensation from the Trust Fund.

 

Section
3.25    Application of Default Charges. (a) Any and all Default Charges that are actually received
by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan
Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest
under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer
and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or
on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection
Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion
of such charges and fees:

 

(i)          first,
to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due
and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case
may be;

 

(ii)        second,
to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special
Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest
was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and

 

(iii)       third,
with respect to any remaining Default Charges (“Net Default Charges”),
to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not
a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued
while the related Mortgage Loan was a Specially Serviced Mortgage Loan.

 

(b)          Default
Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available
for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a)
or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse
the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest
in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance
Interest shall thereafter be deemed to have been paid out of Default Charges).

 

(c)          Any
and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination
or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to
such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent
of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:

 

    	-278-

    	 

    

 

(i)          first,
to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance
Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination
or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related
Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;

 

(ii)        second,
either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer,
in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such
Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or
more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing
to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;

 

(iii)       third,
to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout
Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro
rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari
Passu Companion Loan; and

 

(iv)        fourth,
with respect to any remaining Default Charges (also “Net Default Charges”)
on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the
related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such
Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced
Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable
Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not
a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization
of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges
accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.

 

Section
3.26     Certain Matters Regarding the Serviced Loan Combinations. (a) With respect to the Serviced
Loan Combinations, except for those duties to be performed by, and notices to be furnished by, the Certificate Administrator under
this Agreement, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall perform such duties and
furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust under the related
Intercreditor Agreement.

 

(b)          The
applicable Master Servicer shall maintain a register (the “Serviced Pari Passu Companion
Loan Holder Register”) on which the applicable Master Servicer shall record the names and addresses of any Serviced
Pari Passu Companion Loan Holders and wire transfer instructions for such Serviced Pari Passu Companion Loan Holders from time
to time, to

 

    	-279-

    	 

    

 

the
extent such information is provided in writing to the applicable Master Servicer by the related Serviced Pari Passu Companion
Loan Holder. Upon the transfer of any Serviced Pari Passu Companion Loan, each subsequent Serviced Pari Passu Companion Loan Holder,
or a servicer on its behalf, is required pursuant to the related Intercreditor Agreement to inform the applicable Master Servicer
of its name and address and of any transfer thereof by delivering a copy of an assignment and assumption agreement or other agreement
effectuating such transfer. Additionally, each Serviced Pari Passu Companion Loan Holder shall inform the applicable Master Servicer
of its taxpayer identification number and wiring instructions. The name, address, tax identification number, and wiring instructions
of each initial Serviced Pari Passu Companion Loan Holder as of the Closing Date is set forth on Schedule IX hereto. The
applicable Master Servicer shall be entitled to conclusively rely upon the information set forth on Schedule IX hereto
or delivered by any Serviced Pari Passu Companion Loan Holder until it receives written notice of transfer or of any change in
information. Upon receipt of a written request from any party hereto, the applicable Master Servicer shall provide a current list
of Serviced Pari Passu Companion Loan Holders, together with contact information for any Serviced Pari Passu Companion Loan Holders.

 

In no event shall the
applicable Master Servicer be obligated to pay any party the amounts payable to a Serviced Pari Passu Companion Loan Holder hereunder
other than the Person listed as such Serviced Pari Passu Companion Loan Holder on the Serviced Pari Passu Companion Loan Holder
Register. If a Serviced Pari Passu Companion Loan Holder transfers the related Serviced Pari Passu Companion Loan without notice
to the applicable Master Servicer, the applicable Master Servicer shall have no liability whatsoever for any misdirected payment
on such Serviced Pari Passu Companion Loan and shall have no obligation to recover and redirect such payment.

 

The applicable Master
Servicer shall promptly provide the names and addresses of any Serviced Pari Passu Companion Loan Holders to any party hereto,
and any such party or successor may, without further investigation, conclusively rely upon such information. The applicable Master
Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          With
respect to any Serviced Loan Combination during any Subordinate Control Period (unless such Serviced Loan Combination is an Excluded
Loan), the Subordinate Class Representative shall be entitled to exercise the consent rights of such Serviced Loan Combination
to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related Intercreditor Agreement
and this Agreement.

 

(d)          The
applicable Special Servicer (if any Serviced Pari Passu Companion Loan is a Specially Serviced Mortgage Loan or has become an REO
Mortgage Loan) or the applicable Master Servicer (with respect to any Serviced Pari Passu Companion Loan that is not a Specially
Serviced Mortgage Loan), as applicable, shall take all actions relating to the servicing and/or administration of, and the preparation
and delivery of reports and other information with respect to, any Serviced Loan Combination related to any Serviced Pari Passu
Companion Loan or any related REO Property required to be performed by the holder of the related Mortgage Loan or contemplated
to be performed by a servicer, in any case pursuant to and as required by the related Intercreditor Agreement. In addition notwithstanding
anything herein to the contrary,

 

    	-280-

    	 

    

 

the
following considerations shall apply with respect to the servicing of a Serviced Pari Passu Companion Loan:

 

(i)          none
of the applicable Master Servicer, the applicable Special Servicer or the Trustee shall make any P&I Advance with respect to
any Serviced Pari Passu Companion Loan; and

 

(ii)        the
applicable Master Servicer and the applicable Special Servicer shall each consult with and obtain the consent of the related Serviced
Pari Passu Companion Loan Holder(s) to the extent required by the related Intercreditor Agreement.

 

If any Serviced Pari
Passu Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”
(within the meaning of the Grantor Trust Provisions), then neither the applicable Master Servicer nor the applicable Special Servicer
shall knowingly take any action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely
affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that no Serviced Pari Passu Companion Loan Holder shall (1) owe any fiduciary duty to the Trustee, the Certificate Administrator,
the applicable Master Servicer, the applicable Special Servicer or any Certificateholder or (2) have any liability to the Trustee
or the Certificateholders for taking any action, or for refraining from the taking of any action, pursuant to the related Intercreditor
Agreement, or for the giving of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate,
shall be deemed to have confirmed its understanding that a Serviced Pari Passu Companion Loan Holder (i) may take or refrain from
taking actions that favor its interests or the interests of its affiliates over the Certificateholders, (ii) may have special relationships
and interests that conflict with the interests of the Certificateholders and shall be deemed to have agreed to take no action against
a Serviced Pari Passu Companion Loan Holder or any of its officers, directors, employees, principals or agents as a result of such
special relationships or conflicts, and (iii) shall not be liable by reason of its having acted or refrained from acting solely
in its interest or in the interest of its affiliates.

 

The parties hereto recognize
and acknowledge the rights of each Serviced Pari Passu Companion Loan Holder under the related Intercreditor Agreement. Furthermore,
to the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor
Agreement for a Serviced Loan Combination or a Non-Serviced Loan Combination are deemed incorporated herein by reference, and the
parties hereto shall comply with those provisions as if set forth herein in full. In the event of any conflict between the terms
and provisions of this Agreement and the terms and provisions of the Intercreditor Agreement for any Serviced Loan Combination,
the terms and provisions of the Intercreditor Agreement for such Serviced Loan Combination shall control.

 

Each of the rights of
any Serviced Pari Passu Companion Loan Holder under or contemplated by this Section 3.26(d) may be exercisable by a designee
thereof on its behalf; provided that the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Pari Passu

 

    	-281-

    	 

    

 

Companion
Loan Holder of such designation (upon which such party may conclusively rely) and the contact details of the designee.

 

If any Person purchases
the related Mortgage Loan as a Defaulted Mortgage Loan pursuant to Section 3.18, then (subject to the related Intercreditor
Agreement) the Person effecting the purchase must also pay and/or reimburse to the parties hereto the respective amounts then currently
due and owing to them hereunder with respect to the related Serviced Pari Passu Companion Loan(s) that, pursuant to this Agreement,
would not otherwise have been payable out of the applicable purchase price and/or any other amounts payable in connection with
such purchase (or if payable out of such purchase price and/or other amounts, remain unpaid after such application) and that, pursuant
to the related Intercreditor Agreement, would otherwise have been payable out of future collections on such Serviced Pari Passu
Companion Loan. Notwithstanding anything herein to the contrary, any such purchase shall be subject to such reimbursements.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Mortgage Loan Documents (including the related Mortgage Note and
Mortgage) shall also mean, in the case of a Serviced Loan Combination, in accordance with the related Intercreditor Agreement.

 

For purposes of exercising
any rights that the holder of the Mortgage Note for any Mortgage Loan in a Serviced Loan Combination may have under the related
Intercreditor Agreement, the Subordinate Class Representative shall be the designee of the Trust, as such noteholder, and the Trustee
shall take such actions as may be necessary under the related Intercreditor Agreement to effect such designation.

 

(e)          With
respect to each Serviced Loan Combination (to the extent the Master Servicer or the Special Servicer, as applicable, has not received
written notice stating that the related Serviced Pari Passu Companion Loan Holder is an Excluded Holder or the equivalent under
the related Other Pooling and Servicing Agreement), the applicable Master Servicer or the applicable Special Servicer, as applicable,
shall provide any Serviced Pari Passu Companion Loan Holder and, if applicable, any related “Non-Controlling Note Holder”
under the related Intercreditor Agreement (or its designee or representative) to the extent required hereunder to be provided to
Certificateholders or to the Subordinate Class Representative (determined without respect to whether or not such Loan Combination
is an Excluded Loan), within the same time frame it is required to provide such information and materials to the Certificateholders
or the Subordinate Class Representative, as applicable, hereunder (1) with copies of each financial statement received by the applicable
Master Servicer pursuant to the terms of the related Mortgage Loan Documents, (2) with copies of any notice of default sent to
the Borrower and (3) subject to the terms of the related Mortgage Loan Documents, copies of any other documents relating to such
Serviced Loan Combination, including, without limitation, property inspection reports, loan servicing statements, Borrower requests,
Asset Status Reports, any other information delivered by the applicable Master Servicer to the Subordinate Class Representative
(other than with respect to any Loan Combination that is an Excluded Loan) and copies of any other notice, information or report
that it is required to provide to the Subordinate Class Representative pursuant to this Agreement with respect to any “major
decisions” or the implementation of any recommended actions outlined in an Asset Status Report relating to such

 

    	-282-

    	 

    

 

Serviced
Loan Combination. Any copies to be furnished by the applicable Master Servicer or the applicable Special Servicer may be furnished
by hard copy or electronic means.

 

Notwithstanding anything
herein to the contrary, each Master Servicer and Special Servicer shall be entitled to conclusively assume that any Serviced Pari
Passu Companion Loan Holder is not an Excluded Holder or the equivalent under the related Other Pooling and Servicing Agreement,
except to the extent that the applicable Master Servicer or the applicable Special Servicer, as applicable, has received notice
from such Serviced Pari Passu Companion Loan Holder that it has become an Excluded Holder or the equivalent under the related Other
Pooling and Servicing Agreement. Neither the applicable Master Servicer nor the applicable Special Servicer shall be liable for
any communication of the information listed in the preceding paragraph to a Serviced Pari Passu Companion Loan Holder that is an
Excluded Holder or the equivalent under the related Other Pooling and Servicing Agreement if the applicable Master Servicer or
the applicable Special Servicer, as applicable, did not receive prior written notice that the related Serviced Pari Passu Companion
Loan is an Excluded Loan or the equivalent under the related Other Pooling and Servicing Agreement. Each Master Servicer and Special
Servicer shall be entitled to conclusively rely on delivery from a Serviced Pari Passu Companion Loan Holder of notice that it
is no longer an Excluded Holder or the equivalent under the related Other Pooling and Servicing Agreement.

 

(f)          With
respect to each Serviced Loan Combination, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall:

 

(i)          consult
with the related Serviced Pari Passu Companion Loan Holder (or its designee or representative) on a strictly non-binding basis,
to the extent that such Serviced Pari Passu Companion Loan Holder (or its designee or representative) requests consultation with
respect to any “major decision”, “major action” or analogous term having the same meaning set forth in
or contemplated by the related Intercreditor Agreement or the implementation of any recommended actions outlined in an Asset Status
Report relating to any Serviced Loan Combination, and to consider alternative actions recommended by such Serviced Pari Passu Companion
Loan Holder (or its designee or representative); provided that after the expiration of a period of ten (10) Business Days
from the delivery to the related Serviced Pari Passu Companion Loan Holder (or its designee or representative) of written notice
of a proposed action, together with copies of the related notice, information or report, the applicable Master Servicer or the
applicable Special Servicer, as applicable, shall no longer be obligated to consult with the related Serviced Pari Passu Companion
Loan Holder (or its designee or representative) (unless the applicable Master Servicer or the applicable Special Servicer, as applicable,
proposes a new course of action that is materially different from the action previously proposed, in which case such ten (10) Business
Day period shall begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding the
foregoing non-binding consultation rights of the related Serviced Pari Passu Companion Loan Holder, the applicable Master Servicer
or the applicable Special Servicer, as applicable, may take any “major decision”, “major action” or analogous
term having the same meaning set forth in or contemplated by the related Intercreditor Agreement or any action set forth in the
Asset Status Report before the expiration of the aforementioned or extended ten (10) Business Day period if the

 

    	-283-

    	 

    

 

applicable
Master Servicer or the applicable Special Servicer, as applicable, determines that immediate action with respect thereto is necessary
to protect the interests of the Certificateholders and the related Serviced Pari Passu Companion Loan Holder. In no event shall
the applicable Master Servicer or the applicable Special Servicer be obligated at any time to follow or take any alternative actions
recommended by any Serviced Pari Passu Companion Loan Holder; and

 

(ii)        in
addition to the foregoing non-binding consultation rights, each Serviced Pari Passu Companion Loan Holder shall have the right
to annual meetings with the applicable Master Servicer or the applicable Special Servicer at the offices of the applicable Master
Servicer or the applicable Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the applicable
Master Servicer or the applicable Special Servicer, as applicable, in which servicing issues related to any related Serviced Loan
Combination are discussed.

 

(g)          In
connection with the securitization of any Serviced Pari Passu Companion Loan, while such Pari Passu Companion Loan is a Serviced
Pari Passu Companion Loan, upon the request of (and at the expense of) the holder of such Serviced Pari Passu Companion Loan, each
of the applicable Master Servicer, the applicable Special Servicer and the Trustee, as applicable, shall use reasonable efforts
to cooperate with such holder of such Serviced Pari Passu Companion Loan in attempting to cause the related Borrower to provide
information relating to the related Loan Combination and the related notes, and that such holder reasonably determines to be necessary
or appropriate, for inclusion in any disclosure document(s) relating to such securitization.

 

(h)          [Reserved.]

 

Section
3.27     Rating Agency Confirmations; Communications with Rating Agencies. (a) Notwithstanding
the terms of any related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan
Documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) obtaining such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency
for such Rating Agency Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation request being posted
to the Rule 17g-5 Information Provider’s Website, such Rating Agency (I) has not replied to such request or (II) has responded
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation, then (i) in the case of clause (I) above, such Requesting Party shall be required to confirm (by direct communication,
without the requirement to post such communication to the Rule 17g-5 Information Provider’s Website to the extent such communication
relates solely to such confirmation) that the applicable Rating Agency has received the Rating Agency Confirmation request, and,
if it has, promptly request the related Rating Agency Confirmation again and (ii) if there is no response to either such Rating
Agency Confirmation request within five (5) Business Days of such second request as contemplated by clause (I) above (after
seeking to confirm (by direct communication, without the requirement to post such communication to the Rule 17g-5 Information
Provider’s Website to the extent such communication relates solely to such confirmation) that the applicable Rating Agency
received such second Rating Agency

 

    	-284-

    	 

    

 

Confirmation
request) or if the Requesting Party received the response to the initial request described in clause (II) above, then (x)
with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under
this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) or clause (z)
below), the Requesting Party (or, if the Requesting Party is the related Borrower, then the applicable Master Servicer (with
respect to Performing Serviced Mortgage Loans or Performing Serviced Loan Combinations) or the applicable Special Servicer (with
respect to Specially Serviced Mortgage Loans) shall determine (with the consent of the Subordinate Class Representative, during
any Subordinate Control Period (other than with respect to any Excluded Loan), which consent shall be deemed given if the Subordinate
Class Representative does not respond within five (5) Business Days of receipt of a request to consent to the Requesting Party’s
determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided
in Section 3.27(b) below, whether or not to waive such condition for such particular action at such time, (y) with respect
to a replacement or succession of the applicable Master Servicer or the applicable Special Servicer, such condition shall be deemed
to be satisfied if (1) the applicable replacement is rated at least “CMS3” (in the case of a Master Servicer) or “CSS3”
(in the case of a Special Servicer), if Fitch is the non-responding Rating Agency; (2) the applicable replacement is currently
acting as master servicer or special servicer, as applicable, on a “deal-level” or “transaction-level”
basis for all or a significant portion of the mortgage loans in other commercial mortgage-backed securities transactions and Moody’s
has not cited servicing concerns with respect to the applicable replacement as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or
withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer
prior to the time of determination, if Moody’s is the non-responding Rating Agency, or (3) either (a) has a master servicer
or a special servicer, as applicable, ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b)
if not ranked by Morningstar, is currently acting as a master servicer or special servicer, as applicable, on a deal or transaction-level
basis for all or a significant portion of the related mortgage loans in other commercial mortgage-backed securities transactions
rated by any NRSRO and Morningstar has not, with respect to any such other commercial mortgage-backed securities transaction,
qualified, downgraded or withdrawn its rating or ratings on one or more classes of such commercial mortgage backed securities
citing servicing concerns with respect to the applicable replacement as the sole or material factor in such rating action, if
Morningstar is the non-responding Rating Agency, and (z) with respect to a replacement or successor to the Trust Advisor, such
condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency shall not
have cited concerns regarding the replacement trust advisor as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities in a commercial mortgage-backed securitization transaction with respect to which the replacement trust advisor acts
as trust advisor or operating advisor prior to the time of determination. The applicable Requesting Party’s communications
to confirm a Rating Agency’s receipt of information, and such Requesting Party’s additional request for the related
Rating Agency Confirmation under clause (i) of the preceding sentence shall not itself be subject to the advance posting
and delayed delivery requirements of Section 3.27(g) below, but this statement shall not be construed to relieve the applicable
Requesting Party of compliance with Section 3.27(g) below to the extent

 

    	-285-

    	 

    

 

that such communications or such additional request
to a Rating Agency include or are accompanied by any information regarding the underlying request for the related Rating Agency
Confirmation that was not delivered in the original request for such Rating Agency Confirmation.

 

(b)          Notwithstanding
anything to the contrary in this Section 3.27, for purposes of the provisions of any Mortgage Loan Document or this Agreement
relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release
or substitution of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan Documents for which the applicable
Master Servicer or the applicable Special Servicer would have been permitted to waive obtaining such Rating Agency Confirmation
pursuant to Section 3.27(a)(ii)(x) shall be deemed to have been satisfied.

 

(c)          For
all other matters or actions requiring, as a condition precedent to such matter or action, a Rating Agency Confirmation under any
Mortgage Loan Documents or this Agreement and not specifically discussed in Section 3.27(a) above, the applicable Requesting
Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)          In
connection with any determination made by the Requesting Party pursuant to Section 3.27(a) above, the applicable Special
Servicer or the applicable Master Servicer, as applicable, shall obtain the consent of the Subordinate Class Representative (during
any Subordinate Control Period (other than with respect to any Excluded Loan)) or consult with the Subordinate Class Representative
(during any Collective Consultation Period (other than with respect to any Excluded Loan)) and the Trust Advisor (during any Collective
Consultation Period or Senior Consultation Period), with consent or approval deemed to be granted by the Subordinate Class Representative
(during any Subordinate Control Period (other than with respect to any Excluded Loan)), if it does not respond within five (5)
Business Days of its receipt of a request for consideration from the applicable Special Servicer or the applicable Master Servicer,
as applicable.

 

(e)          Promptly
following the Requesting Party’s determination to take any action discussed above without receiving affirmative Rating Agency
Confirmation from a Rating Agency, the Requesting Party (to the extent that the applicable information has been provided to the
Requesting Party) shall provide notice of such determination, which may be transmitted by electronic mail in accordance with Section
12.06, to the Rule 17g-5 Information Provider (who shall promptly post such notice to the Rule 17g-5 Information Provider’s
Website in accordance with Section 8.12(c)).

 

(f)          Any
Rating Agency Confirmation requests made by the applicable Master Servicer, applicable Special Servicer, Certificate Administrator,
Trustee or Trust Advisor, as applicable, pursuant to this Agreement, shall be made in writing, which writing must contain a cover
page indicating the nature of the Rating Agency Confirmation request, and must contain all back-up material necessary for the Rating
Agency to process such request. Such written Rating Agency Confirmation requests must be provided in electronic format to the Rule
17g-5 Information Provider (who shall post such request on the Rule 17g-5 Information Provider’s Website in accordance with
Section 8.12(c)).

 

    	-286-

    	 

    

 

 

(g)          If
the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the Trustee or the Trust Advisor
orally communicates with any Rating Agency regarding any of the Mortgage Loan Documents or any matter related to the Mortgage Loans,
any Serviced Pari Passu Companion Loan, the related Mortgaged Properties, the related Borrowers or any other matters in connection
with the Certificates or pursuant to this Agreement, that party shall summarize in writing the information provided to the Rating
Agencies in such oral communication and provide the Rule 17g-5 Information Provider with such written summary on the same day such
communication takes place or such later date to which the Depositor may consent in its sole discretion. The Rule 17g-5 Information
Provider shall post such written summary on the Rule 17g-5 Information Provider’s Website in accordance with the provisions
of Section 8.12(c). All other information required to be delivered to the Rating Agencies pursuant to this Agreement or
requested by the Rating Agencies in connection with the Certificates or the Mortgage Loans, shall first be provided in electronic
format to the Rule 17g-5 Information Provider (who shall post such information to the Rule 17g-5 Information Provider’s Website
in accordance with Section 8.12(c)). Notwithstanding the foregoing, other than in connection with its resignation pursuant
to Section 3.28(q), the Trust Advisor shall have no authority to communicate directly with the Rating Agencies.

 

(h)          Subject
to Section 12.01(c) and Section 12.01(g), the Depositor, the Rule 17g-5 Information Provider, the Trustee, the Certificate
Administrator, the Trust Advisor, the applicable Master Servicer and the applicable Special Servicer may amend this Agreement to
change the procedures regarding compliance with Rule 17g-5, without any Certificateholder consent; provided that such amendment
does not materially increase the responsibilities of the Rule 17g-5 Information Provider; and provided, further,
that notice of any such amendment must be provided to the Rule 17g-5 Information Provider, who shall post such notice to the Rule
17g-5 Information Provider’s Website in accordance with Section 8.12(c), and within two (2) Business Days following
delivery to the Rule 17g-5 Information Provider, delivered to the Rating Agencies.

 

(i)          Each
of the applicable Master Servicer, the applicable Special Servicer, the Rule 17g-5 Information Provider and, insofar as it may
communicate with any Rating Agency pursuant to any provision of this Agreement, each other party to this Agreement, agrees to comply
(and to cause each and every Sub-Servicer, subcontractor, vendor or agent for such Person and each of its officers, directors and
employees to comply) with the provisions relating to communications with the Rating Agencies set forth in this Section 3.27
and shall not deliver to any Rating Agency any report, statement, request for Rating Agency Confirmation or other information relating
to the Certificates or the Mortgage Loans other than in compliance with such provisions.

 

(j)          None
of the foregoing restrictions in this Section 3.27 prohibit or restrict oral or written communications, or providing information,
between the applicable Master Servicer, the applicable Special Servicer or the Trust Advisor, on the one hand, and a Rating Agency,
on the other hand, with regard to (i) such Rating Agency’s review of the ratings it assigns to the applicable Master Servicer,
the applicable Special Servicer or the Trust Advisor, as applicable, (ii) such Rating Agency’s approval of the applicable
Master Servicer, the applicable Special Servicer or the Trust Advisor, as applicable, as a commercial mortgage master, special
or primary servicer or such Rating Agency’s approval of the Trust Advisor as an operating or trust

 

    	-287-

    	 

    

 

advisor
or (iii) such Rating Agency’s evaluation of the applicable Master Servicer’s or the applicable Special Servicer’s,
as applicable, servicing operations in general or such Rating Agency’s evaluation of the Trust Advisor’s performance
as operating or trust advisor or its surveillance operations in general; provided that the applicable Master Servicer,
the applicable Special Servicer or the Trust Advisor, as applicable, shall not provide any information relating to the Certificates
or the Mortgage Loans to a Rating Agency in connection with any such review and evaluation by such Rating Agency unless (x) borrower-,
property- or deal-specific identifiers are redacted; or (y) such information has already been provided to the Depositor and has
been uploaded on to the Rule 17g-5 Information Provider’s Website.

 

(k)          Insofar
as any matter involving or relating to a Serviced Loan Combination requires a Rating Agency Confirmation, the Person required to
seek such Rating Agency Confirmation shall determine if an analogous rating agency confirmation either (i) is expressly required
to be obtained with respect to such matter under the related Intercreditor Agreement or (ii) is expressly required (or, if the
subject Serviced Loan Combination were being serviced under such Other Pooling and Servicing Agreement, would have been required)
to be obtained with respect to such matter under the related Other Pooling and Servicing Agreement, and, if so required, the Person(s)
seeking such Rating Agency Confirmation shall also obtain such analogous rating agency confirmation with respect to such matter
from each Pari Passu Companion Loan Rating Agency, so long as the holder(s) of such Pari Passu Companion Loan(s) have notified
the parties to this Agreement of such requirement (which may be satisfied by delivery thereto of the applicable Other Pooling and
Servicing Agreement and cooperation from the Other Master Servicer as to the assessment of such requirement), the identity of the
applicable NRSROs, the identity of the applicable rule 17g-5 information provider and the location of the applicable rule 17g-5
information provider’s website. To the extent any provision of this Agreement requires a Requesting Party to obtain such
an analogous rating agency confirmation from a Pari Passu Companion Loan Rating Agency, the provisions of this Section 3.27
for satisfying such rating agency confirmation condition shall be applicable.

 

(l)          In
connection with the delivery by the applicable Master Servicer or the applicable Special Servicer to the Rule 17g-5 Information
Provider of any information, report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the
applicable Master Servicer or the applicable Special Servicer, as applicable, may (but is not obligated to) send such information,
report, notice or other document to the applicable Rating Agency, but any such delivery may not occur until the earlier of (i)
after receipt of electronic confirmation from the Rule 17g-5 Information Provider that such information, report, notice or document
has been posted to the Rule 17g-5 Information Provider’s Website or (ii) the second Business Day after it has provided such
information, report, notice or other document to the Rule 17g-5 Information Provider.

 

Section
3.28     The Trust Advisor. (a) (i) Within sixty (60) days after the end of each calendar
year during any Senior Consultation Period, the Trust Advisor shall meet with representatives of each Special Servicer that prepared
(and delivered to the Trust Advisor) an Asset Status Report with respect to a Specially Serviced Mortgage Loan or REO Property
during such calendar year to perform such review of each such Special Servicer’s operational practices on a platform-level
basis in light of the Servicing Standard and the requirements of this Agreement and shall discuss such Special Servicer’s
stated policies and procedures, operational

 

    	-288-

    	 

    

 

controls
and protocols, risk management systems, technological infrastructure (systems), intellectual resources, such Special Servicer’s
reasoning for believing it is in compliance with this Agreement and other pertinent information the Trust Advisor may consider
relevant, in each case, insofar as such information relates to the workout, restructuring, resolution, sale or liquidation of
Specially Serviced Mortgage Loans by such Special Servicer during such calendar year.

 

(ii)        Based
on (a) the Trust Advisor’s review of (1) during any Subordinate Control Period, any previously identified Final Asset Status
Reports delivered to the Trust Advisor by the applicable Special Servicer, (2) during any Collective Consultation Period or Senior
Consultation Period, any Asset Status Reports and other information delivered to the Trust Advisor by the applicable Special Servicer
(other than any communications between the Subordinate Class Representative and that Special Servicer that would be Privileged
Information), and (3) during any control or consultation period (as set forth in clauses (1) and (2) above), such
other additional limited non-privileged information and documentation provided by the applicable Special Servicer to the Trust
Advisor that is required or permitted to be delivered to the Trust Advisor under this Agreement (including, without limitation,
the annual compliance statements delivered by such Special Servicer pursuant to Section 11.12 and the annual independent
public accountants’ servicing reports furnished with respect to such Special Servicer pursuant to Section 11.14) and
(b) during a Senior Consultation Period, the Trust Advisor’s meeting with the applicable Special Servicer, the Trust Advisor
shall prepare and deliver to the Trustee and to the Certificate Administrator (who shall promptly post such Trust Advisor Annual
Report on the Certificate Administrator’s Website in accordance with Section 8.12(b)) and the Rule 17g-5 Information
Provider (who shall promptly post such Trust Advisor Annual Report on the Rule 17g-5 Information Provider’s Website in accordance
with Section 8.12(c)) within 120 days of the end of the prior calendar year an annual report (the “Trust
Advisor Annual Report”), substantially in the form of Exhibit O-1 or Exhibit O-2, as applicable
(which form may be modified or altered as to either its organization or content by the Trust Advisor, subject to compliance of
such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged
Information; provided that in no event shall the information or any other content included in the Trust Advisor Annual Report
contravene any provision of this Agreement) setting forth the Trust Advisor’s assessment of the applicable Special Servicer’s
performance of its duties under this Agreement during the prior calendar year on a platform-level basis with respect to the workout,
restructuring, resolution, sale and liquidation of Specially Serviced Mortgage Loans during the prior calendar year; provided
that during any Subordinate Control Period, such assessment shall relate solely to Specially Serviced Mortgage Loans with respect
to which a Final Asset Status Report has been issued. Solely as used in connection with the Trust Advisor Annual Report, the term
“platform-level basis” refers to a Special Servicer’s performance of its duties as they relate to the workout,
restructuring, resolution, sale and liquidation of Specially Serviced Mortgage Loans, taking into account such Special Servicer’s
specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing
Standard, with reasonable consideration by the Trust Advisor of the items required to be reviewed by it pursuant to this Agreement.
If the Trust Advisor has provided for review to the applicable Special Servicer a Trust Advisor

 

    	-289-

    	 

    

 

 

Annual
Report containing an assessment of the performance of such Special Servicer pursuant to Section 3.28(a)(iv) that in the
reasonable view of such Special Servicer presents a negative assessment of that Special Servicer’s performance, that Special
Servicer shall be permitted to provide to the Trust Advisor non-privileged information and documentation, in each case that is
reasonably relevant to the facts upon which the Trust Advisor has based such assessment, and the Trust Advisor shall undertake
a reasonable review of such additional limited non-privileged information and documentation prior to finalizing its annual assessment.
Notwithstanding the foregoing, the content of the Trust Advisor Annual Report shall be determined solely by the Trust Advisor.
Subject to the restrictions and limitations in this Agreement, including, without limitation, Section 3.28(b), (c), (d)
and (g) hereof, each Trust Advisor Annual Report shall (A) identify any material deviations of which it has actual knowledge
(i) from that Special Servicer’s obligations to comply with the Servicing Standard and (ii) from that Special Servicer’s
obligations under this Agreement with respect to the workout, restructuring, resolution, sale or liquidation of Specially Serviced
Mortgage Loans and (B) comply with all of the confidentiality requirements described in this Agreement regarding Privileged Information
(subject to any permitted exceptions). No Trust Advisor Annual Report shall be required from the Trust Advisor with respect to
a Special Servicer if during the prior calendar year no Asset Status Report was prepared (or, during a Subordinate Control Period,
finalized) by such Special Servicer in connection with a Specially Serviced Mortgage Loan or REO Property that such Special Servicer
was obligated to service. In addition, in the event a Special Servicer is replaced during the prior calendar year, the Trust Advisor
will only be required to prepare a Trust Advisor Annual Report relating to each entity that was acting as Special Servicer as
of December 31 in the prior calendar year and is continuing in such capacity through the date of such Trust Advisor Annual Report.
Each Trust Advisor Annual Report shall be delivered to the Certificate Administrator, and the Certificate Administrator shall
promptly upon receipt post such Trust Advisor Annual Report on the Certificate Administrator’s Website in accordance with
Section 8.12(b). The Trust Advisor shall also deliver a copy of each Trust Advisor Annual Report to the applicable Special
Servicer and, during any Subordinate Control Period or Collective Consultation Period, the Subordinate Class Representative (other
than with respect to any Excluded Loan) and any Serviced Pari Passu Companion Loan Holder. The applicable Special Servicer and,
during any Subordinate Control Period or Collective Consultation Period, the Subordinate Class Representative (other than with
respect to any Excluded Loan), shall be given an opportunity to review any annual report described in this Section 3.28(a)(ii)
and produced by the Trust Advisor at least ten (10) days prior to its delivery to the Certificate Administrator.

 

(iii)       The
Trust Advisor, the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates shall keep, and the Trust Advisor
shall cause the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates to keep, confidential any Privileged
Information received from the applicable Special Servicer or Subordinate Class Representative in connection with the Subordinate
Class Representative’s exercise of any rights under this Agreement (including, without limitation, in connection with any
Asset Status Report) or otherwise in connection with the Certificates. Subject to the permitted exceptions in the following sentence,
the Trust Advisor shall not disclose such Privileged

 

    	-290-

    	 

    

 

Information
so received from the applicable Special Servicer or Subordinate Class Representative to any other Person (including any Certificateholders
which are not then Holders of the Control-Eligible Certificates), other than to the other parties to this Agreement, to any trustee
or certificate administrator appointed for the benefit of any Serviced Pari Passu Companion Loan and to the extent expressly required
by the other provisions of this Agreement and other than under the circumstances described in the following sentence. If the Trust
Advisor, the Trust Advisor’s subcontractors or the Trust Advisor’s Affiliates, or any other party to this Agreement
(other than the applicable Special Servicer), receives any Privileged Information and has been advised that such information is
Privileged Information, then such Person shall be prohibited from disclosing such information so received by it to any other Person,
including in connection with preparing any responses to any investor-submitted inquiries posted on the Investor Q&A Forum,
except to the extent that (a) the applicable Special Servicer and (unless such Privileged Information relates to an Excluded Loan)
the Subordinate Class Representative have consented in writing to its disclosure, (b) such Privileged Information becomes generally
available and known to the public other than as a result of a disclosure directly or indirectly by such Person, (c) it is reasonable
and necessary for such Person to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies,
(d) such Privileged Information was already known to such Person and not otherwise subject to a confidentiality obligation, (e)
such disclosure is expressly authorized or required under another provision of this Agreement and/or (f) such disclosure is required
by applicable law, rule, regulation, order, judgment or decree. Notwithstanding the foregoing, the Trust Advisor shall be permitted
to share Privileged Information with its Affiliates and any subcontractors of the Trust Advisor to the extent necessary and for
the sole purpose of permitting the Trust Advisor to perform its duties under this Agreement and so long as such Affiliates and
any such subcontractors agree in writing to be bound by the same confidentiality provisions applicable to the Trust Advisor.

 

(iv)        During
any Senior Consultation Period, the Trust Advisor shall provide the applicable Special Servicer with at least thirty (30) days’
prior written notice of the date proposed for the annual meeting described in this Section 3.28(a). The Trust Advisor and
the applicable Special Servicer shall determine a mutually acceptable date for the annual meeting and the Trust Advisor shall deliver,
at least fourteen (14) days prior to such annual meeting, a proposed written agenda to the applicable Special Servicer, including
the identity of the Final Asset Status Report(s), if any, that shall be discussed during the annual meeting. In connection with
the annual meeting, the Trust Advisor and the applicable Special Servicer may discuss any of the Asset Status Reports produced
with respect to any Specially Serviced Mortgage Loan as part of the Trust Advisor’s annual assessment of the applicable Special
Servicer. The applicable Special Servicer shall make available Servicing Officers with relevant knowledge regarding the applicable
Specially Serviced Mortgage Loans and the related platform-level information for each annual meeting described in this Section
3.28.

 

(v)          If
the Trust Advisor’s ability to perform its obligations in respect of the Trust Advisor Annual Report is limited or prohibited
due to the failure of a party hereto to timely deliver information required to be delivered to the Trust Advisor or such

 

    	-291-

    	 

    

 

information
is inaccurate or incomplete, the Trust Advisor shall set forth such limitations or prohibitions in the related Trust Advisor Annual
Report. In the event a lack of access to Privileged Information limits or prohibits the Trust Advisor from performing its duties
under this Agreement, the Trust Advisor shall set forth any such limitations or prohibitions in the related Trust Advisor Annual
Report, and the Trust Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(b)          During
a Subordinate Control Period, the Trust Advisor’s obligations shall be limited to the general reviews as set forth in this
Agreement and generally will not involve an assessment of specific actions of any Special Servicer and, in any event, shall be
subject to limitations described in this Agreement.

 

(c)          The
Trust Advisor shall not be required, in connection with its preparation of any Trust Advisor Annual Report during a Subordinate
Control Period, to consider any Specially Serviced Mortgage Loan or REO Property with respect to which a Final Asset Status Report
was not issued during the most recently ended calendar year.

 

(d)          During
any Subordinate Control Period, the applicable Special Servicer shall forward any Appraisal Reduction Amount calculations and net
present value calculations used in the applicable Special Servicer’s determination of what course of action to take in connection
with the resolution or liquidation of a Specially Serviced Mortgage Loan to the Trust Advisor (and, during any Collective Consultation
Period (other than with respect to any Excluded Loan), the Subordinate Class Representative) after they have been finalized, and
the Trust Advisor may review such calculations in support of its Trust Advisor Annual Report but shall not opine on, or otherwise
call into question (whether in the annual report or otherwise) such Appraisal Reduction Amount calculations and/or net present
value calculations.

 

(e)          During
any Collective Consultation Period or Senior Consultation Period, the applicable Special Servicer shall forward any calculations
of Appraisal Reduction Amount or net present value to the Trust Advisor and, during any Collective Consultation Period (other than
with respect to any Excluded Loan), the Subordinate Class Representative, and (a) the Trust Advisor shall (upon receipt of all
information and supporting materials reasonably required to be provided to the Trust Advisor as described in the following sentence)
promptly recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the applicable
formulas required to be utilized in connection with any Appraisal Reduction Amount or net present value calculations used in the
applicable Special Servicer’s determination of what course of action to take in connection with the resolution or liquidation
of a Specially Serviced Mortgage Loan prior to the utilization by the applicable Special Servicer, and (b) insofar as the calculation
and/or application by the applicable Special Servicer under review as contemplated by clause (a) requires or depends upon
the exercise of discretion by the applicable Special Servicer, the Trust Advisor shall assess the reasonableness of the determination
made by the applicable Special Servicer in the exercise of such discretion. The applicable Special Servicer shall deliver the foregoing
calculations, together with information and supporting materials (with respect to any Appraisal Reduction Amount calculations,
once such information is received from the applicable Master Servicer) (including such additional information reasonably requested
by the Trust Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information) to
the Trust Advisor and (during any Collective Consultation Period

 

    	-292-

    	 

    

 

and
other than with respect to any Excluded Loan) the Subordinate Class Representative. In the event the Trust Advisor does not agree
with (i) the mathematical calculations, (ii) the application of the applicable non-discretionary portions of the formula required
to be utilized for such calculation or (iii) the reasonableness of any such determination made by the applicable Special Servicer
in the exercise of such discretion, the Trust Advisor and the applicable Special Servicer shall consult in good faith with each
other in order to resolve (x) any inaccuracy in the mathematical calculations or the application of the non-discretionary portions
of the related formula in arriving at those mathematical calculations or (y) any disagreement over the reasonableness of a determination
made by the applicable Special Servicer in the exercise of its discretion. During any Collective Consultation Period (other than
with respect to any Excluded Loan), the applicable Special Servicer shall also send to the Subordinate Class Representative copies
of the applicable Special Servicer’s calculations and the related information and supporting materials, as provided above
to the Trust Advisor under this subsection, and engage in consultation with the Subordinate Class Representative in connection
with its calculations and determinations. During any Collective Consultation Period (other than with respect to any Excluded Loan),
if the Trust Advisor and the Subordinate Class Representative agree on such matters and provide written notice of such agreement
to the applicable Special Servicer, the applicable Special Servicer shall perform its calculations in accordance with such agreement.
Otherwise, if the Trust Advisor and the Subordinate Class Representative do not reach agreement on such matters following the
Trust Advisor’s calculation and verification procedures, the applicable Special Servicer shall proceed according to its
determination, and the Trust Advisor shall promptly prepare a report on the matter, which report shall set forth its and the applicable
Special Servicer’s calculations (including any material differences in assumptions used therein), and deliver such report
to the Certificate Administrator, which shall post the report to the Certificate Administrator’s Website in accordance with
Section 8.12(b) and, if applicable, to any related Serviced Pari Passu Companion Loan Holder. No other action shall be
required in connection with such circumstances.

 

(f)          During
any Collective Consultation Period or Senior Consultation Period, the applicable Special Servicer shall promptly deliver each Asset
Status Report prepared in connection with the workout, restructuring, resolution, sale or liquidation of a Specially Serviced Mortgage
Loan to the Trust Advisor and, during a Collective Consultation Period (other than with respect to any Excluded Loan), the Subordinate
Class Representative. The Trust Advisor shall provide any comments it may have to the applicable Special Servicer in respect of
the Asset Status Reports, if any, within ten (10) Business Days of receipt of both such Asset Status Report and any additional
information reasonably requested by the Trust Advisor, and propose possible alternative courses of action to the extent it determines
such alternatives may be in the best interest of the Certificateholders (including any Certificateholders of the Control-Eligible
Classes) and any related Serviced Pari Passu Companion Loan Holder (if applicable), as a collective whole. Regardless of whether
the applicable Special Servicer receives comments from the Trust Advisor by the end of such ten (10) Business Day period, such
Special Servicer may (after the expiration of such period) proceed to perform such actions as are in accordance with such Asset
Status Report.

 

(g)          During
any Collective Consultation Period (in addition to the Subordinate Class Representative (other than with respect to any Excluded
Loan)) or Senior Consultation Period, the applicable Special Servicer shall consult on a non-binding basis with the Trust

 

    	-293-

    	 

    

 

Advisor
with respect to, and prior to, Material Actions with respect to Serviced Mortgage Loans or Serviced Pari Passu Companion Loans
for which it is the applicable Special Servicer (regardless of whether such Material Actions are covered by an Asset Status Report)
and the Trust Advisor shall provide any comments it may have to the applicable Special Servicer in respect of each such Material
Action within ten (10) Business Days of receipt of both a written request for consultation with respect to such Material Action
and any additional information reasonably requested by the Trust Advisor; provided that the Trust Advisor shall have no
such duty with respect to collateral substitutions, assignments, insurance policies, Borrower substitutions, lease modifications
and amendments and other similar actions that the applicable Special Servicer may perform under this Agreement to the extent such
actions do not relate to the workout, restructuring, resolution, sale or liquidation of a Specially Serviced Mortgage Loan or
REO Property. Regardless of whether the applicable Special Servicer receives comments from the Trust Advisor by the end of such
ten (10) Business Day period, such Special Servicer may (after the expiration of such period) proceed to perform such Material
Actions as are in accordance with such request for consultation.

 

(h)          The
applicable Special Servicer shall consider any written alternative courses of action and any other feedback suggested or provided
by the Trust Advisor and, during any Collective Consultation Period (other than with respect to any Excluded Loan), the Subordinate
Class Representative. The applicable Special Servicer shall revise the Asset Status Reports as it deems necessary to take into
account such input and/or comments, to the extent the applicable Special Servicer determines that the Trust Advisor’s and/or
(other than with respect to any Excluded Loan) Subordinate Class Representative’s input and/or recommendations are consistent
with the Servicing Standard and in the best interest of the Certificateholders, taking into account the interests of all of the
Certificateholders (including any Certificateholders of the Control-Eligible Classes) (and any related Serviced Pari Passu Companion
Loan Holder, as applicable), as a collective whole.

 

(i)          The
applicable Special Servicer shall not be required to take or to refrain from taking any action because of an objection or comment
by the Trust Advisor or a recommendation of the Trust Advisor that would require or cause the applicable Special Servicer to violate
applicable law, the terms of any Mortgage Loan, any Serviced Loan Combination or any other provision of this Agreement, including
the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard and the REMIC Provisions or
result in an Adverse REMIC Event for any REMIC Pool or an Adverse Grantor Trust Event for the Grantor Trust Pool. For the avoidance
of doubt, the applicable Special Servicer shall not be required to take or refrain from taking any action because of an objection
or comment by the Trust Advisor or a recommendation of the Trust Advisor in any event. Furthermore, notwithstanding Section
3.28(f) and 3.28(g), if the applicable Special Servicer determines that emergency action is necessary to protect the
related Mortgaged Property or the interests of the Certificateholders, or if a failure to take any such action at such time would
be inconsistent with the Servicing Standard, the applicable Special Servicer may take actions with respect to the related Mortgaged
Property before the expiration of the ten (10) Business Day period (or, with respect to a Serviced Loan Combination, such longer
period of time as may be set forth in the related Intercreditor Agreement) referenced above if the applicable Special Servicer
reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration of such
period would materially and adversely affect the interest of the Certificateholders and the

 

    	-294-

    	 

    

 

applicable
Special Servicer has made commercially reasonable efforts to promptly inform the Trust Advisor of its decision to take emergency
action. The foregoing shall not relieve the applicable Special Servicer of its duties to comply with the Servicing Standard.

 

(j)          The
Trust Advisor, the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates shall keep, and the Trust Advisor
shall cause the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates to keep, all Privileged Information
confidential and shall not disclose such information to any other Person (including any Certificateholders which are not then included
in the Control-Eligible Certificates), other than to the extent expressly set forth herein.

 

(k)          As
compensation for its activities hereunder, the Trust Advisor shall be entitled to receive monthly the Trust Advisor Ongoing Fee
on each Distribution Date with respect to each Serviced Mortgage Loan and any related successor REO Mortgage Loan prior to the
Trust Advisor’s termination in accordance with Section 3.28(p). As to each such Serviced Mortgage Loan and related
successor REO Mortgage Loan, the Trust Advisor Ongoing Fee shall accrue from time to time at the Trust Advisor Ongoing Fee Rate
and shall be computed on the basis of the Stated Principal Balance of such Serviced Mortgage Loan or successor REO Mortgage Loan
and in the same manner as interest is calculated thereon and for the same period respecting which any related interest payment
due or deemed thereon is computed. The Trust Advisor shall be entitled to reimbursement of any Trust Advisor Expenses provided
for pursuant to Sections 6.03(a), 6.03(b) and/or 6.05 hereof, such amounts to be reimbursed from amounts on deposit
in the Collection Account as provided by Section 3.05(a)(I)(xiv), but in the case of any Trust Advisor Expenses other than
Designated Trust Advisor Expenses, reimbursements during any Collection Period shall not exceed the limit set forth for the related
Distribution Date in Section 4.05(b) hereof. The Trust Advisor hereby acknowledges and agrees that in no event will any
Trust Advisor Expenses be payable from, and the Trust Advisor hereby waives any and all claims to, amounts distributable in respect
of, the Control-Eligible Certificates; provided that Designated Trust Advisor Expenses shall be reimbursable without limitation
from the Collection Account as described in Section 3.05(a)(I)(xiv). Each successor Trust Advisor shall be required to acknowledge
and agree to the terms of the preceding sentence.

 

(l)          As
additional compensation for its activities hereunder, the Trust Advisor shall be entitled to receive the Trust Advisor Consulting
Fee. The Trust Advisor Consulting Fee shall be payable, subject to the limitations set forth below, in an amount equal to ten thousand
dollars ($10,000) in connection with each Material Action for which the Trust Advisor engages in consultation under Section
3.24 and this Section 3.28; provided that (i) no such fee shall be paid except to the extent such fee is actually
paid by the applicable Borrower (and in no event shall such fee be paid from the Trust Fund); (ii) the Trust Advisor shall be entitled
to waive all or any portion of such fee in its sole discretion; and (iii) the applicable Master Servicer or the applicable Special
Servicer, as applicable, shall be authorized to waive the related Borrower’s payment of such fee in whole or in part if the
applicable Master Servicer or the applicable Special Servicer, as applicable, (A) determines that such waiver accords with the
Servicing Standard and (B) consults with the Trust Advisor prior to effecting such waiver. In connection with each Material Action
for which the Trust Advisor has consultation rights under Section 3.24 or this Section 3.28, the applicable Master
Servicer or the applicable Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing
Standard to

 

    	-295-

    	 

    

 

collect
the applicable Trust Advisor Consulting Fee from the related Borrower, in each case, only to the extent that such collection is
not prohibited by the related Mortgage Loan Documents. In no event shall the applicable Master Servicer or the applicable Special
Servicer, as applicable, take any enforcement action in connection with the collection of such Trust Advisor Consulting Fee, except
that this statement shall not be construed to prohibit requests for payment of such Trust Advisor Consulting Fee.

 

(m)          The
Trust Advisor may be removed upon (i) the written direction of holders of Certificates entitled to not less than 25% of the aggregate
Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts in respect of the Mortgage Loans to notionally
reduce the Class Principal Balances of the Principal Balance Certificates to which such Appraisal Reduction Amounts are allocable)
of all Certificates on an aggregate basis requesting a vote to replace the Trust Advisor with a replacement Trust Advisor selected
by such Certificateholders (provided that the proposed replacement Trust Advisor meets the criteria set forth in Section
3.28(o)), (ii) such requesting Holders making payment to the Certificate Administrator of all reasonable fees and expenses
to be incurred by the Certificate Administrator in connection with administering such vote, (iii) such requesting Holders delivering
to the Certificate Administrator and the Trustee a Rating Agency Confirmation from each Rating Agency regarding the appointment
of the replacement Trust Advisor (which confirmations will be obtained at the expense of such requesting Holders and will not constitute
an Additional Trust Fund Expense) and (iv) such requesting Holders delivering to the Certificate Administrator an analogous “rating
agency confirmation” from each Pari Passu Companion Loan Rating Agency regarding the appointment of the replacement Trust
Advisor (which confirmations will be obtained at the expense of such requesting Holders and will not constitute an Additional Trust
Fund Expense). The Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by
posting such notice on the Certificate Administrator’s Website in accordance with Section 8.12(b), and by mail, and
conduct the solicitation of votes of all Certificates in such regard. Upon the vote or written direction of Certificateholders
entitled to at least 75% of the aggregate Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts
in respect of the Mortgage Loans to notionally reduce the Class Principal Balances of the Principal Balance Certificates to which
such Appraisal Reduction Amounts are allocable) of all Certificates on an aggregate basis, the Certificate Administrator shall
notify the Trustee, and the Trustee shall immediately replace the Trust Advisor with the replacement Trust Advisor. If a proposed
termination and replacement of the Trust Advisor as described above is not consummated within 180 days following the initial request
of the Certificateholders who requested a vote, then the proposed termination and replacement shall have no further force or effect.
In addition, during any Subordinate Control Period, the identity of any replacement Trust Advisor proposed pursuant to this Section
3.28(m) shall be subject to the consent of the Subordinate Class Representative (such consent not to be unreasonably withheld),
provided that such consent will be deemed to have been granted if no objection is made within ten (10) Business Days following
the Subordinate Class Representative’s receipt of the request for consent, and, if granted, such consent may not thereafter
be revoked or withdrawn.

 

(n)          If
(i) the Trust Advisor fails to duly observe or perform in any material respect any of its duties, covenants or obligations under
this Agreement, which failure continues unremedied for a period of thirty (30) days after written notice has been given to the
Trust Advisor, (ii) an Insolvency Event occurs with respect to the Trust Advisor, or (iii) the Trust

 

    	-296-

    	 

    

 

Advisor
acknowledges in writing its inability to perform its duties hereunder, then either the Depositor or the Trustee may, and upon
the written direction of Certificateholders representing at least 51% of the Voting Rights (taking into account the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Principal Balance of the Classes of Certificates), the
Trustee shall, terminate the Trust Advisor for cause. Upon the termination of the Trust Advisor, a replacement Trust Advisor satisfying
the conditions for such replacement in Section 3.28(o) below shall be selected by the Trustee. In addition, during any
Subordinate Control Period, the identity of the proposed replacement Trust Advisor shall be subject to the consent of the Subordinate
Class Representative (such consent not to be unreasonably withheld); provided that such consent will be deemed to have
been granted if no objection is made within ten (10) Business Days following the Subordinate Class Representative’s receipt
of the request for consent, and, if granted, such consent may not thereafter be revoked or withdrawn. The Trustee may rely on
a certification by the replacement Trust Advisor that it meets such criteria. If the Trustee is unable to find a replacement Trust
Advisor within thirty (30) days of the termination of the Trust Advisor, the Depositor shall be permitted to find a replacement.
Unless and until a replacement Trust Advisor is appointed, no party shall act as the Trust Advisor and the provisions relating
to consultation and consent with respect to the Trust Advisor shall not be applicable until a replacement Trust Advisor is appointed
hereunder.

 

(o)          Any
replacement Trust Advisor shall (or all of the personnel responsible for supervising the obligations of the Trust Advisor shall)
meet the following criteria: (i) be regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed
securities matters and have at least five (5) years of experience in collateral analysis and loss projections, and (ii) have at
least five (5) years of experience in commercial real estate asset management and experience in the workout and management of distressed
commercial real estate assets.

 

(p)          The
Trust Advisor shall be discharged from its duties hereunder when the Class Principal Balances of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-SB and Class D Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest have been reduced to zero.

 

(q)          The
Trust Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice
to the Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee and the Subordinate Class
Representative and the Majority Subordinate Certificateholder, (the latter two only if applicable), and (b) upon the appointment
of, and the acceptance of such appointment by, a successor Trust Advisor meeting the eligibility requirements set forth in Section
3.28(o) above and receipt by the Trustee and the Certificate Administrator of Rating Agency Confirmation from each Rating Agency.
During a Subordinate Control Period, the identity of the replacement Trust Advisor will be subject to the reasonable approval of
the Subordinate Class Representative only if the replacement Trust Advisor is a special servicer that (i) is rated or approved
by an NRSRO and (ii) has not acted as a trust advisor or operating advisor in connection with a rated commercial mortgage securitization
as of the Closing Date; provided that such approval will be deemed to have been granted if no objection is made within ten
(10) Business Days following the Subordinate Class Representative’s receipt of the request for such approval, and, if granted,
such approval may not thereafter be revoked or withdrawn. No such resignation by the Trust Advisor

 

    	-297-

    	 

    

 

shall
become effective until the replacement Trust Advisor shall have assumed the Trust Advisor’s responsibilities and obligations.
The resigning Trust Advisor shall pay all reasonable out-of-pocket costs and expenses of each party to this Agreement, the Trust
and each Rating Agency and Pari Passu Companion Loan Rating Agency in connection with the resignation of the Trust Advisor and
the transfer of its duties (including, but not limited to, reasonable out-of-pocket costs and expenses associated with higher
market fees of a successor, transferring related information, records and reports to the successor).

 

(r)          If
the Trust Advisor resigns, is discharged or is otherwise terminated for any reason it shall remain entitled to any accrued and
unpaid fees, Trust Advisor Expenses, indemnification amounts, and rights to indemnification which shall be payable in accordance
with the priorities and subject to the limitations set forth herein including, without limitation, Section 4.05 hereof.

 

(s)          Notwithstanding
any other provisions of this Agreement to the contrary, the parties hereto agree, and the Certificateholders by their acceptance
of their Certificates shall be deemed to have agreed, that (i) there could be multiple strategies to resolve any Specially Serviced
Mortgage Loan and that the goal of the Trust Advisor’s participation is to provide monitoring (subject to, and in accordance
with, the provisions of this Agreement) relating to the applicable Special Servicer’s compliance with the Servicing Standard
in making its determinations as to which strategy to execute, (ii) the Trust Advisor shall have no liability to any Certificateholder
or any Serviced Pari Passu Companion Loan Holders for any actions taken or for refraining from taking any actions under this Agreement,
(iii) the agreements of the Trust Advisor set forth in the other provisions of this Agreement shall be construed solely as agreements
to perform analytical and reporting services, (iv) the Trust Advisor shall have no authority or duty to make a determination on
behalf of the Trust Fund, nor have any responsibility for decisions made by or on behalf of the Trust Fund, (v) insofar as the
words “consult”, “recommend” or words of similar import are used in this Agreement in respect of the Trust
Advisor and any servicing action or inaction, such words shall be construed to mean the performance of analysis and reporting services,
which the applicable Special Servicer may determine not to accept, (vi) the absence of a response by the Trust Advisor to an Asset
Status Report or other matter in which this Agreement contemplates consultation with the Trust Advisor shall not be construed as
an approval, endorsement, acquiescence or recommendation for or against any proposed action (but, in the event of such absence
of a response, the applicable Special Servicer (x) shall be deemed to have complied with the relevant provision that otherwise
required consultation with the Trust Advisor and (y) shall be entitled to proceed as if consultation with the Trust Advisor had
not initially been required in connection with such Asset Status Report or other matter), (vii) any provision hereof that otherwise
purports, or that may be construed, to impose on the Trust Advisor a duty to consider the Servicing Standard or the interests of
the Certificateholders shall be construed as a requirement to use the Servicing Standard or such interests as the basis of measurement
in its analysis and reporting and the basis of measurement in its evaluation of the performance of the applicable Special Servicer
and its determination of whether an action, recommendation or report by the applicable Special Servicer is in compliance with this
Agreement, and not to impose on the Trust Advisor a duty to itself comply with the Servicing Standard or itself act in the interests
of the Certificateholders, and, if applicable, the Serviced Pari Passu Companion Loan Holder(s), and such basis of measurement
shall be construed to refer to no particular class of Certificates or particular Certificateholders,

 

    	-298-

    	 

    

 

(viii)
no other party to this Agreement, and no Subordinate Class Representative, shall have any duty to monitor or supervise the performance
by the Trust Advisor of its services under this Agreement; (ix) in no event shall the Trust Advisor be liable for any failure
or delay in the performance of its obligations hereunder due to force majeure or acts of God; provided that such
failure or delay is not also a result of its own negligence, bad faith or willful misconduct; and (x) the Trust Advisor is not
an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended. For the avoidance of
doubt, the Trust Advisor shall not owe any fiduciary duty to any Person in connection with this Agreement.

 

(t)          The
Trust Advisor shall not make any principal investment in any Certificate or interest therein; provided that such prohibition
shall not be construed to have been violated (i) in connection with riskless principal transactions effected by a broker-dealer
Affiliate of the Trust Advisor or (ii) pursuant to investments by an Affiliate of the Trust Advisor if the Trust Advisor and such
Affiliate maintain policies and procedures designed to segregate personnel involved in the activities of the Trust Advisor under
this Agreement from personnel involved in such Affiliate’s investment activities and to prevent such Affiliate and its personnel
from gaining access to information regarding the Trust Fund and the Trust Advisor and its personnel from gaining access to such
Affiliate’s information regarding its investment activities.

 

(u)          The
Trust Advisor shall not, and shall cause its Affiliates not to, enter into any transaction as a result of which (i) the applicable
Special Servicer or any Affiliate thereof would be obligated, whether by agreement or otherwise, and whether or not subject to
any condition or contingency, to pay any fee to, or otherwise compensate or grant monetary or other consideration to, the Trust
Advisor or any Affiliate thereof (other than compensation to which the Trust Advisor is entitled hereunder) (x) in connection with
the Trust Advisor’s obligations under this Agreement or (y) in consideration of the appointment or continuation of such Person
as a Special Servicer, (ii) the applicable Special Servicer would be entitled to receive any compensation from the Trust Advisor
in connection with its activities under this Agreement or (iii) the applicable Special Servicer would be entitled to receive from
the Trust Advisor or any Affiliate thereof any fee in connection with the appointment or continuation of such Person as a Special
Servicer unless, in the case of each of the foregoing clauses (i) through (iii), such transaction has been expressly
approved by the Holders of Certificates representing 100% of the Voting Rights.

 

(v)          Notwithstanding
anything herein to the contrary, the Trust Advisor shall have no duty with respect to any Non-Trust-Serviced Pooled Mortgage Loan,
or the assessment of the actions of any Special Servicer under this Agreement or any applicable Other Pooling and Servicing Agreement
or Non-Trust Pooling and Servicing Agreement taken with respect to any such mortgage loan.

 

Section
3.29     Delivery of Excluded Information to the Certificate Administrator. Any Excluded
Information that the applicable Master Servicer, applicable Special Servicer or Trust Advisor identifies and delivers to the
Certificate Administrator shall be delivered to the Certificate Administrator via e-mail (or such other electronic means
mutually acceptable to the parties) in one or more separate files labeled “Excluded Loan” 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 to this Section shall not be separately

 

    	-299-

    	 

    

 

posted
as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered
to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under
the “Excluded Information” section, as provided under Section 8.12(b). When so posted, Excluded Holders shall
not be entitled to receive access to such information.

 

Section
3.30    General Acknowledgement Regarding Non-Serviced Companion Loan Holders. Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) each Non-Serviced Companion Loan Holder may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) each Non-Serviced
Companion Loan Holder may act solely in its own interests; (iii) each Non-Serviced Companion Loan Holder does not have any duties
to the Holders of any Class of Certificates; and (iv) each Non-Serviced Companion Loan Holder shall not have any liability whatsoever
for having so acted in its own interests, and no Certificateholder may take any action whatsoever against any Non-Serviced Companion
Loan Holder or any director, officer, employee, agent or principal thereof for such Non-Serviced Companion Loan Holder’s
having so acted in its own interests.

 

Section
3.31     Matters Regarding the Non-Trust-Serviced Pooled Mortgage Loans. (a) In the event that
any Non-Trust Trustee, the Non-Trust Master Servicer or the Non-Trust Special Servicer shall be replaced in accordance with the
terms of the related Non-Trust Pooling and Servicing Agreement, the applicable Master Servicer and the applicable Special Servicer
shall acknowledge any such successor as the successor to such Non-Trust Trustee, the Non-Trust Master Servicer or the Non-Trust
Special Servicer, as the case may be, and shall, upon receiving notice of the same, notify the Trustee regarding such replacement.

 

(b)          If
any of the Trustee, the Certificate Administrator or the applicable Master Servicer receive notice from a Rating Agency that the
applicable Master Servicer is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates,
then the Trustee, the Certificate Administrator or the applicable Master Servicer, as applicable, shall promptly notify the related
Non-Trust Master Servicer of the same.

 

Section
3.32     Litigation Control. (a) The applicable Special Servicer shall, with respect to litigation
involving Specially Serviced Mortgage Loans that it is servicing, and the applicable Master Servicer shall, with respect to litigation
involving non-Specially Serviced Mortgage Loans that it is servicing, and, in either case, if such Special Servicer or such Master
Servicer, as applicable, contemplates availing itself of indemnification as provided for under Section 6.03 of this Agreement,
such servicer shall, for the benefit of the Certificateholders, direct, manage, prosecute, defend and/or settle any and all claims
and litigation relating to (i) the enforcement of the obligations of a Borrower under the related Mortgage Loan Documents and
(ii) any action brought against the Trust or any party to this Agreement with respect to the servicing of any such Mortgage Loan
(the foregoing rights and obligations, “Litigation Control”). Such
Litigation Control shall be carried out in accordance with the terms of this Agreement, including, without limitation, the Servicing
Standard. Upon becoming aware of or being named in any claim or litigation that falls within the scope of Litigation Control and
is of a material nature (a “Material Litigation Control Matter”),
the applicable Special Servicer or Master Servicer shall promptly notify the Subordinate Class Representative (during a

 

    	-300-

    	 

    

 

Subordinate
Control Period or Collective Consultation Period and other than with respect to any Excluded Loan) and the Trust Advisor (during
any Collective Consultation Period and any Senior Consultation Period) of such claim or litigation.

 

(b)          In
connection with any Material Litigation Control Matter, the applicable Special Servicer or the applicable Master Servicer, as applicable,
shall submit any decision to commence any proceeding or similar action in a Material Litigation Control Matter or any decision
to agree to or propose any terms of settlement in a Material Litigation Control Matter to the Subordinate Class Representative
(during a Subordinate Control Period and other than with respect to any Excluded Loan) for its approval or consent (or its deemed
approval or deemed consent as provided below) and provide notice of any such decision to the related Serviced Pari Passu Companion
Loan Holder if such matter affects the related Serviced Pari Passu Companion Loan. Subject to Section 3.32(e), if and as
applicable, the applicable Special Servicer or applicable Master Servicer, as applicable, shall not take any action implementing
any such decision described in the preceding sentence unless and until it has notified in writing (other than with respect to any
Excluded Loan) the Subordinate Class Representative (during a Subordinate Control Period or Collective Consultation Period) and
the Subordinate Class Representative (during a Subordinate Control Period) has not objected in writing within five (5) Business
Days of receipt of such notice and receipt of all information that the Subordinate Class Representative has reasonably requested
with respect thereto promptly following its receipt of such notice. If such written objection has not been received by the applicable
Special Servicer or applicable Master Servicer, as applicable, within such 5-Business Day period, then the Subordinate Class Representative
shall be deemed to have approved the taking of such action; provided that, if the applicable Special Servicer or applicable
Master Servicer, as applicable, determines (consistent with the Servicing Standard) that immediate action is necessary to protect
the interests of the Certificateholders and, with respect to a Serviced Loan Combination, the related Companion Loan Holders, the
applicable Special Servicer or applicable Master Servicer, as applicable, may take such action without waiting for the Subordinate
Class Representative’s response; provided that the applicable Special Servicer or applicable Master Servicer, as applicable,
has confirmation that the Subordinate Class Representative has received notice of such action in writing. Nothing in this Section
3.32 shall be construed to alter, modify, limit or expand the Trust Advisor’s duties, rights and obligations in this
Agreement, including, without limitation, in Sections 3.24, 3.28, 6.03 and 6.05, and the Trust Advisor shall not
be required to review the actions of a Special Servicer with respect to such Special Servicer’s Litigation Control unless
such review is otherwise related to the performance of the Trust Advisor’s duties, rights and obligations in respect of a
Final Asset Status Report and/or Asset Status Report.

 

(c)          Notwithstanding
anything contained herein to the contrary, and subject to agreement between the applicable Special Servicer and the Subordinate
Class Representative as to scope of services and compensation to be paid to such Special Servicer by the Majority Subordinate Certificateholder,
with respect to any Material Litigation Control Matter otherwise required to be exercised hereunder by the applicable Master Servicer
relating to a Mortgage Loan or Loan Combination (in each case, other than with respect to any Excluded Loan) that has either (i)
been satisfied or paid in full, or (ii) as to which a Final Recovery Determination has been made, but subject to Section 3.32(d),
after receiving the required notice from the applicable Master Servicer set forth above that such applicable Master Servicer became
aware of or was named in any such claims or litigation, the Subordinate Class Representative (during a

 

    	-301-

    	 

    

 

Subordinate
Control Period) may direct the applicable Master Servicer and the applicable Special Servicer in writing that such Litigation
Control nevertheless be exercised by the applicable Special Servicer; provided, however, that the applicable Special
Servicer (with the consent of the Subordinate Class Representative (during a Subordinate Control Period)) has determined and advised
the applicable Master Servicer (and the applicable Master Servicer has reasonably concurred) that its actions with respect to
such obligations are indemnifiable under Section 6.03 hereof, and accordingly, any loss, liability or expense (including
legal fees and expenses incurred up until such date of transfer of Litigation Control to the applicable Special Servicer) arising
from the related legal action or claim underlying such Litigation Control and not otherwise paid to the applicable Master Servicer
pursuant to Section 6.03 of this Agreement shall be payable by the Trust Fund; provided, further, that so
long as the Trust Fund and any applicable Other Trustee are fully indemnified and/or made whole with respect to the related legal
action or claim underlying such Litigation Control from recoveries with respect to such legal action or claim, the Majority Subordinate
Certificateholder shall be reimbursed up to the amount of compensation paid to the applicable Special Servicer for assuming and
handling such Litigation Control but only to the extent that such recoveries exceed the amount necessary to fully indemnify and
make the Trust Fund whole.

 

(d)          Notwithstanding
the foregoing, (i) if any action, suit, litigation or proceeding names the Trustee, the Trust Advisor, the Certificate Administrator,
a Master Servicer (if such party does not have Litigation Control) or a Special Servicer (if such party does not have Litigation
Control) in their individual capacity, or if any judgment is rendered against the Trustee, the Trust Advisor, the Certificate Administrator,
a Master Servicer (if such party does not have Litigation Control) or a Special Servicer (if such party does not have Litigation
Control) in their individual capacity, the Trustee, the Trust Advisor, the Certificate Administrator, a Master Servicer (if such
party does not have Litigation Control) or a Special Servicer (if such party does not have Litigation Control), as the case may
be, upon prior written notice to the applicable Master Servicer or the applicable Special Servicer, as applicable (i.e., whichever
has Litigation Control), may retain counsel and appear in any such proceeding on its own behalf in order to protect and represent
its interests (but not to direct, manage or prosecute such litigation or claim); (ii) in any action, suit, litigation or proceeding,
other than an action, suit, litigation or proceeding relating to the enforcement of the obligations of a Borrower under the related
loan documents or otherwise relating to the servicing of a Mortgage Loan, Loan Combination or Mortgaged Property, neither the applicable
Master Servicer nor the applicable Special Servicer, as applicable, shall, without the prior written consent of the Trustee or
the Certificate Administrator, as applicable, (A) initiate any action, suit, litigation or proceeding in the name of the Trustee
or the Certificate Administrator, whether in such capacity or individually, (B) engage counsel to represent the Trustee or the
Certificate Administrator, or (C) prepare, execute or deliver any government filings, forms, permits, registrations or other documents
or take any other similar action with the intent to cause, and that actually causes, the Trustee or the Certificate Administrator
to be registered to do business in any state (provided that no Master Servicer or Special Servicer shall be responsible
for any delay due to the unwillingness of the Certificate Administrator or the Trustee, as applicable, to grant such consent);
and (iii) if any court finds that the Trustee, the Trust Advisor, the Certificate Administrator, a Master Servicer (if such party
does not have Litigation Control) or a Special Servicer (if such party does not have Litigation Control) is a necessary party in
respect of any action, suit, litigation or proceeding relating to or arising from this Agreement or any Mortgage

 

    	-302-

    	 

    

 

Loan
or Loan Combination, the Trustee, the Trust Advisor, the Certificate Administrator, such Master Servicer or such Special Servicer
shall each have the right to retain counsel and appear in any such proceeding on its own behalf in order to protect and represent
its interest (but not to otherwise direct, manage or prosecute such litigation or claim). Subject to the rights of the Subordinate
Class Representative under this Section 3.32, nothing in this paragraph shall be interpreted to preclude either the applicable
Master Servicer or the applicable Special Servicer, as applicable, from initiating any Litigation Control-related action, suit,
litigation or proceeding in its name as a representative of the Trust Fund.

 

(e)          Notwithstanding
anything herein to the contrary, no advice, direction, objection of, or consent given or withheld by the Subordinate Class Representative
shall (i) require or cause the applicable Special Servicer or the applicable Master Servicer to violate any provision of any Mortgage
Loan Documents, any related Intercreditor Agreement, any related intercreditor, co-lender or similar agreement, applicable law,
this Agreement or the REMIC Provisions, including without limitation, the applicable Master Servicer’s or the applicable
Special Servicer’s obligation to act in accordance with the Servicing Standard and the related Mortgage Loan Documents, and
to maintain the REMIC status of any Trust REMIC, (ii) result in the imposition of a tax on any Trust REMIC under the REMIC Provisions
or cause any REMIC Pool to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart
E, part I of subchapter J of the Code for federal income tax purposes, (iii) expose any Master Servicer, any Special Servicer,
the Certificate Administrator, the Depositor, the Trust Advisor, the Trust Fund or the Trustee or any of their respective Affiliates,
officers, directors, shareholders, partners, members, managers, employees or agents to any claim, suit, or liability for which
this Agreement does not provide indemnification to such party or expose any such party to prosecution for a criminal offense, or
(iv) materially expand the scope of any Special Servicer’s, any Master Servicer’s, the Certificate Administrator’s,
the Trustee’s or the Trust Advisor’s responsibilities under this Agreement; and neither the applicable Special Servicer
nor the applicable Master Servicer shall follow any such advice, direction or objection if given by the Subordinate Class Representative,
or initiate any such actions, that would have the effect described in clauses (i) – (iv) of this sentence.

 

ARTICLE
IV

PAYMENTS TO CERTIFICATEHOLDERS

 

Section
4.01     Distributions. (a) On each Distribution Date, the Certificate Administrator shall apply
amounts on deposit in the Distribution Account for the following purposes and in the following order of priority, in each case
to the extent of the remaining portion of the Available Distribution Amount for such Distribution Date:

 

(1)          to
make distributions of interest to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class X-B,
Class X-E, Class X-FG and Class X-H Certificates, up to an amount equal to, and pro rata as among such Holders of such Classes
in accordance with, the Interest Distribution Amounts in respect of each such Class for such Distribution Date;

 

    	-303-

    	 

    

 

(2)          to
make distributions of principal to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, in
the following amounts and order of priority (the aggregate amount of such distribution not to exceed the Principal Distribution
Amount for such Distribution Date):

 

(A)          first,
to the Holders of the Class A-SB Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such
Distribution Date, and (2) the excess of (a) the Class Principal Balance of the Class A-SB Certificates immediately prior to such
Distribution Date over (b) the Class A-SB Planned Principal Balance for such Distribution Date;

 

(B)          second,
to the Holders of the Class A-1 Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such Distribution
Date, reduced by any portion of such amount that is allocable to the Class A-SB Certificates as described in the immediately preceding
clause (A) and (2) the Class Principal Balance of the Class A-1 Certificates immediately prior to such Distribution Date;

 

(C)          third,
to the Holders of the Class A-2 Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such Distribution
Date, reduced by any portion of such amount that is allocable to the Class A-SB and Class A-1 Certificates as described in the
immediately preceding clauses (A) and (B) and (2) the Class Principal Balance of the Class A-2 Certificates immediately
prior to such Distribution Date;

 

(D)          fourth,
to the Holders of the Class A-3 Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such Distribution
Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1 and Class A-2 Certificates as described
in the immediately preceding clauses (A), (B) and (C) and (2) the Class Principal Balance of the Class A-3 Certificates
immediately prior to such Distribution Date;

 

(E)          fifth,
to the Holders of the Class A-4 Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such Distribution
Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1, Class A-2 and Class A-3 Certificates
as described in the immediately preceding clauses (A), (B), (C) and (D) and (2) the Class Principal Balance of the
Class A-4 Certificates immediately prior to such Distribution Date;

 

(F)          sixth,
to the Holders of the Class A-SB Certificates, an amount equal to the lesser of (1) the Principal Distribution Amount for such
Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates as described in the immediately preceding clauses (A), (B), (C), (D) and (E) and (2) the Class
Principal Balance of the Class A-SB Certificates following the distributions to the Class A-SB Certificates pursuant to clause
(A) above;

 

    	-304-

    	 

    

 

(3)          to
make distributions to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, up to an amount
equal to, pro rata as among such Holders of such Classes in accordance with, and in reimbursement of, all Realized Losses
and Additional Trust Fund Expenses, if any, previously allocated to each such Class pursuant to Section 4.04(a) and not
previously reimbursed;

 

(4)          to
make distributions of interest to the Holder of the Class A-S Regular Interest, up to an amount equal to the Interest Distribution
Amount in respect of the Class A-S Regular Interest for such Distribution Date, such distributions to be allocated between, and
distributed to the Holders of, the Class A-S Certificates and the Class PEX Certificates in respect of Class A-S-PEX Component
in accordance with the Class A-S Percentage Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such
Distribution Date, respectively;

 

(5)          after
the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates have been reduced to
zero, to make distributions of principal to the Holder of the Class A-S Regular Interest, up to an amount (not to exceed the Class
Principal Balance of the Class A-S Regular Interest outstanding immediately prior to such Distribution Date) equal to the entire
Principal Distribution Amount for such Distribution Date (net of any portion thereof distributed on such Distribution Date to the
Holders of any other Class of Principal Balance Certificates pursuant to any prior clause of this Section 4.01(a)) , such
distributions to be allocated between, and distributed to the Holders of, the Class A-S Certificates and the Class PEX Certificates
in respect of Class A-S-PEX Component, in accordance with the Class A-S Percentage Interest for such Distribution Date and the
Class A-S-PEX Percentage Interest for such Distribution Date, respectively;

 

(6)          to
make distributions to the Holder of the Class A-S Regular Interest, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class A-S Regular Interest pursuant to Section
4.04(a) and not previously reimbursed, such distributions to be allocated between, and distributed to the Holders of, the Class
A-S Certificates and the Class PEX Certificates in respect of the Class A-S-PEX Component, in accordance with the Class A-S Percentage
Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively;

 

(7)          to
make distributions of interest to the Holder of the Class B Regular Interest, up to an amount equal to the Interest Distribution
Amount in respect of the Class B Regular Interest for such Distribution Date, such distributions to be allocated between, and distributed
to the Holders of, the Class B Certificates and the Class PEX Certificates, in respect of the Class B-PEX Component, in accordance
with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date,
respectively;

 

(8)          after
the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-S Regular
Interest have been reduced to zero, to make distributions of principal to the Holders of the Class B Regular

 

    	-305-

    	 

    

 

Interest,
up to an amount (not to exceed the Class Principal Balance of the Class B Regular Interest outstanding immediately prior to such
Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net of any portion thereof distributed
on such Distribution Date to the Holders of any other Class of Principal Balance Certificates or the Class A-S Regular Interest
pursuant to any prior clause of this Section 4.01(a)), such distributions to be allocated between, and distributed to the
Holders of, the Class B Certificates and the Class PEX Certificates in respect of the Class PEX Certificates in respect of the
Class B-PEX Component, in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage
Interest for such Distribution Date, respectively;

 

(9)          to
make distributions to the Holder of the Class B Regular Interest, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class B Regular Interest pursuant to Section
4.04(a) and not previously reimbursed, such distributions to be allocated between, and distributed to the Holders of, the Class
B Certificates and the Class PEX Certificates in respect of the Class B-PEX Component, in accordance with the Class B Percentage
Interest for such Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively;

 

(10)        to
make distributions of interest to the Holder of the Class C Regular Interest, up to an amount equal to the Interest Distribution
Amount in respect of the Class C Regular Interest for such Distribution Date, such distributions to be allocated between, and distributed
to the Holders of, the Class C Certificates and the Class PEX Certificates in respect of the Class C-PEX Component, in accordance
with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date,
respectively;

 

(11)        after
the Class Principal Balance of the Class B Regular Interest has been reduced to zero, to make distributions of principal to the
Holder of the Class C Regular Interest, up to an amount (not to exceed the Class Principal Balance of the Class C Regular Interest
outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution
Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates
or the Class A-S Regular Interest or Class B Regular Interest pursuant to any prior clause of this Section 4.01(a)), such
distributions to be allocated between, and distributed to the Holders of, the Class C Certificates and the Class PEX Certificates
in respect of the Class C-PEX Component, in accordance with the Class C Percentage Interest for such Distribution Date and the
Class C-PEX Percentage Interest for such Distribution Date, respectively;

 

(12)        to
make distributions to the Holder of the Class C Regular Interest, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class C Regular Interest pursuant to Section
4.04(a) and not previously reimbursed, such distributions to be allocated between, and distributed to the Holders of, the Class
C Certificates and the Class PEX Certificates in respect of the Class C-PEX Component, in accordance with the Class C

 

    	-306-

    	 

    

 

Percentage
Interest for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively;

 

(13)        to
make distributions of interest to the Holders of the Class D Certificates, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(14)        after
the Class Principal Balance of the Class C Regular Interest has been reduced to zero, to make distributions of principal to the
Holders of the Class D Certificates, up to an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net
of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior clause of this Section
4.01(a));

 

(15)        to
make distributions to the Holders of the Class D Certificates, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant to Section 4.04(a)
and not previously reimbursed;

 

(16)        to
make distributions of interest to the Holders of the Class E Certificates, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(17)        after
the Class Principal Balance of the Class D Certificates has been reduced to zero, to make distributions of principal to the Holders
of the Class E Certificates, up to an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net
of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior clause of this Section
4.01(a));

 

(18)        to
make distributions to the Holders of the Class E Certificates, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant to Section 4.04(a)
and not previously reimbursed;

 

(19)        to
make distributions of interest to the Holders of the Class F Certificates, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(20)        after
the Class Principal Balance of the Class E Certificates has been reduced to zero, to make distributions of principal to the Holders
of the Class F Certificates, up to an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net
of any portion thereof

 

    	-307-

    	 

    

 

distributed
on such Distribution Date to the Holders of any other Class of Principal Balance Certificates or the Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest pursuant to any prior clause of this Section 4.01(a));

 

(21)        to
make distributions to the Holders of the Class F Certificates, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant to Section 4.04(a)
and not previously reimbursed;

 

(22)        to
make distributions of interest to the Holders of the Class G Certificates, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(23)        after
the Class Principal Balance of the Class F Certificates has been reduced to zero, to make distributions of principal to the Holders
of the Class G Certificates, up to an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net
of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior clause of this Section
4.01(a));

 

(24)        to
make distributions to the Holders of the Class G Certificates, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant to Section 4.04(a)
and not previously reimbursed;

 

(25)        to
make distributions of interest to the Holders of the Class H Certificates, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(26)        after
the Class Principal Balance of the Class G Certificates has been reduced to zero, to make distributions of principal to the Holders
of the Class H Certificates, up to an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net
of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior clause of this Section
4.01(a));

 

(27)        to
make distributions to the Holders of the Class H Certificates, up to an amount equal to, and in reimbursement of, all Realized
Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant to Section 4.04(a)
and not previously reimbursed;

 

(28)        to
make distributions first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates,
pro rata as among such Holders of such Classes, and then to the Class A-S Regular Interest (and, consequently, to
the

 

    	-308-

    	 

    

 

Holders
of the Class A-S and Class PEX Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PEX
Percentage Interest), Class B Regular Interest (and, consequently, to the Holders of the Class B and Class PEX Certificates, pro
rata, based on the Class B Percentage Interest and the Class B-PEX Percentage Interest) and Class C Regular Interest (and,
consequently, to the Holders of the Class C and Class PEX Certificates, pro rata, based on the Class C Percentage Interest
and the Class C-PEX Percentage Interest), in that order, and then to the Holders of the Class D, Class E, Class F, Class
G and Class H Certificates, in that order, for any amounts that may previously have been allocated to those Classes in reduction
of their Certificate Principal Balances and for which reimbursement has not previously been made; and

 

(29)        to
make distributions to the Holders of the Class R Certificates, up to an amount equal to the excess, if any, of (A) the Available
Distribution Amount for such Distribution Date, over (B) the aggregate distributions made in respect of the Classes of Regular
Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest on such Distribution Date
pursuant to the prior clauses of this Section 4.01(a).

 

Any distributions of
interest made with respect to the Interest Only Certificates on any Distribution Date pursuant to clause (1) above shall
be deemed to have been allocated among the respective REMIC III Components of each such Class of Certificates, and on a pro
rata basis in accordance with the respective amounts of Accrued Component Interest for such REMIC III Components for such Distribution
Date.

 

Notwithstanding any contrary
provision described above, if (I) as of the commencement of business on such Distribution Date, (i) any Class A-1, Class A-2, Class
A-3, Class A-4 or Class A-SB Certificate remains outstanding and (ii) the aggregate of the Class Principal Balances of the Class
A-S Regular Interest, Class B Regular Interest and Class C Regular Interest and the Class D, Class E, Class F, Class G and Class
H Certificates have previously been reduced to zero as a result of the allocation of Realized Losses and Additional Trust Fund
Expenses pursuant to Section 4.04(a), or (II) such Distribution Date is the Final Distribution Date, then, in each case,
the Certificate Administrator shall, in lieu of the distributions otherwise required under clause (2) above, make distributions
of principal to the Holders of the Classes of the Class A Certificates, up to an amount (not to exceed the aggregate of the Class
Principal Balances of such Classes of Certificates outstanding immediately prior to such Distribution Date) equal to, and pro
rata as among such Holders of such Classes in accordance with their Class Principal Balances outstanding immediately prior
to such Distribution Date, the entire Principal Distribution Amount for such Distribution Date.

 

Also notwithstanding
any contrary provision described above, if the Available Distribution Amount for any Distribution Date includes any recoveries
of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) from a source other than the proceeds of the Mortgage
Loans, the Certificate Administrator shall, prior to the distributions described above, distribute such recoveries to the Holders
of any Principal Balance Certificates that experienced write-offs in connection with Trust Advisor Expenses under Section 4.05.
Such distributions shall be made to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates (on
a pro rata basis based on the write-offs previously experienced by

 

    	-309-

    	 

    

 

such
Classes in respect of Trust Advisor Expenses (other than Designated Trust Advisor Expenses)), and then to the Holders of
the Class A-S Regular Interest, the Class B Regular Interest and the Class C Regular Interest, and then to the Holders
of the Class D Certificates, in that order, in each case up to the amount of such write-offs previously experienced by such Class
in respect of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) under such Section 4.05. Any amounts
in respect of recoveries of Trust Advisor Expenses distributed in respect of the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest for any Distribution Date shall be distributed (i) in the case of the Class A-S Regular Interest,
between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution
Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular
Interest, between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such
Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively, and (iii) in the case of the
Class C Regular Interest, between the Class C Certificates and Class C-PEX Component in accordance with the Class C Percentage
Interest for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

While the Class Principal
Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further distributions in
respect of interest or principal other than reimbursement of Realized Losses, Additional Trust Fund Expenses and other amounts
provided for in this Section 4.01.

 

(b)          [Reserved.]

 

(c)          Funds
on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance Charges
Received by the Trust with respect to any Mortgage Loan or REO Mortgage Loan during the related Collection Period, in each case
net of any Liquidation Fees payable therefrom, shall be distributable as follows: if any Yield Maintenance Charge or Prepayment
Premium is collected during any particular Collection Period with respect to any Mortgage Loan, then on the Distribution Date corresponding
to that Collection Period, the Certificate Administrator shall pay a portion of that Yield Maintenance Charge or Prepayment Premium
(net of Liquidation Fees payable therefrom) in the following manner: (1) to each of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-SB and Class D Certificates and Class A-S, Class B and Class C Regular Interests, the product of (a) such Yield Maintenance
Charge or Prepayment Premium, (b) the related Base Interest Fraction for such Class of Certificates or REMIC III Regular Interest,
as the case may be, and (c) a fraction, the numerator of which is equal to the amount of principal distributed to such Class of
Certificates or REMIC III Regular Interest for that Distribution Date, and the denominator of which is the total amount of principal
distributed to all Principal Balance Certificates (other than the Exchangeable Certificates) and REMIC III Regular Interests for
that Distribution Date, (2) to the Class X-A Certificates, the excess, if any, of (a) the product of (i) such Yield Maintenance
Charge or Prepayment Premium and (ii) a fraction, the numerator of which is equal to the amount of principal distributed to the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB Certificates and Class A-S Regular Interest for that Distribution Date,
and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates (other than the
Exchangeable Certificates) and REMIC III Regular Interests for that Distribution Date, over

 

    	-310-

    	 

    

 

(b)
the amount of such Yield Maintenance Charge or Prepayment Premium distributed to the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-SB Certificates and Class A-S Regular Interest as described above, and (3) to the Class X-B Certificates, any remaining
such Yield Maintenance Charge or Prepayment Premium not distributed pursuant to clause (1) or (2) of this Section 4.01(c).
No Prepayment Premiums or Yield Maintenance Charges will be distributed to the Holders of the Class X-E, Class X-FG, Class X-H,
Class E, Class F, Class G, Class H, Class R or Class V Certificates. Any funds distributed on any such Class of Certificates or
REMIC III Regular Interest in respect of any Prepayment Premium or Yield Maintenance Charge pursuant to this Section 4.01(c)
shall constitute an “Additional Yield Amount” for such Class.

 

Any distributions of
Yield Maintenance Charges and Prepayment Premiums in respect of the Class A-S Regular Interest, Class B Regular Interest or Class
C Regular Interest on any Distribution Date shall be distributed (i) in the case of the Class A-S Regular Interest, between the
Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution Date
and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular Interest,
between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution
Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively, and (iii) in the case of the Class C Regular
Interest, between the Class C Certificates and Class C-PEX Component in accordance with the Class C Percentage Interest for such
Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

For purposes of the first
paragraph of this Section 4.01(c), the relevant “Base Interest Fraction”
in connection with any Principal Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or
Prepayment Premium, and with respect to any Class of Principal Balance Certificates (other than the Exchangeable Certificates)
and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, shall be a fraction (A) the numerator
of which is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class or the Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest, as applicable, for the related Distribution Date, and (ii) the
applicable Discount Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage Loan
and (ii) the applicable Discount Rate; provided that: (a) under no circumstances will the Base Interest Fraction be greater
than 1.0; (b) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is greater
than or equal to the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction will equal
zero; and (c) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than
the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall be equal to 1.0. If
a Mortgage Loan provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination of the Base Interest
Fraction will be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment
Premium or Yield Maintenance Charge collected on any prepaid Mortgage Loan or REO Mortgage Loan and distributable on any Distribution
Date shall

 

    	-311-

    	 

    

 

be
a rate per annum equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield
Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Mortgage Loan, as the case may be, such discount
rate (as reported by the applicable Master Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount
rate was not used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of
the relevant Mortgage Loan or REO Mortgage Loan, as the case may be, the yield calculated by the linear interpolation of the yields
(as reported under the heading “U.S. Government Securities/Treasury Constant Maturities” in Federal Reserve Statistical
Release H.15 (519) published by the Federal Reserve Board for the week most recently ended before the date of the relevant prepayment
(or deemed prepayment) of U.S. Treasury constant maturities with a maturity date, one longer and one shorter, most nearly approximating
the related Stated Maturity Date (in the case of a Mortgage Loan or REO Mortgage Loan that is not related to an ARD Mortgage Loan)
or the related Anticipated Repayment Date (in the case of a Mortgage Loan or REO Mortgage Loan that is related to an ARD Mortgage
Loan), such interpolated yield converted to a monthly equivalent yield. If Federal Reserve Statistical Release H.15 (519) is no
longer published, the Certificate Administrator shall select a comparable publication as the source of the applicable yields of
U.S. Treasury constant maturities.

 

(d)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Distribution Account any amounts then on deposit
in the Class V Sub-Account of the Distribution Account that represent Post-ARD Additional Interest collected or deemed collected
in respect of the Mortgage Loans or REO Mortgage Loans related to ARD Mortgage Loans during the related Collection Period and shall
distribute such amounts to the Holders of the Class V Certificates.

 

(e)          All
distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among
the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise provided below,
all such distributions with respect to each Class of Certificates on each Distribution Date shall be made to the Certificateholders
of the respective Class of record at the close of business on the related Record Date and shall be made by wire transfer of immediately
available funds to the account of any such Certificateholder at a bank or other entity having appropriate facilities therefor,
if such Certificateholder shall have provided the Certificate Administrator with wiring instructions no less than five (5) Business
Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent
Distribution Dates), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.
The final distribution on each Certificate (determined, in the case of a Principal Balance Certificate, without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to such Certificate pursuant to
Section 4.04(a)) will be made in a like manner, but only upon presentation and surrender of such Certificate at the offices
of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution. Prior
to any termination of the Trust Fund pursuant to Section 9.01, any distribution that is to be made with respect to a Certificate
in reimbursement of a Realized Loss or Additional Trust Fund Expense previously allocated thereto, which reimbursement is to occur
after the date on which such Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed
to the

 

    	-312-

    	 

    

 

address
of the Certificateholder that surrendered such Certificate as such address last appeared in the Certificate Register or to any
other address of which the Certificate Administrator was subsequently notified in writing. If such check is returned to the Certificate
Administrator, then the Certificate Administrator, directly or through an agent, shall take such reasonable steps to contact the
related Holder and deliver such check as it shall deem appropriate. Any funds in respect of a check returned to the Certificate
Administrator shall be set aside by the Certificate Administrator and held uninvested in trust and credited to the account of
the appropriate Holder. The costs and expenses of locating the appropriate Holder and holding such funds shall be paid out of
such funds. No interest shall accrue or be payable to any former Holder on any amount held in trust hereunder. If the Certificate
Administrator has not, after having taken such reasonable steps, located the related Holder by the second anniversary of the initial
sending of a check, the Certificate Administrator shall, subject to applicable law, distribute the unclaimed funds to the Class
R Certificateholders.

 

(f)          Each
distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall
be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with
its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the related Certificate
Owners that it represents and to each indirect participating brokerage firm for which it acts as agent. Each indirect participating
brokerage firm shall be responsible for disbursing funds to the related Certificate Owners that it represents. None of the Trustee,
the Certificate Administrator, the Certificate Registrar, the Trust Advisor, the Depositor, the applicable Special Servicer or
the applicable Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law. The Certificate Administrator and the Depositor shall perform their respective obligations under the letters of representation
between the Issuer and the initial Depository dated as of the Closing Date and pertaining to the Book-Entry Certificates, a copy
of which Letters of Representations are attached hereto as Exhibit B.

 

(g)          The
rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund with respect to the Certificates,
and all rights and interests of the Certificateholders in and to such distributions, shall be as set forth in this Agreement. Neither
the Holders of any Class of Certificates nor any party hereto shall in any way be responsible or liable to the Holders of any other
Class of Certificates with respect to amounts properly previously distributed on the Certificates.

 

(h)          Except
as otherwise provided in Section 9.01, whenever the Certificate Administrator receives written notification of or expects
that the final distribution with respect to any Class of Certificates (determined, in the case of a Class of Principal Balance
Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to such Class of Certificates pursuant
to Section 4.04(a)) will be made on the next Distribution Date, the Certificate Administrator shall, no later than the second
Business Day prior to such Distribution Date, mail to each Holder of record of such Class of Certificates on such date (with a
copy to be posted to the Certificate Administrator’s Website in accordance with Section 8.12(b)) a notice to the effect
that:

 

    	-313-

    	 

    

 

(i)           the
Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made on such Distribution
Date but only upon presentation and surrender of such Certificates at the office of the Certificate Registrar or at such other
location therein specified, and

 

(ii)          no
interest shall accrue on such Certificates from and after the end of the Interest Accrual Period for such Distribution Date.

 

Any funds not distributed to any Holder
or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their
Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h)
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation in order to receive the final distribution with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, then the Certificate Administrator, directly or through an agent,
shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates
as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such non-tendering Certificateholders
following the first anniversary of the delivery of such second notice thereto shall be paid out of such funds. No interest shall
accrue or be payable to any former Holder on any amount held in trust pursuant to this paragraph. If all of the Certificates as
to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered for cancellation by the
second anniversary of the delivery of the second notice, the Certificate Administrator shall, subject to applicable law, distribute
to the Class R Certificateholders all unclaimed funds and other assets which remain subject thereto.

 

(i)           All
distributions made in respect of each Class of Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class
PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest on each Distribution
Date (including the Final Distribution Date) pursuant to Section 4.01(a) or Section 4.01(c) above shall be deemed
to have first been distributed from REMIC II to REMIC III with respect to the Corresponding REMIC II Regular Interest(s) for such
Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest;
and all distributions made with respect to each Class of Interest Only Certificates on each Distribution Date pursuant to Section
4.01(a) or Section 4.01(c) above, and allocable to any particular REMIC III Component of such Class of Interest Only
Certificates, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of the Corresponding REMIC II
Regular Interest for such REMIC III Component. In each case, if such distribution on any such Class of Certificates was a distribution
of accrued interest, of principal, of additional interest (in the form of one or more Additional Yield Amounts) or in reimbursement
of any Realized Losses and Additional Trust Fund Expenses previously allocated to a Class of Principal Balance Certificates or
the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, then the corresponding distribution deemed
to be made on a REMIC II Regular Interest pursuant to the preceding sentence (and, if applicable the next

 

    	-314-

    	 

    

 

paragraph)
shall be deemed to also be, respectively, a distribution of accrued interest, of principal, of additional interest (in the form
of one or more Additional Yield Amounts) or in reimbursement of any Realized Losses and Additional Trust Fund Expenses previously
allocated to REMIC III in respect of such REMIC II Regular Interest.

 

The actual distributions
made by the Certificate Administrator on each Distribution Date in respect of the Regular Certificates and the Class A-S Regular
Interest, Class B Regular Interest and Class C Regular Interest pursuant to Section 4.01(a) or Section 4.01(c) above,
as applicable, shall be deemed to have been so made from the amounts deemed distributed with respect to the REMIC II Regular Interests
on such Distribution Date pursuant to this Section 4.01(i). Notwithstanding the deemed distributions on the REMIC II Regular
Interests described in this Section 4.01(i), actual distributions of funds from the REMIC Sub-Account of the Distribution
Account shall be made only in accordance with Section 4.01(a) or Section 4.01(c) above, as applicable.

 

(j)           On
each Distribution Date, including the Final Distribution Date, the Available Distribution Amount for such date shall be deemed
to have first been distributed from REMIC I to REMIC II in respect of the REMIC I Regular Interests, in each case to the extent
of the remaining portions of such funds, for the following purposes and in the following order of priority:

 

(i)           as
deemed distributions of interest with respect to all the REMIC I Regular Interests, up to an amount equal to, and pro rata
in accordance with, all Uncertificated Distributable Interest with respect to each REMIC I Regular Interest for such Distribution
Date and, to the extent not previously deemed distributed, for all prior Distribution Dates;

 

(ii)          as
deemed distributions of principal with respect to all the REMIC I Regular Interests, up to an amount equal to, and pro rata
in accordance with, as to each such REMIC I Regular Interest, the portion of the Principal Distribution Amount for such Distribution
Date attributable to the related Mortgage Loan(s) or REO Mortgage Loan(s); and

 

(iii)         as
deemed distributions with respect to all the REMIC I Regular Interests, up to an amount equal to, pro rata in accordance
with, and in reimbursement of, any Realized Losses, Additional Trust Fund Expenses and Trust Advisor Expenses previously allocated
to each such REMIC I Regular Interest (with compounded interest).

 

The portion of each Prepayment
Premium and Yield Maintenance Charge that is distributed to any Class of Regular Certificates or the Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest on any Distribution Date shall, in each case, be deemed to have been distributed
from REMIC I to REMIC II in respect of the REMIC I Regular Interest(s) corresponding to the prepaid Mortgage Loan or REO Mortgage
Loan, as the case may be, in respect of which such Prepayment Premium or Yield Maintenance Charge was received or deemed received.

 

The actual distributions
made by the Certificate Administrator on each Distribution Date in respect of the Regular Certificates or the Class A-S Regular
Interest, Class B

 

    	-315-

    	 

    

 

Regular
Interest or Class C Regular Interest pursuant to Section 4.01(a) or Section 4.01(c) above, as applicable, shall
be deemed to have been so made from the amounts deemed distributed with respect to the REMIC I Regular Interests on such Distribution
Date pursuant to this Section 4.01(j). Notwithstanding the deemed distributions on the REMIC I Regular Interests described
in this Section 4.01(j), actual distributions of funds from the REMIC Sub-Account of the Distribution Account shall be
made only in accordance with Section 4.01(a) or Section 4.01(c) above, as applicable.

 

Section
4.02     Distribution Date Statements; Servicer Reporting.

 

(a)          Distribution
Date Statements and Information. (i) Based on information provided to the Certificate Administrator by the applicable Master
Servicer pursuant to Sections 3.12, 4.02(c) and 4.02(f), the Certificate Administrator shall prepare (or cause to
be prepared) and, on each Distribution Date, provide or make available electronically (or, upon request by a Privileged Person
who is a Certificateholder or Certificate Owner or by any Privileged Person who cannot receive a copy electronically, by first
class mail) to each Privileged Person a statement substantially in the form of, and containing the information set forth in, Exhibit
G-1 hereto and in any event containing the information set forth on Exhibit G-2 (the “Distribution
Date Statement”), detailing the distributions on such Distribution Date and the performance, both in the aggregate
and individually to the extent available, of the Mortgage Loans and the Mortgaged Properties; provided that the Certificate
Administrator need not deliver to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Underwriters,
the Rating Agencies or the Subordinate Class Representative any Distribution Date Statement that has been made available to such
Person via the Certificate Administrator’s Website as provided below; and provided, further, that the Certificate
Administrator has no affirmative obligation to discover the identities of Certificate Owners and need only react to Persons claiming
to be Certificate Owners in accordance with Section 5.06; and provided, further, that during any period that
reports are required to be filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Exchange Act, each
recipient of the Distribution Date Statement shall be deemed to have agreed to keep confidential the information therein until
such Distribution Date Statement is filed with the Commission. If and for so long as the Trust is subject to the reporting requirements
of the Exchange Act, no Distribution Date Statement that is part of any Exchange Act reports filed with the Commission shall include
references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

(ii)          On
each Distribution Date, the Certificate Administrator shall make available to the general public (including any Privileged Persons)
via the Certificate Administrator’s Website (x) the related Distribution Date Statement, (y) as a convenience to the general
public (and not in furtherance of the distribution thereof under the securities laws), the prospectus supplement, the prospectus,
and this Agreement, and (z) any Exchange Act reports filed with the Commission. In addition, if the Depositor so directs the Certificate
Administrator, and on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other
information and reports related to the Mortgage Loans available through the Certificate Administrator’s Website.

 

    	-316-

    	 

    

 

(iii)         The
applicable Master Servicer shall provide (in electronic media) to each Serviced Pari Passu Companion Loan Holder and, upon reasonable
request, to any Certificateholder identified to the applicable Master Servicer to the applicable Master Servicer’s reasonable
satisfaction (at the expense of such Certificateholder) copies of any appraisals, operating statements, rent rolls (or, with respect
to Co-op Mortgage Loans, maintenance schedules) and financial statements obtained by the applicable Master Servicer or delivered
by the applicable Special Servicer to the applicable Master Servicer and, with respect to any Serviced Pari Passu Companion Loan
Holder, any other information regarding the related Serviced Loan Combination provided by such Master Servicer or such Special
Servicer (if received by the applicable Master Servicer) to any other party hereunder, at the same time such information is provided
to any such party; provided that, in connection therewith, the applicable Master Servicer may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the applicable Master Servicer,
generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry Certificates or a Serviced
Pari Passu Companion Loan Holder or a regulator or a governmental body and will keep such information confidential and is not a
Borrower or an Affiliate of a Borrower.

 

The Certificate Administrator
shall have no obligation to provide the information or reports described in this Section 4.02(a) until it has received the
requisite information or reports from the applicable Master Servicer provided for herein, and the Certificate Administrator shall
not be in default hereunder due to a delay in providing such information and reports caused by the failure of the applicable Master
Servicer or the applicable Special Servicer to timely deliver any information or reports hereunder. None of the applicable Master
Servicer, the applicable Special Servicer or the Certificate Administrator shall be responsible for the accuracy or completeness
of any information supplied to it by a Borrower, each other or a third party, and accepted by it in good faith, that is included
in any reports, statements, materials or information prepared or provided by the applicable Master Servicer, the applicable Special
Servicer or the Certificate Administrator, as applicable. None of the Certificate Administrator, the applicable Master Servicer
or the applicable Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided
by a Borrower, a third party or each other.

 

During any period that
reports are required to be filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Exchange Act, each
recipient of information regarding the Trust on the Certificate Administrator’s Website will be deemed to have agreed to
keep confidential such information until such reports are filed with the Commission, and to the extent such information is presented
on the Certificate Administrator’s Website, such website will bear a legend to the following effect: “No recipient
shall use or disclose the information contained in this statement/report/file in any manner which could result in a violation of
any provision of the Securities Act of 1933 or the Securities Exchange Act of 1934 or would require registration of any Non-Registered
Certificates pursuant to Section 5 of the Securities Act of 1933.”

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of any report, document or other information made available
on the

 

    	-317-

    	 

    

 

Certificate
Administrator’s Website and assumes no responsibility therefor. In addition, the Certificate Administrator may disclaim
responsibility for any information distributed by the Certificate Administrator for which it is not the original source.

 

In connection with providing
access to the Certificate Administrator’s Website, the Certificate Administrator may require registration and the acceptance
of a disclaimer (provided that such website provides thereon electronic means of fulfilling such registration and acceptance
for purposes of obtaining access to the Certificate Administrator’s Website). 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 or such other number as the
Certificate Administrator may hereinafter specify.

 

The Certificate Administrator
shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties
for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

 

Notwithstanding the foregoing,
unless specifically provided for herein, in no event shall any provision of this Agreement be construed to require the applicable
Master Servicer, the applicable Special Servicer or the Certificate Administrator to produce any ad hoc or non-standard written
reports (in addition to the CREFC® reports, inspection reports and other specific periodic reports otherwise required). If
the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator elects to provide any ad hoc or
non-standard reports, it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation
thereof.

 

(b)          Certain
Tax-Related Reporting to Certificateholders by the Certificate Administrator. Within a reasonable period of time after the
end of each calendar year, the Certificate Administrator shall prepare, or cause to be prepared, and mail to each Person who at
any time during the calendar year was a Certificateholder (i) a statement containing the aggregate information set forth in items
3, 4 and 14 of Exhibit G-2 hereto for such calendar year or applicable portion thereof during which such person was a Certificateholder
and (ii) such other customary information as the Certificate Administrator deems necessary or desirable for Certificateholders
to prepare their federal, state and local income tax returns, including the amount of original issue discount accrued on the Certificates,
if applicable. The obligations of the Certificate Administrator in the immediately preceding sentence shall be deemed to have been
satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to
any requirements of the Code. As soon as practicable following the request of any Certificateholder in writing, the Certificate
Administrator shall furnish to such Certificateholder such information regarding the Mortgage Loans and the Mortgaged Properties
as such Certificateholder may reasonably request and, as has been furnished to, or may otherwise be in the possession of, the Certificate
Administrator. Each of the applicable Master Servicer and the applicable Special Servicer shall promptly provide to the Depositor
and the Certificate Administrator such information regarding, in the case of the applicable Master Servicer, the Mortgage Loans
and the Mortgaged Properties and, in the case of

 

    	-318-

    	 

    

 

the
applicable Special Servicer, the Specially Serviced Mortgage Loans and the Administered REO Properties, as the case may be, in
any event as such party may reasonably request and that has been furnished to, or may otherwise be in the possession of, the applicable
Master Servicer or the applicable Special Servicer, as the case may be.

 

(c)          CREFC®
Loan Periodic Update Files. Not later than 2:00 p.m. (New York City time) on the second Business Day following each Determination
Date (which is also the second Business Day preceding the related Distribution Date), each Master Servicer shall deliver to the
Certificate Administrator the CREFC® Loan Periodic Update File, combining information with respect to the Mortgage Loans for
which it acts as Master Servicer, reflecting information as of the close of business on such Determination Date. The CREFC®
Loan Periodic Update File delivered by the Master Servicers as described above shall be in an electronic format that is mutually
acceptable to the applicable Master Servicer and the Certificate Administrator.

 

Notwithstanding the foregoing,
the parties agree that the CREFC® Loan Periodic Update File required to be delivered by each Master Servicer in September 2015
will be based solely upon information generated from actual collections received by such Master Servicer or that are remitted to
such Master Servicer from the Non-Trust Master Servicer and from information that the respective Mortgage Loan Sellers deliver
or cause to be delivered to such Master Servicer (including but not limited to information prepared by third-party servicers of
the subject Mortgage Loans with respect to the period prior to the Closing Date). The applicable Special Servicer shall from time
to time (and, in any event, upon request) provide the applicable Master Servicer with such information in its possession regarding
the Specially Serviced Mortgage Loans and Administered REO Properties as may be reasonably necessary for the applicable Master
Servicer to prepare each report and any supplemental information to be provided by the applicable Master Servicer to the Certificate
Administrator.

 

(d)          CREFC®
Operating Statement Analysis Report, CREFC® Financial Files, CREFC® Comparative Financial Status Reports and CREFC®
NOI Adjustment Worksheets. The applicable Master Servicer shall prepare and maintain a CREFC® Operating Statement Analysis
Report and a CREFC® NOI Adjustment Worksheet with respect to each Mortgaged Property that secures a Serviced Mortgage Loan
and the applicable Special Servicer shall prepare and maintain a CREFC® Operating Statement Analysis Report and a CREFC®
NOI Adjustment Worksheet with respect to each Administered REO Property, in each case in accordance with the provisions described
below. As to quarterly (that is, not annual) periods, within 105 calendar days after the end of each of the first three calendar
quarters (in each year) for the trailing or quarterly information received, commencing with respect to the quarter ending on September
30, 2015, the applicable Master Servicer (in the case of Mortgaged Properties that secure Serviced Mortgage Loans) or the applicable
Special Servicer (in the case of Administered REO Properties) shall, based upon the operating statements or rent rolls (or, with
respect to Co-op Mortgage Loans, maintenance schedules) received (if and to the extent received) and covering such calendar quarter,
prepare (or, if previously prepared, update) the CREFC® Operating Statement Analysis Report and the CREFC® Comparative
Financial Status Report for each related Mortgaged Property and/or REO Property, using the normalized quarterly and normalized
year-end operating statements and rent rolls (or, with respect to Co-op Mortgage Loans, maintenance schedules) received from the
related Borrower; provided, however, that the analysis

 

    	-319-

    	 

    

 

with
respect to the first calendar quarter of each year will not be required to the extent provided in the then-current applicable
CREFC® guidelines (it being understood that as of the date hereof, the applicable CREFC® guidelines provide that the analysis
with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property
is analyzed on a trailing 12 month basis, or if the related Mortgage Loan is on the CREFC® Servicer Watch List). As to annual
(that is, not quarterly) periods, not later than the second Business Day following the Determination Date occurring in June of
each year (beginning in 2016 for year-end 2015), the applicable Master Servicer (in the case of Mortgaged Properties securing
Serviced Mortgage Loans) or the applicable Special Servicer (in the case of Administered REO Properties) shall, based upon the
most recently available normalized year-end financial statements and most recently available rent rolls (or, with respect to Co-op
Mortgage Loans, maintenance schedules) received (if and to the extent (i) such information has been received and (ii) any such
information in the form of normalized year-end financial statements has been based on a minimum number of months of operating
results as recommended by CREFC® in the instructions to the CREFC® Investor Reporting Package) not less than thirty (30)
days prior to such second Business Day, prepare (or, if previously prepared, update) the CREFC® Operating Statement Analysis
Report, the CREFC® Comparative Financial Status Report and a CREFC® NOI Adjustment Worksheet for each related Mortgaged
Property and/or REO Property; provided that any analysis or update shall be performed in accordance with the then-current applicable
CREFC® guidelines. With respect to Specially Serviced Mortgage Loans, such CREFC® Operating Statement Analysis Report
will include the following statement: “This Mortgage Loan was transferred to the Special Servicer on [DATE]. Any questions
relating to the operating results reported on this statement should be directed to the Special Servicer while the loan is a Specially
Serviced Mortgage Loan.”

 

The applicable Master
Servicer and the applicable Special Servicer shall each remit electronically an image of each CREFC® Operating Statement Analysis
Report and/or each CREFC® NOI Adjustment Worksheet prepared or updated by it (promptly following initial preparation and each
update thereof), together with the underlying operating statements and rent rolls (or, with respect to Co-op Mortgage Loans, maintenance
schedules) to the Subordinate Class Representative (other than with respect to any Excluded Loan), the Certificate Administrator
(upon request) and, in the case of such a report prepared or updated by the applicable Master Servicer, the applicable Special
Servicer. The Certificate Administrator shall, upon request from the applicable Master Servicer or the applicable Special Servicer
and, to the extent such items have been delivered to the Certificate Administrator by the applicable Master Servicer or the applicable
Special Servicer, make such report (and any underlying operating statements and rent rolls or, with respect to Co-op Mortgage Loans,
maintenance schedules) available to Certificateholders pursuant to Section 8.12(b).

 

With respect to a Non-Trust-Serviced
Pooled Mortgage Loan, the applicable Master Servicer shall deliver information comparable to the above-described information to
the same Persons as described above in this Section 4.02(d) and according to the same time frames as described above in
this Section 4.02(d), with reasonable promptness following such applicable Master Servicer’s receipt of such information
from the related Non-Trust Master Servicer under the applicable Non-Trust Pooling and Servicing Agreement.

 

    	-320-

    	 

    

 

If, with respect to any
Performing Serviced Mortgage Loan, the applicable Special Servicer has any questions for the related Borrower based upon the information
delivered to the applicable Special Servicer pursuant to Section 3.12(a) or this Section 4.02(d), the applicable
Master Servicer shall, in this regard and without otherwise changing or modifying its duties hereunder, reasonably cooperate with
the applicable Special Servicer in assisting the applicable Special Servicer in the applicable Special Servicer’s efforts
to contact and solicit information from such Borrower.

 

(e)          Reporting
by the Special Servicers. Not later than 1:00 p.m. (New York City time) on the first Business Day following each Determination
Date following the earliest date on which any Mortgage Loan has become a Specially Serviced Mortgage Loan, the applicable Special
Servicer shall prepare and deliver or cause to be delivered to the applicable Master Servicer the CREFC® Special Servicer Loan
File, providing the required information as of such Determination Date. In addition, the applicable Special Servicer shall from
time to time provide the applicable Master Servicer with such information in the applicable Special Servicer’s possession
regarding any Specially Serviced Mortgage Loan or Administered REO Property as may be requested by the applicable Master Servicer
and is reasonably necessary for the applicable Master Servicer to prepare each report and any supplemental information required
to be provided by the applicable Master Servicer to the Certificate Administrator. The applicable Special Servicer, subject to
the limitations on delivery of Privileged Communications, shall deliver to the Trust Advisor such reports and other information
produced or otherwise available to the Majority Subordinate Certificateholder, or Certificateholders generally, requested by the
Trust Advisor in support of its obligations under this Agreement. Notwithstanding the foregoing, the applicable Special Servicer
shall not be required to prepare and deliver any of such files or reports with respect to the initial Determination Date following
the Closing Date.

 

(f)           Other
Reporting by the Master Servicers. Not later than 2:00 p.m. (New York City time) on the Business Day immediately preceding
each Distribution Date, each Master Servicer shall prepare (if and to the extent necessary) and deliver or cause to be delivered
to the Certificate Administrator a CREFC® Financial File, a CREFC® Property File and a CREFC® Comparative Financial
Status Report, providing the most recent information with respect to the subject Mortgage Loans and REO Properties serviced by
such Master Servicer as of the related Determination Date and, in each case, if applicable, identifying each subject Mortgage Loan
by loan number and property name. Each CREFC® Financial File, CREFC® Property File and CREFC® Comparative Financial
Statement Report delivered by any Master Servicer as described above shall be in electronic format.

 

Not later than 2:00 p.m.
(New York City time) on the Business Day immediately preceding each Distribution Date, the applicable Master Servicer shall deliver
or cause to be delivered, and shall prepare (if any to the extent necessary) and deliver or cause to be delivered to the Certificate
Administrator, in electronic format, a CREFC® Delinquent Loan Status Report, a CREFC® Historical Loan Modification and
Corrected Mortgage Loan Report, a CREFC® Loan Level Reserve/LOC Report, a CREFC® REO Status Report, a CREFC® Operating
Statement Analysis Report, a CREFC® Comparative Financial Status Report, a CREFC® Servicer Watch List, a CREFC® NOI
Adjustment Worksheet, a CREFC® Total Loan Report, a CREFC® Advance Recovery Report and a Realized Loss Template, in each
case providing the most recent information with respect to the Mortgage Loans and REO Properties as

 

    	-321-

    	 

    

 

of
the related Determination Date and, in each case, if applicable, identifying each subject Mortgage Loan by loan number and property
name. Notwithstanding the foregoing, the applicable Master Servicer shall not be required to prepare and deliver any of such files
or reports with respect to the initial Determination Date following the Closing Date.

 

The applicable Master
Servicer may, but is not required to, make any of the reports or files comprising the CREFC® Investor Reporting Package prepared
by it available each month on the applicable Master Servicer’s internet website only with the use of a password, in which
case the applicable Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance
of such password shall be deemed to have agreed not to disclose such password to any other Person, (ii) the Subordinate Class Representative,
and (iii) each Certificateholder and Certificate Owner who requests such password, provided that (A) the applicable Master
Servicer shall not have such authority to the extent such disclosure would violate another provision of this Agreement (including
without limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged
Information), applicable law or the related Mortgage Loan Documents and (B) any such Certificateholder or Certificate Owner, as
the case may be, has delivered a certification substantially in the form of Exhibit K-1A or Exhibit K-1B, as applicable,
to the Certificate Administrator (with a copy to the applicable Master Servicer). In connection with providing such access to its
internet website, the applicable Master Servicer may require registration and the acceptance of a reasonable disclaimer and otherwise
(subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the applicable Master
Servicer deems necessary or appropriate, conditioning access on execution of a reasonable agreement governing the availability,
use and disclosure of such information, and which may provide indemnification to the applicable Master Servicer for any liability
or damage that may arise therefrom. For the avoidance of doubt, the foregoing sentence shall not be construed to limit any right
to receive information already provided for in this Agreement.

 

(g)          Certain
General Provisions Regarding Reporting. The applicable Special Servicer shall deliver to the applicable Master Servicer(s)
the reports and files required to be delivered pursuant to Section 4.02(d) and Section 4.02(e) and the applicable
Master Servicer(s) shall deliver to the Certificate Administrator the reports set forth in Section 4.02(c) and Section
4.02(f), in an electronic format reasonably acceptable to the applicable Special Servicer, the applicable Master Servicer and
the Certificate Administrator. The applicable Master Servicer may, absent manifest error, conclusively rely on the file to be provided
by the applicable Special Servicer pursuant to Section 4.02(e). The Certificate Administrator may, absent manifest error,
conclusively rely on the reports to be provided by the applicable Master Servicer pursuant to Section 4.02(c) and Section
4.02(f). To the extent that any report to be prepared and provided to the Certificate Administrator and/or the Subordinate
Class Representative by the applicable Master Servicer pursuant to Section 4.02(c), Section 4.02(d) or Section
4.02(f) is dependent on information from the applicable Special Servicer or a party under a Non-Trust Pooling and Servicing
Agreement and the applicable Special Servicer or such party under a Non-Trust Pooling and Servicing Agreement (as the case may
be) has not timely provided such information to the applicable Master Servicer, the applicable Master Servicer shall on a timely
basis provide to the Certificate Administrator, the Subordinate Class Representative as complete a report as the information provided
by the applicable Special Servicer or such party under a Non-Trust Pooling and Servicing Agreement (as the case may be) permits
and shall promptly update and provide to

 

    	-322-

    	 

    

 

the
Certificate Administrator and the Subordinate Class Representative a complete report when the applicable Special Servicer or such
party under a Non-Trust Pooling and Servicing Agreement (as the case may be) provides the applicable Master Servicer with the
requisite missing information; and the applicable Master Servicer shall not be in breach hereunder for so providing an incomplete
report under Section 4.02(c), Section 4.02(d) or Section 4.02(f) under the foregoing circumstances. Furthermore,
if any report to be provided to the Certificate Administrator and/or the Subordinate Class Representative by the applicable Master
Servicer pursuant to Section 4.02(c), Section 4.02(d) or Section 4.02(f) was to be prepared by the applicable
Special Servicer and delivered to the applicable Master Servicer, the applicable Master Servicer shall not be in breach by reason
of any delay in its delivery of such report to the Certificate Administrator, the Subordinate Class Representative and/or the
Majority Subordinate Certificateholder by reason of a delay on the part of the applicable Special Servicer; and the applicable
Master Servicer shall deliver as promptly as reasonably practicable to the Certificate Administrator, the Subordinate Class Representative
and the Majority Subordinate Certificateholder any such report that it receives from the applicable Special Servicer after the
requisite delivery date.

 

(h)          Certain
Means of Delivery. Except to the extent a form of delivery is specified in this Agreement, if the applicable Master Servicer
or the applicable Special Servicer is required to deliver any statement, report or information under any provision of this Agreement,
the applicable Master Servicer or the applicable Special Servicer, as the case may be, may satisfy such obligation by (x) physically
delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information in a commonly
used electronic format or (z) making such statement, report or information available on the applicable Master Servicer’s
internet website or the Certificate Administrator’s Website and notifying the Person(s) entitled to such statement, report
or information of such availability. Notwithstanding the foregoing, (A) the Certificate Administrator, the Trustee, the applicable
Master Servicer and the applicable Special Servicer may each request delivery in paper format of any statement, report or information
required to be delivered to the Certificate Administrator, the Trustee or the applicable Special Servicer, as the case may be,
(B) any statement, report or information under any provision of this Agreement to be posted to the Certificate Administrator’s
Website or the Rule 17g-5 Information Provider’s Website shall be delivered to the Certificate Administrator or the Rule
17g-5 Information Provider, as the case may be, in electronic format pursuant to Section 8.12(b) or Section 8.12(c),
as applicable, and (C) clause (z) shall not apply to the delivery of any information required to be delivered to the Certificate
Administrator, the Trustee or the applicable Special Servicer, as the case may be, unless the Certificate Administrator, the Trustee
or the applicable Special Servicer, as the case may be, consents to such delivery.

 

(i)          During
any period that reports are required to be filed with the Commission with respect to the Trust pursuant to Section 15(d) of the
Exchange Act, access to information regarding the Trust on the applicable Master Servicer’s internet website will be conditioned
to the party attempting to gain such access electronically agreeing to keep confidential any such information that has not been
filed with the Commission.

 

(j)          No
provisions of this Agreement shall be deemed to require the applicable Master Servicer or the applicable Special Servicer to confirm
or make any representation

 

    	-323-

    	 

    

 

regarding
the accuracy of (or to be liable or responsible for) any other Person’s information or report.

 

(k)          The
applicable Master Servicer shall produce the reports required of it under this Agreement but shall not be required to (but may
upon request) produce any ad hoc non-standard written reports. If the applicable Master Servicer elects to provide any non-standard
reports, it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.

 

(l)           Notwithstanding
anything in this Section 4.02 to the contrary, in preparing and disseminating any of the statements, reports and other information
required under this Section 4.02, insofar as such statements, reports and other information relate to a Non-Trust-Serviced
Pooled Mortgage Loan or any related REO Property, the applicable Master Servicer, absent manifest error, shall be entitled to rely
upon the information received by it under the related Intercreditor Agreement and/or the related Non-Trust Pooling and Servicing
Agreement.

 

(m)          Each
of the parties hereto shall cooperate with the other to make information available that may be necessary to satisfy the requirements
of subsection (d)(4)(i) of Rule 144A.

 

(n)          With
respect to any Serviced Loan Combination, the applicable Master Servicer shall deliver or cause to be delivered to the related
Serviced Pari Passu Companion Loan Holder (or its designee) or, after the securitization of any Serviced Pari Passu Companion Loan,
to the related Other Master Servicer, the Certificate Administrator (upon request), the applicable Special Servicer and the Subordinate
Class Representative the following materials, in writing or by electronic means reasonably acceptable to the related Serviced Pari
Passu Companion Loan Holder(s) (or its designee) (and such reports may include any reasonable disclaimers with respect to information
provided by third parties or with respect to assumptions required to be made in the preparation of such reports as the applicable
Master Servicer deems appropriate) not later than two (2) Business Days after the end of each Collection Period;

 

(i)           the
amount of the distributions made on the respective interests in such Serviced Loan Combination for such period allocable to interest
(separately identifying Default Interest) and the amount thereof allocable to principal;

 

(ii)          if
the amount of the distributions to any related Serviced Pari Passu Companion Loan Holder(s) was less than the full amount that
would have been distributable to such Serviced Pari Passu Companion Loan Holder if there had been sufficient funds, the amount
of the shortfall, stating separately the amounts allocable to interest and principal;

 

(iii)         the
outstanding principal balance of such Serviced Loan Combination and the Serviced Pari Passu Companion Loan therein immediately
following payment for such period;

 

    	-324-

    	 

    

 

(iv)         the
aggregate amount of unscheduled payments of principal received on such Serviced Loan Combination and the allocation thereof to
each interest in such Serviced Loan Combination (and the source thereof) made during the related period;

 

(v)          the
aggregate outstanding Servicing Advances with respect to such Serviced Loan Combination and interest thereon as of the end of,
and all interest paid on Servicing Advances with respect to such Serviced Loan Combination during, the prior calendar month;

 

(vi)        the
amount of the servicing compensation paid to the applicable Master Servicer and the applicable Special Servicer with respect to
such Serviced Loan Combination, including the Master Servicing Fee, the Special Servicing Fee, any Workout Fee, any Liquidation
Fee (other than any Liquidation Fee due in respect of the Mortgage Loan) and any charges to the related Borrower retained by the
applicable Master Servicer or the applicable Special Servicer as allocated between the Mortgage Loan and any Serviced Pari Passu
Companion Loan in such Serviced Loan Combination;

 

(vii)       the
amount of any shortfalls in distributions to the holders of the Mortgage Loan and any Serviced Pari Passu Companion Loan in the
related Serviced Loan Combination for such period and the amount of any outstanding amounts due on the such Mortgage Loan and Serviced
Pari Passu Companion Loan for prior periods;

 

(viii)      information
contained in the CREFC® Investor Reporting Package relating solely to any related Serviced Loan Combination; and

 

(ix)         any
and all other reports required to be delivered by the Master Servicer to the Trustee hereunder pursuant to the terms hereof to
the extent related to such Serviced Loan Combination.

 

(o)          No
provision of this Agreement shall be construed to prohibit or restrict the Depositor or its designee from delivering or furnishing
any reports, certificates or other information of any nature to the Rating Agency or any other credit rating agency.

 

Section
4.03     P&I Advances. (a) On or before 1:00 p.m. (New York City time) on each P&I
Advance Date, the applicable Master Servicer shall, subject to Section 4.03(c), either (i) remit from its own funds to
the Certificate Administrator for deposit into the Distribution Account an amount equal to the aggregate amount of P&I
Advances with respect to Mortgage Loans and successor REO Mortgage Loans serviced by such Master Servicer, if any, to be made
by the applicable Master Servicer in respect of the related Distribution Date, (ii) apply amounts held in the Collection
Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such
P&I Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total
amount of P&I Advances to be made by the applicable Master Servicer; provided, however, that to the extent
that amounts on deposit in the Collection Account were insufficient to pay the CREFC® License Fee on the related Master
Servicer Remittance Date, the related Master Servicer shall apply any P&I Advances required to be made by it on such
P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License Fee. Any amounts

 

    	-325-

    	 

    

 

held
in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the
applicable Master Servicer’s records and replaced by the applicable Master Servicer by deposit in the Collection Account
prior to the next succeeding Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late
Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:30 p.m.
(New York City time) on any P&I Advance Date, the applicable Master Servicer shall not have made any P&I Advance required
to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator
and the Trustee the Officer’s Certificate and other documentation related to a determination of nonrecoverability of a P&I
Advance pursuant to Section 4.03(c) below) or shall not have remitted any portion of the Master Servicer Remittance Amount
required to be remitted by such Master Servicer on such date, then the Certificate Administrator shall provide notice of such
failure to the applicable Master Servicer by facsimile transmission (with respect to the General Master Servicer, at facsimile
number: (704) 715-0034, and with respect to the NCB Master Servicer, at (703) 647-3470) and by telephone (with respect to the
General Master Servicer, at (800) 326-1334, and with respect to the NCB Master Servicer, at (703) 302-8851) and, in the case of
the NCB Master Servicer, by email (at WFCM2015C30@ncb.com) as soon as possible, but in any event before 4:30 p.m. (New York City
time) on such P&I Advance Date. If after such notice the Certificate Administrator does not receive the full amount of such
P&I Advances by 9:00 a.m. (New York City time) on the related Distribution Date, then the Certificate Administrator shall
promptly notify the Trustee (but in any event before 10:00 a.m. (New York City time) and the Trustee shall (not later than 12:00
noon, New York City time, on the related Distribution Date) make the portion of such P&I Advances that was required to be,
but was not, made or remitted, as the case may be, by the applicable Master Servicer with respect to the related Distribution
Date.

 

With respect to any Mortgage
Loan that is part of a Serviced Loan Combination, the applicable Master Servicer or Trustee, as applicable, shall provide the Other
Master Servicer and the Other Trustee under the Other Securitization with written notice of any P&I Advance relating to such
Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)          The
aggregate amount of P&I Advances to be made by each Master Servicer (or by the Trustee, if the applicable Master Servicer fails
to do so) in respect of any Distribution Date, subject to Section 4.03(c) below, shall equal the aggregate of all Monthly
Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fees
(and, in the case of a Non-Trust-Serviced Pooled Mortgage Loan or REO Mortgage Loan that is a successor thereto, the Non-Trust
Primary Servicing Fee and Non-Trust Trust Advisor fee payable under the related Non-Trust Pooling and Servicing Agreement), due
or deemed due and net of any Post-ARD Additional Interest, as the case may be, in respect of the Mortgage Loans for which it is
acting as Master Servicer and any successor REO Mortgage Loans with respect thereto on their respective Due Dates occurring in
the month in which such Distribution Date occurs, in each case to the extent such amount was not Received by the Trust as of the
close of business on the related Determination Date; provided that, if an Appraisal Reduction Amount exists with respect
to any Required Appraisal Loan, then the interest portion of any P&I Advance required to be made in respect of such Required
Appraisal Loan for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction
in the principal portion of such P&I Advance) to equal the product of (i) the

 

    	-326-

    	 

    

 

amount
of the interest portion of such P&I Advance that would otherwise be required to be made in respect of such Required Appraisal
Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage,
the numerator of which shall equal the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution
Date, net of the related Appraisal Reduction Amount, and the denominator of which shall equal the Stated Principal Balance of
such Required Appraisal Loan immediately prior to such Distribution Date.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the applicable Master Servicer (or, if applicable, the Trustee)
that a prior P&I Advance (or Unliquidated Advance in respect thereof) that it has made constitutes a Nonrecoverable P&I
Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be made by such
Person subject to the Servicing Standard or, in the case of the Trustee, in its reasonable, good faith judgment. In making such
recoverability determination, such Person will be entitled to consider (among other things) the obligations of the Borrower under
the terms of the related Mortgage Loan as it may have been modified, to consider (among other things) the related Mortgaged Properties
in their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions regarding
the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (among
other things) future expenses and to estimate and consider (among other things) the timing of recoveries. In addition, any such
Person may update or change its recoverability determinations at any time and may obtain from the applicable Special Servicer any
analysis, Appraisals or market value estimates or other information in the possession of the applicable Special Servicer for such
purposes. Any determination by the applicable Master Servicer (or, if applicable, the Trustee) that it has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be evidenced
by an Officer’s Certificate delivered to the Depositor, the applicable Special Servicer, the Certificate Administrator, the
Subordinate Class Representative and, if made by the applicable Master Servicer, the Trustee (on or before the related P&I
Advance Date in the case of a proposed P&I Advance) and, if such Nonrecoverable P&I Advance is with respect to a Mortgage
Loan in any Serviced Loan Combination, the Serviced Pari Passu Companion Loan Holder(s) or, following the securitization of a related
Serviced Pari Passu Companion Loan, the Other Master Servicer (if applicable), setting forth the basis for such determination,
accompanied by a copy of an Appraisal of the related Mortgaged Property or REO Property performed within the nine (9) months preceding
such determination by a Qualified Appraiser, and further accompanied by any other information, including engineers’ reports,
environmental surveys or similar reports, that the Person making such determination may have obtained. A copy of any such Officer’s
Certificate (and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the
Subordinate Class Representative, the Majority Subordinate Certificateholder, the applicable Special Servicer and the applicable
Master Servicer for the subject Mortgage Loan and, with respect to any Serviced Loan Combination, the Serviced Pari Passu Companion
Loan Holder(s) and the Other Master Servicer (if applicable). Absent bad faith, the applicable Master Servicer’s determination
as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders and, in all cases, the
Trustee shall be entitled to conclusively rely on any nonrecoverability determination made by the applicable Master Servicer with
respect to a particular P&I Advance. The applicable Special Servicer shall

 

    	-327-

    	 

    

 

promptly
furnish any party required to make P&I Advances hereunder or, in the case of a Serviced Pari Passu Companion Loan, comparable
advances under the terms of the Other Pooling and Servicing Agreement, with any information in its possession regarding the Specially
Serviced Mortgage Loans and REO Properties as such party required to make P&I Advances may reasonably request. The applicable
Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances as outstanding Advances for purposes
of recoverability determinations as if such Unliquidated Advance were a P&I Advance.

 

The applicable Special
Servicer for each Mortgage Loan shall also be entitled to make a determination at its option and in its sole discretion (subject
to the same standards and procedures that apply in connection with a determination by the
applicable Master Servicer) to the effect that a prior P&I Advance (or Unliquidated Advance in respect thereof) previously
made hereunder by the applicable Master Servicer (or, if applicable, the Trustee) constitutes a Nonrecoverable P&I Advance
or that any proposed P&I Advance by the applicable Master Servicer (or, if applicable, the Trustee), if made, would constitute
a Nonrecoverable P&I Advance, in which case, after written notice of such determination by the applicable Special Servicer
to the applicable Master Servicer and the Trustee, such P&I Advance shall constitute a Nonrecoverable P&I Advance for all
purposes of this Agreement and the applicable Master Servicer and the Trustee shall conclusively rely on such determination by
the applicable Special Servicer that a P&I Advance is a Nonrecoverable Advance; provided that in no event shall a determination
by a Special Servicer that a previously made or proposed P&I Advance would be recoverable be binding on a Master Servicer or
the Trustee. A copy of any Officer’s Certificate (and accompanying information) of the applicable Special Servicer in support
of its determination shall be promptly delivered to the applicable Master Servicer for the subject Mortgage Loan. The applicable
Special Servicer may update or change its recoverability determination at any time.

 

(d)          In
the case of each Mortgage Loan, the applicable Master Servicer and the Trustee shall each be entitled to receive interest at the
Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (with its own funds),
to the extent that such P&I Advance (i) relates to a Monthly Payment or Assumed Monthly Payment in respect of a Mortgage Loan
that is a Past Grace Period Loan or an REO Mortgage Loan when made, in which case such interest shall begin to accrue from the
related P&I Advance Date, or (ii) is made with respect to a Within Grace Period Loan and remains outstanding when the subject
Mortgage Loan becomes a Past Grace Period Loan in respect of the subject Monthly Payment or Assumed Monthly Payment, in which case
such interest shall begin to accrue when the subject Mortgage Loan becomes a Past Grace Period Loan in respect of the subject Monthly
Payment or Assumed Monthly Payment, in either case, for so long as such P&I Advance is outstanding (or, in the case of Advance
Interest payable to the applicable Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest
in respect of which such P&I Advance was made has been Received by the Trust). Such interest with respect to any P&I Advance
shall be payable: (i) first, in accordance with Section 3.05 and 3.25, out of any Default Charges subsequently
collected on the particular Mortgage Loan or REO Mortgage Loan as to which such P&I Advance relates; and (ii) then,
after such P&I Advance is reimbursed, but only if and to the extent that such Default Charges are insufficient to cover such
Advance Interest, out of general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account. The
applicable Master Servicer shall (subject to the operation of

 

    	-328-

    	 

    

 

Section
3.05(a)(II)) reimburse itself or the Trustee, as applicable, for any outstanding P&I Advance made thereby with respect
to any Mortgage Loan or REO Mortgage Loan as soon as practicable after funds available for such purpose are deposited in the Collection
Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which
the corresponding Late Collection was received by or on behalf of the Trust as of the related P&I Advance Date.

 

(e)          With
respect to any Serviced Loan Combination, the applicable Master Servicer will be permitted to make its determination that it has
made a P&I Advance on the related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance,
if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section 4.03(a)
independently of any determination made in respect of the related Serviced Pari Passu Companion Loan, by the related Other Master
Servicer. If the applicable Master Servicer determines that a proposed P&I Advance with respect to such Serviced Loan Combination,
if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable,
a Nonrecoverable Advance or if the applicable Master Servicer subsequently determines that a proposed Servicing Advance would be
a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, or if the applicable Master
Servicer receives written notice from the applicable Special Servicer for such Serviced Loan Combination that such Special Servicer
has made such a determination, pursuant to this Section 4.03(e), the applicable Master Servicer shall promptly provide the
related Other Master Servicer written notice of such determination. If the applicable Master Servicer receives written notice from
any related Other Master Servicer that such Other Master Servicer has determined, with respect to the related Serviced Pari Passu
Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Pari Passu Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the applicable Master Servicer or the Trustee but each of the applicable
Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

In connection with any
Non-Trust-Serviced Pooled Mortgage Loan, any determination by the applicable Master Servicer that any P&I Advance made or to
be made with respect to such Non-Trust-Serviced Pooled Mortgage Loan (or any successor REO Mortgage Loan with respect thereto)
is or, if made, would be a Nonrecoverable P&I Advance may be made independently from any determinations (or the absence of
any determinations) made by the related Non-Trust Master Servicer regarding nonrecoverability of debt service advances on the related
Non-Serviced Pari Passu Companion Loan.

 

The applicable Special
Servicer for each Serviced Loan Combination or Non-Trust-Serviced Pooled Mortgage Loan shall also be entitled to make a determination
at its option and in its sole discretion (subject to the same standards and procedures that
apply in connection with a determination by the applicable Master Servicer) to the effect that a prior P&I Advance (or Unliquidated
Advance in respect thereof) previously made hereunder by the applicable Master Servicer (or, if applicable, the Trustee) constitutes
a Nonrecoverable P&I Advance or that any proposed P&I Advance by the applicable Master Servicer (or, if applicable, the
Trustee), if made, would constitute a Nonrecoverable P&I

 

    	-329-

    	 

    

 

Advance,
in which case, after written notice of such determination by the applicable Special Servicer to the applicable Master Servicer
and the Trustee, such P&I Advance shall constitute a Nonrecoverable P&I Advance for all purposes of this Agreement and
the applicable Master Servicer and the Trustee shall conclusively rely on such determination by the applicable Special Servicer
that a P&I Advance is a Nonrecoverable Advance; provided that in no event shall a determination by a Special Servicer
that a previously made or proposed P&I Advance would be recoverable be binding on a Master Servicer or the Trustee. A copy
of any Officer’s Certificate (and accompanying information) of the applicable Special Servicer in support of its determination
shall be promptly delivered to the applicable Master Servicer for the subject Mortgage Loan. The applicable Special Servicer may
update or change its recoverability determination at any time.

 

(f)          With
regard to such P&I Advances, the applicable Master Servicer or the Trustee shall account for that part of the P&I Advances
which is attributable to Past Grace Period Loans, and that part of the P&I Advances which is attributable to Within Grace Period
Loans.

 

(g)          Notwithstanding
anything to the contrary, no P&I Advances shall be made with respect to any Pari Passu Companion Loan (whether or not it constitutes
a Serviced Pari Passu Companion Loan or otherwise) or any successor REO Mortgage Loan related thereto.

 

Section
4.04     Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On
each Distribution Date, following the distributions to Certificateholders to be made on such date pursuant to Section
4.01, the Certificate Administrator shall determine the amount, if any, by which (i) the then-aggregate of the Class
Principal Balances of all the Classes of Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class
PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, exceeds (ii)
the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such
Distribution Date. If such excess does exist, then, except to the extent that such excess exists because of the reimbursement
of Workout-Delayed Reimbursement Amounts (from the principal portions of P&I Advances and/or payments or other
collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during any prior Collection Period
(other than those that were determined to constitute Nonrecoverable Advances in the immediately preceding Collection Period),
the Class Principal Balances of the Class H, Class G, Class F, Class E and Class D Certificates and the Class C Regular
Interest, Class B Regular Interest and Class A-S Regular Interest shall be reduced sequentially, in that order, in each
case, until such excess or the related Class Principal Balance is reduced to zero (whichever occurs first). If, after the
foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount
described in clause (ii) of such sentence, then, except to the extent that such excess exists because of the
reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion of P&I Advances and/or payments or
other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during any prior Collection
Period (other than those that were determined to constitute Nonrecoverable Advances in the immediately preceding Collection
Period), the respective Class Principal Balances of all the outstanding Classes of the Class A Certificates shall be reduced
on a pro rata basis in accordance with the relative sizes of such Class Principal Balances, until any such remaining
excess is reduced to zero. All reductions in the Class Principal Balances of the respective Classes of the Principal Balance
Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C

 

    	-330-

    	 

    

 

Regular
Interest under this Section 4.04(a) shall constitute allocations of Realized Losses and Additional Trust Fund Expenses.
Any reduction in the Class Principal Balance of the Class C Regular Interest, Class B Regular Interest or Class A-S Regular Interest
for any Distribution Date pursuant to this Section 4.04(a) shall be allocated (i) in the case of the Class C Regular Interest,
between the Class C Certificates and Class C-PEX Component in accordance with the Class C Percentage Interest for such Distribution
Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular
Interest, between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such
Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively and (iii) in the case of the
Class A-S Regular Interest, between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage
Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively.

 

(b)          On
each Distribution Date, following the deemed distributions to be made in respect of the REMIC II Regular Interests on such date
pursuant to Section 4.01(g), the Certificate Administrator shall determine the amount, if any, by which (i) the then-aggregate
Uncertificated Principal Balance of the REMIC II Regular Interests, exceeds (ii) the aggregate Stated Principal Balance of the
Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then, except to
the extent that such excess exists because of the reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion
of P&I Advances and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii))
during the preceding Collection Period, the Uncertificated Principal Balances of REMIC II Regular Interest G, REMIC II Regular
Interest F, REMIC II Regular Interest E, REMIC II Regular Interest D, REMIC II Regular Interest C, REMIC II Regular Interest B
and REMIC II Regular Interest A-S shall be reduced sequentially, in that order, in each case, until such excess (other than any
portion thereof that exists because of the reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion of
P&I Advances and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii))
during the preceding Collection Period) or the related Uncertificated Principal Balance is reduced to zero (whichever occurs first).
If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the
amount described in clause (ii) of such sentence, then, except to the extent that such excess exists because of the reimbursement
of Workout-Delayed Reimbursement Amounts (from the principal portion of P&I Advances and/or payments or other collections of
principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during the preceding Collection Period, the Uncertificated
Principal Balances of the REMIC II Regular Interest that are the Corresponding REMIC II Regular Interest with respect to the Class
A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates shall be reduced on a pro rata basis, as among such individual
Corresponding REMIC II Regular Interests, in accordance with their Uncertificated Principal Balances, until any such remaining
excess is reduced to zero. All reductions in the Uncertificated Principal Balances of the respective REMIC II Regular Interests
under this Section 4.04(b) shall be deemed to constitute allocations of Realized Losses and Additional Trust Fund Expenses.

 

(c)          On
each Distribution Date, if, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant
to Section 4.01(j), the Uncertificated Principal Balance of any REMIC I Regular Interest, in each case after taking account
of such

 

    	-331-

    	 

    

 

deemed
distributions, exceeds the Stated Principal Balance of the related Mortgage Loan or REO Mortgage Loan (or, if such REMIC I Regular
Interest relates to multiple Replacement Mortgage Loans, the aggregate Stated Principal Balance of the related Mortgage Loans
and/or REO Mortgage Loans), as the case may be, that will be outstanding immediately following such Distribution Date, then, except
to the extent that such excess exists (taking account of the provisions of the next succeeding sentence) because of the reimbursement
of Workout-Delayed Reimbursement Amounts (from the principal portion of P&I Advances and/or payments or other collections
of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during the preceding Collection Period, the Uncertificated
Principal Balance of such REMIC I Regular Interest shall be reduced to equal such Stated Principal Balance of such related Mortgage
Loan or REO Mortgage Loan (or, if such REMIC I Regular Interest relates to multiple Replacement Mortgage Loans, the aggregate
Stated Principal Balance of the related Mortgage Loans and/or REO Mortgage Loans), as the case may be, that will be outstanding
immediately following such Distribution Date. For purposes of the immediately preceding sentence, the aggregate amount excluded
from the aggregate reductions of the Uncertificated Principal Balances of the REMIC I Regular Interests collectively shall equal
the amount excluded from the reductions of the Uncertificated Principal Balances of the REMIC II Regular Interests pursuant to
Section 4.04(b) above and such aggregate exclusion amount shall be deemed to be allocated among the REMIC I Regular Interests
pro rata according to their Stated Principal Balances that, in the absence of such any and all such exclusions, would have
been outstanding immediately after such Distribution Date by operation of the immediately preceding sentence. Any reductions in
the Uncertificated Principal Balances of the respective REMIC I Regular Interests under this Section 4.04(c) shall be deemed
to constitute allocations of Realized Losses and Additional Trust Fund Expenses.

 

Section
4.05     Allocation of Certain Trust Advisor Expenses. (a) On each Distribution Date,
immediately prior to the distributions to be made to the Regular Certificates and the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest for such Distribution Date pursuant to Section 4.01(a), the Certificate
Administrator shall allocate Trust Advisor Expenses (other than Designated Trust Advisor Expenses) to reduce the Unadjusted
Distributable Certificate Interest for such Distribution Date for the Class D Certificates, Class C Regular Interest and
Class B Regular Interest Certificates, in that order, in each case, until the Unadjusted Distributable Certificate Interest
of the Class D Certificates, Class C Regular Interest or Class B Regular Interest for such Distribution Date has been reduced
to zero. Trust Advisor Expenses (other than Designated Trust Advisor Expenses) shall not be allocated to reduce interest
distributable on the Class A Certificates, the Class A-S Regular Interest, the Interest Only Certificates or the
Control-Eligible Certificates or any Serviced Pari Passu Companion Loan.

 

To the extent that the
amount of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) payable with respect to any Distribution Date is
greater than the aggregate amount of Unadjusted Distributable Certificate Interest otherwise distributable to the Class B Regular
Interest, Class C Regular Interest and Class D Certificates for such Distribution Date, the resulting Excess Trust Advisor Expenses
(other than Designated Trust Advisor Expenses) shall be allocated to reduce the Principal Distribution Amount otherwise allocable
to the Principal Balance Certificates that are not Control-Eligible Certificates for such Distribution Date. Such Excess Trust
Advisor Expenses (other than Designated Trust Advisor Expenses)

 

    	-332-

    	 

    

 

shall
reduce the Principal Distribution Amount for the Principal Balance Certificates that are not Control-Eligible Certificates for
such Distribution Date, and shall be allocated to reduce the Certificate Principal Balances of such Certificates in the following
order: to the Class D Certificates, and then to the Class C, Class B and Class A-S Regular Interests, in each case, until the
remaining Certificate Principal Balance of such Class of Certificates or Class C, Class B or Class A-S Regular Interest has been
reduced to zero. Following the reduction of the Certificate Principal Balances of the foregoing Classes of Principal Balance Certificates
and the Class C, Class B and Class A-S Regular Interests to zero, the Certificate Administrator shall allocate any remaining Excess
Trust Advisor Expenses (other than Designated Trust Advisor Expenses) among the Class A-1, Class A-2, Class A-3, Class A-4 and
Class A-SB Certificates, pro rata (based upon their respective Certificate Principal Balances), until the remaining Certificate
Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, have been reduced to zero. Any
Excess Trust Advisor Expenses allocated to the Class C, Class B or Class A-S Regular Interest for any Distribution Date pursuant
to this Section 4.05(a) shall be allocated (i) in the case of the Class C Regular Interest, between the Class C Certificates
and Class C-PEX Component in accordance with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage
Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular Interest, between the Class B Certificates
and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage
Interest for such Distribution Date, respectively and (iii) in the case of the Class A-S Regular Interest, between the Class A-S
Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution Date and the
Class A-S-PEX Percentage Interest for such Distribution Date, respectively.

 

Any Trust Advisor Expenses
(other than Designated Trust Advisor Expenses) or Excess Trust Advisor Expenses (other than Designated Trust Advisor Expenses)
allocated to a Class of Certificates that are not Control-Eligible Certificates shall be allocated among the respective Certificates
of such Class in proportion to the Percentage Interests evidenced by the respective Certificates. If amounts distributable in respect
of the Unadjusted Distributable Certificate Interest to the Class B and Class C Regular Interests and Class D Certificates and
otherwise available as the indicated portion of the Principal Distribution Amount are insufficient to reimburse any related Trust
Advisor Expenses (other than Designated Trust Advisor Expenses) on a Distribution Date, any unreimbursed Trust Advisor Expenses
(other than Designated Trust Advisor Expenses) shall remain unreimbursed until the next Distribution Date that such applicable
amounts are available. In no event shall any Trust Advisor Expenses other than Designated Trust Advisor Expenses reduce or delay
any principal or interest payable in respect of the Control-Eligible Certificates.

 

(b)          On
any Distribution Date, the amount reimbursable to the Trust Advisor in respect of Trust Advisor Expenses (other than Designated
Trust Advisor Expenses) for such Distribution Date shall not exceed the sum of (i) the portion of the Principal Distribution Amount
for such Distribution Date otherwise distributable to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class D Certificates
and the Class A-S, Class B and Class C Regular Interests and (ii) the aggregate amount of Unadjusted Distributable Certificate
Interest (for such purposes, calculated without regard to any reductions pursuant to clause (iv) of the definition of Unadjusted
Distributable Certificate Interest as a result of Trust Advisor Expenses (other than

 

    	-333-

    	 

    

 

Designated
Trust Advisor Expenses) for such Distribution Date) that would otherwise be distributable to the Class B and Class C Regular Interests
and the Class D Certificates for such Distribution Date. Any amount of Trust Advisor Expenses (other than Designated Trust Advisor
Expenses) that are not reimbursed on a Distribution Date shall be payable on the next Distribution Date to the extent funds are
sufficient, in accordance with Section 4.05(a), to make such payments.

 

(c)          To
the extent that any actual recoveries of previously-incurred Trust Advisor Expenses (other than Designated Trust Advisor Expenses)
are received from a source other than the proceeds of the related Mortgage Loan during the Collection Period related to any Distribution
Date, such amounts shall be applied, first, as provided in Section 4.01(a) to reimburse the Holders of any Regular
Certificates and the Class A-S Regular Interest (and therefore the Class A-S Certificates and Class A-S-PEX Component), the Class
B Regular Interest (and therefore the Class B Certificates and Class B-PEX Component) and the Class C Regular Interest (and therefore
the Class C Certificates and Class C-PEX Component) that suffered write-offs in connection with Trust Advisor Expenses, and any
portion of such recovery remaining after such application shall be considered in the calculation of the Interest Distribution Amounts
of the Class B Regular Interest, Class C Regular Interest and the Class D Certificates, as and to the extent set forth in the definition
of Interest Distribution Amount, for such Distribution Date (with the actual payment of such portion to be made to the Holders
of the Class B Regular Interest, Class C Regular Interest and/or Class D Certificates to the extent required under the combined
operation of the definition of Interest Distribution Amount and the provisions of Section 4.01(a) other than the final paragraph
of Section 4.01(a)).

 

Section
4.06     Calculations. Provided that the Certificate Administrator receives the necessary
information from the applicable Master Servicer and/or the applicable Special Servicer, the Certificate Administrator shall
be responsible for performing all calculations necessary in connection with the actual and deemed distributions to be made
pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant to Section 4.02(a) and
the actual and deemed allocations of Realized Losses and Additional Trust Fund Expenses to be made pursuant to Section
4.04 and the actual and deemed allocations of Trust Advisor Expenses to be made pursuant to Section 4.05. The
Certificate Administrator shall calculate the Available Distribution Amount for each Distribution Date and shall allocate
such amount among Certificateholders in accordance with this Agreement. Absent actual knowledge of an error therein, the
Certificate Administrator shall have no obligation to recompute, recalculate or otherwise verify any information provided to
it by the applicable Master Servicer. The calculations by the Certificate Administrator contemplated by this Section
4.06 shall, in the absence of manifest error, be presumptively deemed to be correct for all purposes hereunder.

 

ARTICLE
V

THE CERTIFICATES

 

Section
5.01     The Certificates. (a) The Certificates will be substantially in the respective forms
attached hereto as Exhibits A-1 through A-3; provided that any of the Certificates may be issued with
appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such
legend or legends, not

 

    	-334-

    	 

    

 

inconsistent
with the provisions of this Agreement, as may be required to comply with any law or with rules or regulations pursuant thereto,
or with the rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage.
The Certificates will be issuable in registered form only; provided that in accordance with Section 5.03, beneficial
ownership interests in each Class of Interest Only Certificates and Principal Balance Certificates shall initially be held and
transferred through the book-entry facilities of the Depository. The Registered Certificates (other than the Class X-A and Class
X-B Certificates) will be issuable only in denominations corresponding to initial Certificate Principal Balances as of the Closing
Date of $10,000 and in integral multiples of $1 in excess thereof. The Class D, Class E, Class F, Class G and Class H Certificates
will be issuable only in denominations corresponding to initial Certificate Principal Balances as of the Closing Date of $100,000
and in integral multiples of $1 in excess thereof. The Interest Only Certificates will be issuable only in denominations corresponding
to initial Certificate Notional Amounts as of the Closing Date of $1,000,000 and in integral multiples of $1 in excess thereof.
The Class V and Class R Certificates will be issuable in denominations representing Percentage Interests of not less than 10%.

 

(b)          The
Certificates shall be executed by manual or facsimile signature on behalf of the Trustee by the Certificate Registrar hereunder
by an authorized signatory. Certificates bearing the manual or facsimile signatures of individuals who were at any time the authorized
officers or signatories of the Certificate Registrar shall be entitled to all benefits under this Agreement, subject to the following
sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such Certificates. No Certificate shall be entitled to
any benefit under this Agreement, or be valid for any purpose, however, unless there appears on such Certificate a certificate
of authentication substantially in the form provided for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has
been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

Section
5.02     Registration of Transfer and Exchange of Certificates. (a) At all times during the
term of this Agreement, there shall be maintained at the office of the Certificate Registrar a Certificate Register in which,
subject to such reasonable regulations as the Certificate Registrar may prescribe, the Certificate Registrar shall provide
for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. The Certificate
Administrator is hereby initially appointed (and hereby agrees to act in accordance with the terms hereof) as Certificate
Registrar for the purpose of registering Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar may appoint, by a written instrument delivered to the Trustee, the Depositor, the Master Servicers, the
Special Servicers and (if the Certificate Administrator is not the Certificate Registrar) the Certificate Administrator, any
other bank or trust company to act as Certificate Registrar under such conditions as the predecessor Certificate Registrar
may prescribe, provided that the predecessor Certificate Registrar shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment. If the Certificate Administrator resigns or is removed in
accordance with the terms hereof, the successor certificate administrator shall immediately succeed to its duties as
Certificate Registrar. The Depositor, the Trustee, the Certificate Administrator (if it is not the Certificate Registrar),
the Master Servicers and the Special Servicers shall each have the right to inspect the

 

    	-335-

    	 

    

 

Certificate
Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar
as to the information set forth in the Certificate Register.

 

If three or more Holders
make written request to the Certificate Registrar, and such request states that such Holders desire to communicate with other Holders
with respect to their rights under this Agreement or under the Certificates and is accompanied by a copy of the communication which
such Holders propose to transmit, then the Certificate Registrar shall, within thirty (30) days after the receipt of such request,
afford (or cause any other Certificate Registrar to afford) the requesting Holders access during normal business hours to the most
recent list of Certificateholders held by the Certificate Registrar.

 

(b)          No
Transfer of any Non-Registered Certificate or interest therein shall be made unless that Transfer is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable securities or blue sky laws of any state or other jurisdiction
within the United States, its territories and possessions, or is otherwise made in accordance with the Securities Act and such
other securities or blue sky laws. If offers and sales of any Certificate are made in any jurisdiction outside of the United States,
its territories and possessions, the Person making such offers and sales must comply with all applicable laws of such jurisdiction.

 

If a Transfer of any
Definitive Non-Registered Certificate is to be made without registration under the Securities Act (other than in connection with
the initial issuance of the Non-Registered Certificates or a Transfer of such Certificate by the Depositor, any Underwriter or
any of their respective Affiliates or, in the case of a Global Certificate for any Class of Book-Entry Non-Registered Certificates,
a Transfer thereof to a successor Depository or to the applicable Certificate Owner(s) in accordance with Section 5.03),
then the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely
upon) either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached
hereto as Exhibit C-1A or as Exhibit C-2A and a certificate from such Certificateholder’s prospective Transferee
substantially in the form attached hereto either as Exhibit C-1B or as Exhibit C-2B (except that, in the case of
any proposed transfer of a Class R Certificate, such Certificateholder desiring to effect such Transfer and prospective Transferee
may provide certificates substantially in the forms attached hereto respectively as Exhibit C-2A and Exhibit C-2B
only); or (ii) an Opinion of Counsel satisfactory to the Certificate Administrator to the effect that such prospective Transferee
is an Institutional Accredited Investor or a Qualified Institutional Buyer (except that, in the case of any proposed transfer of
a Class R Certificate, such Opinion of Counsel must be to the effect that such prospective Transferee is a Qualified Institutional
Buyer) and such Transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense
of the Trust Fund or of the Depositor, the Master Servicers, the Special Servicers, the Trustee, the Certificate Administrator,
the Tax Administrator, the Custodian or the Certificate Registrar in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such Transfer from the Certificateholder desiring to effect such Transfer and/or such
Certificateholder’s prospective Transferee on which such Opinion of Counsel is based.

 

    	-336-

    	 

    

 

If a Transfer of any
interest in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered Certificates is to be made without registration
under the Securities Act (other than in connection with the initial issuance of the Book-Entry Non-Registered Certificates or a
Transfer of any interest therein by the Depositor, any Underwriter or any of their respective Affiliates), then the Certificate
Owner desiring to effect such Transfer shall be required to obtain either (i) a certificate from such Certificate Owner’s
prospective Transferee substantially in the form attached hereto as Exhibit C-2B, or (ii) an Opinion of Counsel to the effect
that the prospective Transferee is a Qualified Institutional Buyer, and that such Transfer may be made without registration under
the Securities Act. Notwithstanding the foregoing requirements, in the case of the Class E, Class F, Class G and Class H Certificates
represented by a Rule 144A Global Certificate, the initial transfer of an interest therein by the Underwriters to a purchaser thereof
who delivers a certification to the effect that such purchaser is an Institutional Accredited Investor, in form and substance satisfactory
to the Underwriters, shall be permitted. Except as provided in the following two paragraphs, no interest in the Rule 144A Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be transferred to any Person who takes delivery other
than in the form of an interest in such Rule 144A Global Certificate. If any Transferee of an interest in the Rule 144A Global
Certificate for any Class of Book-Entry Non-Registered Certificates does not, in connection with the subject Transfer, deliver
to the Transferor the Opinion of Counsel or the certification described in the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that all the certifications set forth in Exhibit C-2B hereto are, with respect
to the subject Transfer, true and correct.

 

Notwithstanding the preceding
paragraph, any interest in the Rule 144A Global Certificate for a Class of Book-Entry Non-Registered Certificates may be transferred
(without delivery of any certificate or Opinion of Counsel described in clauses (i) and (ii) of the first sentence
of the preceding paragraph) by the Depositor, any Affiliate of the Depositor or any Person designated in writing by the Depositor
to any Person who takes delivery in the form of a beneficial interest in the Regulation S Global Certificate for such Class of
Certificates upon delivery to the Certificate Registrar of (x) a certificate to the effect that the Certificate Owner desiring
to effect such Transfer is the Depositor or an Affiliate of the Depositor and (y) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to direct the Certificate Administrator to debit the
account of a Depository Participant by a denomination of interests in such Rule 144A Global Certificate, and credit the account
of a Depository Participant by a denomination of interests in such Regulation S Global Certificate, that is equal to the denomination
of beneficial interests in the Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the Certificate Registrar
of such certification and such orders and instructions, the Certificate Administrator, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A Global Certificate in respect of the applicable Class
of Book-Entry Non-Registered Certificates and increase the denomination of the Regulation S Global Certificate for such Class,
by the denomination of the beneficial interest in such Class specified in such orders and instructions.

 

Also notwithstanding
the foregoing, any interest in a Rule 144A Global Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any Institutional Accredited

 

    	-337-

    	 

    

 

Investor
(other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Certificate of the same Class as
such Rule 144A Global Certificate upon delivery to the Certificate Registrar and the Certificate Administrator of (i) such certifications
and/or opinions as are contemplated by the second paragraph of this Section 5.02(b) and (ii) such written orders and instructions
as are required under the applicable procedures of the Depository to direct the Certificate Administrator to debit the account
of a Depository Participant by the denomination of the transferred interests in such Rule 144A Global Certificate. Upon delivery
to the Certificate Registrar of the certifications and/or opinions contemplated by the second paragraph of this Section 5.02(b),
the Certificate Administrator, subject to and in accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Rule 144A Global Certificate by the denomination of the transferred interests in such Rule 144A Global
Certificate, and shall cause a Definitive Certificate of the same Class as such Rule 144A Global Certificate, and in a denomination
equal to the reduction in the denomination of such Rule 144A Global Certificate, to be executed, authenticated and delivered in
accordance with this Agreement to the applicable Transferee. Correspondingly, any interest in a Non-Registered Certificate (other
than a Class V or Class R Certificate) held as a Definitive Certificate may be transferred by any Certificateholder holding such
interest to any Qualified Institutional Buyer that takes delivery in the form of a beneficial interest in a Rule 144A Global Certificate
upon delivery to the Certificate Registrar and the Certificate Administrator of (i) a certificate from the Certificateholder desiring
to effect such Transfer substantially in the form of attached hereto as Exhibit C-2A and a certificate from such Certificateholder’s
prospective Transferee substantially in the form attached hereto as Exhibit C-2B and (ii) such written orders and instructions
as are required under the applicable procedures of the Depository to direct the Certificate Administrator to credit the account
of a Depository Participant by the denomination of the transferred interests in such Rule 144A Global Certificate. Upon surrender
of the Definitive Certificate, the Certificate Administrator, subject to and in accordance with the applicable procedures of the
Depository, shall increase the denomination of the subject Rule 144A Global Certificate by the denomination of the surrendered
Definitive Certificate.

 

Except as provided in
the next paragraph, no beneficial interest in the Regulation S Global Certificate for any Class of Book-Entry Non-Registered Certificates
shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global
Certificate. On and prior to the Release Date, each Certificate Owner desiring to effect any Transfer of an interest in the Regulation
S Global Certificate for any Class of Book-Entry Non-Registered Certificates to another Person who takes delivery in the form of
a beneficial interest in such Regulation S Global Certificate shall be required to obtain from such Certificate Owner’s prospective
Transferee a written certification substantially in the form set forth in Exhibit C-3B hereto certifying that such Transferee
is an institution that is not a United States Securities Person. On or prior to the Release Date, beneficial interests in the Regulation
S Global Certificate for each Class of Book-Entry Non-Registered Certificates may be held only through Euroclear or Clearstream.
The Regulation S Global Certificate for each Class of Book-Entry Non-Registered Certificates shall be deposited with the Certificate
Administrator as custodian for the Depository and registered in the name of Cede & Co. as nominee of the Depository.

 

Notwithstanding the preceding
paragraph, after the Release Date, any interest in the Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may

 

    	-338-

    	 

    

 

be
transferred by a Certificate Owner to any Person who takes delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates upon delivery to the Certificate Registrar and the Certificate Administrator of (x)
a certificate from the Certificate Owner desiring to effect such Transfer substantially in the form of attached hereto as Exhibit
C-2A and a certificate from such Certificate Owner’s prospective Transferee substantially in the form attached hereto
as Exhibit C-2B and (y) such written orders and instructions as are required under the applicable procedures of the Depository,
Clearstream and Euroclear to direct the Certificate Administrator to debit the account of a Depository Participant by a denomination
of interests in such Regulation S Global Certificate, and credit the account of a Depository Participant by a denomination of
interests in such Rule 144A Global Certificate, that is equal to the denomination of beneficial interests in such Class of Book-Entry
Non-Registered Certificates to be transferred. Upon delivery to the Certificate Registrar and the Certificate Administrator of
such certification and orders and instructions, the Certificate Administrator, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Regulation S Global Certificate in respect of such Class of
Book-Entry Non-Registered Certificates, and increase the denomination of the Rule 144A Global Certificate for such Class, by the
denomination of the beneficial interest in such Class specified in such orders and instructions.

 

None of the Depositor,
the Underwriters, the Certificate Administrator, the Trustee, the Master Servicers, the Special Servicers, the Trust Advisor, the
Tax Administrator or the Certificate Registrar is obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the
Transfer of any Non-Registered Certificate or interest therein without registration or qualification. Any Certificateholder or
Certificate Owner desiring to effect a Transfer of any Non-Registered Certificate or interest therein shall, and does hereby agree
to, indemnify the Depositor, the Underwriters, the Certificate Administrator, the Trust Advisor, the Trustee, the Master Servicers,
the Special Servicers, the Tax Administrator and the Certificate Registrar against any liability that may result if such Transfer
is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state or foreign
securities laws or is not made in accordance with such federal, state or foreign laws.

 

(c)          No
Transfer of a Certificate or any interest therein shall be made (A) to any Plan or (B) to any Person who is directly or indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if
the purchase and holding of such Certificate or interest therein by the prospective Transferee would result in a violation of Section
406 or 407 of ERISA or Section 4975 of the Code, or a similar violation under Similar Law, or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the initial issuance of the Non-Registered Certificates
or any Transfer of a Non-Registered Certificate or any interest therein by the Depositor, any Initial Purchaser or any of their
respective Affiliates or, in the case of a Global Certificate for any Class of Book-Entry Non-Registered Certificates, any Transfer
thereof to a successor Depository or to the applicable Certificate Owner(s) in accordance with Section 5.03, the Certificate
Registrar shall refuse to register the Transfer of a Definitive Non-Registered Certificate unless it has received from the prospective
Transferee, and any Certificate Owner transferring an interest in a Global Certificate for any Class of Book-Entry Non-Registered
Certificates shall be required to

 

    	-339-

    	 

    

 

obtain
from its prospective Transferee, either (i) a certification to the effect that such prospective Transferee is not a Plan and is
not directly or indirectly purchasing such Certificate or interest therein on behalf of, as named fiduciary of, as trustee of,
or with assets of a Plan; or (ii) alternatively, but only in the case of a Certificate that is not a Class R or Class V Certificate,
a certification to the effect that the purchase and holding of such Certificate or interest therein by such prospective Transferee
is exempt from the prohibited transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes imposed
on such prohibited transactions by Sections 4975(a) and (b) of the Code, by reason of Sections I and III of PTCE 95-60; or (iii)
alternatively, but only in the case of a Non-Registered Certificate that is an Investment Grade Certificate (other than, if applicable,
a Class R or Class V Certificate), determined at date of acquisition, that is being acquired by or on behalf of a Plan in reliance
on the Exemption, a certification to the effect that such Plan (X) is an “accredited investor” as defined in Rule
501(a)(1) of Regulation D under the Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of ERISA) by
any member of the Restricted Group, and (Z) agrees that it will obtain from each of its Transferees a written certification described
in clause (i) above, a written certification described in clause (ii) above or a written representation that such
Transferee satisfies the requirements of the immediately preceding clauses (iii)(X) and (iii)(Y), together with
a written agreement that such Transferee will obtain from each of its Transferees a similar written certification or representation.
It is hereby acknowledged that the forms of certification attached hereto as Exhibit D-1 (in the case of Definitive Non-Registered
Certificates) and Exhibit D-2 (in the case of ownership interests in Book-Entry Non-Registered Certificates) are acceptable
for purposes of the preceding sentence. In lieu of one of the foregoing certifications, a prospective Transferee may deliver to
the Certificate Registrar a certification of facts and an Opinion of Counsel which establish to the reasonable satisfaction of
the Trustee that such Transfer will not result in a violation of Section 406 of ERISA or Section 4975 of the Code, or a similar
violation under Similar Law, or result in the imposition of an excise tax under Section 4975 of the Code, and will not subject
the Trustee, the Depositor, the Certificate Administrator, the Master Servicers, the Special Servicers, a Sub-Servicer or the
Trust Advisor to any obligation in addition to those undertaken in this Agreement; in the case of an ownership interest in a Book-Entry
Certificate, the prospective Transferee shall also deliver to the Certificate Owner from whom it is acquiring the interest a copy
of such certification of facts and Opinion of Counsel, and a certification that these documents have been delivered to the Certificate
Registrar. If any Transferee of a Certificate (including a Registered Certificate) or any interest therein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (in the case of a Definitive Certificate) or the Transferor (in
the case of ownership interests in a Book-Entry Non-Registered Certificate) any certification and/or Opinion of Counsel contemplated
by the first, second and third preceding sentences, then such Transferee shall be deemed to have represented and warranted that
either: (i) such Transferee is not a Plan and is not directly or indirectly purchasing such Certificate or interest therein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the purchase and holding of such Certificate
or interest therein by such Transferee are exempt from the prohibited transaction provisions of Sections 406(a) and (b) and 407
of ERISA and the excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b) of the Code by reason of the
Exemption (in the case of such a Certificate that is an Investment Grade Certificate) or by reason of Sections I and III of PTCE
95-60 (in the case of such a Certificate that is not an Investment Grade

 

    	-340-

    	 

    

 

Certificate)
or, in the case of a Plan subject to Similar Law does not result in a violation of Similar Law.

 

(d)          (i)
Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition
of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Certificate
Administrator under clause (ii)(A) below to deliver payments to a Person other than such Person and to have irrevocably
authorized the Certificate Administrator under clause (ii)(B) below to negotiate the terms of any mandatory disposition
and to execute all instruments of Transfer and to do all other things necessary in connection with any such disposition. The rights
of each Person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the following provisions:

 

(A)          Each
Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and shall promptly
notify the Tax Administrator and the Certificate Administrator of any change or impending change in its status as a Permitted Transferee.

 

(B)          In
connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall require
delivery to it, and shall not register the Transfer of any Class R Certificate until its receipt, of an affidavit and agreement
substantially in the form attached hereto as Exhibit E-1 (a “Transfer Affidavit
and Agreement”), from the proposed Transferee, representing and warranting, among other things, that such Transferee
is a Permitted Transferee, that it is not acquiring its Ownership Interest in the Class R Certificate that is the subject of the
proposed Transfer as a nominee, trustee or agent for any Person that is not a Permitted Transferee.

 

(C)          Notwithstanding
the delivery of a Transfer Affidavit and Agreement by a proposed Transferee under clause (B) above, if a Responsible Officer
of either the Certificate Administrator or the Certificate Registrar has actual knowledge that the proposed Transferee is not a
Permitted Transferee, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

 

(D)          Each
Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transfer Affidavit and
Agreement from any prospective Transferee to whom such Person attempts to Transfer its Ownership Interest in such Class R Certificate
and (2) not to Transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a certificate
substantially in the form attached hereto as Exhibit E-2 stating that, among other things, it has no actual knowledge that
such prospective Transferee is not a Permitted Transferee.

 

(E)          Each
Person holding or acquiring an Ownership Interest in a Class R Certificate, by purchasing such Ownership Interest, agrees to give
the Tax Administrator and the Certificate Administrator written notice that it is a

 

    	-341-

    	 

    

 

“pass-through
interest holder” within the meaning of temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring
an Ownership Interest in a Class R Certificate, if it is, or is holding an Ownership Interest in a Class R Certificate on behalf
of, a “pass-through interest holder”.

 

(ii)          (A)
If any purported Transferee shall become a Holder of a Class R Certificate in violation of the provisions of this Section 5.02(d),
then the last preceding Holder of such Class R Certificate that was in compliance with the provisions of this Section 5.02(d)
shall be restored, to the extent permitted by law, to all rights as Holder thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. None of the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar
shall be under any liability to any Person for any registration of Transfer of a Class R Certificate that is in fact not permitted
by this Section 5.02(d) or for making any payments due on such Certificate to the Holder thereof or for taking any other
action with respect to such Holder under the provisions of this Agreement.

 

(B)          If
any purported Transferee shall become a Holder of a Class R Certificate in violation of the restrictions in this Section 5.02(d),
then, to the extent that retroactive restoration of the rights of the preceding Holder of such Class R Certificate as described
in clause (ii)(A) above shall be invalid, illegal or unenforceable, the Certificate Administrator shall have the right,
but not the obligation, to cause the Transfer of such Class R Certificate to a Permitted Transferee selected by the Certificate
Administrator on such terms as the Certificate Administrator may choose, and the Certificate Administrator shall not be liable
to any Person having an Ownership Interest in such Class R Certificate as a result of the Certificate Administrator’s exercise
of such discretion. Such purported Transferee shall promptly endorse and deliver such Class R Certificate in accordance with the
instructions of the Certificate Administrator. Such Permitted Transferee may be the Certificate Administrator itself or any Affiliate
of the Certificate Administrator.

 

(iii)         The
Tax Administrator shall make available to the IRS and to those Persons specified by the REMIC Provisions all information furnished
to it by the other parties hereto necessary to compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
in a Class R Certificate to any Person who is a Disqualified Organization, including the information described in Treasury Regulations
Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of such Class R Certificate and
(B) as a result of any regulated investment company, real estate investment trust, common trust fund, partnership, trust, estate
or organization described in Section 1381 of the Code that holds an Ownership Interest in a Class R Certificate having as among
its record holders at any time any Person which is a Disqualified Organization, and each of the other parties hereto shall furnish
to the Tax Administrator all information in its possession necessary for the Tax Administrator to discharge such obligation. The
Person holding such Ownership Interest shall be responsible for the reasonable compensation of the Tax Administrator for providing
information thereto pursuant to this subsection (d)(iii) and Section 10.01(d)(i).

 

    	-342-

    	 

    

 

(iv)        The
provisions of this Section 5.02(d) set forth prior to this clause (iv) may be modified, added to or eliminated, provided
that there shall have been delivered to the Certificate Administrator and the Tax Administrator the following:

 

(A)          A
Rating Agency Confirmation with respect to such modification of, addition to or elimination of such provisions; and

 

(B)          an
Opinion of Counsel, in form and substance satisfactory to the Certificate Administrator and the Tax Administrator, obtained at
the expense of the party seeking such modification of, addition to or elimination of such provisions (but in no event at the expense
of the Trustee, the Tax Administrator or the Trust), to the effect that doing so will not (1) cause any REMIC Pool to cease to
qualify as a REMIC or be subject to an entity-level tax caused by the Transfer of any Class R Certificate to a Person which is
not a Permitted Transferee or (2) cause a Person other than the prospective Transferee to be subject to a REMIC-related tax caused
by the Transfer of a Class R Certificate to a Person that is not a Permitted Transferee.

 

(e)          If
a Person is acquiring any Non-Registered Certificate or interest therein as a fiduciary or agent for one or more accounts, such
Person shall be required to deliver to the Certificate Registrar (or, in the case of an interest in a Book-Entry Non-Registered
Certificate, to the Certificate Owner that is transferring such interest) a certification to the effect that, and such other evidence
as may be reasonably required by the Certificate Administrator (or such Certificate Owner) to confirm that, it has (i) sole investment
discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations,
warranties, certifications and agreements with respect to each such account as set forth in subsections (b), (c) and/or
(d), as appropriate, of this Section 5.02.

 

(f)           Subject
to the preceding provisions of this Section 5.02, upon surrender for registration of transfer of any Certificate at the
offices of the Certificate Registrar maintained for such purpose, the Certificate Registrar shall execute and the Authenticating
Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates of
the same Class in authorized denominations evidencing a like aggregate Percentage Interest in such Class.

 

(g)          At
the option of any Holder, its Certificates may be exchanged for other Certificates of authorized denominations of the same Class
evidencing a like aggregate Percentage Interest in such Class upon surrender of the Certificates to be exchanged at the offices
of the Certificate Registrar maintained for such purpose. Whenever any Certificates are so surrendered for exchange, the Certificate
Registrar shall execute and the Authenticating Agent shall authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

 

(h)          Every
Certificate presented or surrendered for transfer or exchange shall (if so required by the Certificate Registrar) be duly endorsed
by, or be accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by,
the Holder thereof or his attorney duly authorized in writing.

 

    	-343-

    	 

    

 

(i)           No
service charge shall be imposed for any transfer or exchange of Certificates, but the Certificate Administrator or Certificate
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of Certificates.

 

(j)           All
Certificates surrendered for transfer and exchange shall be physically canceled by the Certificate Registrar, and the Certificate
Registrar shall dispose of such canceled Certificates in accordance with its standard procedures.

 

(k)          In
connection with the foregoing Sections 5.02(b), (c) and (d), in no case shall the Depositor be responsible for the
costs or expenses of any certificates, opinions or agreements contemplated by such Sections 5.02(b), (c) and (d).

 

(l)           Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding.
If the Certificate Administrator does withhold any amount from interest or original issue discount payments or advances thereof
to any Certificateholder or payee pursuant to federal withholding requirements, the Certificate Administrator shall indicate the
amount withheld to such Person. Such amounts shall be deemed to have been distributed to such Certificateholders or payees for
all purposes of this Agreement.

 

(m)         Certificate
Transfer requests shall be made to: Wells Fargo Bank, N.A., Corporate Trust Services, Attn: TRANSFER AGENT GROUP, 6th Street &
Marquette Ave., Minneapolis, MN 55479, Ref: Certificate Transfer Request, WFCM 2015-C30, telephone: 800-344-5128.

 

Section
5.03     Book-Entry Certificates. (a) The Certificates (other than the Class R and Class V
Certificates) shall initially be issued as one or more Certificates registered in the name of the Depository or its nominee
and, except as provided in Section 5.02(b) and Section 5.03(c), a Transfer of such Certificates may not be
registered by the Certificate Registrar unless such Transfer is to a successor Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests therein. Such Certificate Owners shall hold and
Transfer their respective Ownership Interests in and to such Certificates through the book-entry facilities of the Depository
and, except as provided in Section 5.03(c) below, shall not be entitled to definitive, fully registered Certificates
(“Definitive Certificates”) in respect of such Ownership
Interests. The Classes of Non-Registered Certificates initially sold to Qualified Institutional Buyers in reliance on Rule
144A or in reliance on another exemption from the registration requirements of the Securities Act shall, in the case of each
such Class, be represented by the Rule 144A Global Certificate for such Class, which shall be deposited with the Certificate
Administrator as custodian for the Depository and registered in the name of Cede & Co. as nominee of the Depository. The
Classes of Non-Registered Certificates initially sold to institutions that are non-United States Securities Persons in
Offshore Transactions in reliance on Regulation S shall, in the case of each such Class, be represented by the Regulation S
Global Certificate for such Class, which shall be deposited with the Certificate Administrator as

 

    	-344-

    	 

    

 

custodian
for the Depository and registered in the name of Cede & Co. as nominee of the Depository. All Transfers by Certificate Owners
of their respective Ownership Interests in the Book-Entry Certificates shall be made in accordance with the procedures established
by the Depository Participant or brokerage firm representing each such Certificate Owner. Each Depository Participant shall only
transfer the Ownership Interests in the Book-Entry Certificates of Certificate Owners it represents or of brokerage firms for
which it acts as agent in accordance with the Depository’s normal procedures.

 

(b)          The
Certificate Administrator, the Master Servicers, the Special Servicers, the Trustee, the Depositor and the Certificate Registrar
may for all purposes, including the making of payments due on the Book-Entry Certificates, deal with the Depository as the authorized
representative of the Certificate Owners with respect to such Certificates for the purposes of exercising the rights of Certificateholders
hereunder. Except as expressly provided to the contrary herein, the rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and directions from, and votes of, the Depository as
Holder of the Book-Entry Certificates with respect to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Certificate Administrator may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give notice to the Depository of such record date.

 

(c)          If
(i)(A) the Depositor advises the Certificate Administrator, the Trustee and the Certificate Registrar in writing that the Depository
is no longer willing or able to properly discharge its responsibilities with respect to a Class of the Book-Entry Certificates,
and (B) the Depositor is unable to locate a qualified successor, or (ii) the Depositor at its option advises the Trustee, the Certificate
Administrator and the Certificate Registrar in writing that it elects to terminate the book-entry system through the Depository
with respect to a Class of Book-Entry Certificates, the Certificate Registrar shall notify all affected Certificate Owners, through
the Depository, of the occurrence of any such event and of the availability of Definitive Certificates to such Certificate Owners
requesting the same.

 

Upon surrender to the
Certificate Registrar of the Book-Entry Certificates of any Class thereof by the Depository, accompanied by registration instructions
from the Depository for registration of transfer, the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate
and deliver, the Definitive Certificates in respect of such Class to the Certificate Owners identified in such instructions. None
of the Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee or the Certificate Registrar
shall be liable for any delay in delivery of such instructions, and each of them may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Certificates for purposes of evidencing ownership of any Class
of Registered Certificates, the registered holders of such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer
and exchange such Definitive Certificates.

 

(d)          Notwithstanding
any other provisions contained herein, neither the Certificate Administrator nor the Certificate Registrar shall have any responsibility
whatsoever

 

    	-345-

    	 

    

 

to
monitor or restrict the Transfer of ownership interests in any Certificate (including but not limited to any Non-Registered Certificate)
which interests are transferable through the book-entry facilities of the Depository.

 

Section
5.04     Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate
is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Administrator and the
Certificate Registrar such security or indemnity as may be reasonably required by them to save each of them harmless, then,
in the absence of actual notice to the Certificate Administrator or the Certificate Registrar that such Certificate has been
acquired by a bona fide purchaser, the Certificate Registrar shall execute and the Authenticating Agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of the same Class and like Percentage Interest. Upon the issuance of any new Certificate under this Section, the
Certificate Administrator and the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Certificate Administrator and the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in the applicable REMIC created hereunder, as
if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section
5.05     Persons Deemed Owners. Prior to due presentment for registration of transfer, the
Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee, the Trust Advisor, the
Certificate Registrar and any agent of any of them may treat the Person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions pursuant to Section 4.01 and for all other
purposes whatsoever and none of the Depositor, the Master Servicers, the Special Servicers, the Trustee, the Trust Advisor,
the Certificate Registrar or any agent of any of them shall be affected by notice to the contrary.

 

Section
5.06     Certification by Certificate Owners. To the extent that under the terms of this
Agreement, it is necessary to determine whether any Person is a Certificate Owner, the Certificate Administrator shall make
such determination based on a certificate of such Person which shall be substantially in the form of Exhibit K-1A, Exhibit
K-1B, Exhibit K-2A or Exhibit K-2B hereto, as applicable (or such other form as shall be reasonably
acceptable to the Certificate Administrator) and shall, to the extent required by the Certificate Administrator, specify the
Class and Certificate Principal Balance or Certificate Notional Amount, as the case may be, of the Book-Entry Certificate
beneficially owned; provided that none of the Trustee, the Certificate Administrator or the Certificate Registrar
shall knowingly recognize such Person as a Certificate Owner if such Person, to the actual knowledge of a Responsible Officer
of the Trustee, the Certificate Administrator or the Certificate Registrar, as the case may be, acquired its Ownership
Interest in a Book-Entry Certificate in violation of Section 5.02(c), or if such Person’s certification that it
is a Certificate Owner is in direct conflict with information actually known by a Responsible Officer of the Trustee, the
Certificate Administrator or the Certificate Registrar, with respect to the identity of a Certificate Owner. The Trustee, the
Certificate Administrator and the Certificate Registrar shall each exercise its reasonable discretion in

 

    	-346-

    	 

    

 

making
any determination under this Section 5.06 and shall afford any Person providing information with respect to its beneficial
ownership of any Book-Entry Certificate an opportunity to resolve any discrepancies between the information provided and any other
information available to the Trustee, the Certificate Administrator or the Certificate Registrar, as the case may be.

 

Section
5.07     Appointment of Authenticating Agents. (a) The Certificate Administrator may appoint
at its expense an Authenticating Agent, which shall be authorized to act on behalf of the Certificate Administrator in
authenticating Certificates. The Certificate Administrator shall cause any such Authenticating Agent to execute and deliver
to the Certificate Administrator an instrument in which such Authenticating Agent shall agree to act in such capacity, with
the obligations and responsibilities herein. Each Authenticating Agent must be organized and doing business under the laws of
the United States of America or of any State, authorized under such laws to carry on a trust business, have a combined
capital and surplus of at least $15,000,000, and be subject to supervision or examination by federal or state authorities.
Each Authenticating Agent shall be subject to the same obligations, standard of care, protection and indemnities as would be
imposed on, or would protect, the Certificate Administrator hereunder. The appointment of an Authenticating Agent shall not
relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator shall remain
responsible for all acts and omissions of the Authenticating Agent. In the absence of any other Person appointed in
accordance herewith acting as Authenticating Agent, the Certificate Administrator hereby agrees to act in such capacity in
accordance with the terms hereof. Notwithstanding anything herein to the contrary, if the Certificate Administrator is no
longer the Authenticating Agent, any provision or requirement herein requiring notice or any information or documentation to
be provided to the Authenticating Agent shall be construed to require that such notice, information or documentation also be
provided to the Certificate Administrator.

 

(b)          Any
Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion, or consolidation to which any Authenticating Agent shall be a party, or any Person succeeding to the
corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent without the execution or filing
of any paper or any further act on the part of the Trustee, the Certificate Administrator or the Authenticating Agent.

 

(c)          Any
Authenticating Agent appointed in accordance with this Section 5.07 may at any time resign by giving at least thirty (30)
days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Certificate Registrar and
the Depositor. The Certificate Administrator may at any time terminate the agency of any Authenticating Agent appointed in accordance
with this Section 5.07 by giving written notice of termination to such Authenticating Agent, the Trustee, the Certificate
Registrar and the Depositor. Upon receiving a notice of such a resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.07, the Certificate
Administrator may appoint a successor Authenticating Agent, in which case the Certificate Administrator shall give written notice
of such appointment to the Trustee, the Certificate Registrar and the Depositor and shall mail notice of such appointment to all
Holders of Certificates; provided that no successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section 5.07. Any successor Authenticating Agent upon

 

    	-347-

    	 

    

 

acceptance
of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent.

 

Section
5.08     [Reserved.]

 

Section
5.09     Exchanges of Exchangeable Certificates.

 

(a)          At
the request of the Holder of Class A-S, Class B and Class C Certificates in the Exchange Proportion, and upon the surrender of
such Exchangeable Certificates, the Certificate Administrator, shall exchange such Exchangeable Certificates for Class PEX Certificates
with an original aggregate Certificate Principal Balance equal to the original aggregate Certificate Principal Balance of the Class
A-S, Class B and Class C Certificates exchanged therefor. At the request of the Holder of Class PEX Certificates, and upon the
surrender of such Exchangeable Certificates, the Certificate Administrator, shall exchange such Exchangeable Certificates for Class
A-S, Class B and Class C Certificates in the Exchange Proportion and with an original aggregate Certificate Principal Balance equal
to the original aggregate Certificate Principal Balance of the Class PEX Certificates exchanged therefor. No service charge (other
than administrative fees charged by the Depository) shall be payable by a Certificateholder in connection with any exchange of
Certificates pursuant to this Section 5.09. There shall be no limitation on the number of exchanges authorized pursuant
to this Section 5.09; provided that (i) each of the Class A-S, Class B and Class C Certificates exchanged (whether
surrendered or received) in such exchange shall have denominations no smaller than the minimum denominations set forth in Section
5.01(a) and (ii) exchanges pursuant to this Section 5.09 shall not be permitted after the Class Principal Balance of
the Class A-S Regular Interest (and therefore the aggregate Certificate Principal Balance of the Class A-S Certificates and the
Class A-S-PEX Component) has been reduced to zero or if any Class of Exchangeable Certificates is no longer maintained as a Book-Entry
Certificate. In addition, the Depositor shall have the right to make or cause exchanges on the Closing Date pursuant to instructions
delivered to the Certificate Administrator on the Closing Date.

 

(b)          In
connection with any exchange of Exchangeable Certificates, the Certificate Registrar (i) shall reduce the outstanding aggregate
Class Principal Balance of such Class or Classes of Exchangeable Certificates surrendered by the applicable Holder on the Certificate
Register and shall increase the outstanding Class Principal Balance of the related Class or Classes of Exchangeable Certificates
received by such Holder in such exchange on the Certificate Register and the Certificate Registrar or the Certificate Administrator,
as applicable, (ii) as applicable, shall make corresponding increases or reductions to the Class Principal Balances of the Class
PEX Components, and (iii) shall give appropriate instructions to the Depository and make appropriate notations on the Global Certificates
for each Class of Exchangeable Certificates to reflect such reductions and increases.

 

(c)          In
order to effect an exchange of Exchangeable Certificates, the Certificateholder shall notify the Certificate Administrator in writing
or by e-mail to cts.cmbs.bond.admin@wellsfargo.com (with a subject line referencing “WFCM 2015-C30” and setting forth
the proposed Exchange Date) no later than three (3) Business Days before the proposed exchange date (the “Exchange
Date”). The Exchange Date may be any Business Day

 

    	-348-

    	 

    

 

other
than the first or last Business Day of the month. The notice must (i) be set forth on the applicable Certificateholder’s
letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the following information: the CUSIP number of each Exchangeable
Certificate to be exchanged and each Exchangeable Certificate to be received; the outstanding Certificate Principal Balance and
the initial Certificate Principal Balance of the Exchangeable Certificates to be exchanged, the Certificateholder’s DTC
participant number; and the proposed Exchange Date. The Certificateholder and the Certificate Administrator shall utilize the
“deposit and withdrawal system” at the Depository to effect such exchange of the applicable Exchangeable Certificates.
A notice shall become irrevocable on the second Business Day before the proposed Exchange Date. Exchangeable Certificates shall
be exchangeable on the books of the Depository for the corresponding Exchangeable Certificates on and after the Closing Date,
by notice to the Certificate Administrator substantially in the form of Exhibit X attached hereto.

 

(d)          The
Certificate Administrator shall make the first distribution on an Exchangeable Certificate received by a Certificateholder in any
exchange on the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable
Record Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in
such month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be
so made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor will have any obligation to ensure the availability in the market of the applicable
Certificates to accomplish any exchange.

 

ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICERS AND THE TRUST ADVISOR

 

Section
6.01     Liability of the Depositor, the Master Servicers, the Special Servicers and the Trust
Advisor. The Depositor, each Master Servicer, each Special Servicer and the Trust Advisor shall be liable in accordance
herewith only to the extent of the respective obligations specifically imposed upon and undertaken by the Depositor, such
Master Servicer, such Special Servicer and the Trust Advisor.

 

Section
6.02     Merger, Consolidation or Conversion of the Depositor, the Master Servicers, the Trust
Advisor or the Special Servicers. (a) Subject to Section 6.02(b), the Depositor, the Master Servicers, the Special
Servicers and the Trust Advisor shall each keep in full effect its existence, rights and franchises as a corporation, bank,
trust company, partnership, limited liability company, association or other legal entity under the laws of the jurisdiction
wherein it was organized, and each shall obtain and preserve its qualification to do business as a foreign entity in each
jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Agreement, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement.

 

(b)          Each
of the Depositor, the Master Servicers, the Trust Advisor and the Special Servicers may be merged or consolidated with or into
any Person, or transfer all or

 

    	-349-

    	 

    

 

substantially
all of its assets to any Person, in which case any Person resulting from any merger or consolidation to which the Depositor, a
Master Servicer, the Trust Advisor or a Special Servicer shall be a party, or any Person succeeding to the business of the Depositor,
a Master Servicer, the Trust Advisor or a Special Servicer, shall be the successor of the Depositor, such Master Servicer, the
Trust Advisor or such Special Servicer, as the case may be, hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided that no successor
or surviving Person shall so succeed to the rights and duties of a Master Servicer or a Special Servicer unless (i) such succession
is the subject of a Rating Agency Confirmation (subject to Section 3.27) from each Rating Agency (and, if applicable pursuant
to Section 3.27(k), an analogous rating confirmation from each Pari Passu Companion Loan Rating Agency), except that such
condition need not be satisfied if such succession occurs solely as a result of a merger in which such Master Servicer or Special
Servicer, as applicable, is the surviving Person under applicable law, and (ii) the successor or surviving Person makes the applicable
representations and warranties set forth in Section 2.05 (in the case of a successor or surviving Person to the applicable
Master Servicer) or Section 2.06 (in the case of a successor or surviving Person to the applicable Special Servicer), as
applicable. Notwithstanding the foregoing, no Master Servicer or Special Servicer may remain a Master Servicer or a Special Servicer,
as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party,
or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party at the time of such
merger, consolidation or transfer, except with respect to clause (x) and (y), as applicable, to the extent (i) such
Master Servicer or such Special Servicer is the surviving entity of such merger, consolidation or transfer and has been in material
compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation
or transfer, which consent shall not be unreasonably withheld.

 

Section
6.03     Limitation on Liability of the Depositor, the Trust Advisor, the Master Servicers and
the Special Servicers. (a) None of the Depositor, the Trust Advisor, the Master Servicers or the Special Servicers or any
of their respective members, managers, directors, officers, employees or agents shall be under any liability to the Trust,
the Trustee or the Certificateholders or any Serviced Pari Passu Companion Loan Holder for any action taken or not taken in
good faith pursuant to this Agreement or for errors in judgment; provided that this provision shall not protect the
Depositor, the Trust Advisor, any Master Servicer or any Special Servicer or any of their respective members, managers,
directors, officers, employees or agents against any liability to the Trust, the Trustee or the Certificateholders or any
Serviced Pari Passu Companion Loan Holder for the breach of a representation or warranty made by such party herein, or
against any expense or liability specifically required to be borne by such party without right of reimbursement pursuant to
the terms hereof, or against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of such party’s obligations or duties hereunder, or by reason of reckless disregard of
such obligations and duties. The Depositor, the Trust Advisor, the Master Servicers, the Special Servicers and any director,
member, manager, officer, employee or agent of any such party may rely in good faith on any document of any kind conforming
to the requirements of this Agreement for the truth and accuracy of the contents of that document (and as to certificates and
opinions, including Opinions of Counsel, for the truth of the statements made therein and the correctness of the opinions
expressed therein) reasonably believed or in good faith believed by it to be genuine and to have been signed or presented by
the proper party or parties, which

 

    	-350-

    	 

    

 

document,
prima facie, is properly executed and submitted by any Person, or any employee or agent of any Person (including legal
counsel as to opinions), respecting any matters arising hereunder. The Depositor, the Trust Advisor, the Master Servicers, the
Special Servicers (each in its capacity as such or in its individual capacity) and any member, manager, director, officer, employee
or agent of any such party, shall be indemnified and held harmless by the Trust Fund out of the Collection Accounts and the related
Serviced Pari Passu Companion Loan Custodial Account, as applicable, as provided in Section 3.05(a), or the Distribution
Account, as provided in Section 3.05(b), against any loss, liability, claim, damages, penalty, fine, cost or expense (including
reasonable legal fees and expenses) incurred in connection with any actual or threatened legal action or claim relating to this
Agreement, the Certificates or the Trust, other than any loss, liability, cost or expense: (i) specifically required to be borne
by such party, without right of reimbursement, pursuant to the terms hereof; (ii) incurred in connection with any legal action
or claim against such party resulting from any breach of a representation or warranty made by such Person herein, or (iii) incurred
in connection with any legal action or claim against such party resulting from any willful misfeasance, bad faith or negligence
in the performance of such Person’s obligations and duties hereunder or resulting from negligent disregard of such obligations
and duties. Such indemnification shall extend (subject to the same limitations and qualifications) to any loss, liability, claim,
damages, penalty, fine, cost or expense incurred by any such Person in connection with any actual or threatened legal action or
claim relating to a Loan Combination (whether or not the Loan Combination is then being serviced under the Pooling and Servicing
Agreement), but the relevant party must promptly notify the applicable Master Servicer and the Other Master Servicer of any claim
(but the omission to so notify shall not relieve the Trust Fund from any liability which it may have to any such indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the interests of the Trust Fund)
and, if any indemnification payment is made to such party from general collections on the Mortgage Pool on deposit in the Collection
Accounts, the applicable Master Servicer will be required to use efforts in accordance with the Servicing Standard to exercise
promptly the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement from the related Serviced
Pari Passu Companion Loan Holder for that holder’s allocable share of the amount so paid.

 

None of the Depositor,
the Master Servicers, the Special Servicers or the Trust Advisor shall be under any obligation to appear in, prosecute or defend
any legal action unless such action is related to its respective duties under this Agreement and, except in the case of a legal
action the costs of which such party is specifically required hereunder to bear, in its opinion does not involve it in any ultimate
expense or liability for which it would not be reimbursed hereunder; provided that the Depositor, a Master Servicer, a Special
Servicer or the Trust Advisor may in its discretion undertake any such action which it may reasonably deem necessary or desirable
with respect to the enforcement and/or protection of the rights and duties of the parties hereto and the interests of the Certificateholders
(or, if a Serviced Loan Combination is involved, the rights of the Certificateholders and the related Serviced Pari Passu Companion
Loan Holder(s) (as a collective whole). In such event, the legal expenses and costs of such action, and any liability resulting
therefrom, shall be expenses, costs and liabilities of the Trust, and the Depositor, either Master Servicer, either Special Servicer
or the Trust Advisor, as the case may be, shall be entitled to be reimbursed therefor from the Collection Accounts, as provided
in Section 3.05(a), or the Distribution Account, as provided in Section 3.05(b) (or, with respect to a Serviced Loan
Combination, if such expenses and costs relate specifically to such

 

    	-351-

    	 

    

 

Serviced
Loan Combination, first, pro rata from the related Collection Account and the related Serviced Pari Passu Companion Loan
Custodial Account (based on the respective outstanding principal balances of the related Mortgage Loan and any Serviced Pari Passu
Companion Loan) and, if funds in the related Serviced Pari Passu Companion Loan Custodial Account are insufficient, then any deficiency
shall be paid from amounts on deposit in the Collection Accounts). Following reimbursement or payment of such amounts (with no
obligation to repay such amounts), the applicable Master Servicer or the applicable Special Servicer, as applicable, shall use
efforts in accordance with the Servicing Standard to exercise promptly the rights of the Trust Fund under the related Intercreditor
Agreement to obtain reimbursement from the related Serviced Pari Passu Companion Loan Holder (or if the related Serviced Pari
Passu Companion Loan is held by an Other Securitization, from such Other Securitization), of such Serviced Pari Passu Companion
Loan Holder’s pro rata share of such amounts reimbursed by the Collection Accounts. In no event will the Trust Advisor
have any duty to appear in any legal proceedings in connection with this Agreement.

 

Notwithstanding any provision
herein to the contrary, for the purposes of indemnification of a Master Servicer or Special Servicer and limitation of liability,
a Master Servicer or Special Servicer will be deemed not to have engaged in willful misfeasance or committed bad faith, fraud or
negligence in the performance of its respective obligations or duties or acted in negligent disregard or other disregard of its
respective obligations or duties hereunder if such Master Servicer or Special Servicer, as applicable, fails to follow the terms
of the Mortgage Loan Documents because such Master Servicer or Special Servicer, as applicable, in its reasonably exercised judgment
determines that following the terms of the Mortgage Loan Documents would or potentially would result in an Adverse REMIC Event
(for which determination, the applicable Master Servicer and the applicable Special Servicer shall be entitled to rely on advice
of counsel, the cost of which shall be reimbursed as an Additional Trust Fund Expense). Any indemnification payments or reimbursements
of costs or expenses described in the preceding paragraph to which the Trust Advisor may become entitled shall constitute Trust
Advisor Expenses and the payment of such Trust Advisor Expenses (other than those that constitute Designated Trust Advisor Expenses)
shall be subject to the limitations set forth in Section 4.05. The Trust Advisor shall not be entitled to reimbursement
of expenses for its services except those for which it is entitled to indemnification as described above.

 

Notwithstanding the foregoing,
if and to the extent that any loss, liability, claim, damages, penalty, fine, cost or expense that is, pursuant to this Section
6.03(a), required to be borne by the Trust out of the Distribution Account or Collection Accounts, relates to any Serviced
Loan Combination, (i) such loss, liability, claim, damages, penalty, fine, cost or expense shall be payable out of amounts on deposit
in respect of such Serviced Loan Combination in the related Collection Account and the related Serviced Pari Passu Companion Loan
Custodial Account collectively, on a pro rata basis, prior to payment from funds in the Distribution Account or the Collection
Accounts that are unrelated to such Serviced Loan Combination; and (ii) such loss, liability, claim, damages, penalty, fine, cost
or expense shall be payable out of amounts on deposit in the related Collection Account and the related Serviced Pari Passu Companion
Loan Custodial Account (withdrawals from those accounts shall be made in accordance with the related Intercreditor Agreement and
pro rata according to the respective outstanding principal balances of the Mortgage Loan and any Serviced Pari Passu Companion
Loan included in the related Serviced Loan Combination). Insofar as any such loss, liability,

 

    	-352-

    	 

    

 

claim,
damages, penalty, fine, cost or expense related to any Serviced Loan Combination is so paid by withdrawal from the Collection
Accounts or Distribution Account and funds are subsequently received and allocable to the related Serviced Pari Passu Companion
Loan(s), then the applicable Master Servicer shall deposit the amount of such loss, liability, claim, damages, penalty, fine,
cost or expense into the applicable Collection Account from such funds so received and allocable to the related Serviced Pari
Passu Companion Loan.

 

(b)          In
addition, none of the Depositor, the Trust Advisor, the Master Servicers or the Special Servicers or any director, member, manager,
officer, employee or agent of any such party shall have any liability with respect to, and each of the Depositor, the Trust Advisor,
the Master Servicers, the Special Servicers and any director, member, manager, officer, employee or agent of any such party shall
be entitled to rely, as to the truth of the statements made therein and the correctness of the opinions expressed therein, on any
documents, certificates or opinions, including Opinions of Counsel, furnished to, and reasonably believed or in good faith believed
by such Person to be genuine and to have been signed or presented by the proper party or parties, which document, certificate or
opinion, prima facie, is properly executed and submitted by any Person, or any employee or agent of any Person (including
legal counsel as to opinions), respecting any matters arising hereunder. Each of the Master Servicers, the Special Servicers and
the Trust Advisor may rely in good faith on information provided to it by the other parties hereto (unless the provider and the
recipient of such information are the same Person or Affiliates) and by the Borrowers and property managers, and will have no duty
to investigate or verify the accuracy thereof. Each of the Master Servicers, the Special Servicers and the Trust Advisor may rely,
and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate, certificate of auditors
or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial statement, agreement,
appraisal, bond or other document (in electronic or paper format) as contemplated by and in accordance with this Agreement and
reasonably believed or in good faith believed by the applicable Master Servicer, the applicable Special Servicer or the Trust Advisor,
or directors, members, officers, employees or agents of any such party as the case may be, to be genuine and to have been signed
or presented by the proper party or parties and each of them may consult with counsel, in which case any written advice of counsel
or Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken or suffered or omitted
by it hereunder in good faith and in accordance with such advice or Opinion of Counsel. Furthermore, none of the Master Servicers,
the Special Servicers and the Trust Advisor or directors, members, managers, officers, employees or agents of any such party shall
have any liability under this Agreement for any failure of any other such Person (or any other party to this Agreement) to perform
such Person’s obligations or duties hereunder.

 

Section
6.04     Resignation of a Master Servicer or a Special Servicer. (a) Each of the Master
Servicers and the Special Servicers may resign from the obligations and duties hereby imposed on it, upon a determination
that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable
law with any other activities carried on by it (the other activities of such Master Servicer or such Special Servicer, as the
case may be, so causing such a conflict being of a type and nature carried on by such Master Servicer or such Special
Servicer, as the case may be, at the date of this Agreement). Any such determination requiring the resignation of that Master
Servicer or that Special Servicer shall be evidenced by an Opinion of Counsel to such effect which shall be delivered to the
Trustee, with a

 

    	-353-

    	 

    

 

copy
to the Certificate Administrator, the Subordinate Class Representative and the Majority Subordinate Certificateholder (and each
affected Serviced Pari Passu Companion Loan Holder). Unless applicable law requires the resignation of a Master Servicer or a
Special Servicer (as the case may be) to be effective immediately, and the Opinion of Counsel delivered pursuant to the prior
sentence so states, no such resignation shall become effective until the Trustee or other successor shall have assumed the responsibilities
and obligations of the resigning party in accordance with Section 6.05 or Section 7.02 hereof; provided that,
if no successor to such Master Servicer or such Special Servicer, as the case may be, shall have been so appointed and have accepted
appointment within ninety (90) days after such Master Servicer or such Special Servicer, as the case may be, has given notice
of such resignation, the resigning Master Servicer or Special Servicer, as the case may be, may petition any court of competent
jurisdiction for the appointment of a successor thereto.

 

(b)          In
addition, each of the Master Servicers and the Special Servicers shall have the right to resign at any other time for any reason,
provided that (i) a willing successor thereto (including any such successor proposed by the resigning party) has been found
that is, solely in the case of a successor to a Special Servicer if it is a resigning special servicer, acceptable to the Subordinate
Class Representative (during any Subordinate Control Period), (ii) solely in the case of a Special Servicer if it is the resigning
party, the resigning party has consulted with the Subordinate Class Representative (during any Collective Consultation Period)
and the Trust Advisor (during any Collective Consultation Period or Senior Consultation Period) with respect to the identity and
quality of its proposed successor, (iii) the succession is the subject of a Rating Agency Confirmation from each Rating Agency
(and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion
Loan Rating Agency), (iv) the successor accepts appointment in writing prior to the effectiveness of such resignation and (v) the
successor is not a Prohibited Party at the time of such succession unless the Depositor consents to the appointment in its reasonable
discretion; provided, further, that in the event a replacement Special Servicer is being appointed solely for any
Excluded Loan, the Subordinate Class Representative shall not have any consent or consultation rights in respect of designating
that replacement Special Servicer.

 

(c)          None
of the Master Servicers and the Special Servicers shall be permitted to resign except as contemplated in Sections 6.04(a)
and 6.04(b). Consistent with the foregoing, none of the Master Servicers and the Special Servicers shall (except in connection
with any resignation thereby permitted above in this Section 6.04 or as otherwise expressly provided herein, including the
provisions of Section 3.11(a), Section 3.22 and/or Section 6.02) assign or transfer any of its rights, benefits
or privileges hereunder to any other Person or delegate to, subcontract with, or authorize or appoint any other Person to perform
any of the duties, covenants or obligations to be performed by it hereunder. If, pursuant to any provision hereof, the duties of
a Master Servicer or a Special Servicer are transferred to a successor thereto, the entire amount of compensation payable to that
Master Servicer or that Special Servicer, as the case may be, that accrues pursuant hereto from and after the date of such transfer
shall be payable to such successor, except (in the case of a Special Servicer) to the extent provided in Section 3.11(c).

 

(d)          Any
successor Master Servicer or successor Special Servicer (including any successor Special Servicer appointed pursuant to Section
6.05 hereof) shall, in connection

 

    	-354-

    	 

    

 

with
its appointment as successor Master Servicer or successor Special Servicer, (i) deliver to the Depositor and the Other Depositor,
if applicable, the Form 8-K Disclosure Information required pursuant to Item 6.02 of the Form 8-K Current Report regarding itself
in its role as successor Master Servicer or successor Special Servicer, as applicable, and (ii) enter into an indemnification
agreement reasonably acceptable to the Depositor and such successor Master Servicer or successor Special Servicer, as applicable,
pursuant to which the successor Master Servicer or successor Special Servicer, as applicable, agrees to indemnify and hold harmless
the Depositor, the Other Depositor, their respective directors and officers, and each other Person who controls any such entity
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all expenses,
losses, claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any
amounts paid in settlement of any claim or litigation arising out of (A) the failure of any such Form 8-K Disclosure Information,
insofar as such information relates to or is applicable to such successor Master Servicer or successor Special Servicer (either
in its individual capacity or its capacity as successor Master Servicer or successor Special Servicer under this Agreement), to
satisfy the requirements of the applicable provisions of Regulation AB and (B) any untrue statement or alleged untrue statement
of a material fact contained in such Form 8-K Disclosure Information regarding itself in its role as successor Master Servicer
or successor Special Servicer, as applicable, or any omission or alleged omission to state in such Form 8-K Disclosure Information
regarding itself in its role as successor Master Servicer or successor Special Servicer, as applicable, a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

 

(e)          The
resigning Master Servicer or Special Servicer, as applicable, shall pay all reasonable out-of-pocket costs and expenses of each
party to this Agreement, the Trust and each Rating Agency in connection with the resignation of such party and the transfer of
its duties (including, but not limited to, the costs of obtaining Rating Agency Confirmation and reasonable out-of-pocket costs
and expenses associated with transferring Servicing Files to the successor).

 

Section
6.05     Replacement of Special Servicers.

 

(a)          During
any Subordinate Control Period (and other than with respect to any Excluded Loan), the Majority Subordinate Certificateholder,
or the Subordinate Class Representative on its behalf, will have the right to terminate a Special Servicer, with or without cause,
and appoint itself or an Affiliate thereof or another Person as the successor Special Servicer. It shall be a condition to such
appointment that (i) the successor Special Servicer be a Qualified Replacement Special Servicer (ii) the successor Special Servicer
deliver to the Depositor and the Other Depositor, if applicable, the Form 8-K Disclosure Information in accordance with Section
6.04(d) and (iii) the conditions set forth in subsection (e) be satisfied. Notwithstanding anything to the contrary,
if the Depositor, or the Other Depositor, if applicable, fails to file any required Form 8-K Current Report in connection with
such appointment in a timely manner, such appointment shall be void ab initio, and upon the Trustee’s receipt of notice
that the Depositor or Other Depositor, as applicable, has failed to file such required Form 8-K Current Report, the Trustee shall
provide notice to each of the parties to this Agreement that such appointment is void ab initio.

 

    	-355-

    	 

    

 

(b)          During
any Collective Consultation Period or Senior Consultation Period, upon (i) the written direction of Holders of Principal Balance
Certificates evidencing not less than 25% of the aggregate Voting Rights (taking into account the allocation of any Appraisal Reduction
Amounts in respect of the Mortgage Loans to notionally reduce the Class Principal Balances of the Principal Balance Certificates
to which such Appraisal Reduction Amounts are allocable) of all Certificates on an aggregate basis, requesting a vote to terminate
the applicable Special Servicer and appoint a successor Special Servicer, (ii) payment by such Holders to the Certificate Administrator
of the reasonable fees and expenses (including any fees and expenses of counsel or any Rating Agency) to be incurred by the Certificate
Administrator in connection with administering such vote (which fees and expenses shall not be paid from the Trust Fund) and (iii)
delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to such
termination and appointment of a successor (to be obtained at the expenses solely of such Certificateholders) and the equivalent
from each NRSRO hired to provide ratings with respect to any Serviced Pari Passu Companion Loan Securities, the Certificate Administrator
shall post such request on the Certificate Administrator’s Website and conduct the solicitation of votes of all Certificates
in such regard. Upon the written direction of Holders of Principal Balance Certificates evidencing at least 75% of the aggregate
Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts in respect of the Mortgage Loans to notionally
reduce the Class Principal Balances of the Principal Balance Certificates to which such Appraisal Reduction Amounts are allocable)
of all Principal Balance Certificates on an aggregate basis, the Trustee shall terminate all of the rights and obligations of the
applicable Special Servicer under this Agreement and appoint the successor Special Servicer that was proposed by the Certificateholders
requesting the vote. Such termination and replacement shall be further conditioned on such successor Special Servicer being a Qualified
Replacement Special Servicer and the satisfaction of the conditions set forth in Section 6.05(e) to the extent that such
conditions have not otherwise been satisfied. Such termination shall also be subject to the terminated Special Servicer’s
rights to indemnification, payment of outstanding fees, reimbursement of Advances, and other rights set forth in this Agreement
which survive termination. If a proposed termination and replacement of a Special Servicer by Certificateholders as described above
is not consummated within 180 days following the initial request of the Certificateholders who requested a vote, then the proposed
termination and replacement shall have no further force or effect (except that the Certificate Administrator shall be entitled
to apply any amounts prepaid by such Certificateholders for expenses to pay any expenses incurred by the Certificate Administrator).

 

(c)          In
addition, during any Senior Consultation Period, if the Trust Advisor determines, in its sole discretion exercised in good faith,
that the applicable Special Servicer is not performing its duties under this Agreement in accordance with the Servicing Standard,
the Trust Advisor will have the right to recommend the replacement of such Special Servicer. In such event, the Trust Advisor shall
deliver to the Trustee and the Certificate Administrator, with a copy to the then-current applicable Special Servicer, a written
recommendation in electronic format and in the form of Exhibit O-3 attached hereto (which form may be modified or supplemented
by the Trust Advisor from time to time to cure any ambiguity or error or to incorporate any additional information as it deems
appropriate) detailing the reasons supporting its position and recommending a suggested replacement Special Servicer. In addition,
the Certificate Administrator shall post such recommendation on the Certificate Administrator’s Website in accordance with
Section 8.12(b), and by mail transmit such recommendation to,

 

    	-356-

    	 

    

 

conduct
the solicitation of votes of, the Holders of all Certificates, according to such procedures (including the establishment of a
record date for voting) as it determines. Such notice and solicitation shall state that the proposed replacement, if approved
by the Certificateholders, shall be subject to satisfaction of the conditions set forth in Section 6.05(e) within 180 days
following the initial recommendation of the Trust Advisor and that any approval granted by the requisite Certificateholders in
the aggregate may not be revoked or withdrawn at any time. The Trust Advisor’s recommendation to replace a Special Servicer
must be confirmed by an affirmative vote of Certificateholders having at least a majority of the aggregate Voting Rights (taking
into account the allocation of any Appraisal Reduction Amounts in respect of the Mortgage Loans to notionally reduce the Class
Principal Balances of the Principal Balance Certificates to which such Appraisal Reduction Amounts are allocable) of all Principal
Balance Certificates on an aggregate basis. In the event the Holders of such Principal Balance Certificates elect to remove and
replace a Special Servicer, the Certificate Administrator shall notify the Trustee, the Trust Advisor and the then-current applicable
Special Servicer, and the Certificate Administrator shall provide notice, substantially in the form of Exhibit I-1, to
each of the Rating Agencies and promptly request a Rating Agency Confirmation from each of the Rating Agencies (and, subject to
Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, if applicable)
with respect to the proposed removal and replacement, unless such Certificateholders themselves deliver such Rating Agency Confirmation.
In the event the Trustee and the Certificate Administrator receive a Rating Agency Confirmation from each of the Rating Agencies
(and, subject to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency,
if applicable) (and the successor Special Servicer agrees to be bound by the terms of this Agreement), the Trustee will then be
required to terminate all of the rights and obligations of such Special Servicer under this Agreement and to appoint the successor
Special Servicer that has been approved by the Certificateholders and constitutes a Qualified Replacement Special Servicer, and
the Certificate Administrator shall post such notice on the Certificate Administrator’s Website in accordance with Section
8.12(b). Any such termination of an existing Special Servicer will be subject to the terminated Special Servicer’s rights
to indemnification, payment of outstanding fees, reimbursement of Advances and other rights set forth in this Agreement which
survive termination. The Trustee and the Trust Advisor shall cooperate in using reasonable efforts to cause the satisfaction of
the conditions to the consummation of such replacement set forth in Section 6.05(e). The reasonable costs and expenses
associated with the Trust Advisor’s identification of a Qualified Replacement Special Servicer and the Certificate Administrator’s
obtaining such Rating Agency Confirmations administering the vote of the Certificateholders shall be an Additional Trust Fund
Expense. If a proposed termination and replacement of a Special Servicer recommended by the Trust Advisor as described above is
not consummated within 180 days following the initial recommendation of the Trust Advisor, then (i) the proposed termination and
replacement shall have no further force or effect, (ii) the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website in accordance with Section 8.12(b) and (iii) the Certificate Administrator shall notify the
Trustee and the then-current applicable Special Servicer. The costs and expenses of administering the notices, solicitation of
votes and otherwise incurred by the Certificate Administrator, the Trustee or the Trust Advisor in connection with the proposed
removal and replacement (including the costs and expenses associated with obtaining Rating Agency Confirmations and the Opinion
of Counsel referred to in Section 6.05(e)) shall constitute expenses of the Trust Fund to be paid by

 

    	-357-

    	 

    

 

withdrawal from the
Distribution Account. None of the Special Servicers, any Certificateholder or any other Person shall have any cause of action
against the Trust Advisor or any other Person based upon or arising from the Trust Advisor’s recommendation for replacement
of, or determination not to recommend the replacement of, a Special Servicer under this Section 6.05(c), or the result
of the vote of the Certificateholders.

 

(d)          Notwithstanding
anything herein to the contrary, with respect to each Serviced Loan Combination with respect to which the related Serviced Pari
Passu Companion Loan Holder is the “Lead Lender”, “Controlling Note Holder”, “Directing Note Holder”
or other comparable party under the related Intercreditor Agreement, such related Serviced Pari Passu Companion Loan Holder shall
be entitled to replace the applicable Special Servicer with respect to such Serviced Loan Combination to the extent provided in
the related Intercreditor Agreement, and no Special Servicer appointed by such related Serviced Pari Passu Companion Loan Holder
(or its representative) with respect to such Serviced Loan Combination may be subsequently terminated pursuant to any of subsections
(a) through (c) of this Section 6.05. For the avoidance of doubt, there is no Serviced Loan Combination with
respect to which the related Serviced Pari Passu Companion Loan Holder is the “Lead Lender”, “Controlling Note
Holder”, “Directing Note Holder” or other comparable party under the related Intercreditor Agreement.

 

(e)          No
removal of a Special Servicer and/or appointment of a successor thereto pursuant to this Section 6.05 shall be effective
until the Trustee shall have received (A) a Rating Agency Confirmation from each Rating Agency (and, in the case of any Serviced
Loan Combination, an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, if applicable pursuant
to Section 3.27(k)) with respect to such removal and/or appointment, (B) an Acknowledgment of Proposed Special Servicer
in the form attached hereto as Exhibit I-2, executed by the Person designated to be the successor to that terminated Special
Servicer, and (C) an Opinion of Counsel (the expense of which shall be deemed to be part of the expenses of the replacement) substantially
to the effect that (1) such designated Person is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, (2) the Acknowledgment of Proposed Special Servicer, the form of which is attached hereto as Exhibit I-2,
has been duly authorized, executed and delivered by such designated Person and (3) upon the execution and delivery of the Acknowledgment
of Proposed Special Servicer, such designated Person shall be bound by the terms of this Agreement and, subject to customary bankruptcy
and insolvency exceptions and customary equity exceptions, this Agreement shall be enforceable against such designated Person in
accordance with its terms.

 

(f)          Any
Special Servicer terminated pursuant to this Section 6.05 shall be deemed to have been so terminated simultaneously with
the designated successor’s becoming a Special Servicer hereunder; provided that (i) the terminated Special Servicer
shall be entitled to receive, in connection with its termination, payment out of the Collection Account of all of its accrued and
unpaid Special Servicing Fees, as and to the extent provided in Section 3.05(a), and reimbursement from the successor to
such terminated Special Servicer of all outstanding Servicing Advances made by such terminated Special Servicer and all unpaid
Advance Interest accrued on such outstanding Servicing Advances (in which case the successor to such terminated Special Servicer
shall be deemed to have made such Servicing Advances at the same time that such terminated Special Servicer had actually made them),
(ii) such terminated Special Servicer shall thereafter be entitled to Workout Fees, as and to the extent expressly permitted by

 

    	-358-

    	 

    

 

Section 3.11(c), and (iii) such terminated Special Servicer shall continue to be entitled to the benefits of Section
6.03, notwithstanding any such termination; and provided, further, that such terminated Special Servicer shall
continue to be obligated to pay (and entitled to receive) all other amounts accrued to (or owing by) it under this Agreement on
or prior to the effective date of such termination. Such terminated Special Servicer shall cooperate (time being of the essence
in connection with a termination under Section 6.05(b)) with the Trustee and the replacement to such terminated Special
Servicer in effecting the transfer of such terminated Special Servicer’s responsibilities and rights hereunder to its successor,
including the transfer within two (2) Business Days of its termination becoming effective pursuant to this Section 6.05,
to the replacement to such terminated Special Servicer for administration by it of all cash amounts that at the time are or should
have been credited by such terminated Special Servicer to the REO Account maintained by it or to any Servicing Account or Reserve
Account or should have been delivered to the applicable Master Servicer or that are thereafter received by or on behalf of such
terminated Special Servicer with respect to any Mortgage Loan or REO Property. No penalty or fee shall be payable to the terminated
Special Servicer in connection with any termination under this Section 6.05.

 

Section
6.06     Rights of the Depositor and the Trustee in Respect of the Master Servicers and the
Special Servicers. Each of the Master Servicers and the Special Servicers shall afford the Depositor and the Trustee,
upon reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and
obligations hereunder and access to such of its officers as are responsible for such obligations. Upon reasonable request and
as reasonably related to the performance of the obligations of the related Master Servicer and the related Special Servicer,
as applicable, pursuant to this Agreement, each of the Master Servicers and the Special Servicers shall furnish the Depositor
and the Trustee with its most recent publicly available annual audited financial statements (or, if not available, the most
recent publicly available audited annual financial statements of its corporate parent) and such other information as is
publicly available regarding its business, affairs, property and condition, financial or otherwise. Each of the Master
Servicers and the Special Servicers may affix to any such information described in this Section 6.06 provided by it
any disclaimer it deems appropriate in its reasonable discretion. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicers or the Special Servicers hereunder and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of any Master Servicer or any Special Servicer hereunder or exercise the rights
of a Master Servicer or a Special Servicer hereunder; provided that neither a Master Servicer nor a Special Servicer
shall be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee. The
Depositor shall not have any responsibility or liability for any action or failure to act by a Master Servicer or a Special
Servicer and is not obligated to supervise the performance of any Master Servicer or any Special Servicer under this
Agreement or otherwise.

 

Section
6.07     Master Servicers and Special Servicers May Own Certificates. Any Master Servicer,
Special Servicer or any of their respective Affiliates may become the Holder of (or, in the case of a Book-Entry Certificate,
Certificate Owner with respect to) any Certificate with (except as otherwise set forth in the definition of “Certificateholder”)
the same rights it would have if it were not a Master Servicer, a Special Servicer or an Affiliate thereof. If, at any time
during which any Master Servicer, Special Servicer or Affiliate of any Master Servicer or any Special Servicer is the Holder
of (or, in the case of a Book-Entry Certificate,

 

    	-359-

    	 

    

 

Certificate
Owner with respect to) any Certificate, that Master Servicer or that Special Servicer, as the case may be, proposes to take any
action (including for this purpose, omitting to take a particular action) that is not expressly prohibited by the terms hereof
and would not, in the reasonable judgment of that Master Servicer or that Special Servicer (as the case may be), violate the Servicing
Standard, but that, if taken, might nonetheless, in the reasonable judgment of that Master Servicer or that Special Servicer (as
the case may be), be considered by other Persons to violate the Servicing Standard, then that Master Servicer or that Special
Servicer, as the case may be, may (but need not) seek the approval of the Certificateholders to such action by delivering to the
Certificate Administrator (with a copy to the Trustee) a written notice that (a) states that it is delivered pursuant to this
Section 6.07, (b) identifies the Percentage Interest in each Class of Certificates beneficially owned by that Master Servicer
or that Special Servicer, as the case may be, or by an Affiliate thereof and (c) describes in reasonable detail the action that
such Master Servicer or such Special Servicer, as the case may be, proposes to take. The Certificate Administrator, upon receipt
of such notice, shall forward it to the Certificateholders (other than that Master Servicer and its Affiliates or that Special
Servicer and its Affiliates, as appropriate), together with a request for approval by the Certificateholders of each such proposed
action. If at any time Certificateholders entitled to greater than 50% of the Voting Rights of all Certificateholders (calculated
without regard to the Certificates beneficially owned by that Master Servicer or its Affiliates or that Special Servicer or its
Affiliates, as the case may be) shall have consented in writing (with a copy to each related Serviced Pari Passu Companion Loan
Holder, if a Serviced Loan Combination is involved) to the proposal described in the written notice, and if that Master Servicer
or that Special Servicer, as the case may be, shall act as proposed in the written notice, such action shall be deemed to comply
with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from that Master Servicer or that
Special Servicer, as applicable, for the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph.
It is not the intent of the foregoing provision that a Master Servicer or a Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder, but rather in the case of unusual circumstances.

 

ARTICLE
VII

SERVICER TERMINATION EVENTS

 

Section
7.01     Servicer Termination Event. (a) “Servicer Termination Event”, wherever
used herein, means, with respect to either Master Servicer or either Special Servicer, any one of the following events,
circumstances and conditions:

 

(i)           with
respect to a Master Servicer, any failure by such Master Servicer to deposit into its Collection Account and/or (if it is the Master
Servicer for any Serviced Loan Combination) the Serviced Pari Passu Companion Loan Custodial Account, any amount required to be
so deposited under this Agreement, which failure continues unremedied for one Business Day following the date on which such deposit
was first required to be made; or

 

(ii)          with
respect to a Special Servicer, any failure by such Special Servicer to deposit into the REO Account maintained by it or to deposit,
or remit to the applicable

 

    	-360-

    	 

    

 

Master
Servicer for deposit, into the Collection Account and/or Serviced Pari Passu Companion Loan Custodial Account, as applicable,
any amount required to be so deposited or remitted under this Agreement, which failure continues unremedied for one Business Day
following the date on which such deposit or remittance, as the case may be, was first required to be made; or

 

(iii)         any
failure by such Master Servicer to remit to the Certificate Administrator for deposit into the Distribution Account, on any P&I
Advance Date, the full amount of P&I Advances required to be made by such Master Servicer on such date or, on any Master Servicer
Remittance Date, the full amount of the Master Servicer Remittance Amount and any Compensating Interest Payment required to be
remitted by such Master Servicer on such date, which failure continues unremedied until 11:00 a.m. (New York City time) on the
related Distribution Date; provided that if such Master Servicer fails to make any deposit contemplated by this Section
7.01(a)(iii), including any P&I Advance, which deposit is required to be made by such Master Servicer on any P&I Advance
Date or Master Servicer Remittance Date (without regard to any grace period), then such Master Servicer shall pay to the Certificate
Administrator, for the account of the Certificate Administrator, interest on such late remittance at the Reimbursement Rate from
and including such P&I Advance Date or the Master Servicer Remittance Date to but excluding the related Distribution Date;
or

 

(iv)        any
failure by such Master Servicer or such Special Servicer to timely make any Servicing Advance required to be made by it hereunder,
which Servicing Advance remains unmade for a period of five (5) Business Days (or, in the case of an Emergency Advance, three (3)
Business Days) following the date on which written notice of such failure shall have been given to such Master Servicer or such
Special Servicer by any party to this Agreement; or

 

(v)          any
failure on the part of such Master Servicer or such Special Servicer duly to observe or perform in any material respect any other
of the covenants or agreements on the part of such Master Servicer or such Special Servicer, as the case may be, contained in this
Agreement, which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to such Master Servicer or such Special Servicer, as the case may be,
by any other party hereto or to such Master Servicer or such Special Servicer, as the case may be, with a copy to each other party
hereto, by the Holders of Certificates entitled to at least 25% of the Voting Rights (determined without notionally reducing the
Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) or by, if affected by that failure, any Serviced
Pari Passu Companion Loan Holder; provided that, with respect to any such failure that is not curable within such thirty
(30) day period, the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall have an additional
cure period of sixty (60) days to effect such cure so long as such Master Servicer or such Special Servicer, as the case may be,
has commenced to cure such failure within the initial thirty (30) day period and has provided the Trustee with an Officer’s
Certificate certifying that it has diligently pursued, and is continuing to pursue, a full cure; or

 

    	-361-

    	 

    

 

(vi)        any
breach on the part of such Master Servicer or such Special Servicer of any representation or warranty contained in this Agreement
that materially and adversely affects the interests of any Class of Certificateholders or any Serviced Pari Passu Companion Loan
Holder and which continues unremedied for a period of thirty (30) days after the date on which written notice of such breach, requiring
the same to be remedied, shall have been given to such Master Servicer or such Special Servicer, as the case may be, by any other
party hereto or to such Master Servicer or such Special Servicer, as the case may be, with a copy to each other party hereto, by
the Holders of Certificates entitled to at least 25% of the Voting Rights (determined without notionally reducing the Class Principal
Balances of the Certificates by any Appraisal Reduction Amounts) or by, if affected by such breach, any Serviced Pari Passu Companion
Loan Holder; provided that, with respect to any such breach that is not curable within such thirty (30) day period, such
Master Servicer or such Special Servicer, as the case may be, shall have an additional cure period of sixty (60) days to effect
such cure so long as such Master Servicer or such Special Servicer, as the case may be, has commenced to cure such breach within
the initial thirty (30) day period and has provided the Trustee with an Officer’s Certificate certifying that it has diligently
pursued, and is continuing to pursue, a full cure; or

 

(vii)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Master Servicer or such
Special Servicer and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty
(60) days; or

 

(viii)      such
Master Servicer or such Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or
relating to it or of or relating to all or substantially all of its property; or

 

(ix)         such
Master Servicer or such Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit
of its creditors, voluntarily suspend payment of its obligations, or take any association or company action in furtherance of the
foregoing; or

 

(x)          either
Fitch or Moody’s (or, in the case of Serviced Pari Passu Companion Loan Securities, any Pari Passu Companion Loan Rating
Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Rated Certificates or any class
of Serviced Pari Passu Companion Loan Securities, as applicable, or (B) placed one or more Classes of Rated Certificates or any
class of Serviced Pari Passu Companion Loan Securities on “watch status” in contemplation of possible rating downgrade
or withdrawal (and such qualification, downgrade, withdrawal

 

    	-362-

    	 

    

 

or
“watch status” placement shall not have been withdrawn by Fitch, Moody’s or such Pari Passu Companion Loan Rating
Agency, as applicable, within sixty (60) days of such event), and, in case of either of clause (A) or (B), has publicly
cited servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or a material factor in such
rating action;

 

(xi)         either
(A) such Master Servicer or such Special Servicer, as the case may be, has failed to maintain a ranking by Morningstar equal to
or higher than “MOR CS3” as a master servicer or special servicer, as applicable, and such ranking is not reinstated
within 60 days of actual knowledge of such event by such Master Servicer or such Special Servicer, as the case may be (if such
Master Servicer or Special Servicer has or had a Morningstar ranking on or after the Closing Date) or (B) if such Master Servicer
or such Special Servicer, as the case may be, has not been ranked by Morningstar on or after the Closing Date, Morningstar has
(i) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (ii) placed one or more
Classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either
of clauses (i) or (ii), publicly citing servicing concerns with such Master Servicer or such Special Servicer, as applicable, as
the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status”
placement has not been withdrawn by Morningstar within 60 days of actual knowledge of such event by such Master Servicer or such
Special Servicer, as the case may be);

 

(xii)        if
there is a Serviced Pari Passu Companion Loan related to the Trust, any failure by such Master Servicer to timely make any monthly
remittance required to be made by it hereunder to a Serviced Pari Passu Companion Loan Holder, which failure continues unremedied
for one Business Day following the date on which such remittance was first required to be made; and

 

(xiii)       subject
to the provisions of Section 11.17(c), any failure by such Master Servicer or such Special Servicer to deliver (a) any Exchange
Act reporting items required to be delivered by such Master Servicer or such Special Servicer, as applicable, to the Certificate
Administrator or Other Depositor or Other Trustee under Article XI (other than items to be delivered by a Designated Sub-Servicer)
by the time required under Article XI after any applicable grace periods or (b) any Exchange Act reporting items that a
Sub-Servicing Entity retained by such Master Servicer or such Special Servicer, as applicable (other than a Designated Sub-Servicer),
is required to deliver (it being acknowledged that any Sub-Servicing Entity that defaults as described in this clause (xiii) shall
be terminated at the direction of the Depositor).

 

When a single entity
acts as two or more of the capacities of a Master Servicer and a Special Servicer, a Servicer Termination Event (other than an
event described in clause (x) above) in one capacity shall constitute a Servicer Termination Event in both or all such capacities.

 

(b)          If
any Servicer Termination Event with respect to a Master Servicer or a Special Servicer (in either case, for purposes of this Section
7.01(b), the “Affected Party”) shall occur and be continuing, then,
and in each and every such case, so long as the Servicer

 

    	-363-

    	 

    

 

Termination
Event shall not have been remedied, the Trustee may, and at the written direction of either the Holders of Certificates entitled
to not less than 25% of the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates
by any Appraisal Reduction Amounts), or, alternatively, if a Servicer Termination Event on the part of the applicable Special
Servicer has occurred that affects a Serviced Pari Passu Companion Loan Holder, at the written direction of such Serviced Pari
Passu Companion Loan Holder with respect to the related Loan Combination, or, alternatively, if a Servicer Termination Event on
the part of a Special Servicer has occurred, at the written direction of the Subordinate Class Representative during a Subordinate
Control Period (except to the extent that the Servicer Termination Event relates to an Excluded Loan), or, alternatively, if a
Servicer Termination Event under Section 7.01(a)(xiii) on the part of the Affected Party has occurred, at the written direction
of the Depositor, the Trustee shall, terminate, by notice in writing to the Affected Party (with a copy of such notice to each
other party hereto), all of the rights and obligations (accruing from and after receipt by the Affected Party of such notice)
of the Affected Party under this Agreement (other than as a Holder of any Certificate or as holder of a Serviced Pari Passu Companion
Loan, entitlements to amounts payable to the terminated party at the time of termination and any entitlements of the terminated
party that survive the termination including any Excess Servicing Fee Rights). From and after the receipt by the Affected Party
of such written notice, all of the responsibilities, duties, authority and power of the Affected Party under this Agreement (and
in the case of a termination of a Special Servicer at the written direction of a Serviced Pari Passu Companion Loan Holder with
respect to a Serviced Loan Combination, solely as they relate to such Serviced Loan Combination), whether with respect to the
Certificates, the Mortgage Loans or otherwise (other than as a Holder of any Certificate or as a Pari Passu Companion Loan Holder,
if applicable), shall pass to and be vested in the Trustee pursuant to and under this Section, and, without limitation, the Trustee
is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise (provided that each of a Master Servicer and a Special Servicer shall, if terminated
pursuant to this Section 7.01(b), continue to be obligated to pay and entitled to receive all amounts accrued or owing
by or to it under this Agreement on or prior to the date of such termination, whether in respect of Advances or otherwise, and
it and its members, managers, directors, officers, employees and agents shall continue to be entitled to the benefits of Section
6.03 notwithstanding any such termination). Each of a Master Servicer and a Special Servicer agrees that, if it is terminated
pursuant to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) days subsequent to its
receipt of the notice of termination) provide the Trustee with all documents and records requested thereby to enable the Trustee
to assume the functions hereunder of such Master Servicer or such Special Servicer, as the case may be, and shall otherwise cooperate
with the Trustee in effecting the termination of the rights and responsibilities hereunder of such Master Servicer or such Special
Servicer, as the case may be, including the transfer within five (5) Business Days to the Trustee for administration by it of
all cash amounts that at the time are or should have been credited by the applicable Master Servicer to the Collection Account
or the Serviced Pari Passu Companion Loan Custodial Account, the Distribution Account or any Servicing Account or Reserve Account
held by it (if it is the Affected Party) or by the applicable Special Servicer to its REO Account,

 

    	-364-

    	 

    

 

the Collection Account, the
Serviced Pari Passu Companion Loan Custodial Account or any Servicing Account or Reserve Account held by it (if it is the Affected
Party) or that are thereafter received by or on behalf of it with respect to any Mortgage Loan or REO Property (provided
that if such Master Servicer or such Special Servicer is terminated pursuant to this Section 7.01(b), such Master Servicer
or such Special Servicer, as the case may be, shall continue to be obligated to pay and entitled to receive all amounts accrued
or owing by or to it under this Agreement on or prior to the date of such termination, whether in respect of Advances or otherwise,
and it and its members, managers, directors, officers, employees and agents shall continue to be entitled to the benefits of Section
6.03 notwithstanding any such termination). Any costs or expenses (including those of any other party hereto or successor
master servicer or special servicer) incurred in connection with any actions to be taken by a terminated Master Servicer or Special
Servicer pursuant to this paragraph (including, but not limited to, in connection with transferring Mortgage Files, Servicing
Files and related information, records and reports to the successor master servicer or special servicer and amending this Agreement
to reflect (as well as providing appropriate notices to Borrowers, ground lessors, insurers and other applicable third parties
regarding) such succession as successor master servicer or special servicer) shall be borne by the applicable Master Servicer
or the applicable Special Servicer, as the case may be (and, in the case of the Trustee’s costs and expenses, if not paid
within a reasonable time, shall be borne by the Trust out of the Collection Account).

 

Notwithstanding anything
to the contrary in Section 7.04, the Trustee shall not waive any Servicer Termination Event under Section 7.01(a)(xiii)
without the prior written consent of the Depositor. If a Servicer Termination Event under Section 7.01(a)(xii) occurs on
the part of a Master Servicer, or if any other Servicer Termination Event occurs on the part of a Master Servicer affecting a Serviced
Loan Combination and such Master Servicer is not terminated pursuant to the provisions set forth above, whether as a result of
a waiver or otherwise, any affected Serviced Pari Passu Companion Loan Holder shall be entitled to require such Master Servicer
to appoint, in accordance with Section 3.22 and with the delivery of a Rating Agency Confirmation (and an analogous rating
agency confirmation from each Pari Passu Companion Loan Rating Agency with respect to any Serviced Pari Passu Companion Loan Securities
backed by the affected Serviced Pari Passu Companion Loan, if applicable pursuant to Section 3.27(k)), a Sub-Servicer to
be selected by the applicable Master Servicer, that will be responsible for primary servicing such Serviced Loan Combination.

 

(c)          Notwithstanding
Section 7.01(b) of this Agreement, if a Master Servicer receives a notice of termination solely due to a Servicer Termination
Event under Section 7.01(a)(x) or (xi) and the terminated Master Servicer provides the Trustee with the appropriate “request
for proposal” materials within the five (5) Business Days after such termination, then such Master Servicer shall continue
to serve as Master Servicer, if requested to do so by the Trustee, and the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the terminated Master Servicer) solicit good faith bids for the rights to master service
the Mortgage Loans and any Serviced Pari Passu Companion Loan under this Agreement from at least three (3) Persons qualified to
act as successor Master Servicer hereunder in accordance with Section 6.02 and Section 7.02 for which the Trustee
has received Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous
rating agency confirmation from each Pari Passu Companion Loan Rating Agency) obtained by the terminated Master Servicer (any such
Person so qualified, a “Qualified Bidder”)

 

    	-365-

    	 

    

 

or,
if three (3) Qualified Bidders cannot be located, then from as many Persons as the Trustee can determine are Qualified Bidders;
provided that (i) at the Trustee’s request, the terminated Master Servicer shall supply the Trustee with the names
of Persons from whom to solicit such bids; and (ii) the Trustee shall not be responsible if less than three (3) or no Qualified
Bidders submit bids for the right to master service the subject Mortgage Loans and any Serviced Pari Passu Companion Loan under
this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter
into this Agreement as successor Master Servicer and to agree to be bound by the terms hereof, within forty-five (45) days after
the receipt by such Master Servicer of a notice of termination. The Trustee shall solicit bids (i) on the basis of such successor
Master Servicer retaining all applicable Sub-Servicers to continue the sub-servicing of the applicable Serviced Mortgage Loans
pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated
Master Servicer to service each of any Serviced Mortgage Loans not subject to a Sub-Servicing Agreement at a sub-servicing fee
rate per annum equal to, for each Serviced Mortgage Loan serviced, the applicable Master Servicing Fee Rate (or, (i) in
the case of a Serviced Pari Passu Mortgage Loan, the sum of the applicable Master Servicing Fee Rate and the applicable Pari Passu
Primary Servicing Fee Rate or (ii) in the case of a Serviced Pari Passu Companion Loan, the applicable Pari Passu Primary Servicing
Fee Rate) minus the sum of one (1) basis point and the related Excess Servicing Fee Rate (each, a “Servicing-Retained
Bid”) and (ii) on the basis of terminating each applicable Sub-Servicing Agreement and each applicable Sub-Servicer
that it is permitted to terminate in accordance with Section 3.22 and having no obligation to enter into a Sub-Servicing
Agreement with the terminated Master Servicer (each, a “Servicing-Released Bid”).
The Trustee shall select the Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the highest cash Servicing-Released
Bid) (the “Successful Bidder”) to act as successor Master Servicer
hereunder. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant to
the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the terminated
Master Servicer as contemplated above), no later than forty-five (45) days after the termination of the terminated Master Servicer.

 

(d)          Upon
the assignment and acceptance of the master servicing rights hereunder to and by the Successful Bidder, the Trustee shall remit
or cause to be remitted to the terminated Master Servicer the amount of such cash bid received from the Successful Bidder (net
of reasonable “out-of-pocket” expenses incurred in connection with obtaining such bid and transferring servicing).

 

(e)          If
the Successful Bidder has not entered into this Agreement as successor Master Servicer within forty-five (45) days after the related
Master Servicer received a notice of termination or no Successful Bidder was identified within such 45-day period, the terminated
Master Servicer shall reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under Section 7.01(c). The Trustee thereafter
may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

 

Section
7.02     Trustee To Act; Appointment of Successor. On and after the time a Master Servicer or
a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as
applicable, has not been appointed by the resigning

 

    	-366-

    	 

    

 

Master
Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section
7.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the case may
be, in its capacity as such under this Agreement and the transactions set forth or provided for herein and shall be subject to
all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such
Special Servicer, as the case may be, by the terms and provisions hereof, including, if such Master Servicer is the resigning
or terminated party, the applicable Master Servicer’s obligation to make Advances; provided that (i) any failure
to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be,
to cooperate or to provide information or monies as required by Section 7.01 shall not be considered a default by the Trustee
hereunder and (ii) in the case of a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if
an alternative successor is appointed pursuant to Section 7.01(c). Neither the Trustee nor any other successor shall be
liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning
or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase
any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to all fees and other compensation which
the resigning or terminated party would have been entitled to for future services rendered if the resigning or terminated party
had continued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may (and, if it is unable
to so act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each
Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally
reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer
Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate
Class Representative (other than to the extent such Servicer Termination Event affects an Excluded Loan) so requests in writing,
the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established and qualified
institution as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder
in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer,
as the case may be, hereunder; provided that (i) such appointment is the subject of a Rating Agency Confirmation from each
Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu
Companion Loan Rating Agency) and (ii) if such successor (in the case of a successor to the resigning or terminated Master Servicer)
does not have a master servicer rating from Fitch that is “CMS3” or above, such successor is reasonably acceptable
to the Subordinate Class Representative, and, if such successor has a master servicer rating from Fitch that is “CMS3”
or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not
have approved) such successor. No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective
until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, and pending such appointment
and assumption, the Trustee shall act in such capacity as hereinabove provided. In connection with any such appointment and assumption,
the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise
as it and such successor shall agree; provided that no such compensation shall be in excess of that permitted the resigning
or terminated party hereunder. The Depositor, the Trustee,

 

    	-367-

    	 

    

 

such successor and each other party hereto shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer and if the Excess
Servicing Fee Rate is a rate per annum that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee
Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise
be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning or terminated Master
Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee Rate to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 7.02.

 

Section
7.03     Notification to Certificateholders. (a) Upon any resignation of a Master Servicer or
a Special Servicer pursuant to Section 6.04, any replacement of a Special Servicer pursuant to Section 6.05,
any termination of a Master Servicer or Special Servicer pursuant to Section 7.01, any appointment of a successor to a
Master Servicer or Special Servicer pursuant to Section 6.02, 6.04 or 7.02 or the effectiveness of any
designation of a new Special Servicer, the Trustee shall promptly notify (i) the Certificate Administrator, who shall give
prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, (ii)
the Rule 17g-5 Information Provider, who shall promptly post such information on the Rule 17g-5 Information Provider’s
Website in accordance with Section 8.12(c) and (iii) to any Serviced Pari Passu Companion Loan Holder.

 

(b)          Not
later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time
or both, would constitute a Servicer Termination Event and (ii) five (5) days after a Responsible Officer of the Trustee has actual
knowledge of the occurrence of such an event, the Trustee shall notify the Depositor and the Certificate Administrator, who shall
transmit by mail to all Certificateholders notice of such occurrence, unless such default shall have been cured.

 

Section
7.04     Waiver of Servicer Termination Event. The Holders of Certificates representing at
least 66-2/3% of the Voting Rights allocated to each Class of Certificates (and any affected Serviced Pari Passu Companion
Loan Holders) affected by any Servicer Termination Event hereunder (determined without notionally reducing the Class
Principal Balances of the Certificates by any Appraisal Reduction Amounts) may waive such Servicer Termination Event without
the consent of any other Person; provided, however that:

 

(a)          a
Servicer Termination Event under clause (i), clause (ii), clause (iii) and clause (x) of Section 7.01(a)
may be waived only by all of the Certificateholders of the affected Classes (and any affected Serviced Pari Passu Companion Loan
Holders);

 

(b)          each
Serviced Pari Passu Companion Loan Holder shall be exclusively entitled to waive a Servicer Termination Event under Section
7.01(a)(xii) that arises with respect to the related Serviced Pari Passu Companion Loan;

 

    	-368-

    	 

    

 

(c)          the
Depositor shall be exclusively entitled to waive any Servicer Termination Event described in Section 7.01(a)(xiii) (but
if a Serviced Loan Combination is involved and the Pari Passu Companion Loan is the subject of an Other Securitization, the Depositor
may not grant such a waiver without the consent of each Other Depositor with respect to each Other Securitization);

 

(d)          no
waiver of any Servicer Termination Event by one or more Persons will have any force or effect unless and until the Person requesting
the waiver at its own expense has reimbursed the Trustee and the Certificate Administrator for any monies spent by them in connection
with such Servicer Termination Event, together with interest thereon from and including the date so spent to but excluding the
date of reimbursement.

 

Upon any such waiver
of a Servicer Termination Event, such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right
consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement, for purposes
of waiving any Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the name of the Depositor
or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as they
would if registered in the name of any other Person.

 

Section
7.05     Additional Remedies of Trustee Upon Servicer Termination Event. During the
continuance of any Servicer Termination Event, so long as such Servicer Termination Event shall not have been remedied, the
Trustee, in addition to the rights specified in Section 7.01, shall have the right (exercisable subject to Section
8.01(a)), in its own name and as trustee of an express trust (in the case of any matter affecting a Serviced Loan
Combination) on behalf of the related Serviced Pari Passu Companion Loan Holder(s), to take all actions now or hereafter
existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the
rights and remedies, of the Certificateholders and such participants (including the institution and prosecution of all
judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). Except
as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other
remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to
exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer
Termination Event.

 

ARTICLE
VIII

THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE ADMINISTRATOR AND THE TAX ADMINISTRATOR

 

Section
8.01     Duties of the Trustee, the Certificate Administrator and the Tax Administrator. (a)
The Trustee, prior to the occurrence of a Servicer Termination Event and after the curing or waiver of all Servicer
Termination Events which may have occurred, undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If a Servicer Termination Event occurs and is continuing, the Trustee shall exercise

 

    	-369-

    	 

    

 

such
of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs. Any permissive right of
the Trustee contained in this Agreement shall not be construed as a duty. The Trustee, the Certificate Administrator and the Tax
Administrator shall be liable in accordance herewith only to the extent of the respective obligations specifically imposed upon
and undertaken by the Trustee, the Certificate Administrator and the Tax Administrator.

 

(b)          Upon
receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Trustee, the Certificate Administrator or the Tax Administrator, as applicable, which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of Article II), the Trustee, the Certificate Administrator or the Tax Administrator, as applicable, shall examine
them to determine whether they conform on their face to the requirements of this Agreement. If any such instrument is found not
to conform to the requirements of this Agreement in a material manner, the Trustee, the Certificate Administrator or the Tax Administrator,
as applicable, shall take such action as it deems appropriate to have the instrument corrected. The Trustee, the Certificate Administrator
or the Tax Administrator, as applicable, shall not be responsible or liable for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the Depositor, a Master Servicer, a Special Servicer,
any Serviced Pari Passu Companion Loan Holder, any actual or prospective Certificateholder or Certificate Owner or any Rating Agency,
and accepted by the Trustee, the Certificate Administrator or the Tax Administrator in good faith, pursuant to this Agreement.

 

(c)          No
provision of this Agreement shall be construed to relieve the Trustee, the Tax Administrator or the Certificate Administrator from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided that:

 

(i)           prior
to the occurrence of a Servicer Termination Event, and after the curing or waiver of all Servicer Termination Events which may
have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement,
the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this
Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee;

 

(ii)          in
the absence of bad faith on the part of the Trustee, the Certificate Administrator or the Tax Administrator, the Trustee, the Certificate
Administrator or the Tax Administrator, as applicable, may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee, the Certificate Administrator or
the Tax Administrator, as applicable, and conforming to the requirements of this Agreement;

 

(iii)         none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be liable for an error of judgment made in good faith
by a Responsible Officer or Responsible Officers of such entity unless it shall be proved that such entity was negligent in ascertaining
the pertinent facts;

 

    	-370-

    	 

    

 

(iv)         the
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Trustee, in good faith in
accordance with the terms of this Agreement and the direction of Holders of Certificates entitled to at least 25% (or, as to any
particular matter, any higher percentage as may be specifically provided for hereunder) of the Voting Rights relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Agreement;

 

(v)          neither
the Certificate Administrator nor the Trustee shall be required to take action with respect to, or be deemed to have notice or
knowledge of, any default or Servicer Termination Event (other than a Servicer Termination Event under Section 7.01(a)(ix)
or a Master Servicer’s failure to deliver any monies, including P&I Advances, or to provide any report, certificate or
statement, to the Trustee, the Certificate Administrator or the Tax Administrator, as applicable, when required pursuant to this
Agreement) unless a Responsible Officer of the Trustee or the Certificate Administrator shall have received written notice or otherwise
have actual knowledge thereof. Otherwise, the Trustee and the Certificate Administrator may conclusively assume that there is no
such default or Servicer Termination Event;

 

(vi)        subject
to the other provisions of this Agreement, and without limiting the generality of this Section 8.01, none of the Trustee,
the Certificate Administrator or the Tax Administrator shall have any duty, except, in the case of the Trustee, as expressly provided
in Section 2.01(b) or Section 2.01(e) or in its capacity as successor to a Master Servicer or a Special Servicer,
(A) to cause any recording, filing, or depositing of this Agreement or any agreement referred to herein or any financing statement
or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing
or to any re-recording, refiling or redepositing of any thereof, (B) to cause the maintenance of any insurance, (C) to confirm
or verify the truth, accuracy or contents of any reports or certificates of a Master Servicer, a Special Servicer, any actual or
prospective or any Certificateholder or Certificate Owner or any Rating Agency, delivered to the Trustee, the Certificate Administrator
or the Tax Administrator pursuant to this Agreement reasonably believed by the Trustee, the Certificate Administrator or the Tax
Administrator, as applicable, to be genuine and without error and to have been signed or presented by the proper party or parties,
(D) subject to Section 10.01(f), to see to the payment or discharge of any tax levied against any part of the Trust Fund
other than from funds available in the Collection Account or the Distribution Account, and (E) to see to the payment of any assessment
or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part
of the Trust Fund other than from funds available in the Collection Account or the Distribution Account (provided that such
assessment, charge, lien or encumbrance did not arise out of the Trustee’s, the Certificate Administrator’s or the
Tax Administrator’s, as applicable, willful misfeasance, bad faith or negligence);

 

(vii)       for
as long as the Person that serves as the Trustee, the Certificate Administrator or the Tax Administrator hereunder also serves
as Custodian and/or Certificate Registrar, the protections, immunities and indemnities afforded to that Person

 

    	-371-

    	 

    

 

in
its capacity as Trustee, Certificate Administrator or Tax Administrator, as applicable, hereunder shall also be afforded to such
Person in its capacity as Custodian and/or Certificate Registrar, as the case may be; and

 

(viii)      if
the same Person is acting in two or more of the capacities of Trustee, Certificate Administrator, Tax Administrator, Custodian
or Certificate Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been
timely given to itself in any other such capacity.

 

(d)          Upon
receipt by the Trustee or the Certificate Administrator of any notice regarding the transfer of a Serviced Pari Passu Companion
Loan by a Serviced Pari Passu Companion Loan Holder or the transfer of an interest in a mezzanine loan related to a Mortgage Loan
by the related mezzanine lender, the Certificate Administrator or the Tax Administrator, as applicable, shall promptly forward
a copy of such notice to the applicable Master Servicer and applicable Special Servicer.

 

(e)          Based
on information in its possession, the Certificate Administrator promptly shall provide written notice to the Trust Advisor, the
Subordinate Class Representative, each Master Servicer and each Special Servicer of (i) the existence of a Collective Consultation
Period or a Senior Consultation Period and (ii) the end of any Collective Consultation Period or Senior Consultation Period. The
Trust Advisor, a Master Servicer or a Special Servicer may at any time request from the Certificate Administrator written confirmation
of whether there existed a Collective Consultation Period or a Senior Consultation Period during the current and/or previous calendar
year and the Certificate Administrator shall deliver such confirmation to the requesting party within 10 days of such request.

 

Section
8.02     Certain Matters Affecting the Trustee, the Certificate Administrator and the Tax
Administrator. Except as otherwise provided in Section 8.01:

 

(i)           the
Trustee, the Certificate Administrator and the Tax Administrator, may each rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and without error and to have been signed or presented by the proper party or parties;

 

(ii)          the
Trustee, the Certificate Administrator and the Tax Administrator may each consult with counsel and any written advice or opinion
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or suffered or omitted by it hereunder in good faith and in accordance therewith;

 

(iii)         the
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement or to make any investigation
of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders, unless such Certificateholders shall have provided to the Trustee reasonable
indemnity against the

 

    	-372-

    	 

    

 

costs,
expenses and liabilities which may be incurred therein or thereby satisfactory to the Trustee, in its reasonable discretion; none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be required to expend or risk its own funds (except
to pay expenses that could reasonably be expected to be incurred in connection with the performance of its normal duties) or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it; provided that nothing contained herein shall relieve the Trustee of the obligation, upon
the occurrence of a Servicer Termination Event which has not been waived or cured, to exercise such of the rights and powers vested
in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent man would exercise or use
under the circumstances in the conduct of his own affairs;

 

(iv)        none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be personally liable for any action reasonably taken,
suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;

 

(v)          prior
to the occurrence of a Servicer Termination Event and after the waiver or curing of all Servicer Termination Events which may have
occurred, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by Holders of Certificates entitled to at least 25% of the Voting Rights; provided that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
of this Agreement, the Trustee may require an indemnity satisfactory to the Trustee, in its reasonable discretion, against such
expense or liability as a condition to taking any such action;

 

(vi)        except
as contemplated by Section 8.06, none of the Trustee, the Certificate Administrator or the Tax Administrator shall be required
to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

 

(vii)       the
Trustee may execute any of the trusts or powers vested in it by this Agreement, and the Certificate Administrator and the Tax Administrator
may each perform any of their respective duties hereunder, either directly or by or through the Custodian or other agents or attorneys-in-fact,
provided that (a) the use of the Custodian or other agents or attorneys-in-fact shall not be deemed to relieve the Trustee,
the Certificate Administrator or the Tax Administrator, as applicable, of any of its duties and obligations hereunder (except as
expressly set forth herein) and (b) the Trustee or the Certificate Administrator, as the case may be, may not perform any duties
hereunder through any Person actually known to a Responsible Officer of the Trustee or the

 

    	-373-

    	 

    

 

Certificate
Administrator, as applicable, to be a Prohibited Party without the consent of the Depositor acting in its reasonable discretion;

 

(viii)      none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be responsible for any act or omission of a Master
Servicer or a Special Servicer (unless, in the case of the Trustee, it is acting as a Master Servicer or a Special Servicer, as
the case may be) or of the Trust Advisor, any Serviced Pari Passu Companion Loan Holder or the Depositor;

 

(ix)         neither
the Trustee nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with
any restriction on transfer imposed under Article V under this Agreement or under applicable law with respect to any transfer
of any Certificate or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described
in said Article applicable with respect to changes in registration or record ownership of Certificates in the Certificate Register
and to examine the same to determine substantial compliance with the express requirements of this Agreement; and the Trustee and
the Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of
the Depository or between or among Depository Participants or Certificate Owners of the Certificates, made in violation of applicable
restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership
in the Certificate Register;

 

(x)          in
no event shall the Trustee or the Certificate Administrator be liable for special, punitive, indirect or consequential loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or the Certificate Administrator
has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(xi)         the
right of the Trustee or the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be
construed as a duty, and none of the Trustee or the Certificate Administrator, as applicable, shall be answerable for other than
its negligence or willful misconduct in the performance of any such act; and

 

(xii)        in
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct.

 

Section
8.03     The Trustee, the Certificate Administrator and the Tax Administrator not Liable for
Validity or Sufficiency of Certificates or Mortgage Loans. The recitals contained herein and in the Certificates (other
than the statements attributed to, and the representations and warranties of, the Trustee, the Certificate Administrator
and/or the Tax Administrator in Article II, and the signature of the Certificate Registrar set forth on each
outstanding Certificate) shall not be taken as the statements of the Trustee, the Certificate Administrator or the Tax
Administrator, and none of the Trustee, the Certificate Administrator or the Tax Administrator assumes any responsibility for
their correctness. None of the Trustee, the

 

    	-374-

    	 

    

 

Certificate
Administrator or the Tax Administrator makes any representation as to the validity or sufficiency of this Agreement (except as
regards the enforceability of this Agreement against it) or of any Certificate (other than as to the signature of the Certificate
Administrator set forth thereon) or of any Mortgage Loan or related document. None of the Trustee, the Certificate Administrator
or the Tax Administrator shall be accountable for the use or application by the Depositor of any of the Certificates issued to
it or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor in respect of the
assignment of the Mortgage Loans to the Trust, or any funds (other than with respect to any funds held by the Certificate Administrator)
deposited in or withdrawn from the Collection Account or any other account by or on behalf of the Depositor, the applicable Master
Servicer or the applicable Special Servicer (unless, in the case of the Trustee, it is acting in such capacity). None of the Trustee,
the Certificate Administrator or the Tax Administrator shall be responsible for the legality or validity of this Agreement (other
than insofar as it relates to the representations and warranties of the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, hereunder) or the validity, priority, perfection or sufficiency of any security, lien or security interest
granted to it hereunder or the filing of any financing statements or continuation statements, except to the extent set forth in
Section 2.01(b) and Section 2.01(e) or to the extent the Trustee is acting as a Master Servicer or a Special Servicer
and such Master Servicer or such Special Servicer, as the case may be, would be so responsible hereunder. Except as contemplated
by Section 12.02(a), none of the Trustee, the Certificate Administrator or the Tax Administrator shall be required to record
this Agreement.

 

Section
8.04     The Trustee, the Certificate Administrator and the Tax Administrator May Own
Certificates. The Trustee (in its individual or any other capacity), the Certificate Administrator or the Tax
Administrator or any of their respective Affiliates may become the owner or pledgee of Certificates with (except as otherwise
provided in the definition of “Certificateholder”) the same
rights it would have if it were not the Trustee, the Certificate Administrator or the Tax Administrator or one of
their Affiliates, as the case may be.

 

Section
8.05     Fees and Expenses of the Trustee, the Certificate Administrator and the Tax
Administrator; Indemnification of and by the Trustee, the Certificate Administrator and the Tax Administrator. (a) On
each Distribution Date, the Certificate Administrator shall withdraw from the Distribution Account, out of general
collections on the Mortgage Loans and REO Properties on deposit therein, prior to any distributions to be made therefrom to
Certificateholders on such date, and pay to itself all Certificate Administrator Fees, and to the Trustee all Trustee Fees,
earned in respect of the Mortgage Loans and any successor REO Mortgage Loans through the end of the then most recently ended
calendar month as compensation for all services rendered by the Trustee hereunder. The Trustee Fee shall be paid by the
Certificate Administrator and shall be a portion of the Certificate Administrator Fee. As to each Mortgage Loan and REO
Mortgage Loan, the Certificate Administrator Fee shall accrue during each calendar month, commencing with September 2015, at
the Certificate Administrator Fee Rate on a principal amount equal to the Stated Principal Balance of such Mortgage Loan or
REO Mortgage Loan, as the case may be, immediately following the Distribution Date in such calendar month (or, in the case of
September 2015, on a principal amount equal to the Cut-off Date Principal Balance of the particular Mortgage Loan). The
Trustee Fee and the Certificate Administrator Fee accrued during each calendar month shall be payable in the next succeeding
calendar month. With respect to each Mortgage Loan and REO Mortgage Loan, the Certificate

 

    	-375-

    	 

    

 

Administrator
Fee shall be calculated on the same Interest Accrual Basis as is applicable to the accrual or deemed accrual of interest on such
Mortgage Loan or REO Mortgage Loan, as the case may be. The Trustee Fee (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) and the Certificate Administrator Fee (the latter of which includes
the Tax Administrator Fee) shall constitute the sole compensation of the Trustee and the Certificate Administrator and the Tax
Administrator, respectively, for such services to be rendered by it. The Certificate Administrator shall be responsible for the
payment of the Tax Administrator Fee.

 

Notwithstanding the prior
paragraph, if and to the extent that any loss, liability, cost or expense that is, pursuant to the prior paragraph, required to
be borne by the Trust out of the Distribution Account or a Collection Account, relates to any Mortgage Loan that is part of a Serviced
Loan Combination, (i) such loss, liability, cost or expense shall be payable out of amounts on deposit in respect of such Serviced
Loan Combination in the Collection Account and any related Serviced Pari Passu Companion Loan Custodial Account collectively, prior
to payment from funds in the Distribution Account or a Collection Account that are unrelated to such Serviced Loan Combination;
and (ii) such loss, liability, cost or expense shall be payable out of amounts on deposit in the Collection Account and the related
Serviced Pari Passu Companion Loan Custodial Account (withdrawals from those accounts shall be made in accordance with the related
Intercreditor Agreement and pro rata according to the respective outstanding principal balances of the Mortgage Loan and
any Serviced Pari Passu Companion Loan included in the related Serviced Loan Combination). Insofar as any such loss, liability,
cost or expense related to any Serviced Loan Combination is so paid by withdrawal from the Collection Account or Distribution Account
and funds are subsequently received and allocable to the related Serviced Pari Passu Companion Loan(s), then the applicable Master
Servicer shall deposit the amount of such loss, liability, cost or expense into the Collection Account from such funds so received
and allocable to the related Serviced Pari Passu Companion Loan.

 

(b)          The
Trustee, the Certificate Administrator and the Tax Administrator (each in its capacity as such or in its individual capacity) and
any of their respective directors, officers, employees, agents or affiliates are entitled to be indemnified and held harmless by
the Trust Fund out of the Collection Account and/or the Distribution Account, as and to the extent provided in Section 3.05,
for and against any loss, liability, claim or expense (including costs and expenses of litigation, and of investigation, reasonable
counsel fees, damages, judgments and amounts paid in settlement) arising out of, or incurred in connection with, this Agreement,
the Certificates, the Mortgage Loans (unless, in the case of the Trustee, it incurs any such expense or liability in the capacity
of successor to the applicable Master Servicer or the applicable Special Servicer (as the case may be), in which case such expense
or liability will be reimbursable thereto in the same manner as it would be for any other Master Servicer or Special Servicer,
as the case may be) or any act or omission of the Trustee, the Certificate Administrator or the Tax Administrator relating to the
exercise and performance of any of the rights and duties, including the appointment of a replacement Trust Advisor, of the Trustee,
the Certificate Administrator or the Tax Administrator hereunder; provided that none of the Trustee, the Certificate Administrator
or the Tax Administrator shall be entitled to indemnification pursuant to this Section 8.05(b) for (1) allocable overhead,
such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar
internal costs and expenses, (2) any cost or expense that does not constitute an “unanticipated expense” within

 

    	-376-

    	 

    

 

the
meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (3) any expense or liability specifically required to be borne thereby
pursuant to the terms hereof or (4) any loss, liability, claim or expense incurred by reason of any breach on the part of the
Trustee, the Certificate Administrator or the Tax Administrator of any of their respective representations, warranties or covenants
contained herein or any willful misconduct, bad faith, fraud or negligence in the performance of, or negligent disregard of, the
Trustee’s, the Certificate Administrator’s or the Tax Administrator’s obligations and duties hereunder.

 

(c)          The
Master Servicers and the Special Servicers each shall indemnify the Trust, the Trustee, the Custodian, the Certificate Administrator
and the Tax Administrator (each in their respective capacity as such and in their individual capacity), and each Serviced Pari
Passu Companion Loan Holder, for and hold each of them harmless against any loss, liability, claim or expense that is a result
of such Master Servicer’s or such Special Servicer’s, as the case may be, negligent acts or omissions in connection
with this Agreement, including the negligent use by such Master Servicer or such Special Servicer, as the case may be, of any powers
of attorney delivered to it by the Trustee pursuant to the provisions hereof and the Mortgage Loans serviced by the applicable
Master Servicer or the applicable Special Servicer, as the case may be; provided that, if the Trustee, the Custodian, the
Certificate Administrator or the Tax Administrator has been reimbursed for such loss, liability, claim or expense pursuant to Section
8.05(b) above, then the indemnity in favor of such Person provided for in this Section 8.05(c) with respect to such
loss, liability, claim or expense shall be for the benefit of the Trust. For the purposes of this paragraph, a Master Servicer
or Special Servicer will be deemed not to have committed negligent acts or omissions in connection with this Agreement if such
Master Servicer or Special Servicer, as applicable, fails to follow the terms of the Mortgage Loan Documents because such Master
Servicer or Special Servicer, as applicable, in its reasonably exercised judgment determines that following the terms of the Mortgage
Loan Documents would or potentially would result in an Adverse REMIC Event (for which determination, each Master Servicer and each
Special Servicer shall be entitled to rely on advice of counsel, the cost of which shall be reimbursed as an Additional Trust Fund
Expense).

 

(d)          Each
of the Trustee, the Custodian, the Certificate Administrator and the Tax Administrator shall indemnify each of the Trust, the Master
Servicers and the Special Servicers and each other (each in their respective capacity as such and in their individual capacity)
and each Serviced Pari Passu Companion Loan Holder for and hold each of them harmless against any loss, liability, claim or expense
that is a result of the Trustee’s, the Certificate Administrator’s, the Custodian’s or the Tax Administrator’s,
as the case may be, negligent acts or omissions in connection with this Agreement; provided that if such indemnified person
has been reimbursed for such loss, liability, claim or expense pursuant to Section 6.03 or Section 8.05(b), as the
case may be, then the indemnity in favor of such Person otherwise provided for in this Section 8.05(d) with respect to such
loss, liability, claim or expense shall be for the benefit of the Trust.

 

(e)          The
Certificate Administrator shall indemnify and hold harmless the Depositor, each Mortgage Loan Seller, each Underwriter and each
Serviced Pari Passu Companion Loan Holder from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees
and expenses and related costs, judgments and other costs and expenses incurred by the Depositor, each Mortgage Loan Seller, each
Underwriter or any of their

 

    	-377-

    	 

    

 

respective
Affiliates that arise out of or are based upon (i) a breach by the Certificate Administrator, in its capacity as Rule 17g-5 Information
Provider, of its obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate
Administrator, in its capacity as Rule 17g-5 Information Provider, in the performance of such obligations or its negligent disregard
of its obligations and duties under this Agreement.

 

(f)           This
Section 8.05 shall survive the termination of this Agreement or the resignation or removal of the Trustee, the Certificate
Administrator, the Tax Administrator, a Master Servicer or a Special Servicer as regards rights and obligations prior to such termination,
resignation or removal.

 

Section
8.06     Eligibility Requirements for the Trustee, the Certificate Administrator and the Tax
Administrator. The Trustee, the Certificate Administrator and the Tax Administrator hereunder each shall at all times be
a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United
States of America or any State thereof or the District of Columbia and, in the case of the Trustee, authorized under such
laws to exercise trust powers; (ii) has a combined capital and surplus of at least $50,000,000; (iii) is subject to
supervision or examination by federal or state authority; and (iv) is not a Prohibited Party unless (in the case of this clause
(iv)) the Depositor consents to the continuation of the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, in the Depositor’s reasonable discretion. If such corporation, bank, trust company or association
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section the combined capital and surplus of such corporation, bank, trust
company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. In addition: (i) the Trustee shall at all times meet the requirements of Section 26(a)(1) of the
Investment Company Act; and (ii) the Trustee may not have any affiliations or act in any other capacity with respect to the
transactions contemplated hereby that would cause the Exemption to be unavailable with respect to any Class of Certificates
as to which it would otherwise be available. Furthermore, the Certificate Administrator, the Tax Administrator and the
Trustee shall at all times maintain a short-term unsecured debt rating of at least “F-1” by Fitch and
“P-1” by Moody’s (or, in the case of either such Rating Agency, such lower rating as is the subject of a
Rating Agency Confirmation by such Rating Agency and, if applicable, an analogous rating agency confirmation from each Pari
Passu Companion Loan Rating Agency) and a long-term unsecured debt rating of at least “A-“ by Fitch,
“A2” by Moody’s (if the Trustee has a short-term unsecured debt rating of at least “P-1” by
Moody’s), provided that the Trustee may maintain a long-term unsecured debt rating of “Baa2” by
Moody’s and a short-term unsecured debt rating of “P-2” by Moody’s if the General Master Servicer
maintains a long-term unsecured debt rating of at least “A2” by Moody’s (or such lower rating as is the
subject of a Rating Agency Confirmation by such Rating Agency) (provided that this proviso shall not impose on the
General Master Servicer any obligation to maintain such rating). In case at any time the Trustee, the Certificate
Administrator or the Tax Administrator shall cease to be eligible in accordance with the provisions of this Section
8.06, the Trustee, the Certificate Administrator or the Tax Administrator, as applicable, shall resign immediately in
the manner and with the effect specified in Section 8.07. The corporation, bank, trust company or association serving
as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Sellers, the Master
Servicers, the Special Servicers and their

 

    	-378-

    	 

    

 

respective
Affiliates; provided that none of (i) the Depositor, (ii) any Person involved in the organization or operation of the Depositor
or the Trust, (iii) a Master Servicer or Special Servicer (except during any period when the Trustee has assumed the duties of
such Master Servicer or Special Servicer (as the case may be) pursuant to Section 7.02), (iv) any Mortgage Loan Seller
or (v) any Affiliate of any of them, may be the Trustee hereunder.

 

Section
8.07     Resignation and Removal of the Trustee, the Certificate Administrator and the Tax
Administrator. (a) The Trustee, the Certificate Administrator and the Tax Administrator each may at any time resign and
be discharged from their respective obligations created hereunder by giving written notice thereof to the other such parties,
the Depositor, each Master Servicer, each Special Servicer, the Rule 17g-5 Information Provider (who shall promptly post such
notice to the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)) and all the
Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee,
certificate administrator or tax administrator, as the case may be, meeting the eligibility requirements of Section
8.06 by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee, Certificate
Administrator or Tax Administrator, as the case may be, and to the successor trustee, certificate administrator or tax
administrator, as the case may be. A copy of such instrument shall be delivered to other parties hereto and to the
Certificateholders by the Depositor. If no successor trustee, certificate administrator or tax administrator, as the case may
be, shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of
resignation, the resigning Trustee, Certificate Administrator or Tax Administrator, as the case may be, may petition any
court of competent jurisdiction for the appointment of a successor trustee, certificate administrator or tax
administrator, as the case may be.

 

(b)          If
at any time the Trustee, the Certificate Administrator or the Tax Administrator shall cease to be eligible in accordance with the
provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or a Master Servicer,
or if at any time the Trustee, the Certificate Administrator or the Tax Administrator shall become incapable of acting, or shall
be adjudged bankrupt or insolvent, or a receiver of the Trustee, the Certificate Administrator or the Tax Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee, the Certificate Administrator or
the Tax Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee’s,
Certificate Administrator’s or Tax Administrator’s continuing to act in such capacity would result in an Adverse Rating
Event with respect to any Class of Rated Certificates rated by a Rating Agency for the Rated Certificates, as confirmed in writing
to the Depositor by each applicable Rating Agency, then the Depositor may (and, if it fails to do so within ten (10) Business Days,
the requesting Master Servicer shall as soon as practicable) remove the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, and appoint a successor trustee, certificate administrator or tax administrator, as the case may be, by written
instrument, in duplicate, which instrument shall be delivered to the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, so removed and to the successor trustee, certificate administrator or tax administrator, as the case may be.
A copy of such instrument shall be delivered to the other parties hereto and to the Certificateholders by the Depositor.

 

    	-379-

    	 

    

 

(c)          The
Holders of Certificates entitled to more than 50% of the Voting Rights may at any time remove the Trustee, Certificate Administrator
or Tax Administrator and appoint a successor trustee, certificate administrator or tax administrator, as the case may be, by written
instrument or instruments signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Depositor, one complete set to the Trustee, Certificate Administrator or Tax Administrator, as the case
may be, so removed, and one complete set to the successor so appointed. All expenses incurred by the Trustee or the Certificate
Administrator in connection with the transfer of its duties (or the Mortgage Files, with respect to the Certificate Administrator)
to a successor trustee or certificate administrator following the removal of the Trustee or the Certificate Administrator without
cause pursuant to this Section 8.07(c), shall be reimbursed to the removed Trustee or Certificate Administrator, as applicable,
within thirty (30) days of demand therefor, such reimbursement to be made by the Certificateholders that terminated the Trustee
or Certificate Administrator. A copy of such instrument shall be delivered to the other parties hereto and to the remaining Certificateholders
by the successor so appointed.

 

(d)          Any
resignation or removal of the Trustee, the Certificate Administrator or the Tax Administrator and appointment of a successor trustee,
certificate administrator or tax administrator, as the case may be, pursuant to any of the provisions of this Section 8.07
shall not become effective until (i) acceptance of appointment by the successor trustee, certificate administrator or tax administrator,
as the case may be, as provided in Section 8.08 and (ii) if the successor trustee, certificate administrator or tax administrator,
as the case may be, does not have debt ratings that satisfy the criteria set forth in Section 8.06, the appointment of such
successor trustee, certificate administrator or tax administrator, as the case may be, is the subject of a Rating Agency Confirmation
from each Rating Agency (and, if applicable, an analogous rating agency confirmation from each Pari Passu Companion Loan Rating
Agency).

 

(e)          Upon
resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the removal
of the Trustee, the outgoing Trustee at its own expense (without right of reimbursement therefor) shall ensure that, prior to consummation
of such transaction or as part of its transfer of duties to any successor, (i) the original executed Mortgage Note for each Mortgage
Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee) is endorsed
(without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the Certificateholders
(with the endorsement to recite as endorsee “[name of successor Trustee], as Trustee for
the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30”), or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such
originator is not the applicable Mortgage Loan Seller) (or, alternatively, if the original executed Mortgage Note has been lost,
a lost note affidavit and indemnity with a copy of such Mortgage Note), and (ii) in the case of the other Mortgage Loan Documents,
the same are assigned (and, other than in connection with the removal of the Trustee pursuant to Section 8.07(c), recorded
as appropriate) to such successor (with the assignment to recite as assignee “[name of successor Trustee], as Trustee for
the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30”), or in blank, and such successor shall review the documents delivered to it or the Custodian with respect to each
Mortgage Loan, and certify in writing that, as to each Mortgage

 

    	-380-

    	 

    

 

Loan
then subject to this Agreement, such endorsement and assignment has been made. The outgoing Trustee shall provide copies of the
documentation provided for in items (i) and (ii) above to the applicable Master Servicer, in each case to the extent such copies
are not already in the applicable Master Servicer’s possession. If the Trustee is removed pursuant to Section 8.07(c),
the Mortgage Loan Documents identified in clause (ii) of the preceding sentence shall, if appropriate, be recorded by the
successor trustee if so requested by the applicable Master Servicer or the applicable Special Servicer and at the expense of the
Trust (i) during any Subordinate Control Period, with the consent of the Subordinate Class Representative (other than with respect
to an Excluded Loan), (ii) during any Collective Consultation Period, after consultation with the Subordinate Class Representative
(other than with respect to an Excluded Loan) and the Trust Advisor and (iii) during any Senior Consultation Period, after consultation
with the Trust Advisor.

 

(f)          Any
successor Trustee or successor Certificate Administrator shall, in connection with its appointment as successor Trustee or successor
Certificate Administrator, (i) deliver to the Depositor and the Other Depositor, if applicable, the Form 8-K Disclosure Information
required pursuant to Item 6.02 of the Form 8-K Current Report regarding itself in its role as successor Trustee or successor Certificate
Administrator, as applicable, and (ii) enter into an indemnification agreement reasonably acceptable to the Depositor pursuant
to which the successor Trustee or successor Certificate Administrator, as applicable, agrees to indemnify and hold harmless the
Depositor, the Other Depositor, their respective directors and officers, and each other Person who controls any such entity within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses,
claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any amounts paid
in settlement of any claim or litigation arising out of (A) the failure of any such Form 8-K Disclosure Information, insofar as
such information relates to or is applicable to such successor Trustee or successor Certificate Administrator (either in its individual
capacity or its capacity as successor Trustee or successor Certificate Administrator under this Agreement), to satisfy the requirements
of the applicable provisions of Regulation AB and (B) any untrue statement or alleged untrue statement of a material fact contained
in such Form 8-K Disclosure Information regarding itself in its role as successor Trustee or successor Certificate Administrator,
as applicable, or any omission or alleged omission to state in such Form 8-K Disclosure Information regarding itself in its role
as successor Trustee or successor Certificate Administrator, as applicable, a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(g)          The
resigning Trustee, Certificate Administrator and Tax Administrator, as applicable, shall be required to pay all reasonable out-of-pocket
costs and expenses of each party to this Agreement, the Trust and each Rating Agency in connection with the resignation of such
party and the transfer of its duties (including, but not limited to, reasonable out-of-pocket costs and expenses associated with
the engagement of a successor, transferring Mortgage Files (solely with respect to the Certificate Administrator) and related information,
records and reports to the successor).

 

Section
8.08     Successor Trustee, Certificate Administrator and Tax Administrator. (a) Any
successor trustee, certificate administrator or tax administrator appointed

 

    	-381-

    	 

    

 

as
provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, each Master Servicer, each Special Servicer
and its predecessor trustee, certificate administrator or tax administrator, as the case may be, an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor trustee, certificate administrator or tax administrator,
as the case may be, shall become effective and such successor trustee, certificate administrator or tax administrator, as the
case may be, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor hereunder, with the like effect as if originally named as trustee, certificate administrator or tax administrator
herein. If the Trustee is being replaced, the predecessor trustee shall deliver to the successor trustee all Mortgage Files and
related documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf by the Custodian,
which Custodian shall become the agent of the successor trustee), and the Depositor, the applicable Master Servicer, the applicable
Special Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may reasonably
be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations,
and to enable the successor trustee to perform its obligations hereunder.

 

(b)          No
successor trustee, certificate administrator or tax administrator shall accept appointment as provided in this Section 8.08
unless at the time of such acceptance such successor trustee, certificate administrator or tax administrator, as the case may be,
shall be eligible under the provisions of Section 8.06.

 

(c)          Upon
acceptance of appointment by a successor trustee, certificate administrator or tax administrator as provided in this Section
8.08, such successor trustee, certificate administrator or tax administrator, as the case may be, shall provide notice of the
succession of such trustee, certificate administrator or tax administrator hereunder to the Depositor, the Certificate Administrator
(who shall promptly mail such notice to the Certificateholders), the Rule 17g-5 Information Provider (who shall post such notice
to the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)) and the other parties hereto.

 

Section
8.09     Merger or Consolidation of the Trustee, the Certificate Administrator or the Tax
Administrator. Any entity into which the Trustee, Certificate Administrator or Tax Administrator may be merged or
converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which
the Trustee, Certificate Administrator or Tax Administrator shall be a party, or any entity succeeding to the corporate trust
business of the Trustee, Certificate Administrator or Tax Administrator, shall be the successor of the Trustee, Certificate
Administrator or Tax Administrator, as the case may be, hereunder, provided such entity shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.

 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other
provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust Fund or property securing the same may at the time be located, the Master Servicers and the Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved

 

    	-382-

    	 

    

 

by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or
any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts
as the Master Servicers and the Trustee may consider necessary or desirable. If the Master Servicers shall not have joined in
such appointment within fifteen (15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event
in respect of the applicable Master Servicer shall have occurred and be continuing, the Trustee alone shall have the power to
make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06, and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s)
shall be required under Section 8.08.

 

(b)          In
the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed (whether as Trustee hereunder or when acting as a Master Servicer or Special Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)          Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including
every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

 

(d)          Any
separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor trustee.

 

(e)          The
appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties and
responsibilities hereunder.

 

Section
8.11     Appointment of Custodian. The Certificate Administrator is hereby appointed as
Custodian hereunder. The Custodian shall be subject to the same standards of care, limitations on liability and rights to
indemnity as the Trustee and the Certificate Administrator, and the provisions of Sections 8.01, 8.02, 8.03, 8.04,
8.05(b), 8.05(c), 8.05(d) and

 

    	-383-

    	 

    

 

8.05(e)
shall apply to the Custodian to the same extent that they apply to the Trustee. The Custodian may at any time resign by giving
at least thirty (30) days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Master
Servicers, the Special Servicers and the Depositor. The resigning Custodian shall be required to pay all reasonable out-of-pocket
costs and expenses of each party to this Agreement, the Trust and each Rating Agency in connection with the resignation of the
Custodian and the transfer of its duties (including, but not limited to, reasonable out-of-pocket costs and expenses associated
with the engagement of a successor, transferring Mortgage Files and related information, records and reports to the successor).
The Custodian shall comply with the requirements for Trustees set forth in Section 8.06 and shall have in place a fidelity
bond and errors and omissions policy, each in such form and amount as is customarily required of custodians acting on behalf of
Freddie Mac or Fannie Mae (or shall self-insure, to the extent that the Custodian is otherwise permitted to self-insure by Fannie
Mae and Freddie Mac). The Custodian may be removed by the Holders of Certificates entitled to more than 50% of the Voting Rights
in a manner consistent with the provisions of Section 8.07 (to the extent applicable).

 

Section
8.12     Access to Certain Information. (a) The Certificate Administrator, Trustee and the
Custodian shall each afford to the Depositor, the Underwriters, the Trust Advisor, the Master Servicers, the Special
Servicers, the Subordinate Class Representative and the Majority Subordinate Certificateholder, and to each Serviced Pari
Passu Companion Loan Holder that is a Privileged Person, and to the OTS, the FDIC and any other banking or insurance
regulatory authority that may exercise authority over any Certificateholder or Certificate Owner, access to any documentation
regarding the Mortgage Loans or the other assets of the Trust Fund (or, in the case of a Serviced Pari Passu Companion Loan
Holder that is a Privileged Person, any documentation regarding the related Serviced Loan Combination or any related REO
Property) that are in its possession or within its control. Such access shall be afforded without charge but only upon
reasonable prior written request and during normal business hours at the offices of the Trustee or the Custodian, as the case
may be, designated by it.

 

(b)          The
Certificate Administrator shall make available to any Privileged Person (except as described below) the following items via the
Certificate Administrator’s Website, in each case to the extent such items are prepared by the Certificate Administrator
or are delivered to the Certificate Administrator in electronic format via electronic mail in accordance with Section 12.06:

 

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

 

(A)          the
Prospectus, the Private Placement Memorandum and any other disclosure document relating to the Certificates, in the form most recently
provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)          this
Agreement, each Mortgage Loan Purchase Agreement and any amendments and exhibits hereto;

 

    	-384-

    	 

    

 

(C)          the
CREFC® Loan Setup File prepared by the Master Servicers and delivered to the Certificate Administrator;

 

(ii)          the
following documents, which shall be made available under a tab or heading designated “SEC filings”:

 

(A)          each
report on Form 10-D, Form 10-K or Form 8-K that has been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system (within one Business Day of filing);

 

(iii)         the
following documents, which shall be made available under a tab or heading designated “periodic reports”:

 

(A)          the
Distribution Date Statements pursuant to Section 4.02(a);

 

(B)          the
CREFC® reports (other than the CREFC® Loan Setup File) prepared by, or delivered to, the Certificate Administrator, together
with any information or documentation attached thereto or provided therewith pursuant to Section 3.12, Section 4.02(c),
Section 4.02(d), Section 4.02(e) and Section 4.02(f);

 

(C)          each
Trust Advisor Annual Report;

 

(iv)         the
following documents, which shall be made available under a tab or heading designated “additional documents”:

 

(A)          summaries
of Final Asset Status Reports pursuant to Section 3.24(a);

 

(B)          inspection
reports pursuant to Section 3.12(a); and

 

(C)          Appraisals
pursuant to Section 3.09, Section 3.11 or Section 3.19;

 

(v)          the
following documents, which shall be made available under a tab or heading designated “special notices”:

 

(A)          notice
of final distribution on the Certificates pursuant to Section 9.01;

 

(B)          notice
of termination of a Master Servicer and/or a Special Servicer under Section 7.02;

 

(C)          notice
of a Servicer Termination Event with respect to a Master Servicer or a Special Servicer pursuant to Section 7.01;

 

(D)          notice
of the resignation of any party to this Agreement and notice of the acceptance of appointment to such party, to the extent such
notice is prepared or received by the Certificate Administrator pursuant to Section 3.23,

 

    	-385-

    	 

    

 

Section
3.28(r), Section 5.07(c), Section 6.04, Section 8.06, Section 8.07 or Section 8.11;

 

(E)          Officer’s
Certificates supporting the determination that any Advance was (or, if made, would be) a Nonrecoverable Advance pursuant to Section
3.11(h) or Section 4.03(c);

 

(F)          any
Special Notice by a Certificateholder that wishes to communicate with others, pursuant to this Agreement;

 

(G)          any
assessment of compliance delivered to the Certificate Administrator pursuant to Section 11.13;

 

(H)          any
attestation reports delivered to the Certificate Administrator pursuant to Section 11.13;

 

(I)          any
reports delivered to the Certificate Administrator by the Trust Advisor in connection with its review of a Special Servicer’s
net present value and Appraisal Reduction Amount calculations pursuant to Section 3.28(d) and Section 3.28(e);

 

(J)          any
recommendation received by the Certificate Administrator from the Trust Advisor for the termination of a Special Servicer during
any period when the Trust Advisor is entitled to make such a recommendation, and any direction of the requisite percentage of the
Certificateholders to terminate a Special Servicer in response to such recommendation, pursuant to Section 6.05(c);

 

(K)          any
proposal received by the Certificate Administrator from a requisite percentage of Certificateholders for the termination of a Special
Servicer during any period when such Certificateholders are entitled to make such a proposal, and any direction of the requisite
percentage of the Certificateholders to terminate such Special Servicer in response to such proposal, pursuant to Section 6.05(b);
and

 

(L)          any
proposal received by the Certificate Administrator from a requisite percentage of Certificateholders for the termination of the
Trust Advisor, and any direction of the requisite percentage of the Certificateholders to terminate the Trust Advisor in response
to such proposal, pursuant to pursuant to Section 3.28(n);

 

(vi)        the
Investor Q&A Forum, which shall be made available under a tab or heading designated “Investor Q&A Forum”, pursuant
to Section 8.12(d); and

 

(vii)       the
Investor Registry (solely to Certificateholders and Certificate Owners), which shall be made available under a tab or heading designated
“Investor Registry”, pursuant to Section 8.12(e).

 

    	-386-

    	 

    

 

Notwithstanding anything
to the contrary in this Section 8.12, all Excluded Information shall be made available under a separate tab or heading designated
“Excluded Information” (and not under any of the tabs or headings described in items (i) through (vii) above) and made
available to Privileged Persons other than Excluded Holders and Excluded Controlling Class Holders.

 

In lieu of the tabs or
headings otherwise described above, the Certificate Administrator shall be authorized to use such other headings and labels as
it may reasonably determine from time to time.

 

The Certificate Administrator
shall make available at its offices, during normal business hours, for review by any Privileged Person who certifies to the Certificate
Administrator substantially in the form of Exhibit K-1A or Exhibit K-1B hereto (other than a Rating Agency or NRSRO),
originals or copies of, among other things, the following items (to the extent such items are in its possession) (except to the
extent not permitted by applicable law or under any of the related Mortgage Loan Documents):

 

(A)          any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing revealed environmental issues;

 

(B)          the
most recent annual (or more frequent, if available) operating statements, rent rolls or, with respect to Co-op Mortgage Loans,
maintenance schedules (to the extent such rent rolls or maintenance schedules have been made available by the related Borrower)
and/or lease summaries and retail “sales information,” if any, collected by or on behalf of the applicable Master Servicer
or the applicable Special Servicer with respect to each Mortgaged Property;

 

(C)          the
Mortgage Files, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Loan Combination
entered into or consented by the applicable Master Servicer and/or the applicable Special Servicer and delivered to the Certificate
Administrator;

 

(D)          any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A; and

 

(E)          each
of the documents made available by the Certificate Administrator via the Certificate Administrator’s Website pursuant to
this subsection (b).

 

The Rating Agencies and
NRSROs shall be afforded access to the Investor Q&A Forum but shall not be afforded a means to submit questions on the Investor
Q&A Forum. The Rating Agencies and NRSROs shall not be afforded access to the Investor Registry.

 

The Depositor, hereby
authorizes the Certificate Administrator to make available to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group
Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Thomson Reuters Corporation or such other
vendor chosen by the Depositor, that submits to the Certificate Administrator a certification in the form of Exhibit Q to
this Agreement, all the Distribution Date Statements,

 

    	-387-

    	 

    

 

CREFC®
reports and supplemental notices delivered or made available pursuant to this Section 8.12(b) to Privileged Persons; provided
that the Certificate Administrator shall not have such authority to the extent such disclosure would violate another provision
of this Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including,
without limitation, any Privileged Information).

 

(c)          The
Rule 17g-5 Information Provider shall make available to the Rating Agencies, the Depositor and to NRSROs the following items by
means of the Rule 17g-5 Information Provider’s Website, provided such items have been delivered to the Rule 17g-5 Information
Provider by means of electronic mail in accordance with Section 12.06 (or by such other electronic means suitable for posting
as shall be established or approved by the Rule 17g-5 Information Provider or as may be necessary or beneficial, in each case as
designated in writing to the Master Servicers, Special Servicers, Certificate Administrator and Trustee) with “WFCM 2015-C30”
included in the subject line of such electronic mail and with a brief identification of such information in the body of such electronic
mail:

 

(A)          Asset
Status Reports pursuant to Section 3.24;

 

(B)          environmental
reports pursuant to Section 3.09(c);

 

(C)          Appraisals
pursuant to Section 3.09, Section 3.11 or Section 3.19;

 

(D)          any
assessments of compliance pursuant to Section 11.13;

 

(E)          any
attestation reports pursuant to Section 11.13;

 

(F)          any
notice relating to a Special Servicer’s determination to take action under this Agreement without receiving Rating Agency
Confirmation pursuant to Section 3.27(a);

 

(G)          copies
of requests or questions that were submitted by the Rating Agencies to a Master Servicer, a Special Servicer, the Certificate Administrator
or Trustee pursuant to Section 3.27;

 

(H)          any
requests for Rating Agency Confirmation delivered to the Rule 17g-5 Information Provider pursuant to Section 3.27;

 

(I)            notice
of any resignation of the Trustee or the acceptance of appointment by the successor Trustee or merger or consolidation of the Trustee
pursuant to Section 8.07;

 

(J)            notice
of any resignation of the Certificate Administrator or the acceptance of appointment by the successor Certificate Administrator
or merger or consolidation of the Certificate Administrator pursuant to Section 8.07;

 

(K)          Officer’s
Certificates supporting determinations relating to Nonrecoverable Advances and notices of a determination to reimburse

 

    	-388-

    	 

    

 

Nonrecoverable
Advances from sources other than principal collections on the Mortgage Pool pursuant to Section 3.11(h) and Section
4.03(c);

 

(L)          all
notices of the occurrence of a Servicer Termination Event and any notice of the termination of a Master Servicer or a Special Servicer
pursuant to Section 7.01 and Section 7.02;

 

(M)         the
Trust Advisor Annual Reports prepared by the Trust Advisor pursuant to Section 3.28(a);

 

(N)          certain
responses or notices from the parties to this Agreement to information posted on the Certificate Administrator’s Website;

 

(O)          any
notice of an amendment of this Agreement to change the procedures related to Rule 17g-5 information pursuant to Section 3.27(h);

 

(P)          any
summary of oral communications with the Rating Agencies regarding any of the above written materials or regarding any request for
a Rating Agency Confirmation or regarding any of the Mortgage Loan Documents or any matter related to the Certificates, Mortgage
Loans, any Serviced Loan Combination, the related Mortgaged Properties, the related Borrowers or any other matters related to this
Agreement or the Intercreditor Agreements related to any Serviced Loan Combination, pursuant to Section 3.27(g);

 

(Q)          any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement; and

 

(R)          the
Rating Agency Q&A Forum and Servicer Document Request Tool under Section 8.12(g).

 

(d)          The
Certificate Administrator shall make a question-and-answer forum (the “Investor Q&A
Forum”) available to Privileged Persons by means of the Certificate Administrator’s Website, where Certificateholders
and Certificate Owners may submit inquiries to the Certificate Administrator relating to the Distribution Date Statement, or to
the applicable Master Servicer or the applicable Special Servicer relating to servicing reports prepared by that party, the Serviced
Mortgage Loans, Serviced Loan Combinations or the related Mortgaged Properties, and where Privileged Persons may view previously
submitted inquiries and related answers. The Certificate Administrator will forward such inquiries to the appropriate person. The
Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, will be required to
answer each inquiry, unless it determines that (i) answering the inquiry would not be in the best interests of the Trust and/or
the Certificateholders, (ii) answering the inquiry would be in violation of applicable law or the Mortgage Loan Documents, (iii)
answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, or (iv) answering the inquiry
is otherwise not advisable to answer, in which case the Certificate Administrator shall not post such inquiry on the Investor Q&A
Forum. The Certificate Administrator shall post the inquiries and related answers on the Investor Q&A Forum, subject to the
immediately preceding sentence and subject

 

    	-389-

    	 

    

 

to
and in accordance with this Agreement; provided that posting the inquiries and related answers on the Investor Q&A
Forum shall not require a separate delivery of such inquiries and answers to the Rule 17g-5 Information Provider. In addition,
no party will post or otherwise disclose direct communications with the Subordinate Class Representative as part of its response
to any inquiries. The Investor Q&A Forum may not reflect questions, answers, and other communications which are not submitted
through the Certificate Administrator’s Website. Answers posted on the Investor Q&A Forum will be attributable only
to the respondent, and will not be deemed to be answers from any other person, including the Depositor and the Underwriters. None
of the Underwriters, Depositor, any of their respective Affiliates or any other Person will certify as to the accuracy of any
of the information posted in the Investor Q&A Forum, and no Person other than the respondent will have any responsibility
or liability for the content of any such information.

 

(e)          The
Certificate Administrator shall make the “Investor Registry” available to any Certificateholder and beneficial owner
via the Certificate Administrator’s Website. Certificateholders and Certificate Owners may register on a voluntary basis
for the Investor Registry and obtain contact information for any other Certificateholder or beneficial owner that has also registered,
provided that they comply with the requirements provided for in the other provisions of this Agreement.

 

(f)          The
Certificate Administrator’s Website shall initially be located at www.ctslink.com. Access shall be provided by the Certificate
Administrator to Privileged Persons, in accordance with the terms hereof. In connection with providing access to the Certificate
Administrator’s Website, the Certificate Administrator may require registration and the acceptance of a disclaimer. In the
case of a Subordinate Class Representative or a Subordinate Class Certificateholder that, in any such case, is an Excluded Controlling
Class Holder, such Person shall submit to the Certificate Administrator, the applicable Master Servicer and the applicable Special
Servicer in physical form an investor certification in the form of Exhibit K-2B and Exhibit K-3A hereto, executed
by the requesting Person and indicating that such Person is an Excluded Controlling Class Holder and listing the related Excluded
Controlling Class Loan(s). The Certificate Administrator shall not be liable for the dissemination of information in accordance
with the terms of this Agreement. The Certificate Administrator shall make no representations or warranties as to the accuracy
or completeness of such documents and shall assume no responsibility for them. The Certificate Administrator shall not be deemed
to have knowledge of any information posted on its website solely by virtue of such posting. In addition, the Certificate Administrator
may disclaim responsibility for any information for which it is not the original source. The Certificate Administrator shall provide
Privileged Persons with assistance in using the Certificate Administrator’s Website if they call the Certificate Administrator’s
customer service desk, initially available at (866) 846-4526. Notwithstanding anything herein to the contrary, the Certificate
Administrator shall not be liable for any disclosure of information relating to an Excluded Controlling Class Loan to the extent
such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate Administrator
for posting to the Certificate Administrator’s Website and not properly identified as relating to an Excluded Controlling
Class Loan.

 

Any Person that is a
Borrower, a manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Borrower shall be entitled to access
(a) the Distribution Date

 

    	-390-

    	 

    

 

Statements,
and the following items made available to the general public: the Prospectus Supplement, this Agreement, the Mortgage Loan Purchase
Agreements and the SEC filings on the Certificate Administrator’s Website, and (b) in the case of the Subordinate Class
Representative or a Subordinate Class Certificateholder if any such Person is an Excluded Controlling Class Holder, and subject
to the notice provisions below, all information available on the Certificate Administrator’s Website, other than Excluded
Information. In the case of the Subordinate Class Representative or Subordinate Class Certificateholder that is not an Excluded
Controlling Class Holder, upon delivery of an investor certification substantially in the form of Exhibit K-1B hereto,
such Person shall be entitled to access all information on the Certificate Administrator’s Website including the Excluded
Information. The applicable Master Servicer, applicable Special Servicer, Certificate Administrator, Trustee and Trust Advisor
may each rely on (i) an investor certification in the form of Exhibit K-1B hereto from the Subordinate Class Representative
or a Subordinate Class Certificateholder, as applicable, to the effect that such Person is not an Excluded Controlling Class Holder
or (ii) an investor certification in the form of Exhibit K-2B hereto from the Subordinate Class Representative or a Subordinate
Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded
Controlling Class Loan(s).

 

In the event the
Subordinate Class Representative or a Subordinate Class Certificateholder becomes a Borrower Party, such party shall promptly
notify each of the applicable Master Servicer, applicable Special Servicer, Certificate Administrator, Trust Advisor and
Trustee in writing substantially in the form of Exhibit K-3A that such Person has become an Excluded Controlling Class
Holder with respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate
Administrator notice substantially in the form of Exhibit K-3B listing each CTSLink USER ID associated with the
Excluded Controlling Class Holder and directing the Certificate Administrator to restrict access to this transaction for such
users. Upon confirmation from the Certificate Administrator that such access has been restricted, the Excluded Holder shall
submit a new investor certification substantially in the form of Exhibit K-2B to access the information on the
Certificate Administrator’s Website, except that such parties shall not be entitled to any Excluded Information related
to the Excluded Controlling Class Loan(s) made available on the Certificate Administrator’s Website. Notwithstanding
anything herein to the contrary, each of the applicable Master Servicer, the applicable Special Servicer and the
Certificate Administrator shall be entitled to conclusively assume that the Subordinate Class Representative and Subordinate
Class Certificateholders are not Excluded Controlling Class Holders except to the extent that the applicable Master Servicer,
the applicable Special Servicer or the Certificate Administrator, as applicable, has received such notice substantially in
the form of Exhibit K-3A from such Person that it has become an Excluded Controlling Class Holder. None of the
applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the Trust Advisor shall be
liable for any communication to any Excluded Controlling Class Holder or disclosure of information relating to an Excluded
Controlling Class Loan (including, in the case of any Excluded Information delivered to the Certificate Administrator for
posting to the Certificate Administrator’s Website) if the applicable Master Servicer, the applicable Special Servicer,
the Certificate Administrator or the Trust Advisor, as applicable, did not receive prior written notice that the related
Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to Excluded Information on the
Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance
with Section 3.29. Each of the applicable Master Servicer, the applicable Special Servicer and the Certificate
Administrator

 

    	-391-

    	 

    

 

shall
be entitled to conclusively rely on delivery from the Subordinate Class Representative or a Subordinate Class Certificateholder,
as applicable, of an investor certification substantially in the form of Exhibit K-1B that such Subordinate Class Representative
or Subordinate Class Certificateholder, as applicable, is no longer an Excluded Controlling Class Holder.

 

(g)          The
Rule 17g-5 Information Provider shall make available, only to Rating Agencies and NRSROs, a rating agency question-and-answer forum
and document request tool (the “Rating Agency Q&A Forum and Servicer Document Request
Tool”), which shall be a service available on the Rule 17g-5 Information Provider’s Website, where Rating
Agencies and NRSROs may (i) submit questions to the Certificate Administrator relating to the Distribution Date Statement, or submit
questions to the applicable Master Servicer or the applicable Special Servicer, as applicable, relating to the reports prepared
by such parties, the Serviced Mortgage Loans or the related Mortgaged Properties (collectively, “Rating
Agency Inquiries”), and (ii) view Rating Agency Inquiries that have been previously submitted and answered, together
with the answers thereto. In addition, the Rating Agencies and NRSROs shall be afforded a means to use a form to submit requests
for loan-level reports and information. Upon receipt of a Rating Agency Inquiry, the Rule 17g-5 Information Provider shall forward
such Rating Agency Inquiry by electronic mail to the Certificate Administrator, the applicable Master Servicer or the applicable
Special Servicer, as applicable, in each case within a commercially reasonable period of time following receipt thereof and indicating
that such question was received from a Rating Agency or an NRSRO. Following receipt of a Rating Agency Inquiry, the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, unless it determines not to answer
such Rating Agency Inquiry as described below, shall respond to such Rating Agency Inquiry by electronic mail to the Rule 17g-5
Information Provider and shall have no obligation to respond separately to such Rating Agency Inquiry. The Rule 17g-5 Information
Provider shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case
may be) such Rating Agency Inquiry and the related answer (or reports, as applicable) to the Rule 17g-5 Information Provider’s
Website. Any reports posted by the Rule 17g-5 Information Provider in response to an inquiry may be posted on a page accessible
by a link on the Rule 17g-5 Information Provider’s Website. The Certificate Administrator, the applicable Master Servicer
and the applicable Special Servicer shall have no obligation to answer such Rating Agency Inquiry if such party determines, in
its respective sole discretion, that (i) answering such Rating Agency Inquiry would be in violation of applicable law, the Servicing
Standard, this Agreement or the applicable Mortgage Loan Documents, (ii) answering such Rating Agency Inquiry would or is reasonably
expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or (iii)(A) answering
such Rating Agency Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the
Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, and (B) the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, determines in accordance with
the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance of such duties or
the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Master Servicer
or Special Servicer, as applicable, under this Agreement, in which case it shall not be required to answer such Rating Agency Inquiry.
If the Certificate Administrator, a Master Servicer or a Special Servicer so determines not to answer a Rating Agency Inquiry,
such party shall promptly notify the Rule 17g-5 Information Provider by reply electronic mail of such determination

 

    	-392-

    	 

    

 

identifying
which of clause (i), (ii) or (iii) of the immediately preceding sentence is the basis of such determination.
Thereafter, the Rule 17g-5 Information Provider shall post such Rating Agency Inquiry, together with a statement of the reason
such Rating Agency Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Servicer Document Request Tool
shall be attributable only to the respondent, and shall not be deemed to be answers from any other Person. None of the Underwriters,
the Depositor or any of their respective Affiliates shall certify to any of the information posted in the Rating Agency Q&A
Forum and Servicer Document Request Tool and no such party shall have any responsibility or liability for the content of any such
information. The Rule 17g-5 Information Provider shall not be held liable for any failure by any other Person to answer any Rating
Agency Inquiry. The Rule 17g-5 Information Provider shall not be required to post to the Rule 17g-5 Information Provider’s
Website any Rating Agency Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is
administrative or ministerial in nature. The Rating Agency Q&A Forum and Servicer Document Request Tool shall not present
questions, answers and other communications that are not submitted by means of the Rule 17g-5 Information Provider’s Website.

 

(h)          The
Rule 17g-5 Information Provider’s Website shall initially be located within the Certificate Administrator’s Website,
under the “NRSRO” tab on the page relating to this transaction. Access to the Rule 17g-5 Information Provider’s
Website shall be provided by the Rule 17g-5 Information Provider to the Rating Agencies and to NRSROs upon receipt by the Rule
17g-5 Information Provider of an NRSRO Certification in the form attached to this Agreement, which form shall also be located on
and submitted electronically by means of the Certificate Administrator’s Website. The Rule 17g-5 Information Provider shall
not be liable for the dissemination of information in accordance with the terms of this Agreement. The Rule 17g-5 Information Provider
shall make no representations or warranties as to the accuracy or completeness of any information being made available and shall
assume no responsibility for same. The Certificate Administrator shall not be deemed to have knowledge of any information posted
on its website solely by virtue of posting by the Rule 17g-5 Information Provider. In addition, each of the Certificate Administrator
and the Rule 17g-5 Information Provider may disclaim responsibility for any information for which it is not the original source.
Certificateholders shall not be afforded access to the Rule 17g-5 Information Provider’s Website.

 

(i)           None
of the Trustee, the Custodian or the Certificate Administrator shall be liable for providing or disseminating information in accordance
with the terms of this Agreement or at the direction of the Depositor; provided that this provision shall not protect the
Trustee, the Custodian or the Certificate Administrator against any liability to the Trust or the Certificateholders against any
expense or liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance
of such party’s obligations or duties hereunder, or by reason of reckless disregard of such obligations and duties.

 

Section
8.13     Cooperation Under Applicable Banking Law. In order to comply with laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to
the funding of terrorist activities and money laundering (“Applicable Banking
Law”), each of the Trustee, the Certificate Administrator and the Master Servicers are required to obtain,
verify and record certain information relating to individuals and entities which maintain a business relationship with the
Trustee, the Certificate

 

    	-393-

    	 

    

 

Administrator
and the Master Servicers. Accordingly, each of the other parties agrees to provide to the Trustee, the Certificate Administrator
and the Master Servicers upon their reasonable request from time to time such identifying information and documentation as may
be reasonably available for such party in order to enable the Trustee, the Certificate Administrator and the applicable Master
Servicer to comply with Applicable Banking Law.

 

ARTICLE
IX

TERMINATION

 

Section
9.01     Termination Upon Repurchase or Liquidation of All Mortgage Loans. (a) Subject to Section
9.02, the Trust and the respective obligations and responsibilities under this Agreement of the parties hereto (other
than the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter set
forth) shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the
Certificate Administrator on behalf of the Trustee and required hereunder to be so paid on the Distribution Date following
the earlier to occur of: (i) the purchase by any single Subordinate Class Certificateholder or group of Subordinate Class
Certificateholders, a Master Servicer or a Special Servicer (whose respective rights to effect such a purchase shall be
subject to the priorities and conditions set forth in subsection (b)) of all Mortgage Loans and each REO Property (or, in the
case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO
Property) remaining in the Trust Fund at a price (the “Termination
Price”) equal to (A) the aggregate Purchase Price of all the Mortgage Loans remaining in the Trust Fund
(exclusive of any REO Mortgage Loan(s)), plus (B) the appraised value of each REO Property (or, in the case of any REO
Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property), if any,
included in the Trust Fund, such appraisal for such REO Property to be conducted by a Qualified Appraiser selected by the
General Special Servicer and approved by the Certificate Administrator and the General Master Servicer, minus (C) if
the purchaser is a Master Servicer or a Special Servicer, the aggregate amount of unreimbursed Advances made by such Person,
together with any unpaid Advance Interest in respect of such unreimbursed Advances and any unpaid servicing compensation
payable to such Person (which items shall be deemed to have been paid or reimbursed to such Master Servicer or such Special
Servicer, as the case may be, in connection with such purchase); (ii) the exchange by the Sole Certificateholder(s) of all
the Certificates for all Mortgage Loans and each REO Property (or, in the case of any REO Property related to any
Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund with
the written consent of both Master Servicers in their sole discretion; and (iii) the final payment or other liquidation (or
any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund; provided that
in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date
hereof.

 

(b)          Any
single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, the Master Servicer servicing the
greater principal balance of Mortgage Loans, the other Master Servicer, the Special Servicer servicing the greater principal balance
of

 

    	-394-

    	 

    

 

Mortgage
Loans or the other Special Servicer, in that order of preference (as set forth more fully below), may at its option elect to purchase
all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the
beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund as contemplated by clause (i) of
Section 9.01(a) by giving written notice to the other parties hereto (and, in the case of an election by either Master
Servicer or either Special Servicer, to the Holders of the Subordinate Class) no later than sixty (60) days prior to the anticipated
date of purchase; provided that:

 

(A)          the
aggregate Stated Principal Balance of the Mortgage Pool at the time of such election is 1.0% or less of the Cut-off Date Pool Balance
(in order to make such determination, the General Master Servicer may, at any time, request that the NCB Master Servicer commence
to periodically inform the General Master Servicer of the Stated Principal Balance of the NCB Mortgage Loans and, commencing upon
such request of the General Master Servicer, the NCB Master Servicer shall inform the General Master Servicer (which may be through
providing the General Master Servicer access to the NCB Master Servicer’s website) of the Stated Principal Balance of the
NCB Mortgage Loans on a monthly basis, or at an accelerated interval as requested by the General Master Servicer of the NCB Master
Servicer);

 

(B)          within
thirty (30) days after written notice of such election is so given, no Person with a higher right of priority to make such an election
does so; and

 

(C)          if
more than one Subordinate Class Certificateholder or group of Subordinate Class Certificateholders desire to purchase all of the
Mortgage Loans and any REO Properties remaining in the Trust Fund, preference shall be given to the Subordinate Class Certificateholder
or group of Subordinate Class Certificateholders with the largest Percentage Interest in the Subordinate Class.

 

If the Trust is to be
terminated in connection with the purchase of all the Mortgage Loans and each REO Property (or, in the case of any REO Property
related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust
Fund by any Subordinate Class Certificateholder(s), a Master Servicer or a Special Servicer, such Person(s) shall: (i) deposit,
or deliver to the General Master Servicer for deposit, in its Collection Account (after the Determination Date, and prior to the
Master Servicer Remittance Date relating to the anticipated Final Distribution Date) an amount in immediately available funds equal
to the Termination Price; and (ii) shall reimburse all of the parties hereto (other than itself, if applicable) for all reasonable
out-of-pocket costs and expenses incurred by such parties in connection with such purchase. On the Master Servicer Remittance Date
for the Final Distribution Date, each Master Servicer shall transfer to the Distribution Account all amounts required to be transferred
by it to such account on the Master Servicer Remittance Date from its Collection Account pursuant to Section 3.04(b), together
with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution. Upon confirmation
that such deposits and reimbursements have been made, the Custodian shall release or cause to be released to the purchasing party
(or its designee) the Mortgage Files for the

 

    	-395-

    	 

    

 

remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the purchasing party as
shall be necessary to effectuate transfer of the remaining Mortgage Loans and REO Properties to the purchasing party (or its designee).
If any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, the General Master Servicer,
the NCB Master Servicer (if not then NCB), the General Special Servicer or the NCB Special Servicer (if not then NCB) makes such
an election, then NCB (so long as NCB is either the NCB Master Servicer or the NCB Special Servicer) will have the option, by
giving written notice to the other parties hereto no later than 30 days prior to the anticipated date of purchase, to purchase
all of the NCB Mortgage Loans and each related REO Property remaining in the Trust, and the other party will then have the option
to purchase only the remaining Mortgage Loans and each related REO Property.

 

Following the date on
which the aggregate Certificate Principal Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class D Certificates
and the Class A-S, Class B and Class C Regular Interests is reduced to zero, the Sole Certificateholder(s) shall have the right
to exchange all of the Certificates for all of the Mortgage Loans and each REO Property or, in the case of any REO Property related
to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property, remaining in the Trust Fund as
contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than sixty
(60) days prior to the anticipated date of exchange. If the Sole Certificateholder(s) elect(s) to exchange all of the Certificates
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund in accordance with the preceding sentence, such
Sole Certificateholder(s), not later than the Business Day prior to the Distribution Date on which the final distribution on the
Certificates is to occur, shall deposit in the Collection Account of the General Master Servicer an amount in immediately available
funds equal to all amounts then due and owing to the Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator,
the Tax Administrator and/or the Trustee hereunder (and their respective agents) that may be withdrawn from the Collection Account,
pursuant to Section 3.05(a), or that may be withdrawn from the Distribution Account, pursuant to Section 3.05(b),
but only to the extent that such amounts are not already on deposit in the Collection Account. In addition, each Master Servicer
shall transfer to the Distribution Account all amounts required to be transferred by it to such account on the Master Servicer
Remittance Date from its Collection Account pursuant to the first paragraph of Section 3.04(b). Upon confirmation that such
final deposits have been made and following the surrender of all the Certificates on the Final Distribution Date, the Trustee shall
release or cause to be released to the Sole Certificateholder(s) (or any designee thereof), the Mortgage Files for the remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder(s)
as shall be necessary to effectuate transfer of the remaining Mortgage Loans and REO Properties to the Sole Certificateholder(s)
(or any designee thereof). For federal income tax purposes, such surrender and release shall be treated as a purchase of such Mortgage
Loans and REO Properties for an amount of cash equal to all amounts due in respect thereof after the distribution of amounts remaining
in the Distribution Account, and a crediting of such amounts as a final distribution on all remaining REMIC I Regular Interests,
REMIC II Regular Interests, Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest.

 

    	-396-

    	 

    

 

(c)          Notice
of any termination shall be given promptly by the Certificate Administrator by letter to Certificateholders posted to the Certificate
Administrator’s Website and mailed (x) if such notice is given in connection with the purchase of all the Mortgage Loans
and each REO Property remaining in the Trust Fund by a Master Servicer, a Special Servicer and/or any Subordinate Class Certificateholder(s),
not earlier than the 15th day and not later than the 25th day of the month next preceding the month of the final distribution on
the Certificates and (y) otherwise during the month of such final distribution on or before the Master Servicer Remittance Date
in such month, in any event specifying (i) the Distribution Date upon which the Trust Fund will terminate and final payment on
the Certificates will be made, (ii) the amount of any such final payment in respect of each Class of Certificates and (iii) that
the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and
surrender of the Certificates at the office or agency of the Certificate Administrator therein designated. The Certificate Administrator
shall give such notice to the other parties hereto at the time such notice is given to Certificateholders.

 

(d)          Upon
presentation and surrender of the Certificates by the Certificateholders on the Final Distribution Date, the Certificate Administrator
shall distribute to each Certificateholder so presenting and surrendering its Certificates such Certificateholder’s Percentage
Interest of that portion of the amounts on deposit in the Distribution Account that is allocable to payments on the relevant Class
in accordance with Section 4.01. Any funds not distributed to any Holder or Holders of Certificates of any Class on the
Final Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set
aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.
If any Certificates as to which notice has been given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six (6) months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final
distribution with respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered
for cancellation, the Certificate Administrator, directly or through an agent, shall take such reasonable steps to contact the
remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable
to any former Holder on any amount held in trust hereunder. If by the second anniversary of the delivery of such second notice,
all of the Certificates shall not have been surrendered for cancellation, then, subject to applicable escheatment laws, the Certificate
Administrator shall distribute to the Class R Certificateholders all unclaimed funds and other assets which remain subject hereto.

 

Section
9.02     Additional Termination Requirements. (a) If any Subordinate Class
Certificateholder(s), a Master Servicer, and/or a Special Servicer purchase(s), or the Sole Certificateholder(s) exchange(s)
all of the Certificates for, all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any
Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund as
provided in Section 9.01 above, the Trust and each REMIC Pool shall be terminated in accordance with the following
additional requirements, unless the purchasing party obtains at its

 

    	-397-

    	 

    

 

own
expense and delivers to the Trustee and the Certificate Administrator an Opinion of Counsel, addressed to the Trustee and the
Certificate Administrator, to the effect that the failure of the Trust to comply with the requirements of this Section 9.02
will not result in an Adverse REMIC Event with respect to any REMIC Pool:

 

(i)           the
Certificate Administrator shall specify the first day in the 90-day liquidation period in a statement attached to the final Tax
Return for each REMIC Pool, pursuant to Treasury Regulations Section 1.860F-1 and shall satisfy all requirements of a qualified
liquidation under Section 860F of the Code and any regulations thereunder (as evidenced by an Opinion of Counsel to such effect
delivered on behalf and at the expense of the purchasing party);

 

(ii)          during
such 90-day liquidation period and at or prior to the time of making the final payment on the Certificates, the Certificate Administrator
shall sell or otherwise transfer all the Mortgage Loans and each REO Property remaining in the Trust Fund to the applicable Master
Servicer, the applicable Special Servicer, the applicable Subordinate Class Certificateholder(s) or the Sole Certificateholder(s),
as the case may be, in exchange for cash and/or Certificates in accordance with Section 9.01; and

 

(iii)         at
the time of the final payment on the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed
or credited, to the Holders of the Certificates in accordance with Section 4.01 all remaining cash on hand (other than cash
retained to meet claims), and each REMIC Pool shall terminate at that time.

 

(b)          By
their acceptance of Certificates, the Holders of the Certificates hereby authorize the Trustee, the Certificate Administrator and
the Tax Administrator to prepare and adopt, on behalf of the Trust, a plan of complete liquidation of each REMIC Pool in the form
of the notice of termination provided for in Section 9.01(c) and in accordance with the terms and conditions of this Agreement,
which authorization shall be binding upon all successor Certificateholders.

 

ARTICLE
X

ADDITIONAL TAX PROVISIONS

 

Section
10.01     REMIC Administration. (a) The Tax Administrator shall elect to treat each REMIC
Pool as a REMIC under the Code and, if necessary, under Applicable State Law. Each such election will be made on IRS Form
1066 or other appropriate federal tax or information return or any appropriate state Tax Returns for the taxable year ending
on the last day of the calendar year in which the Certificates are issued. The Tax Administrator shall (i) prepare or cause
to be prepared, (ii) submit to the Trustee for execution (and the Trustee shall timely execute and return to the Tax
Administrator) and (iii) file each such IRS Form 1066, other appropriate federal tax or information return or appropriate
state Tax Return pursuant to subsection (c) below.

 

    	-398-

    	 

    

 

(b)          The
Holder of Certificates evidencing the largest Percentage Interest in the Class R Certificates is hereby designated as the Tax Matters
Person of each REMIC Pool and, in such capacity, shall be responsible to act on behalf of such REMIC Pool in relation to any tax
matter or controversy, to represent such REMIC Pool in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority, to request an administrative adjustment as to any taxable year of such REMIC Pool,
to enter into settlement agreements with any governmental taxing agency with respect to such REMIC Pool, to extend any statute
of limitations relating to any tax item of such REMIC Pool and otherwise to act on behalf of such REMIC Pool in relation to any
tax matter or controversy involving such REMIC Pool; provided that the Tax Administrator is hereby irrevocably appointed
and agrees to act (in consultation with the Tax Matters Person for each REMIC Pool) as agent and attorney-in-fact for the Tax Matters
Person for each REMIC Pool in the performance of its duties as such. The legal expenses and costs of any action described in this
Section 10.01(b) and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust payable out
of amounts on deposit in the Distribution Account as provided by Section 3.05(b) unless such legal expenses and costs are
incurred by reason of a Tax Matters Person’s or the Tax Administrator’s misfeasance, bad faith or negligence in the
performance of, or such Person’s reckless disregard of, its obligations or are expressly provided by this Agreement to be
borne by any party hereto.

 

(c)          The
Tax Administrator shall (i) prepare or cause to be prepared, (ii) submit to the Trustee for execution (and the Trustee shall timely
execute and return to the Tax Administrator), and (iii) timely file all of, the Tax Returns in respect of each REMIC Pool (other
than Tax Returns required to be filed by the applicable Master Servicer pursuant to Section 3.09(g)). The expenses of preparing
and filing such returns shall be borne by the Tax Administrator without any right of reimbursement therefor.

 

(d)          The
Tax Administrator shall perform on behalf of each REMIC Pool all reporting and other tax compliance duties that are the responsibility
of such REMIC Pool under the Code, the REMIC Provisions or other compliance guidance issued by the IRS or any state or local taxing
authority. Included among such duties, the Tax Administrator shall provide: (i) to any Transferor of a Class R Certificate, such
information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Person who
is not a Permitted Transferee; (ii) to the Certificateholders, such information or reports as are required by the Code or the REMIC
Provisions, including reports relating to interest, original issue discount and market discount or premium (using the Prepayment
Assumption as required); and (iii) to the IRS, the name, title, address and telephone number of the Person who will serve as the
representative of each REMIC Pool.

 

(e)          The
Trustee and the Tax Administrator shall take such action and shall cause each REMIC Pool to take such action as shall be necessary
to create or maintain the status thereof as a REMIC under the REMIC Provisions (and the other parties hereto shall assist them,
to the extent reasonably requested by the Trustee or the Tax Administrator), to the extent that the Trustee or the Tax Administrator,
as applicable, has actual knowledge that any particular action is required; provided that the Trustee and the Tax Administrator
shall be deemed to have knowledge of relevant tax laws. The Trustee or the Tax Administrator, as applicable, shall not knowingly
take or fail to take any action, or cause any REMIC Pool to take or fail to take any action that, under the REMIC Provisions, if
taken or not taken, as the case may be, could result

 

    	-399-

    	 

    

 

in
an Adverse REMIC Event in respect of any REMIC Pool, unless the Trustee or the Tax Administrator, as applicable, has received
an Opinion of Counsel to the effect that the contemplated action or non-action, as the case may be, will not result in an Adverse
REMIC Event. None of the other parties hereto shall take or fail to take any action (whether or not authorized hereunder) as to
which the Trustee or the Tax Administrator, as applicable, has advised it in writing that it has received an Opinion of Counsel
to the effect that an Adverse REMIC Event could occur with respect to such action. In addition, prior to taking any action with
respect to any REMIC Pool or the assets thereof, or causing any REMIC Pool to take any action, which is not contemplated by the
terms of this Agreement, each of the other parties hereto will consult with the Tax Administrator, in writing, with respect to
whether such action could cause an Adverse REMIC Event to occur, and no such other party shall take any such action or cause any
REMIC Pool to take any such action as to which the Tax Administrator has advised it in writing that an Adverse REMIC Event could
occur. The Tax Administrator may consult with counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not permitted by this Agreement (and in no event by the Trust Fund or the Tax Administrator).

 

(f)           If
any tax is imposed on any REMIC Pool, including “prohibited transactions” taxes as defined in Section 860F(a)(2) of
the Code, any tax on “net income from foreclosure property” as defined in Section 860G(c) of the Code, any taxes on
contributions to any REMIC Pool after the Startup Day pursuant to Section 860G(d) of the Code, and any other tax imposed by the
Code or any applicable provisions of state or local tax laws (other than any tax permitted to be incurred by a Special Servicer
pursuant to Section 3.17(a)), then such tax, together with all incidental costs and expenses (including penalties and reasonable
attorneys’ fees), shall be charged to and paid by: (i) the Trustee, if such tax arises out of or results from a breach of
any of its obligations under Article IV, Article VIII or this Section 10.01 (which breach constitutes negligence,
bad faith or willful misconduct); (ii) the Certificate Administrator, if such tax arises out of or results from a breach by the
Certificate Administrator of any of its obligations under Article IV, Article VIII or this Section 10.01 (which
breach constitutes negligence, bad faith or willful misconduct); (iii) the Tax Administrator, if such tax arises out of or results
from a breach by the Tax Administrator of any of its obligations under Article IV, Article VIII or this Section
10.01 (which breach constitutes negligence, bad faith or willful misconduct); (iv) a Master Servicer, if such tax arises out
of or results from a breach by such Master Servicer of any of its obligations under Article III or this Section 10.01
(which breach constitutes negligence, bad faith or willful misconduct); (v) the applicable Special Servicer, if such tax arises
out of or results from a breach by such Special Servicer of any of its obligations under Article III or this Section
10.01 (which breach constitutes negligence, bad faith or willful misconduct); or (vi) the Trust, out of the Trust Fund, in
all other instances. Consistent with the foregoing, any tax permitted to be incurred by a Special Servicer pursuant to Section
3.17(a) shall be charged to and paid by the Trust. Any such amounts payable by the Trust in respect of taxes shall be paid
by the Trustee out of amounts on deposit in the Distribution Account.

 

(g)          The
Tax Administrator shall, for federal income tax purposes, maintain books and records with respect to each REMIC Pool on a calendar
year and an accrual basis.

 

(h)          Following
the Startup Day for each REMIC Pool, the Trustee shall not (except as contemplated by Section 2.03) accept any contributions
of assets to any REMIC Pool

 

    	-400-

    	 

    

 

unless
it shall have received an Opinion of Counsel (at the expense of the party seeking to cause such contribution and in no event at
the expense of the Trust Fund or the Trustee) to the effect that the inclusion of such assets in such REMIC Pool will not result
in an Adverse REMIC Event in respect of such REMIC Pool.

 

(i)           None
of the Master Servicers, the Special Servicers or the Trustee shall consent to or, to the extent it is within the control of such
Person, permit: (i) the sale or disposition of any Mortgage Loan (except in connection with (A) a Breach or Document Defect regarding
any Mortgage Loan, (B) the foreclosure, default or reasonably foreseeable material default of a Mortgage Loan, including the sale
or other disposition of a Mortgaged Property acquired by foreclosure, deed in lieu of foreclosure or otherwise, (C) the bankruptcy
of any REMIC Pool, or (D) the termination of the Trust pursuant to Article IX of this Agreement); (ii) the sale or disposition
of any investments in any Investment Account for gain; or (iii) the acquisition of any assets for the Trust (other than a Mortgaged
Property acquired through foreclosure, deed in lieu of foreclosure or otherwise in respect of a Defaulted Mortgage Loan, other
than a Replacement Mortgage Loan substituted for a Deleted Mortgage Loan and other than Permitted Investments acquired in connection
with the investment of funds in an Account or an interest in a single-member limited liability company, as provided in Section
3.16); in any event unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition,
or acquisition and in no event at the expense of the Trust Fund or the Trustee) to the effect that such sale, disposition, or acquisition
will not result in an Adverse REMIC Event in respect of any REMIC Pool.

 

(j)           Except
as otherwise permitted by Section 3.17(a), none of the Master Servicers, the Special Servicers or the Trustee shall enter
into any arrangement by which any REMIC Pool will receive a fee or other compensation for services or, to the extent it is within
the control of such Person, permit any REMIC Pool to receive any income from assets other than “qualified mortgages”
as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code.
At all times as may be required by the Code, each of the respective parties hereto (to the extent it is within its control) shall
take necessary actions within the scope of its responsibilities as more specifically set forth in this Agreement such that it does
not cause substantially all of the assets of each REMIC Pool to fail to consist of “qualified mortgages” as defined
in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code.

 

(k)          Within
thirty (30) days after the related Startup Day, the Tax Administrator shall obtain an identification number by filing IRS Form
SS-4 with the IRS for each REMIC Pool and prepare and file with the IRS, with respect to each REMIC Pool, IRS Form 8811 “Information
Return for Real Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt Obligations”.

 

Section
10.02     Grantor Trust Administration. (a) The Tax Administrator shall treat the Grantor
Trust Pool, for tax return preparation purposes, as a Grantor Trust under the Code. The Tax Administrator shall also perform
on behalf of the Grantor Trust Pool all reporting and other tax compliance duties that are the responsibility of such Grantor
Trust Pool under the Code or any compliance guidance issued by the IRS or any state or local taxing

 

    	-401-

    	 

    

 

authorities.
The expenses of preparing and filing such returns shall be borne by the Tax Administrator.

 

(b)          The
Tax Administrator shall pay out of its own funds any and all routine tax administration expenses of the Trust Fund incurred with
respect to the Grantor Trust Pool (but not including any professional fees or expenses related to audits or any administrative
or judicial proceedings with respect to the Trust Fund that involve the IRS or state tax authorities which extraordinary expenses
shall be payable or reimbursable to the Tax Administrator from the assets in the Grantor Trust Pool, unless otherwise provided
in Section 10.02(e) or 10.02(f)).

 

(c)          The
Tax Administrator shall prepare or cause to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute
and timely return to the Tax Administrator) and timely file all of the Tax Returns in respect of the Grantor Trust Pool. The expenses
of preparing and filing such returns shall be borne by the Tax Administrator without any right of reimbursement therefor. Except
as provided in Section 10.02(h), 10.02(i) and 10.02(j), the Tax Administrator shall comply with such requirement
by filing IRS Form 1041, indicating the name and address of the Trust and signed by the Tax Administrator but otherwise left blank,
IRS Form 1099 or any other such form as may be applicable. There shall be appended to each such form a schedule for each Certificateholder
indicating such Certificateholder’s share of income and expenses of the Trust for the portion of the preceding calendar year
in which such Certificateholder possessed an Ownership Interest in a Certificate. Such form shall be prepared in sufficient detail
to enable reporting on the cash or accrual method of accounting, as applicable, and to report on such Certificateholder’s
fiscal year if other than the calendar year.

 

(d)          The
other parties hereto shall provide on a timely basis to the Tax Administrator or its designee such information with respect to
the Grantor Trust Pool as is in its possession and reasonably requested by the Tax Administrator to enable it to perform its obligations
under this Section 10.02. Without limiting the generality of the foregoing, the Depositor, within ten (10) days following
the Tax Administrator’s request therefor, shall provide in writing to the Tax Administrator such information as is reasonably
requested by the Tax Administrator for tax purposes, and the Tax Administrator’s duty to perform its reporting and other
tax compliance obligations under this Section 10.02 shall be subject to the condition that it receives from the Depositor
such information possessed by the Depositor that is necessary to permit the Tax Administrator to perform such obligations.

 

(e)          The
Tax Administrator shall perform on behalf of the Grantor Trust Pool all reporting and other tax compliance duties that are required
in respect thereof under the Code, the Grantor Trust Provisions or other compliance guidance issued by the IRS or any state or
local taxing authority, including the furnishing to Certificateholders of the schedules described in Section 10.02(c).

 

(f)          The
Tax Administrator shall perform its duties hereunder so as to maintain the status of the Grantor Trust Pool as Grantor Trust under
the Grantor Trust Provisions (and the Trustee, the Master Servicers and the Special Servicers shall assist the Tax Administrator
to the extent reasonably requested by the Tax Administrator and to the extent of information within the Trustee’s, the Master
Servicers’ or the Special Servicers’ possession or control). None of the Tax Administrator, Master Servicers, the Special
Servicers or the Trustee shall knowingly take

 

    	-402-

    	 

    

 

(or
cause the Grantor Trust Pool to take) any action or fail to take (or fail to cause to be taken) any action that, under the Grantor
Trust Provisions, if taken or not taken, as the case may be, could result in an Adverse Grantor Trust Event, unless the Tax Administrator
has obtained or received an Opinion of Counsel (at the expense of the party requesting such action or at the expense of the Trust
Fund if the Tax Administrator seeks to take such action or to refrain from taking any action for the benefit of the Certificateholders)
to the effect that the contemplated action will not result in an Adverse Grantor Trust Event. None of the other parties hereto
shall take any action or fail to take any action (whether or not authorized hereunder) as to which the Tax Administrator has advised
it in writing that the Tax Administrator has received or obtained an Opinion of Counsel to the effect that an Adverse Grantor
Trust Event could result from such action or failure to act. In addition, prior to taking any action with respect to the Grantor
Trust Pool, or causing the Trust Fund to take any action, that is not expressly permitted under the terms of this Agreement, the
Master Servicers and the Special Servicers shall consult with the Tax Administrator or its designee, in writing, with respect
to whether such action could cause an Adverse Grantor Trust Event to occur. The Tax Administrator may consult with counsel to
make such written advice, and the cost of same shall be borne by the party seeking to take the action not permitted by this Agreement,
but in no event at the cost or expense of the Trust Fund, the Tax Administrator or the Trustee.

 

(g)          If
any tax is imposed on the Grantor Trust Pool pursuant to the Code or any applicable provisions of state or local tax laws, then
such tax, together with all incidental costs and expenses (including penalties and reasonable attorneys’ fees), shall be
charged to and paid by: (i) the Trustee, if such tax arises out of or results from a breach of any of its obligations under Article
IV, Article VIII or this Section 10.02 (which breach constitutes negligence, bad faith or willful misconduct);
(ii) the Certificate Administrator, if such tax arises out of or results from a breach by the Certificate Administrator of any
of its obligations under Article IV, Article VIII or this Section 10.02 (which breach constitutes negligence,
bad faith or willful misconduct); (iii) the Tax Administrator, if such tax arises out of or results from a breach by the Tax Administrator
of any of its obligations under Article IV, Article VIII or this Section 10.02 (which breach constitutes negligence,
bad faith or willful misconduct); (iv) a Master Servicer, if such tax arises out of or results from a breach by such Master Servicer
of any of its obligations under Article III or this Section 10.02 (which breach constitutes negligence, bad faith
or willful misconduct); (v) a Special Servicer, if such tax arises out of or results from a breach by such Special Servicer of
any of its obligations under Article III or this Section 10.02 (which breach constitutes negligence, bad faith or
willful misconduct); or (vi) the Trust, out of the Trust Fund, in all other instances. Any such amounts payable by the Trust in
respect of taxes shall be paid by the Trustee out of amounts on deposit in the Distribution Account.

 

(h)          The
Grantor Trust is a WHFIT that is a WHMT. The Tax Administrator will report as required under the WHFIT Regulations to the extent
such information as is reasonably necessary to enable the Tax Administrator to do so is provided to the Tax Administrator on a
timely basis. The Certificate Administrator shall provide such information in its possession to the Tax Administrator on a timely
basis. With respect to the Class A-S, Class B, Class C, Class PEX and Class V Certificates, if the Tax Administrator receives notice
that any such Certificate is held through a nominee, the Tax Administrator will treat such nominee as the “middleman”
with respect to such certificate unless it has actual knowledge to the contrary or the Depositor provides the Tax Administrator
with the identities of other

 

    	-403-

    	 

    

 

“middlemen”
that are Certificateholders. The Tax Administrator will report as required under the WHFIT Regulations to the extent such information
as is reasonably necessary to enable the Tax Administrator to do so, and is not in its possession, is provided to the Tax Administrator
on a timely basis. The Tax Administrator will not be liable for any tax reporting penalties that may arise under the WHFIT Regulations
as a result of a determination by the IRS that is contrary to the first sentence of this paragraph or that the notice received
with respect to any such Certificate as described above is incorrect.

 

(i)           The
Tax Administrator, in its discretion, will report required WHFIT information using either the cash or accrual method, except to
the extent the WHFIT Regulations specifically require a different method. The Tax Administrator will be under no obligation to
determine whether any Certificateholder uses the cash or accrual method. The Tax Administrator will make available WHFIT information
to Certificateholders annually. In addition, the Tax Administrator will not be responsible or liable for providing subsequently
amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(j)           The
Tax Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties
thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Tax Administrator
or (ii) incomplete, inaccurate or untimely information being provided to the Tax Administrator. Each owner of a class of securities
representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its interest in such class
of securities, will be deemed to have agreed to provide the Tax Administrator with information regarding any sale of such securities,
including the price, amount of proceeds and date of sale. Absent receipt of such information, and unless informed otherwise by
the Depositor, the Tax Administrator will assume there is no secondary market trading of WHFIT interests.

 

(k)          To
the extent required by the WHFIT Regulations, the Tax Administrator will use reasonable efforts to publish on an appropriate website
the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A CUSIPs.
The Tax Administrator will not publish any associated Regulation S CUSIPs. The Tax Administrator will make reasonable good faith
efforts to keep the website accurate and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Tax
Administrator will use a reasonable identifier number in lieu of a CUSIP. The Tax Administrator will not be liable for investor
reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section
10.03     The Depositor, the Master Servicers, the Special Servicers and the Trustee to
Cooperate with the Tax Administrator. (a) The Depositor shall provide or cause to be provided to the Tax Administrator,
within ten (10) days after the Closing Date, all information or data that the Tax Administrator reasonably determines to be
relevant for tax purposes as to the valuations and Issue Prices of the Certificates, including the price, yield, prepayment
assumption and projected cash flow of the Certificates.

 

(b)          Each
of the Master Servicers and the Special Servicers shall furnish such reports, certifications and information in its possession,
and access to such books and records

 

    	-404-

    	 

    

 

maintained
thereby, as may relate to the Certificates or the Trust Fund and as shall be reasonably requested by the Tax Administrator in
order to enable it to perform its duties under this Article X.

 

(c)          The
Tax Administrator shall be responsible for obtaining a tax identification number for any REMIC or Grantor Trust specified herein,
and shall be responsible for the preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled
to rely on the information contained therein, and is hereby directed to execute such IRS Form W-9; provided, however,
the Tax Administrator shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

ARTICLE
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01     Intent of the Parties; Reasonableness. Except with respect to Section 11.09, Section
11.12, Section 11.14, Section 11.15, Section 11.16, Section 11.17 and Section 11.18,
the parties hereto acknowledge and agree that the purpose of Article XI of this Agreement is to facilitate compliance
by the Depositor (and any Other Depositor) with the provisions of Regulation AB and related rules and regulations of the
Commission. The Depositor, the Certificate Administrator, the Trustee, any Other Depositor and any Other Trustee shall
exercise its rights to request delivery of information or other performance under these provisions in reasonable good faith,
and shall not exercise any such rights for purposes other than compliance with the Dodd-Frank Act, the Securities Act, the
Exchange Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties
to this Agreement acknowledge that interpretations of the requirements of Regulation AB may change over time due to
interpretive guidance provided by the Commission or its staff, and agree to comply with reasonable requests made by the
Depositor (or any Other Depositor or Other Trustee) or the Certificate Administrator in reasonable good faith for delivery of
information under these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such
interpretations require compliance and are not “grandfathered”). In connection with this transaction and any
Other Securitization subject to Regulation AB, the Exchange Act or the Securities Act, subject to the preceding sentence,
each of the parties to this Agreement shall cooperate (and, in the case of either Master Servicer or Special Servicer, shall
cause any Sub-Servicer engaged by it (or, if such Sub-Servicer is a Designated Sub-Servicer, shall use commercially
reasonable efforts to cause such Sub-Servicer) to cooperate) fully with the Depositor and the Certificate Administrator and
any Other Depositor or Other Trustee of any Other Securitization subject to Regulation AB, the Exchange Act or the Securities
Act, deliver (or notify and make available) to the Depositor or the Certificate Administrator or any such Other Depositor or
Other Trustee (including any of their assignees or designees) (i) any and all information in its possession and necessary in
the reasonable good faith determination of the Depositor, the Certificate Administrator or such Other Depositor or Other
Trustee, as applicable, to permit the Depositor or any such Other Depositor to comply in a timely manner with the provisions
of Regulation AB, the Exchange Act and the Securities Act and (ii) such disclosure relating to the applicable Master
Servicer, the applicable Special Servicer, the Certificate Administrator, the Trustee, as applicable, or the servicing of the
Mortgage Loans (or, if

 

    	-405-

    	 

    

 

applicable,
the related Serviced Pari Passu Companion Loan), in each case reasonably believed by the Depositor, the Certificate Administrator
or the related Other Depositor or the related Other Trustee, as applicable, in good faith to be necessary in order to effect such
compliance. In addition, with respect to each Servicing Function Participant that is a Designated Sub-Servicer of a party to this
Agreement, such party shall use commercially reasonable efforts to cause such Designated Sub-Servicer to deliver or make available
to the Depositor or the Certificate Administrator and any such Other Depositor or Other Trustee, as applicable, (including any
of their assignees or designees) (i) any and all information in its possession and necessary in the reasonable good faith determination
of the Depositor or the Certificate Administrator or any such Other Depositor or Other Trustee to permit the Depositor or any
such Other Depositor to comply with the provisions of Regulation AB, the Exchange Act and the Securities Act and (ii) such disclosure
relating to the Servicing Function Participant or the Servicing of the Mortgage Loans (or, if applicable, the related Serviced
Pari Passu Companion Loan), in each case reasonably believed by the Depositor or the Certificate Administrator or the related
Other Depositor or related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. Each
party to this Agreement shall have a reasonable period of time to comply with any written request made under this Section 11.01,
but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor
or the Certificate Administrator or the related Other Depositor or related Other Trustee, as applicable, to satisfy any related
filing requirements.

 

For purposes of this
Article XI, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section 11.02 Notification Requirements and Deliveries in Connection with Securitization of a Serviced Pari Passu Companion Loan. (a)
Any other provision of this Article XI to the contrary notwithstanding, including, without limitation, any deadlines
for delivery set forth in this Article XI, in connection with the requirements contained in this Article XI
that provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other
Trustee of any Other Securitization that is subject to Regulation AB, no party hereunder shall be obligated to provide any
such items to or cooperate with such Other Depositor or Other Trustee (i) unless it is required to deliver corresponding
information and other items with respect to the Trust or, in the reasonable good faith determination of an Other Depositor or
an Other Trustee, is necessary to permit the related Other Depositor to comply with the provisions of Regulation AB, the
Exchange Act and the Securities Act, (ii) until the Other Depositor or Other Trustee of such Other Securitization has
provided each party hereto with not less than 30 days’ written notice (which shall only be required to be delivered
once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject to
Exchange Act reporting, and (iii) specifying in reasonable detail the information and other items requested to be delivered; provided
that if Exchange Act reporting is being requested, such Other Depositor or Other Trustee is only required to provide a single
written notice to such effect. Any reasonable cost and expense of a Master Servicer, Special Servicer, Trust Advisor, Trustee
and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization (above
and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization.

 

    	-406-

    	 

    

 

The parties hereto shall have the right to confirm in good faith with the Other Depositor of such Other Securitization
as to whether Regulation AB requires the delivery of the items identified in this Article XI to such Other Depositor and
Other Trustee of such Other Securitization prior to providing any of the reports or other information required to be delivered
under this Article XI in connection therewith. Upon such confirmation, the parties shall comply with the deadlines for
delivery set forth in this Article XI with respect to such Other Securitization. The parties hereunder shall also have
the right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other Trustee and
any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)          The
applicable Master Servicer and the applicable Special Servicer shall, upon reasonable prior written request given in accordance
with the terms of Section 11.02(a) above, and subject to a right of the applicable Master Servicer or the applicable Special
Servicer, as the case may be, to review and approve such disclosure materials, permit a holder of a related Serviced Pari Passu
Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate by the applicable Master
Servicer or the applicable Special Servicer, as applicable, at the cost of the Other Depositor) for inclusion in the disclosure
materials relating to any securitization of a Serviced Pari Passu Companion Loan.

 

(c)          The
applicable Master Servicer and the applicable Special Servicer, upon reasonable prior written request given in accordance with
the terms of Section 11.02(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or caused
to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any Other Securitization such opinion(s)
of counsel, certifications, compliance letters and/or indemnification agreement(s) with respect to the updated description referred
to in Section 11.02(b) above with respect to such party, substantially identical to those, if any, delivered by the applicable
Master Servicer or the applicable Special Servicer, as the case may be, or their respective counsel, in connection with the information
concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate
by the applicable Master Servicer or the applicable Special Servicer, or their respective legal counsel, as the case may be). Neither
the Master Servicers nor the Special Servicers shall be obligated to deliver any such item with respect to the securitization of
a Serviced Pari Passu Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

Section 11.03     Sub-Servicers; Subcontractors and Agents. For so long as the Trust is subject to
the reporting requirements of the Exchange Act, if any Person appointed as a subcontractor or agent of a Master Servicer, a
Special Servicer, the Trustee or the Certificate Administrator (whether appointed directly by such party or by a Sub-Servicer
or subcontractor or agent) would be a Servicing Function Participant, such Master Servicer, such Special Servicer, the
Trustee or the Certificate Administrator, as the case may be, shall promptly following request provide to the Depositor and
the Certificate Administrator a written description (in form and substance satisfactory to the Depositor) of the role and
function of such Person, which description shall include (i) the identity of such subcontractor, and (ii) which elements of
the Servicing Criteria will be addressed in the assessments of compliance to be provided by such subcontractor or agent. In
addition, except with respect to any Designated Sub-Servicer under a Sub-Servicing Agreement effective as of the Closing
Date, for so long as the Trust is subject to

 

    	-407-

    	 

    

 

the
reporting requirements of the Exchange Act, if any Sub-Servicer, or any subcontractor or agent described above, would be a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB,
the engagement of such Person in such capacity shall not be effective unless and until five (5) Business Days have elapsed following
the delivery to the Depositor and the Certificate Administrator of (1) notice of the proposed engagement and (2) the related agreement
(or, if such agreement is not of the type that is required to be filed under Regulation AB in the good faith judgment of the Depositor,
an instrument inuring to the direct benefit of the Depositor in which such Person affirms the rights of the Depositor contemplated
by the next succeeding paragraph). Such notice shall contain all information reasonably necessary, and in such form as may be
necessary, to enable the Certificate Administrator to accurately and timely report the event under Item 6.02 of Form 8-K pursuant
to Section 11.10 (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, each of the Master Servicers, the Special Servicers, the Certificate
Administrator and the Trustee, as applicable, shall (a) cause each such Sub-Servicing Agreement to entitle the Depositor to terminate
such agreement (without compensation, termination fee or the consent of any other Person) at any time following any failure of
such Person to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB and (b)
promptly notify the Depositor following any failure of such Sub-Servicer to deliver any Exchange Act reporting items that such
Sub-Servicer is required to deliver under Regulation AB. The Depositor is hereby authorized to exercise the rights described in
clause (a) of the preceding sentence in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing Agreement
as aforesaid shall not limit any right the Master Servicers, the Special Servicers, the Certificate Administrator or the Trustee,
as applicable, may have to terminate such Sub-Servicing Agreement.

 

Section 11.04     Information to be Provided by the Master Servicers and the Special Servicers. (a)
For so long as the Trust is subject to the reporting requirements of the Exchange Act and for so long as any Other
Securitization is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section
11.10) in connection with the succession to a Master Servicer, Special Servicer or any Servicing Function Participant (if
such Servicing Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or
Sub-Servicer under or as contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person
(i) into which a Master Servicer, Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii)
which may be appointed as a sub-servicer (other than the appointment of a Designated Sub-Servicer) by a Master Servicer or
Special Servicer, or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section
6.05 or Section 7.02, the applicable Master Servicer, the applicable Special Servicer, any Servicing Function
Participant, the Subordinate Class Representative, the Trustee or any other person who has the right to remove the applicable
Special Servicer under this Agreement, as applicable (the applicable Master Servicer, the applicable Special Servicer or any
Servicing Function Participant, as applicable, with respect to the foregoing clauses (i) and (ii) and the
successor Master Servicer, the successor Special Servicer, the Subordinate Class Representative, the Trustee or any other
person who has the right to remove the applicable Special Servicer under this Agreement, as

 

    	-408-

    	 

    

 

applicable
with respect to the foregoing clause (iii)) shall provide to the Depositor and to any Other Depositor, at least five (5)
Business Days prior to the effective date of such succession or appointment as long as such disclosure prior to such effective
date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the second Business Day
after such effective date, but in no event later than the time required pursuant to Section 11.10, (x) written notice to
the Trustee, the Certificate Administrator, the Trust Advisor and the Depositor (and any Other Trustee and Other Depositor) of
such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Trustee, the Certificate
Administrator, the Trust Advisor and the Depositor (or any Other Trustee or Other Depositor), all information relating to such
successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its reporting obligation
under Item 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Pari Passu Companion Loan Securities.

 

Section 11.05     Information to be Provided by the Trustee. For so long as the Trust is subject to
the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 11.10) in
connection with the succession to the Trustee as Trustee or co-trustee under this Agreement by any Person (i) into which the
Trustee may be merged or consolidated, (ii) which may be appointed as a co-trustee or separate Trustee pursuant to Section
8.08, or (iii) that is appointed as a successor Trustee pursuant Section 8.10, the Trustee (with respect to the
foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause (iii))
shall provide to the Depositor and to any Other Depositor, at least 5 calendar days prior to the effective date of such
succession or appointment as long as such disclosure prior to such effective date would not be violative of any applicable
law or confidentiality agreement, otherwise immediately following such effective date, but in no event later than the time
required pursuant to Section 11.10, (x) written notice to the Depositor and Certificate Administrator, and to any
Other Depositor, of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to
the Depositor and Certificate Administrator, and to any Other Depositor, all information reasonably requested by the
Depositor or Other Depositor, so that it may comply with its reporting obligation under Item 6.02 of Form 8-K with respect to
any Class of Certificates or Serviced Pari Passu Companion Loan Securities.

 

Section 11.06     Filing Obligations. (a) The Master Servicers, the Special Servicers, the
Certificate Administrator, the Trust Advisor and the Trustee shall, and (i) with respect to any Servicing Function
Participant that is a Designated Sub-Servicer of such party, shall use commercially reasonable efforts to cause such
Designated Sub-Servicer to, and (ii) with respect to any other Servicing Function Participant, shall cause each such
Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing
relationship with respect to the Mortgage Loans to, reasonably cooperate with the Certificate Administrator and the Depositor
(and any Other Trustee or Other Depositor) in connection with the Certificate Administrator’s and Depositor’s (or
such Other Trustee’s or Other Depositor’s) good faith efforts to satisfy the Trust’s (or such Other
Securitization’s) reporting requirements under the Exchange Act (including, but not limited to, completing any
reasonable and customary due diligence questionnaire provided by or on behalf of the Certificate Administrator or the
Depositor (or such Other Trustee or Other Depositor) and participating in any due diligence calls reasonably requested (as to
scope, duration and frequency) by or on behalf of the Certificate Administrator or the Depositor (or such Other Trustee or
Other Depositor), in each case in

 

    	-409-

    	 

    

 

accordance
with the timeframes reasonably requested by the Certificate Administrator or the Depositor (or such Other Trustee or Other Depositor),
as applicable).

 

Each party hereto shall
be entitled to rely on the information in the Prospectus Supplement with respect to the identity of any sponsor, credit enhancer,
derivative provider or “significant obligor” as of the Closing Date other than with respect to itself or any information
required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)          [Reserved].

 

(c)          [Reserved].

 

Section 11.07     Form 10-D Filings. Within 15 days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any
Form 10-D required by the Exchange Act and the rules and regulations of the Commission thereunder, in form and substance as
required by the Exchange Act and such rules and regulations. A duly authorized representative of the Depositor shall sign
each Form 10-D filed on behalf of the Trust. The Certificate Administrator shall file each Form 10-D with a copy of the
related Distribution Date Statement attached thereto. Any disclosure in addition to the Distribution Date Statement that is
required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
V and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The
Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-D Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule
V) absent such reporting, direction and approval after the date hereof.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization is subject to the reporting
requirements of the Exchange Act, within five (5) calendar days after the related Distribution Date, (i) the parties listed on
Schedule V hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any
Servicing Function Participant with a copy to the applicable Master Servicer or the applicable Special Servicer, as applicable)
(and to any Other Trustee or Other Depositor), to the extent a Servicing Officer or Responsible Officer, as the case may be, thereof
has actual knowledge (other than Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-Compatible
Format (to the extent available to such party in such format), or in such other format as otherwise agreed upon by the Certificate
Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance of the Additional
Form 10-D Disclosure described on Schedule V applicable to such party, (ii) the parties listed on Schedule V hereto
shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit
R and (iii) the Certificate Administrator shall, at any time prior to filing the related Form 10-D, provide prompt notice to
the Depositor to the extent that the Certificate Administrator is notified of an event reportable on Form 10-D for which it has
not received the necessary Additional Form 10-D Disclosure from the applicable party. No later than the 7th calendar day after
the Distribution Date, the Depositor will approve, as to form and

 

    	-410-

    	 

    

 

substance,
or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D; provided that if
the Certificate Administrator does not receive a response from the Depositor by such time the Depositor will be deemed to have
consented to the inclusion of such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii)
above, the Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed
on Schedule V of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form
10-D Disclosure information. Any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph shall be reimbursable to the Certificate
Administrator out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable efforts to provide such copy to the Depositor by the
8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor shall
sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature thereof
as provided in Section 11.17, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day after the related
Distribution Date or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the
Commission for the filing such Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be
amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b). After filing with the Commission,
the Certificate Administrator shall, pursuant to Section 8.12(b), make available on the Certificate Administrator’s
Website a final executed copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07 related to the
timely preparation and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant)
observing all applicable deadlines in the performance of their duties under this Section 11.07. The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
or file such Form 10-D where such failure results from the Certificate Administrator’s inability or failure to receive on
a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not
resulting from its own negligence, bad faith or willful misconduct.

 

The Certificate Administrator
shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a) concerning all assets of the Trust that
were subject of a demand for the repurchase of, or the substitution of a Qualifying Substitute Mortgage Loan for, a Mortgage Loan
contemplated by Section 2.03(b) and (ii) a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage
Loan Seller, if applicable, and the Commission’s assigned “Central Index Key” for each such filer, (iii) an itemized
listing of any Disclosable Special Servicer Fees received by the applicable Special Servicer or any of its

 

    	-411-

    	 

    

 

Affiliates
during the related Collection Period, and (iv) the balance of the Distribution Account as of the related Distribution Date and
as of the immediately preceding Distribution Date. The Depositor and each Mortgage Loan Seller, in accordance with, and to the
extent contemplated by, Section 5(h) of the applicable Mortgage Loan Purchase Agreement, shall deliver such information to the
Certificate Administrator. The Certificate Administrator and the Depositor shall be entitled together to determine the manner
of the presentation of such information (including the dates as of which information is presented) in accordance with applicable
laws and regulations.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during the preceding
12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate
Administrator in writing, no later than the 5th calendar day after the related Distribution Date during any year in which the Trust
is required to file a Form 10-D if the answer to the questions should be “no”; provided that if the failure
of the Depositor to have filed such required reports arises in connection with the securitization contemplated by this Agreement,
the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared
or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided,
further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the
Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice,
in which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-D.

 

Section 11.08     Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or
such earlier date as may be required by the Exchange Act (the “Form 10-K Filing
Deadline”) (it being understood that the fiscal year for the Trust ends on December 31st of each year),
commencing in 2016, the Certificate Administrator shall prepare and file on behalf of the Trust a Form 10-K, in form and
substance as required by the Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent
they have been delivered to the Certificate Administrator within the applicable time frames set forth in this Agreement:

 

(i)            an
annual compliance statement for each applicable Certifying Servicer, as required under Section 11.12;

 

(ii)          (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 11.13, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria required
under Section 11.13 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance,
or if any Reporting Servicer’s report on assessment of compliance with servicing criteria required under Section 11.13
is not

 

    	-412-

    	 

    

 

included
as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why such report is not included;

 

(iii)         (A)
the registered public accounting firm attestation report for each Reporting Servicer, as required under Section 11.14, and
(B) if any registered public accounting firm attestation report required under Section 11.14 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why
such report is not included; and

 

(iv)         a
Sarbanes-Oxley Certification as required under Section 11.09.

 

Any disclosure or information
in addition to clauses (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the third following paragraph, be reported by the applicable parties
set forth on Schedule VI hereto to the Depositor and the Certificate Administrator (and to any Other Depositor or Other
Trustee) and approved by the Depositor (and such Other Depositor) and approved by the Depositor (and such Other Depositor) and
the Certificate Administrator (or such Other Trustee) will have no duty or liability for any failure hereunder to determine or
prepare any Additional Form 10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it as set
forth on Schedule VI) absent such reporting and approval.

 

Not later than the end
of each fiscal year for which the Trust (or any Other Securitization) is required to file a Form 10-K, the Master Servicers, the
Special Servicers, the Certificate Administrator, the Trust Advisor and the Trustee shall provide the other parties to this Agreement
and the Mortgage Loan Sellers (or the other parties to any Other Pooling and Servicing Agreement) with written notice of the name
and address of each Servicing Function Participant retained by such party, if any. Not later than the end of each fiscal year for
which the Trust is required to file a Form 10-K, the Certificate Administrator shall, upon request (which can be in the form of
electronic mail and which may be continually effective), provide to each Mortgage Loan Seller written notice of any change in the
identity of any party to this Agreement, including the name and address of any new party to this Agreement.

 

With respect to any Other
Securitization, not later than the end of each year for which the Other Securitization trust is required to file a Form 10-K, (i)
the Certificate Administrator shall upon request provide to each mortgage loan seller with respect to such Other Securitization
written notice of any change in the identity of any party to this Agreement, including the name and address of any new party to
this Agreement and (ii) the Master Servicers or the Special Servicers, as applicable, shall provide to each such mortgage loan
seller written notice of any change in the identity of any Sub-Servicer (other than a Designated Sub-Servicer) engaged by such
Master Servicer or such Special Servicer, as applicable, including the name and address of any new Sub-Servicer.

 

For so long as the Trust
(or any Other Securitization) is subject to the reporting requirements of the Exchange Act, by March 1st (with a grace period through
March 15th), commencing in March 2016 (i) the parties listed on Schedule VI hereto shall be required to

 

    	-413-

    	 

    

 

provide
to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant, with a copy to the
applicable Master Servicer or the applicable Special Servicer, as applicable) (and to any Other Trustee or Other Depositor), to
the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect
to Item 1117 of Regulation AB as to such party, which shall be reported if actually known by any Servicing Officer or any lawyer
in the in-house legal department of such party), in EDGAR-Compatible Format (to the extent available to such party in such format),
or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor and such party, the form and
substance of the Additional Form 10-K Disclosure described on Schedule VI applicable to such party and include with such
Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit R and (ii)
the Certificate Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor
to the extent that the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received
the necessary Additional Form 10-K Disclosure from the applicable party. No later than the end of business on March 15th, the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K
Disclosure on Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor
by such date the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than
to the extent provided for in clause (ii) above, the Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph or proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information. Any reasonable fees assessed and any expenses incurred
by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
paragraph shall be reimbursable to the Certificate Administrator out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the Form
10-K, on or prior to the 6th Business Day prior to the Form 10-K Filing Deadline, the Certificate Administrator shall forward electronically
a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no
later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approval of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business Day prior to
the Form 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K and return
an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in Section 11.17,
not later than (i) 5:30 p.m. (New York City time) on the Form 10-K Filing Deadline or (ii) such other time as the Depositor and
the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-K, of each year in which
a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time or if a previously filed Form
10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b). After
filing with the Commission, the Certificate Administrator shall, pursuant to Section 8.12(b), make available on the Certificate
Administrator’s Website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.08 related to the timely

 

    	-414-

    	 

    

 

preparation
and filing of Form 10-K is contingent upon such parties (and any Additional Servicer or Servicing Function Participant) observing
all applicable deadlines in the performance of their duties under this Article XI. The Certificate Administrator shall
have no liability with respect to any failure to properly prepare or file such Form 10-K resulting from the Certificate Administrator’s
inability or failure to receive from any other party any information needed to prepare, arrange for execution or file such Form
10-K on a timely basis, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during the preceding
12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate
Administrator in writing, no later than the 15th calendar day of March during any year in which the Trust is required to file a
Form 10-K if the answer to the questions should be “no”; provided that if the failure of the Depositor to have
filed such required reports arises in connection with the securitization contemplated by this Agreement, the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
representations in preparing, executing and/or filing any Form 10-K.

 

Section 11.09     Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the
“Sarbanes-Oxley Certification”), as set forth in Exhibit T
attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each Reporting Servicer shall provide,
and (i) with respect to any Servicing Function Participant of such party that is a Designated Sub-Servicer, shall use
commercially reasonable efforts to cause, and (ii) with respect to any other Servicing Function Participant retained by such
party, shall cause, each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Designated
Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage Loans to, provide to the
Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization (the “Certifying
Person”), by March 1st (with a grace period through March 15th) of each year in which the Trust is subject
to the reporting requirements of the Exchange Act and of each year in which any Other Securitization is subject to the
reporting requirements of the Exchange Act, a certification (each, a “Performance
Certification”), in the form attached hereto as Exhibit S-1, S-2, S-3, S-4, S-5 or S-6, as
applicable, upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such
entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. The senior officer in charge of securitization of the Depositor shall serve
as the Certifying Person on behalf of the Trust. The Certifying Person at the Depositor can be contacted at c/o Wells Fargo
Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York

 

    	-415-

    	 

    

 

10152,
Attention: A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte,
North Carolina 28288. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a Performance
Certification to the Certifying Person pursuant to this Section 11.09 with respect to the period of time it was subject
to this Agreement or the applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be. Notwithstanding
the foregoing, the Trustee shall not be required to deliver a Performance Certification with respect to any period during which
there was no Relevant Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 11.09 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness
of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any
other third party retained by it that is not a Designated Sub-Servicer or a Sub-Servicer appointed pursuant to Section 3.22),
(ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance with such Reporting Servicer’s
responsibilities hereunder or (iii) with respect to completeness of information and reports, to certify anything other than that
all fields of information called for in written reports prepared by such Reporting Servicer have been completed except as they
have been left blank on their face.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 11.12, (ii) annual report on assessment of compliance with servicing criteria provided pursuant
to Section 11.13 and (iii) registered public accounting firm attestation report provided pursuant to Section 11.14.

 

With respect to any Non-Trust-Serviced
Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement, the Certificate Administrator shall use reasonable
efforts to obtain, and upon receipt deliver to the Depositor, a Sarbanes-Oxley back-up certification from the Non-Trust Master
Servicer, the Non-Trust Special Servicer, the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust Certificate Administrator
in form and substance similar to a Performance Certification or such other form as is provided in the applicable Non-Trust Pooling
and Servicing Agreement.

 

Section 11.10     Form 8-K Filings. Within four (4) Business Days after the occurrence of an event
requiring disclosure under Form 8-K (each a “Reportable Event”),
to the extent it receives the Form 8-K Disclosure Information described below, the Certificate Administrator shall, at the
direction of the Depositor, prepare and file on behalf of the Trust any Form 8-K required by the Exchange Act; provided
that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or
information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form
8-K Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties
set forth on Schedule VII to which such Reportable Event relates and such Form 8-K Disclosure Information shall be
delivered to the Depositor and the Certificate Administrator (and to any Other Depositor and Other Trustee) and approved by
the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare
any

 

    	-416-

    	 

    

 

Form
8-K Disclosure Information (other than such Form 8-K Disclosure Information which is to be reported by it as set forth on Schedule
VII) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization) is subject to the reporting requirements of the Exchange Act, the parties listed on Schedule VII
hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge, use
their commercially reasonable efforts to provide to the Depositor and the Certificate Administrator (and to any Other Depositor
and Other Trustee) within one (1) Business Day after the occurrence of the Reportable Event, but shall provide in no event later
than the end of business (New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and
substance of the Form 8-K Disclosure Information described on Schedule VII as applicable to such party, in EDGAR-Compatible
Format (to the extent available to such party in such format), or in such other format as otherwise agreed upon by the Certificate
Administrator and the Depositor (and such Other Trustee and Other Depositor) and such party and accompanied by an Additional Disclosure
Notification in the form attached hereto as Exhibit R. The Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K by the end of business on the 2nd Business
Day after the Reportable Event; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule VII of their duties
under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information; provided that
to the extent that the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form
8–K Disclosure Information, it shall notify the Depositor that it has not received such information and, provided,
further, that the limitation on liability provided by this sentence shall not be applicable if the Reportable Event relates
to the Certificate Administrator or any party that the Certificate Administrator has engaged to perform its obligations under this
Agreement. Any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph shall be reimbursable to the Certificate Administrator
out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 11.17, not later than (i) 5:30 p.m. (New York City time) on the 4th Business
Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is
permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b). After filing

 

    	-417-

    	 

    

 

with
the Commission, the Certificate Administrator will, pursuant to Section 8.12(b), make available on the Certificate Administrator’s
Website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.10 related to the
timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 11.10. The Certificate Administrator shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such
Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive approved Form
8-K Disclosure Information within the applicable timeframes set forth in this Section 11.10 and not resulting from the
Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent that the
Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

Section 11.11     Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to
Exchange Act Reports. (a) If at any time the Trust is permitted to suspend its reporting obligations under the Exchange
Act, on or before January 30 of the first year in which the Certificate Administrator is able to do so under applicable law,
the Depositor shall direct the Certificate Administrator to prepare and file any form necessary to be filed with the
Commission to suspend such reporting obligations and, to the extent required, the Depositor shall sign such form. With
respect to any reporting period occurring after the filing of such form, the obligations of the parties to this Agreement
under Section 11.01, Section 11.04, Section 11.07, Section 11.08, Section 11.09 and Section
11.10 above shall be suspended. The Certificate Administrator shall provide prompt notice to the Depositor, the Master
Servicers, the Special Servicers, the Trustee, the Trust Advisor and the Mortgage Loan Sellers that such form has been
filed.

 

(b)          If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D
or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered to it or was
delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate Administrator
shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section 12.05)
shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such information
to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such
delivery. In the case of Form 10-D and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor and the Certificate
Administrator to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 under
the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure
Information and upon the approval and direction of the Depositor, include such disclosure information on the next Form 10-D that
is required to be filed on behalf of the Trust. If any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, the
Certificate Administrator shall notify

 

    	-418-

    	 

    

 

the
Depositor and such other parties as needed and such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A or
Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by the Depositor. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.11
related to the timely preparation and filing of a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon
the Master Servicers, the Special Servicers and the Depositor performing their duties under this Section. The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, where such failure results from
the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from any other party
hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K,
not resulting from its own negligence, bad faith or willful misconduct.

 

Section 11.12     Annual Compliance Statements. (a) The Master Servicers, the Special Servicers, the
Certificate Administrator, the Trustee (but only to the extent set forth in the last sentence of this paragraph), any
Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer
contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall and the Master Servicers and the Special Servicers shall (i) with respect to any Additional
Servicer or Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item
1108(a)(2)(i), (ii) or (iii) of Regulation AB) that is a Designated Sub-Servicer of such party, use commercially reasonable
efforts to cause, and (ii) with respect to any other Additional Servicer or Servicing Function Participant (if such Servicing
Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB), cause, each
Additional Servicer and Servicing Function Participant (other than any party to this Agreement) with which it has entered
into a servicing relationship with respect to the Mortgage Loans to, deliver to the Depositor, the Certificate Administrator,
the Trust Advisor (in the case of a Special Servicer only), the Rule 17g-5 Information Provider (who shall promptly post such
report to the Rule 17g-5 Information Provider’s Website pursuant to Section 8.12(c) of this Agreement) on or
before March 1st (subject to a grace period through March 15th) of each year, commencing in 2016 (or, in the case of an
Additional Servicer or Servicing Function Participant with respect to a Special Servicer, such party shall provide such
Officer’s Certificate to such Special Servicer on or before March 1st (subject to a grace period through March
5th)), an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying
Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s
performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an
Additional Servicer, has been made under such officer’s supervision and (B) to the best of such officer’s
knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the
applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, in all material
respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any
material respect, specifying each such failure known to such officer and the nature and status thereof. The Certificate
Administrator, shall prior to March 1st of each year, commencing in 2016, contact the Trustee and inquire as to whether any
Advance was required to be made by the Trustee during the preceding calendar year, and if no such Advance was required to be
made by

 

    	-419-

    	 

    

 

the
Trustee, then the Trustee shall not be required to deliver any compliance statement required by this Section 11.12(a) for
such period.

 

(b)          Promptly
after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor) shall have the right to review
such Officer’s Certificate and, if applicable, consult with each Certifying Servicer, as applicable, as to the nature of
any failures by such Certifying Servicer, in the fulfillment of any of the Certifying Servicer’s obligations hereunder or
under the applicable sub-servicing agreement. None of the Certifying Servicers or any Additional Servicer or any Servicing Function
Participant shall be required to deliver, or to endeavor to cause the delivery of, any such Officer’s Certificate until April
15, in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required to be
filed in respect of the Trust for the preceding calendar year. The Depositor will provide such written notice if such Form 10-K
is not required. If any Certifying Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Certifying Servicer shall provide the Officer’s
Certificate pursuant to this Section 11.12 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

(c)          With
respect to any Non-Trust-Serviced Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement, the Certificate
Administrator will use reasonable efforts to obtain, and upon receipt deliver to the Depositor, from the Non-Trust Master Servicer,
the Non-Trust Special Servicer, the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust Certificate Administrator an
Officer’s Certificate in form and substance similar to the Officer’s Certificate described in this Section 11.12
or such other form as is set forth in the applicable Non-Trust Pooling and Servicing Agreement.

 

Section 11.13     Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st
(subject to a grace period through March 15th) of each year, commencing in March 2016, the Master Servicers, the Special
Servicers (regardless of whether such Special Servicer has commenced special servicing of any Mortgage Loan), the Certificate
Administrator, the Custodian, the Trustee, the Trust Advisor and each Servicing Function Participant (each, a “Reporting
Servicer”), each at its own expense, shall and the applicable Master Servicer and the applicable Special
Servicer shall (i) with respect to any Servicing Function Participant that is a Designated Sub-Servicer of such party, use
commercially reasonable efforts to cause, and (ii) with respect to any other Servicing Function Participant of such party,
cause, by March 1st (subject to a grace period through March 15th) each Servicing Function Participant (other than (x) any
party to this Agreement or (y) a Designated Sub-Servicer) with which it has entered into a servicing relationship with
respect to the Mortgage Loans to, furnish, each at its own expense, to the Trustee, the Certificate Administrator, the
Depositor (and to any Other Depositor and Other Trustee) and the Rule 17g-5 Information Provider (who shall promptly post
such report to the Rule 17g-5 Information Provider’s Website pursuant to Section 8.12(c) of this Agreement), a
report on an assessment of compliance with the Relevant Servicing Criteria with respect to commercial mortgage-backed
securities transactions taken as a whole involving such party that contains (A) a statement by such Reporting Servicer of its
responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer
used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria,

 

    	-420-

    	 

    

 

(C)
such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period ending
the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 11.08, including, if there
has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the
nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies of
all compliance reports delivered pursuant to this Section 11.13 shall be made available to any Privileged Person by the
Certificate Administrator pursuant to Section 8.12(b) of this Agreement and to any Rating Agency and NRSRO by the Rule
17g-5 Information Provider pursuant to Section 8.12(c) of this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization) for which a Form 10-K is required to be filed,
the Master Servicers and the Special Servicers shall each forward to the Certificate Administrator and the Depositor (and to any
Other Depositor and any Other Trustee) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Designated Sub-Servicer) and what Relevant Servicing Criteria will be
addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicers,
the Special Servicers, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor and each Servicing Function
Participant submit their respective assessments by March 1st (subject to a grace period through March 15th), as applicable, to
the Certificate Administrator, each such party shall also at such time, if it has received the assessment (and attestation pursuant
to Section 11.14) of each Servicing Function Participant engaged by it, include such assessment (and attestation) in its
submission to the Certificate Administrator.

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor) shall have the right to review each
such report and, if applicable, consult with the Master Servicers, the Special Servicers, the Certificate Administrator, the Custodian,
the Trustee, the Trust Advisor and any Servicing Function Participant as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria by such party, and (ii) the Certificate Administrator shall confirm that the assessments,
taken individually address the Relevant Servicing Criteria for each party as set forth on Schedule III and notify the Depositor
(and any Other Depositor) of any exceptions. None of the Master Servicers, the Special Servicers, the Certificate Administrator,
the Custodian, the Trustee, the Trust Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor
to cause the delivery of, any such reports until April 15 in any given year so long as it has received written confirmation from
the Depositor (and any Other Depositor) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of
Serviced Pari Passu Companion Loan, the related Other Securitization that includes such Serviced Pari Passu Companion Loan) for
the preceding calendar year. The Depositor will provide such written notice if such Form 10-K is not required. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section
11.13 with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be.

 

    	-421-

    	 

    

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 11.13 by a Master Servicer, a Special Servicer, the Certificate Administrator, the Trustee, the Trust Advisor
or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’ obligations
or a Servicer Termination Event, as applicable, under this Agreement unless otherwise provided for in this Agreement.

 

With respect to any Non-Trust-Serviced
Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement, the Certificate Administrator will use reasonable
efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment of compliance as described in this
Section and an attestation as described in Section 11.14 from the Non-Trust Master Servicer, the Non-Trust Special Servicer,
the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust Certificate Administrator and in form and substance similar to
the annual report on assessment of compliance described in this Section 11.13 and the attestation described in Section
11.14 below.

 

Section 11.14     Annual Independent Public Accountants’ Servicing Report. By March 1st
(subject to a grace period through March 15th), of each year, commencing in March 2016 (or, in the case of an Additional
Servicer or Servicing Function Participant with respect to the applicable Special Servicer, such party shall provide such
report to such Special Servicer on or before March 1st (subject to a grace period through March 5th)), each Reporting
Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable, shall (i) with respect to any
Servicing Function Participant that is a Designated Sub-Servicer, use commercially reasonable efforts to cause and (ii) with
respect to any other Servicing Function Participant, cause, each Servicing Function Participant (other than any party to this
Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans, each at such Servicing
Function Participant’s own expense, a registered public accounting firm (which may also render other services to such
Reporting Servicer or such Servicing Function Participant, as the case may be) and that is a member of the American Institute
of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the Depositor, the Trust
Advisor (in the case of a Special Servicer only) (and to any Other Depositor and Other Trustee) and the Rule 17g-5
Information Provider (who shall promptly post such report to the Rule 17g-5 Information Provider’s Website pursuant to Section
8.12(c) of this Agreement), to the effect that (i) it has obtained a representation regarding certain matters from the
management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the
Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in
accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to
whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material
respects, or it cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in
such report why it was unable to express such an opinion. Such report must be available for general use and not contain
restricted use language.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor shall have the right to review the report and, if applicable, consult
with the related

 

    	-422-

    	 

    

 

Reporting
Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable
to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under
any applicable Sub-Servicing Agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that
each assessment submitted pursuant to Section 11.13 above is coupled with an attestation meeting the requirements of this
Section and notify the Depositor and any Other Depositor of any exceptions. No Reporting Servicer shall be required to deliver,
or to endeavor to cause the delivery of, such reports until April 15 in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust for the preceding calendar year. The Depositor
will provide such written notice if such Form 10-K is not required. If any Reporting Servicer is terminated or resigns pursuant
to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be,
such Reporting Servicer shall provide the report pursuant to this Section 11.14 with respect to the period of time it was
subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

Section 11.15     Exchange Act Reporting Indemnification. Each of the Master Servicers, the Special
Servicers, the Certificate Administrator, the Trust Advisor and the Trustee shall indemnify and hold harmless each
Certification Party, the Depositor and any Other Depositor, their respective directors and officers, and each other person
who controls any such entity within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of
investigation, legal defense and any amounts paid in settlement of any claim or litigation arising out of (i) the failure to
perform its obligations to the Depositor or any Other Depositor or Certificate Administrator (or any Other Trustee) under
this Article XI by the time required after giving effect to any applicable grace period or cure period or (ii) the
failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Designated Sub-Servicer) to
perform its obligations to the Depositor or any Other Depositor or Certificate Administrator or any Other Trustee under this Article
XI by the time required after giving effect to any applicable grace period and cure period or (iii) any Deficient
Exchange Act Deliverable regarding, and delivered by or on behalf of, such party.

 

In addition, each of
the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax Administrator,
the Custodian and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor and any Other Depositor as necessary for the
Depositor or Other Depositor to conduct any reasonable due diligence necessary to evaluate and assess any material instances of
non-compliance disclosed in any of the deliverables required by the applicable reporting requirements under the Securities Act,
the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the applicable Master
Servicer, the applicable Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax Administrator, the Custodian,
the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected
Reporting Party”), (y) regarding such Affected Reporting

 

    	-423-

    	 

    

 

Party,
and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by
such party to prepare such information, which information is contained in a report filed by the Depositor or Other Depositor under
the Reporting Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s filing
of such report, the Depositor or Other Depositor shall promptly provide to such Affected Reporting Party any such comments which
relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written response
to the Commission for inclusion in the Depositor’s or Other Depositor’s response to the Commission, unless such Affected
Reporting Party elects, with the consent of the Depositor or Other Depositor, as applicable (which consent shall not be unreasonably
denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the
Commission; provided, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained
by the applicable Master Servicer, the applicable Master Servicer shall receive copies of all material communications pursuant
to this paragraph. If such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating
such response and/or resolution with the Commission in a timely manner; provided that (i) such Affected Reporting Party shall
use reasonable efforts to keep the Depositor or Other Depositor informed of its progress with the Commission and copy the Depositor
or Other Depositor on all correspondence with the Commission and provide the Depositor or Other Depositor with the opportunity
to participate (at the Depositor’s or Other’s Depositor’s expense) in any telephone conferences and meetings
with the Commission and (ii) the Depositor or Other Depositor shall cooperate with any Affected Reporting Party in order to authorize
such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to
any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization.
The Depositor (or Other Depositor) and the Affected Reporting Party shall cooperate and coordinate with one another with respect
to any requests made to the Commission for extension of time for submitting a response or compliance. All respective reasonable
out-of-pocket costs and expenses incurred by the Depositor or Other Depositor (including reasonable legal fees and expenses of
outside counsel to the Depositor or Other Depositor) in connection with the foregoing (other than those costs and expenses required
to be at the Depositor’s or Other Depositor’s expense as set forth above) and any amendments to any reports filed
with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice
from the Depositor or Other Depositor. Each of the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor,
the Certificate Administrator, the Tax Administrator, the Custodian and the Trustee shall use commercially reasonable efforts
to cause any Servicing Function Participant or Additional Servicer retained by it to comply with the foregoing by inclusion of
similar provisions (or by inclusion of a reference to, and an obligation to comply with, this paragraph) in the related sub-servicing
or similar agreement.

 

The Master Servicers,
the Special Servicers, the Certificate Administrator and the Trustee and the Trust Advisor shall use commercially reasonable efforts
to cause each related Servicing Function Participant (other than any party to this Agreement) with which it has entered into a
servicing relationship with respect to the Mortgage Loans, to indemnify and hold harmless the Certification Parties from and against
any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual

 

    	-424-

    	 

    

 

compliance
statements or annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing
Agreement or primary servicing agreement, as applicable or (ii) other than with respect to Designated Sub-Servicers, any Deficient
Exchange Act Deliverable regarding, and delivered by or on behalf of, such Servicing Function Participant.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicers, the Special
Servicers, the Certificate Administrator, the Trustee, the Trust Advisor, each Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall use commercially reasonable
efforts to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a
servicing relationship with respect to the Mortgage Loans, to contribute to the amount paid or payable to the Certification Party
as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect
the relative fault of the Certification Party on the one hand and the Performing Party on the other in connection with a breach
of the Performing Party’s obligations pursuant to this Article XI. The Master Servicers, the Special Servicers, the
Certificate Administrator, the Trust Advisor and the Trustee shall use commercially reasonable efforts to cause each related Servicing
Function Participant (other than any party to this Agreement) with which it has entered into a servicing relationship with respect
to the Mortgage Loans to agree to the foregoing indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party fails, within a reasonable
period of time, to designate counsel that is reasonably satisfactory to the indemnified party (which approval shall not be unreasonably
withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition
to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified parties in connection with any
one action or separate but similar or related actions in the same

 

    	-425-

    	 

    

 

jurisdiction
arising out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of
any proceeding effected without its written consent. However, if settled with such consent, the indemnifying party shall indemnify
the indemnified party from and against any loss or liability by reason of such settlement to the extent that the indemnifying
party is otherwise required to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it
shall be entitled to settle such proceeding with the consent of the indemnified party (which consent shall not be unreasonably
withheld or delayed) or, if such settlement (i) provides for an unconditional release of the indemnified party in connection with
all matters relating to the proceeding that have been asserted against the indemnified party in such proceeding by the other parties
to such settlement and (ii) does not require an admission of fault by the indemnified party, without the consent of the indemnified
party.

 

Section 11.16     Amendments. This Article XI may be amended by the written consent of all the
parties hereto pursuant to Section 12.01 for purposes of complying with Regulation AB without, in each case, any
Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder,
notwithstanding anything to the contrary contained in this Agreement; provided that no such amendment shall eliminate
the reports or statements required by Section 11.12, Section 11.13 or Section 11.14 without the receipt
of a letter from each Rating Agency confirming that the elimination of such reports and certificates will not result in a
downgrade, qualification or withdrawal of the then-current rating of the Certificates.

 

Section 11.17     Exchange Act Report Signatures; Delivery of Notices; Interpretation of Grace
Periods. (a) Each Form 8-K report, Form 10-D report and Form 10-K report shall be signed by the Depositor in accordance
with procedures to be agreed upon by the Depositor and the Certificate Administrator. The signing party at the Depositor can
be contacted at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention:
A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte,
North Carolina 28288.

 

(b)          Notwithstanding
anything in Section 11.05 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
XI shall be properly given if sent by facsimile to (212) 214-8970, Attention: A.J. Sfarra, with a copy to (704) 715-2378, Attention:
Jeff D. Blake, Esq. (or such other number as the Depositor may instruct) and/or by email to anthony.sfarra@wellsfargo.com, with
a copy to jeff.blake@wellsfargo.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate Administrator
under this Article XI shall be properly given if sent by facsimile to (410) 715-2380, Attention: SEC Notifications, or such
other number as the Certificate Administrator may instruct and/or by email to cts.sec.notifications@wellsfargo.com (or such other
email address as the Certificate Administrator may instruct).

 

(c)          For
the avoidance of doubt:

 

(i)           neither
a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to either the last clause of
the definition of Servicer Termination Event nor shall any such party be deemed to not be in compliance under this

 

    	-426-

    	 

    

 

Agreement,
during any grace period provided for in this Article XI, provided that if any such party fails to comply with the
delivery requirements of this Article XI by the expiration of any applicable grace period such failure shall constitute
a Servicer Termination Event;

 

(ii)          neither
a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to either the last clause of
the definition of Servicer Termination Event nor shall any such party be deemed to not be in compliance under this Agreement, for
failing to deliver any item required under this Article XI by the time required hereunder with respect to any reporting
period for which the Trust is not required to file Exchange Act reports; and

 

(iii)         neither
a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to the last clause of the definition
of Servicer Termination Event, nor shall any such party be deemed to not be in compliance under this Agreement, in connection with
any failure of a Servicing Function Participant, Sub-Servicing Entity, Sub-Servicer or Designated Sub-Servicer that was hired or
engaged by the other to deliver any Exchange Act reporting items that such Servicing Function Participant, Sub-Servicing Entity,
Sub-Servicer or Designated Sub-Servicer is required to deliver.

 

(d)          In
the event the Certificate Administrator or the Depositor does not receive the assessment of compliance and/or the attestation report
with respect to any Servicing Function Participant, or with respect to any Servicing Function Participant retained or engaged by
a party hereto that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may
be, by March 15th of any year during which an annual report on Form 10-K is required to be filed with the Commission with respect
to the Trust, then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function
Participant or the party hereto that retained or engaged such Servicing Function Participant, as the case may be, with a copy of
such Servicer Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator
(if the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes
of this Article XI and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either any
writing forwarded to such party or, in the case of the Master Servicers and the Special Servicers, notwithstanding the provisions
of Section 12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be forwarded to all of
the following e-mail addresses for the applicable party: in the case of a Master Servicer, to the applicable email address as provided
in Section 12.06, and in the case of a Special Servicer, to the applicable e-mail address as provided in writing by such
Special Servicer upon request, or such other e-mail addresses as are provided in writing by such Master Servicer or such Special
Servicer, as applicable, to the Certificate Administrator and the Depositor (but any party to this Agreement (or someone acting
on their behalf) shall only be required to forward any such notice to be delivered to each Master Servicer to no more than three
e-mail addresses in the aggregate in order to fulfill its notification requirements as set forth in the preceding sentence and/or
under the provisions of Section 7.01. Notwithstanding anything herein to the contrary, the forwarding of a Servicer Notice
shall not relieve any Master Servicer or Special Servicer of any liability

 

    	-427-

    	 

    

 

under
Section 7.01(a)(xii) for the failure of any Servicing Function Participant or Sub-Servicing Entity to deliver any Exchange
Act reporting items pursuant to this Article XI.

 

Section 11.18     Termination of the Certificate Administrator. Notwithstanding anything to the
contrary contained in this Agreement, the Depositor may terminate the Certificate Administrator upon five Business
Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article XI; provided
that (a) such termination shall not be effective until a successor certificate administrator shall have accepted the
appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to its failure
to properly prepare or file on a timely basis any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any
Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within the
exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto
needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or
any form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, (c) if, following the Certificate
Administrator’s failure to comply with any of such obligations under Section 11.07, Section 11.08, Section
11.10, Section 11.12, Section 11.13 or Section 11.14 on or prior to the dates and times by which
such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in
accordance with this Section 11.18 and (d) the Certificate Administrator may not be terminated if the Certificate
Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K,
Form 10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then
the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 11.18 on the
date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

ARTICLE XII

MISCELLANEOUS PROVISIONS

 

Section 12.01     Amendment. (a) This Agreement may be amended from time to time by the mutual
agreement of the parties hereto, without the consent of any of the Certificateholders or any of the Pari Passu Companion Loan
Holders, (i) to cure any ambiguity, (ii) to correct, modify or supplement any provision herein which may be inconsistent with
any other provision herein or to correct any error, (iii) to cause the provisions of this Agreement to conform or be
consistent with or in furtherance of the statements made in the Prospectus Supplement (or, in the Private Placement
Memorandum relating to the Non-Registered Certificates) made with respect to the Certificates, the Trust or this Agreement,
(iv) to make any other provisions with respect to matters or questions arising hereunder which shall not be inconsistent with
the then existing provisions hereof, (v) as evidenced by an Opinion of Counsel delivered to the Trustee, the Master Servicers
and the Special Servicers, to relax or eliminate (A) any requirement hereunder imposed by the REMIC Provisions (if the REMIC
Provisions are amended or clarified such that any such requirement may be relaxed or eliminated) or (B) any transfer
restriction imposed on the Certificates pursuant to Section 5.02(b) or Section 5.02(c) (if applicable law is
amended or clarified such that any such restriction may be relaxed or

 

    	-428-

    	 

    

 

eliminated),
(vi) as evidenced by an Opinion of Counsel delivered to the Trustee, either (X) to comply with any requirements imposed by the
Code or any successor or amendatory statute or any temporary or final regulation, revenue ruling, revenue procedure or other written
official announcement or interpretation relating to federal income tax laws or any such proposed action which, if made effective,
would apply retroactively to any REMIC Pool or the Grantor Trust Pool at least from the effective date of such amendment, or (Y)
to avoid the occurrence of a prohibited transaction or to reduce the incidence of any tax that would arise from any actions taken
with respect to the operation of any REMIC Pool or the Grantor Trust Pool, (vii) subject to Section 5.02(d)(iv), to modify,
add to or eliminate any of the provisions of Section 5.02(d)(i), Section 5.02(d)(ii) or Section 5.02(d)(iii),
(viii) to avoid an Adverse Rating Event with respect to any Class of Rated Certificates or (ix) for the purpose of amending
the duties and procedures by which the Rule 17g-5 Information Provider is bound; provided that: (1) any such amendment
for the specific purposes described in clause (iv), (vii) or (ix) above shall not adversely affect in any material
respect the interests of any Certificateholder or any third party beneficiary of this Agreement or of any provision hereof, as
evidenced by the Trustee’s and Certificate Administrator’s receipt of an Independent Opinion of Counsel to that effect;
(2) no such amendment may adversely affect any Serviced Pari Passu Companion Loan Holder related to any Serviced Loan Combination
then serviced and administered under this Agreement without the written consent of such Serviced Pari Passu Companion Loan Holder;
and (3) no such amendment may materially adversely affect the rights, or increase the obligations, of any Mortgage Loan Seller
under this Agreement or the related Mortgage Loan Purchase Agreement without the written consent of such Mortgage Loan Seller.

 

This Agreement may also
be amended as provided in Section 3.27(h), subject to Section 12.01(c) and Section 12.01(g).

 

(b)         This
Agreement may also be amended from time to time by the mutual agreement of the parties hereto, with the consent of (1) the Holders
of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class of Certificates that is materially
affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders and (2) any Serviced Pari Passu
Companion Loan Holders materially affected by the amendment, for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates
or a Serviced Pari Passu Companion Loan Holder; provided that no such amendment shall (i) reduce in any manner the amount
of, or delay the timing of, payments received on the Certificates without the consent of each affected Certificateholder, or which
are to be distributed to any Serviced Pari Passu Companion Loan Holder without the consent of any Serviced Pari Passu Companion
Loan Holder, (ii) reduce the aforesaid percentage of the Voting Rights which are required to consent to any such amendment, without
the consent of all the holders of each Class of Certificates affected thereby, (iii) adversely affect the status of any REMIC Pool
as a REMIC under the Code, without the consent of 100% of the Certificateholders, (iv) adversely affect the status of the Grantor
Trust Pool as a Grantor Trust under the Code, without the consent of 100% of the Certificateholders of the Class of Certificates
that evidences the entirety of the interests in the related portion of the Grantor Trust Pool, (v) amend this Section 12.01
without the consent of all the Holders of all Certificates of the Class(es) affected thereby and the consent of any Serviced Pari
Passu Companion Loan Holder if affected thereby, (vi) otherwise materially adversely affect any Class of Certificateholders

 

    	-429-

    	 

    

 

without
the consent of all of the Certificateholders of that Class, (vii) materially adversely affect the holder of any Serviced Pari
Passu Companion Loan without the consent of such holder, or (viii) materially adversely affect the rights, or increase the obligations,
of any Mortgage Loan Seller under this Agreement or the related Mortgage Loan Purchase Agreement without the written consent of
such Mortgage Loan Seller. The Trustee shall not agree to amend any Mortgage Loan Purchase Agreement in any manner that would
adversely affect in any material respect the interests of the Holders of any Class of Certificates, except with the consent of
the Holders of all Certificates of such Class. Notwithstanding any other provision of this Agreement, for purposes of the giving
or withholding of consents pursuant to this Section 12.01, Certificates registered in the name of the Depositor or any
Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as they would
if registered in the name of any other Person.

 

In addition, this Agreement
shall not be amended in any manner that materially adversely affects any Serviced Pari Passu Companion Loan without the consent
of any related Serviced Pari Passu Companion Loan Holder.

 

(c)          Notwithstanding
any contrary provision of this Agreement, none of the Certificate Administrator, the Trustee, the Master Servicers, the Special
Servicers, or Trust Advisor shall consent to any amendment to this Agreement unless it shall first have obtained or been furnished
with an Opinion of Counsel to the effect that (i) neither such amendment nor the exercise of any power granted to any party hereto
in accordance with such amendment will result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust
Event with respect to the Grantor Trust Pool and (ii) such amendment is authorized or permitted hereunder and all conditions precedent
to such amendment have been met.

 

(d)          At
least five (5) Business Days prior to the execution of any proposed amendment by the parties hereto, the party requesting such
amendment shall provide notice of such amendment (together with a proposed draft of such amendment) to the Rule 17g-5 Information
Provider, who shall promptly post such materials to the Rule 17g-5 Information Provider’s Website. Promptly after the execution
and delivery of any amendment by all parties thereto, the Certificate Administrator shall deliver a copy thereof to each Certificateholder
and any Serviced Pari Passu Companion Loan Holder and shall notify the Rule 17g-5 Information Provider, who shall promptly post
a copy of such amendment to the Rule 17g-5 Information Provider’s Website.

 

(e)          It
shall not be necessary for the consent of Certificateholders under this Section 12.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization, execution and delivery thereof by Certificateholders shall be subject to such
reasonable regulations as the Trustee may prescribe.

 

(f)          The
Trustee and the Certificate Administrator each may but shall not be obligated to enter into any amendment pursuant to this Section
12.01 that affects its rights, duties and immunities under this Agreement or otherwise.

 

    	-430-

    	 

    

 

(g)          The
cost of any Opinion of Counsel to be delivered pursuant to Section 12.01(a) or Section 12.01(c) shall be borne by
the Person seeking the related amendment, except that if the Trustee requests any amendment of this Agreement that it reasonably
believes protects or is in furtherance of the rights and interests of Certificateholders, the cost of any Opinion of Counsel required
in connection therewith pursuant to Section 12.01(a) or Section 12.01(c) shall be payable out of the Distribution
Account as an Additional Trust Fund Expense; provided, however, if such amendment is requested by any other party
for the benefit of Certificateholders as evidenced by an Officer’s Certificate to such effect delivered by such requesting
party, the expense of any related Opinion of Counsel shall be an expense of the Trust.

 

Section 12.02     Recordation of Agreement; Counterparts. (a) To the extent permitted by applicable
law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties
or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any
other appropriate public recording office or elsewhere, such recordation to be effected by the Trustee at the expense of the
Trust (payable out of the Distribution Account), but only if (i) a Master Servicer or a Special Servicer, as applicable,
determines in its reasonable good faith judgment, that such recordation materially and beneficially affects the interests of
the Certificateholders and so informs the Trustee in writing and (ii) the Subordinate Class Representative consents.

 

(b)          For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.

 

Section 12.03     Limitation on Rights of Certificateholders. (a) The death or incapacity of any
Certificateholder or Pari Passu Companion Loan Holder shall not operate to terminate this Agreement or the Trust, nor entitle
such Certificateholder’s or Pari Passu Companion Loan Holder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding-up of the Trust, nor otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.

 

(b)          No
Certificateholder or Pari Passu Companion Loan Holder shall have any right to vote (except as expressly provided for herein) or
in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall
anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders
and/or Pari Passu Companion Loan Holders from time to time as partners or members of an association; nor shall any Certificateholder
or Pari Passu Companion Loan Holder be under any liability to any third party by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.

 

(c)          No
Certificateholder or Pari Passu Companion Loan Holder shall have any right by virtue of any provision of this Agreement or the
Certificates to institute any suit, action or proceeding in equity or at law against any party hereto upon or under or with respect
to this

 

    	-431-

    	 

    

 

Agreement
or the Certificates, or any Borrower upon or under or with respect to any Mortgage Loan, unless such Person previously shall have
given to the Trustee a written notice of default hereunder, and of the continuance thereof, as hereinbefore provided, and unless
also (except in the case of a default by the Trustee) the Holders of Certificates entitled to at least 25% of the Voting Rights
(in the case of a Certificateholder) or the related Pari Passu Companion Loan Holder(s), as the case may be, shall have made written
request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered
to the Trustee such reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein
or thereby, and the Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of any other Holders of Certificates, or to obtain or seek to obtain priority over or preference to any other
such Holder (which priority or preference is not otherwise provided for herein), or to enforce any right under this Agreement
or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders.
For the protection and enforcement of the provisions of this Section 12.03, each and every Certificateholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

 

Section 12.04     Governing Law; Consent to Jurisdiction; Waiver of Trial by Jury. THIS AGREEMENT AND
THE CERTIFICATES AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT OR
THE CERTIFICATES, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE
PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH OF THE
PARTIES HERETO HEREBY (I) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, CLAIM,
SUIT, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO, OR ARISING
DIRECTLY OR INDIRECTLY OUT OF, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND (II) SUBMITS TO THE JURISDICTION OF
ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE
RIGHTS AND DUTIES OF THE PARTIES.

 

Section 12.05     Notices. Any communications provided for or permitted hereunder shall be in writing
(including by facsimile) and, unless otherwise expressly provided herein, shall be deemed to have been duly given when
delivered to (or, in the case of facsimile notice, when received): (i) in the case of the Depositor, c/o Wells Fargo
Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with a copy to:
Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St.,

 

    	-432-

    	 

    

 

Charlotte,
North Carolina 28288; (ii) in the case of the General Master Servicer, Wells Fargo Bank, National Association, Commercial
Mortgage Servicing, 1901 Harrison Street, Oakland, California 94612, Attention: WFCM 2015-C30 Asset Manager, facsimile
number: (866) 661-8969, and Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086-120, 550 South
Tryon Street, 14th Floor, Charlotte, North Carolina 28202, Attention: WFCM 2015-C30, facsimile number: (704) 715-0036, with a
copy to Wells Fargo Bank, National Association, Legal Department, 301 S. College St., TW-30, Charlotte, North Carolina
28288-0630, Attention: Commercial Mortgage Servicing Legal Support, Reference: WFCM 2015-C30; (iii) in the case of the NCB
Master Servicer, National Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800, Arlington, Virginia 22202, Attention:
Kathleen Luzik, Chief Operating Officer, facsimile number (703) 647-3470, email: kluzik@ncb.coop, with a copy to National
Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800, Arlington, Virginia 22202, Attention: Matthew Wehland, Senior Vice
President, facsimile number (703) 647-3470, email: mwehland@ncb.coop; (iv) in the case of the General Special Servicer,
CWCapital Asset Management LLC, 7501 Wisconsin Avenue, Suite 500 West, Bethesda, Maryland 20814, Attention: Brian Hanson
(WFCM 2015-C30), facsimile number: (212) 715-9699, with copies to CWCapital Asset Management LLC, 7501 Wisconsin Avenue,
Suite 500 West, Bethesda, Maryland 20814, Attention: Legal Department (WFCM 2015-C30) and Stinson Leonard Street LLP, 1201
Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, Attention: Kenda K. Tomes, Partner, facsimile number: (816)
412-9338; (v) in the case of the NCB Special Servicer, National Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800,
Arlington, Virginia 22202, Attention: Kathleen Luzik, Chief Operating Officer, facsimile number (703) 647-3473, email:
kluzik@ncb.coop, with a copy to National Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800, Arlington, Virginia 22202,
Attention: Matthew Wehland, Senior Vice President, facsimile number (703) 647-3473, email: mwehland@ncb.coop; (vi) in the
case of the Trust Advisor, Pentalpha Surveillance LLC, 375 N. French Road, Suite 100, Amherst, New York, 14228, Attention:
Don Simon, Chief Operating Officer, with a copy sent via e-mail to don.simon@pentalphasurveillance.com and to
notices@pentalphasurveillance.com; (vii) in the case of the Certificate Registrar, Certificate Administrator, Tax
Administrator and Custodian, Wells Fargo Bank, National Association, 9062 Old Annapolis Road, Columbia, Maryland 21045,
Attention: Corporate Trust Services WFCM 2015-C30; (viii) in the case of the Trustee, Wilmington Trust, National Association,
1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee WFCM 2015-C30; (ix) in the case of any Mortgage
Loan Seller, the address for notices to such Mortgage Loan Seller, as applicable, under the related Mortgage Loan Purchase
Agreement; and (x) in the case of the initial Subordinate Class Representative, Ellington Management Group, LLC, 53 Forest
Avenue, Old Greenwich, Connecticut 06870, Attention: Leo Huang, with a copy to: Ellington Management Group, LLC, 53 Forest Avenue, Old Greenwich,
CT 06870, Attention: Legal Department; or as to each such Person such other address and/or facsimile number as may
hereafter be furnished by such Person to the parties hereto in writing. Any communication required or permitted to be
delivered to a Certificateholder shall be deemed to have been duly given when mailed first class, postage prepaid, to the
address of such Holder as shown in the Certificate Register.

 

Any party required to
deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written notice
of the events or information specified in Section 8.12(c) to the Rating Agencies at the address listed below, promptly following
the occurrence thereof; provided that such notice or other information is first provided to the Rule 17g-5 Information Provider
in accordance with the procedures set forth in

 

    	-433-

    	 

    

 

Section
8.12. In addition, the Trustee shall deliver copies of any documents required to be delivered to the Rating Agencies under
this Agreement to the Rating Agencies at the time such documents are required to be delivered pursuant to this Agreement. A Master
Servicer or a Special Servicer, as applicable, and Trustee also shall furnish such other information regarding the Trust Fund
as may be reasonably requested by the Rating Agencies to the extent such party has or can obtain such information without unreasonable
effort or expense; provided that such other information is first provided to the Rule 17g-5 Information Provider in accordance
with the procedures set forth in Section 8.12; provided, further, that the Rule 17g-5 Information Provider
shall not disclose which Rating Agency has requested such information. Notwithstanding the foregoing, the failure to deliver such
notices or copies shall not constitute a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation
of the rating by the Rating Agencies required hereunder shall be in writing.

 

Any notices to the
Rating Agencies shall be sent to the following: (A) Fitch Ratings, Inc., One State Street Plaza, 31st Floor, New York, New
York 10004, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 635-0295, email address:
britt.johnson@fitchratings.com, (B) Moody’s Investors Service, Inc., 7 World Trade Center, New York, New York 10007,
Attention: Commercial Mortgage Surveillance Group, e-mail address: cmbssurveillance@moodys.com; and (C) Morningstar Credit
Ratings, LLC, 220 Gibraltar Road, Suite 300, Horsham, Pennsylvania 19044, Attention: CMBS Surveillance, fax number: (267)
960-6002, email: cmbsratings@morningstar.com; or as to each such Person such other address and/or facsimile number as may
hereafter be furnished by such Person to the parties hereto in writing. Delivery of notices and information to the Rating
Agencies shall be subject to strict compliance with Section 3.27.

 

For purposes of any communication
hereunder, the party delivering the communication shall be entitled to rely on the notice address set forth in or established under
the preceding paragraphs of this Section 12.05.

 

Section 12.06     Communications by Electronic Mail. Each communication that is expressly permitted or
required hereunder to be sent, forwarded or delivered by means of electronic mail shall be so sent, forwarded or delivered to:
(i) in the case of the Certificate Administrator, (a) for purposes of Article XI, cts.sec.notifications@wellsfargo.com,
and (b) for all other purposes, trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com,
except for any items delivered pursuant to Section 3.29, which items shall be sent to CMBSexcludedinformation@wellsfargo.com;
(ii) in the case of the Rule 17g-5 Information Provider, 17g5InformationProvider@wellsfargo.com; (iii) in the case of the General
Master Servicer, commercial.servicing@wellsfargo.com (or, with respect to requests for rating agency or investor information,
RAInvRequests@wellsfargo.com); (iv) in the case of the NCB Master Servicer, WFCM2015C30@ncb.com; (v) in the case of the General
Special Servicer, CWCapital Asset Management LLC, CWCAMnoticesWFCM2015-C30@cwcapital.com; (vi) in the case of the NCB Special
Servicer, WFCM2015C30@ncb.com; (vii) in the case of the Trustee, cmbstrustee@wilmingtontrust.com, facsimile number (302) 630-4140;
(viii) in the case of the Trust Advisor, don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com; and (ix) in
the case of each other party hereto and the Initial Majority Subordinate Certificateholder, the address set forth in the Notice
of Electronic Addresses dated the Closing Date and executed by all such parties; or, as to each such Person,

 

    	-434-

    	 

    

 

such
other electronic mail address as may hereafter be furnished by such Person to the other parties hereto and to the Initial Majority
Subordinate Certificateholder in a written notice delivered in accordance with Section 12.05. For purposes of such a communication,
the party sending, forwarding or delivering such a communication shall be entitled to rely on the electronic mail address set
forth in or established pursuant to the preceding sentence. This Section shall not be construed to modify Section 12.05,
nor to authorize, permit or make binding any communication that is not expressly permitted or required hereunder to be sent, forwarded
or delivered by means of electronic mail.

 

Section 12.07     Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenant(s), agreement(s),
provision(s) or term(s) shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

 

Section 12.08     Successors and Assigns; Beneficiaries. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto, their respective successors and assigns and, as express third
party beneficiaries (with all right to enforce the obligations hereunder intended for their benefit as if a party hereto),
the Sub-Servicers, the Underwriters, the Mortgage Loan Sellers, any Other Depositors, and the non-parties referred to in Section
6.03 and Section 8.05 and all such provisions shall inure to the benefit of the Certificateholders. Any Serviced
Pari Passu Companion Loan Holders and the Subordinate Class Representative (other than any Serviced Pari Passu Companion Loan
Holder or Subordinate Class Representative that is same Person as or an Affiliate of the related Borrower) and any designees
thereof acting on behalf of or exercising the rights of such Serviced Pari Passu Companion Loan Holders or Subordinate Class
Representative shall be third party beneficiaries to this Agreement with respect to their rights as specifically provided for
herein and shall be entitled to enforce their respective rights hereunder. In addition, each Non-Trust Master Servicer,
Non-Trust Special Servicer, Other Master Servicer, Other Special Servicer, Other Trustee and Serviced Loan Combination
Special Servicer is an intended third party beneficiary under this Agreement with respect to any provision herein expressly
relating to compensation, reimbursement or indemnification of such Non-Trust Master Servicer, Non-Trust Special Servicer,
Other Master Servicer, Other Special Servicer, Other Trustee or Serviced Loan Combination Special Servicer and the provisions
regarding the coordination of Advances and any other rights afforded such party hereunder.

 

Section 12.09     Article and Section Headings. The article and section headings herein are for
convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section 12.10     Notices to Subordinate Class Representative. The Trustee, the Master Servicers and
the Special Servicers shall (other than with respect to an Excluded Loan) each deliver to the Subordinate Class
Representative a copy of each notice or other item of information such Person is required to deliver to the Rating Agencies
pursuant to Section 8.12, in each case at approximately the same time with the delivery thereof to the Rating
Agencies, to the extent not already delivered to the Subordinate Class Representative pursuant to this Agreement.

 

    	-435-

    	 

    

 

Section 12.11     Complete Agreement. This Agreement embodies the complete agreement among the parties and may not be varied or
terminated except by a written agreement conforming to the provisions of Section 12.01. All prior negotiations or representations
of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    	-436-

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized, in each
case as of the day and year first above written. 

	 	 	 
	 	WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC.,

Depositor
	 	 	 
	 	By:	/s/ Anthony Sfarra
	 	 	Name:  Anthony Sfarra
	 	 	Title: President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

General Master Servicer
	 	 	 
	 	By:	/s/ Joseph Newell III
	 	 	Name:  Joseph Newell III
	 	 	Title: Director
	 	 	 
	 	CWCAPITAL ASSET MANAGEMENT LLC,

General Special Servicer
	 	 
	 	By:	/s/ Brian Hanson
	 	 	Name:  Brian Hanson
	 	 	Title: Managing Director
	 	 	 
	 	NATIONAL COOPERATIVE BANK, N.A.,

NCB Master Servicer
	 	 	 
	 	By:	/s/ Matthew Wehland
	 	 	Name:  Matthew Wehland
	 	 	Title: Senior Vice President

 

 

 

WFCM 2015-C30 Pooling
and Servicing Agreement

    	 

    	 

    

 

	 	 	 
	 	NATIONAL COOPERATIVE BANK, N.A.,

NCB Special Servicer
	 	 	 
	 	By:	/s/ Matthew Wehland
	 	 	Name:  Matthew Wehland
	 	 	Title: Senior Vice President
	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,

Trust Advisor
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name:  James Callahan
	 	 	Title: Executive Director and Solely as an

          Authorized Signatory for Pentalpha

          Surveillance LLC
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Tax Administrator and Custodian
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,

Trustee
	 	 	 
	 	By:	/s/ Erwin M. Soriano
	 	 	Name:  Erwin M. Soriano
	 	 	Title: Vice President

 

 

WFCM 2015-C30 Pooling
and Servicing Agreement

    	 

    	 

    

 

	STATE OF New York	)	 	 
	 	)	ss.:	 
	COUNTY OF New York     	)	 	 

On
the 3  day of  Aug 2015, before me, a notary public in and for said State, personally appeared Anthony Sfarra, personally
known to me to be a President of Wells Fargo Commercial Mortgage Securities Inc., one of the entities that executed the
within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 /s/ Lillian Calcaterra
	 	
Notary Public

	
 

LILIAN CALCATERRA

NOTARY PUBLIC, State of New York

No. 01CA4971671

Qualified in Kings County

Cert. Filed in New York County

Commission Expires Sept. 10, 2018

 

	 
	
[SEAL]

	 
	 	 
	My commission expires:	 
	 9/10/2018	 

 

WFCM 2015-C30 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF North Carolina	 )	 
	 	 )	ss.:
	COUNTY OF Mecklenburg	 )	 

 

On
the 5 day of  August 2015, before me, a notary public in and for said State, personally appeared Joseph Newell III, personally known to me to be a Director of Wells Fargo, one of the entities that executed the
within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Erica L. Smith
	 	
Notary Public

	  ERICA L. SMITH 

NOTARY PUBLIC

Gaston County

North Carolina

My Commission Expires 7/15/2017

	 
	 
	 
	 
	 	 
	
[SEAL]

	 
	 	 
	
My commission expires:

	 
	 	 
	 July 15, 2017	 

  

 WFCM 2015-C30
– Pooling and Servicing Agreement

 

    	 

    	 

    

 

 

	STATE OF MARYLAND	 )	 
	 	 )	ss.:
	COUNTY OF MONTGOMERY	 )	 

 

On
the 5th day of  August 2015, before me, a notary public in and for said State, personally appeared Brian Hanson,
personally known to me to be a Managing Director of CWCapital Asset Management LLC, one of the entities that executed
the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 /s/ Sheremee D. Griffin
	 	
Notary Public

	 	 
	
[SEAL]

	
Sheremee
D. Griffin

NOTARY PUBLIC

Montgomery County, MD

My Commission Expires 11/30/2018

	 
	
My commission expires:

	 
	 	 

 

WFCM 2015-C30 –
Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF Virginia	 )	 
	 	 )	ss.:
	COUNTY OF Arlington	 )	 

 

On
the 3rd day of  August 2015, before me, a notary public in and for said State, personally appeared Matthew
Wehland, personally known to me to be a Senior Vice President of National Cooperative Bank NA, one of the entities that executed the within instrument, and also known to me to be the person who executed it
on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Jean Marie Ruehle
	 	
Notary Public

	 	 
	
[SEAL]

	
Jean Marie Ruehle

NOTARY PUBLIC

Commonwealth of Virginia

Reg. #7502228

My Commission Expires

May 31,
2019

	 
	
My commission expires:

	 
	 May 31, 2019	 

 

WFCM 2015-C30 –
Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF Virginia	 )	 
	 	 )	ss.:
	COUNTY OF Arlington	 )	 

 

On
the 3rd day of  August 2015, before me, a notary public in and for said State, personally appeared Matthew
Wehland, personally known to me to be a Senior Vice President of National Cooperative Bank NA, one of the entities that executed the within instrument, and also known to me to be the person who executed it
on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Jean Marie Ruehle
	 	
Notary Public

	 	 
	
[SEAL]

	
Jean Marie Ruehle

NOTARY PUBLIC

Commonwealth of Virginia

Reg. #7502228

My Commission Expires

May 31,
2019

	 
	
My commission expires:

	 
	 May 31, 2019	 

 

WFCM 2015-C30 –
Pooling and Servicing Agreement

 

    	 

    	 

    

  

	STATE OF CONNECTICUT	 )	 
	 	 )	ss.:
	COUNTY OF FAIRFIELD	 )	 

 

On
the 4th day of August 2015, before me, a notary public in and for said State, personally appeared James Callahan,
personally known to me to be the Executive Director of Pentalpha Surveillance LLC, one of the entities that executed
the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 	 	/s/ James M Micik Jr
	 	
Notary Public

	 	 
	
[SEAL]

	
James M
Micik Jr

Notary Public

State of Connecticut

My Commission Expires October 31, 2019

	 
	
My commission expires:

	 
	 	 

 

WFCM 2015-C30 –
Pooling and Servicing Agreement 

 

    	 

    	 

    

 

	
State of Maryland

	
)

	  	
)           ss:

	
County of: Howard

	
)

 

          On
the  6th day of August, 2015, before me, a notary public in and for said State, personally appeared Stacey Gross, known to
me to be a Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also
know to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

 

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

	  	  
	  	
/s/ AMY MARTIN

	
 

	  	
Notary Public

	  	  
	  	
AMY MARTIN 

NOTARY PUBLIC 

ANNE ARUNDEL COUNTY 

MARYLAND 

My Commission Expires 2-22-2017

	  
	  
	  
	  

WFCM 2015-C30 –
Pooling and Servicing Agreement 

 

    	 

    	 

    

 

 

	STATE OF Delaware	 )	 
	 	 )	ss.:
	COUNTY OF New Castle	 )	 

 

On
the 7th day of Aug. 2015, before me, a notary public in and for said State, personally appeared Erwin Soriano,
personally known to me to be a Vice President of Wilmington Trust, NA, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity
executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Christina M. Bader
	 	
Notary Public

	 	
 CHRISTINA M BADER

NOTARY PUBLIC

STATE OF DELAWARE

My Commission Expires 04-15-2016

	
[SEAL]

	 
	
My commission expires: 

		 

 

WFCM 2015-C30 – Pooling and Servicing Agreement

 

 

    	 

    	 

    

  

EXHIBIT
A-1

 

FORM
OF CERTIFICATES (OTHER THAN CLASS R AND CLASS V CERTIFICATES)

 

CLASS
[__] COMMERCIAL MORTGAGE PASS-THROUGH

CERTIFICATE, SERIES 2015-C30

 

This
is one of a series of commercial mortgage pass-through certificates (collectively, the “Certificates”), issued
in multiple classes (each, a “Class”), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of commercial, multifamily and manufactured
housing community mortgage loans or interests therein (the “Mortgage Loans”), such pool being formed and sold
by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

	Pass-Through
    Rate:  [____%

    per annum] [Variable]	Class
    [Principal Balance] [Notional Amount] of the Class [  ] Certificates as of the Closing Date:  $__________
    [For Class PEX only:  The Class Principal Balance of the Class PEX Certificates represents the maximum aggregate
    Certificate Principal Balance of the Class A-S, Class B and Class C Certificates (without giving effect to any exchanges for,
    or any issuance of, the Class PEX Certificates), representing the maximum aggregate Certificate Principal Balance of the Class
    PEX Certificates that could be issued in an exchange.] [For Classes A-S, B and C only: The Class Principal Balance of the
    Class [A-S] [B] [C] Certificates represents the maximum aggregate Certificate Principal Balance of the Class [A-S] [B] [C]
    Certificates (without giving effect to any exchanges for, or any issuance of, the Class PEX Certificates).]
	Closing
    Date:  August 12, 2015	Initial
    Certificate [Principal Balance] [Notional Amount] of this Certificate as of the Closing Date:  $__________
	First
    Distribution Date:

    September 17, 2015	Aggregate
    Cut-off Date Principal Balance of the Original Mortgage Loans as of the Cut-off Date (“Cut-off Date Pool Balance”):  $740,314,909
	General
    Master Servicer:

    Wells Fargo Bank, National Association	NCB
    Master Servicer:

    National Cooperative Bank, N.A.

 

    	A-1-1

    	 

    

 

	General
    Special Servicer:

    CWCapital Asset Management LLC	NCB
    Special Servicer: 

    National Cooperative Bank, N.A.
	Trustee:

    Wilmington Trust, National Association	Certificate
    Administrator, Tax Administrator and Custodian:

    Wells Fargo Bank, National Association
	Trust
    Advisor:  

    Pentalpha Surveillance LLC	CUSIP
    No.:

    ISIN No.:  ________________
	Certificate
    No. [  ] -___	 

 

    	A-1-2

    	 

    

 

[FOR
BOOK-ENTRY CERTIFICATES: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE ADMINISTRATOR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

[FOR
PRIVATELY OFFERED CERTIFICATES (CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-SB, A-S, X-A, X-B, B, C AND PEX): THIS CERTIFICATE
HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE OR
ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION
OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.] 

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE
FEDERAL, STATE OR LOCAL LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, EITHER
MASTER SERVICER, EITHER SPECIAL SERVICER, THE TRUSTEE, THE TRUST ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE INITIAL SUBORDINATE
CLASS REPRESENTATIVE, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING
MORTGAGE LOANS IS INSURED OR GUARANTEED BY ANY

 

    	A-1-3

    	 

    

 

AGENCY
OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

 

[FOR
PRINCIPAL BALANCE CERTIFICATES OTHER THAN CLASS A-S, CLASS B, CLASS C AND CLASS PEX CERTIFICATES: SOLELY FOR U.S. FEDERAL
INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”
(A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.]

 

[FOR
CLASS A-S, CLASS B, CLASS C AND CLASS PEX CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES
A BENEFICIAL INTEREST IN A PORTION OF A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED, WHICH PORTION CONSISTS OF A PERCENTAGE INTEREST IN THE ONE OR MORE “REGULAR INTERESTS” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE CODE.] 

 

[FOR
SUBORDINATE CERTIFICATES (CLASSES A-S, B, C, D, E, F, G AND PEX): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES
OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

[FOR
PRINCIPAL BALANCE CERTIFICATES: THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
ABOVE.]

 

[FOR
CLASSES X-A, X-B, X-E, X-FG AND X-H CERTIFICATES: THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF
TO DISTRIBUTIONS OF PRINCIPAL.]

 

[FOR
CLASS X-A CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF SIX REGULAR
INTERESTS IN REMIC III, EACH ONE CORRESPONDING TO ONE OF THE COMPONENTS OF THE CLASS X-A CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR
CLASS X-B CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR
INTEREST IN REMIC III, CORRESPONDING TO THE COMPONENTS OF THE CLASS X-B CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR
CLASS X-E CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR
INTEREST IN REMIC III, CORRESPONDING TO THE COMPONENT OF THE CLASS X-E CERTIFICATES’ NOTIONAL AMOUNT.]

 

    	A-1-4

    	 

    

 

[FOR
CLASS X-FG CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF TWO REGULAR
INTERESTS IN REMIC III, EACH ONE CORRESPONDING TO ONE OF THE COMPONENTS OF THE CLASS X-FG CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR
CLASS X-H CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR
INTEREST IN REMIC III, CORRESPONDING TO THE COMPONENT OF THE CLASS X-H CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR
REGULATION S GLOBAL CERTIFICATES: PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING
OF THIS CERTIFICATE TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND (B) THE DATE OF CLOSING OF THE OFFERING, THIS CERTIFICATE MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A “U.S. PERSON” WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT, EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS.]

 

This
certifies that [FOR BOOK-ENTRY CERTIFICATES: CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [               ]] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing the [principal balance] [notional amount]
of this Certificate (its “Certificate [Principal Balance] [Notional Amount]”) as of the Closing Date by the
aggregate [principal balance] [notional amount] of all the Class [    ] Certificates (their “Class [Principal
Balance] [Notional Amount]”) as of the Closing Date) in that certain beneficial ownership interest in the Trust Fund
evidenced by all the Class [   ] Certificates. The Trust Fund was created and the Certificates were issued pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as depositor (the “Depositor,” which term includes any successor entity under the
Agreement), Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master
Servicer,” which term includes any successor entity under the Agreement), as certificate administrator (in such capacity,
the “Certificate Administrator,” which term includes any successor entity under the Agreement), as tax administrator
(in such capacity, the “Tax Administrator,” which term includes any successor entity under the Agreement) and
as custodian (in such capacity, the “Custodian,” which term includes any successor entity under the Agreement),
CWCapital Asset Management LLC, as general special servicer (in such capacity, the “General Special Servicer,”
which term includes any successor entity under the Agreement), National Cooperative Bank, N.A., as NCB master servicer (in such
capacity, the “NCB Master Servicer,” which term includes any successor entity under the Agreement) and as NCB
special servicer (in such capacity, the “NCB Special Servicer,” which term includes any successor entity under
the Agreement), Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor,” which term includes any
successor entity under the Agreement), and Wilmington Trust, National Association, as trustee (the “Trustee,”
which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter. To

 

    	A-1-5

    	 

    

 

the
extent not defined herein, capitalized terms used herein have the respective meanings assigned thereto in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. In the event that there is any
conflict between any provision of this Certificate and any provision of the Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency.

 

Pursuant
to the terms of the Agreement, beginning on the First Distribution Date specified above, distributions will be made on that date
(the “Distribution Date”) each month that is the fourth Business Day following the Determination Date in such
month, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to all the Holders of the Class [   ] Certificates on the applicable Distribution Date pursuant to the Agreement. All distributions made under the Agreement on this
Certificate will be made by the Certificate Administrator by wire transfer of immediately available funds to the account of the
Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have
provided the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date
(which wiring instructions may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise
by check mailed to the address of such Certificateholder as it appears in the Certificate Register. Notwithstanding the foregoing,
the final distribution on this Certificate [FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-3, A-4, A-SB, A-S, B, C, D,
E, F, G, H and PEX): (determined without regard to any possible future reimbursement of any portion of any Realized Loss or Additional
Trust Fund Expense previously allocated to this Certificate)] will be made in like manner, but only upon presentation and surrender
of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof
of such final distribution.

 

The
Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans, all as
more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Distribution Account,
the Collection Accounts, the Reserve Accounts, the Servicing Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds
Account, the REO Accounts (if established), the Serviced Pari Passu Companion Loan Custodial Account and any other accounts
established pursuant to the Agreement may be made from time to time for purposes other than, and, in certain cases, prior to,
distributions to Certificateholders, such purposes including the reimbursement of advances made, or certain expenses incurred,
with respect to the Mortgage Loans and the payment of interest on such advances and expenses.

 

[FOR
PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-3, A-4, A-SB, A-S, B, C, D, E, F, G, H and PEX): Any distribution to the Holder
of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders
of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such distribution is made upon this Certificate.]

 

    	A-1-6

    	 

    

 

This
Certificate is issuable in fully registered form only without interest coupons. As provided in the Agreement and subject to certain
limitations therein set forth, this Certificate is exchangeable for new Certificates of the same Class in authorized denominations
evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

[FOR
BOOK-ENTRY CERTIFICATES: All Transfers by Certificate Owners of their respective Ownership Interests in the Book-Entry Certificates
shall be made in accordance with the procedures established by the Depository Participant or brokerage firm representing each
such Certificate Owner. Each Depository Participant shall only transfer the Ownership Interests in the Book-Entry Certificates
of Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depository’s
normal procedures.]

 

[FOR
PRIVATELY OFFERED CERTIFICATES (CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-SB, A-S, X-A, X-B, B, C AND PEX): No direct
or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any ownership interest in this Certificate or
any interest herein shall be made unless that transfer, sale, pledge, hypothecation or other form of assignment (a “Transfer”)
is exempt from the registration and/or qualification requirements of the Securities Act and any applicable securities laws of
any state, or is otherwise made in accordance with the Securities Act and such other securities laws. If a Transfer of this Certificate
is to be made without registration under the Securities Act, then (except in limited circumstances specified in the Agreement)
the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely
upon) either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached
as Exhibit C-1A or Exhibit C-2A to the Agreement and a certificate from such Certificateholder’s prospective
Transferee substantially in the form attached either as Exhibit C-1B or as Exhibit C-2B to the Agreement,
or (ii) an Opinion of Counsel satisfactory to the Certificate Administrator to the effect that such prospective Transferee
is an Institutional Accredited Investor or a Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund, the Depositor, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee, the Certificate Administrator,
the Tax Administrator, the Custodian or the Certificate Registrar in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder’s prospective Transferee on which such Opinion of Counsel is based.

 

If
this Certificate constitutes a Rule 144A Global Certificate and a transfer of any interest in this Certificate is to be made
without registration under the Securities Act (except under limited circumstances specified in the Agreement), then the Certificate
Owner desiring to effect such Transfer shall be required to obtain either (i) a certificate from such Certificate Owner’s
prospective Transferee substantially in the form attached as Exhibit C-2B to the Agreement, or (ii) an Opinion of
Counsel to the effect that such prospective Transferee is a Qualified Institutional Buyer and such Transfer may be made without
registration under the Securities Act. Except as discussed below or under such other limited circumstances as are provided in
the Agreement, if this Certificate constitutes a Rule 144A Global Certificate, then interests herein shall not be transferred
to any Person who takes delivery in the form of an interest in anything other than a Rule 144A Global Certificate.

 

    	A-1-7

    	 

    

 

Except
under such limited circumstances as are provided in the Agreement, if this Certificate constitutes a Regulation S Global
Certificate, then beneficial interests in this Certificate shall not be transferred to any Person other than a non-United States
Securities Person in an Offshore Transaction who takes delivery in the form of a beneficial interest in this Regulation S
Global Certificate. If the transfer occurs on or prior to the Release Date, then the Certificate Owner desiring to effect such
Transfer shall be required to obtain from such Certificate Owner’s prospective Transferee a written certification substantially
in the form attached as Exhibit C-3B to the Agreement. On or prior to the Release Date, beneficial interests in any Regulation S
Global Certificate may be held only through Euroclear or Clearstream. After the Release Date, beneficial interests in any Regulation S
Global Certificate may be held through Euroclear, Clearstream or any other direct account holder at DTC.

 

Notwithstanding
the foregoing, any interest in a Rule 144A Global Certificate may be transferred by any Certificate Owner holding such interest
to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) who takes delivery in the form of a Definitive
Certificate of the same Class as such Rule 144A Global Certificate upon delivery to the Certificate Registrar and the Certificate
Administrator of (i) such certifications and/or opinions as are contemplated above with respect to Transfers of this Certificate
in definitive form and (ii) such written orders and instructions as are required under the applicable procedures of the Depository,
Clearstream and/or Euroclear to direct the Certificate Administrator to debit the account of a Depository Participant by a denomination
of interests in such Rule 144A Global Certificate. Upon delivery to the Certificate Registrar of the certifications and/or
opinions contemplated above with respect to Transfers of this Certificate in definitive form, the Certificate Administrator, subject
to and in accordance with the applicable procedures of the Depository, shall reduce the denomination of the subject Rule 144A
Global Certificate, and cause a Definitive Certificate of the same Class as such Rule 144A Global Certificate, and in a denomination
equal to the reduction in the denomination of such Rule 144A Global Certificate, to be executed, authenticated and delivered
in accordance with this Agreement to the applicable Transferee.

 

None
of the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer, the Tax Administrator, the Custodian, the Certificate Registrar
or the Trust Advisor is obligated to register or qualify any Class of Non-Registered Certificates under the Securities Act or
any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of this Certificate
or any interest herein without registration or qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree to, indemnify the Depositor, the Initial Purchasers,
the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer,
the NCB Special Servicer, the Tax Administrator, the Custodian, the Certificate Registrar and the Trust Advisor against any liability
that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws or the provisions
described above.]

 

[FOR
BOOK-ENTRY CERTIFICATES: The Global Certificates shall be deposited with the Certificate Administrator as custodian for the Depository
and registered in the name of Cede & Co. as nominee of the Depository.]

 

    	A-1-8

    	 

    

 

No
transfer of this Certificate or any interest herein shall be made (A) to any employee benefit plans or other benefit plans
and arrangements, including individual retirement accounts and annuities, Keogh plans and collective investment funds and separate
accounts, the assets of which are considered “plan assets” under U.S. Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA, or for purposes of Similar Law, including insurance company general accounts, that
are subject to ERISA, Section 4975 of the Code or Similar Law (each, a “Plan”), or (B) to any Person
who is directly or indirectly purchasing this Certificate or any interest herein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan, if the purchase and holding of this Certificate or such interest herein by the prospective Transferee
would result in a violation of Section 406 or 407 of ERISA or Section 4975 of the Code, or a similar violation under
Similar Law, or would result in the imposition of an excise tax under Section 4975 of the Code. Except in limited circumstances,
the Certificate Registrar shall refuse to register the transfer of this Certificate (and, if applicable, any Certificate Owner
shall refuse to transfer an interest in this Certificate), unless it has received from the prospective Transferee (i) a certification
to the effect that such prospective Transferee is not a Plan and is not directly or indirectly purchasing this Certificate or
interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification to
the effect that the purchase and holding of this Certificate or interest by such prospective Transferee is exempt from the prohibited
transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes on such prohibited transactions imposed
under Section 4975 (a) and (b) of the Code, by reason of Sections I and III of Prohibited Transaction Class Exemption
95-60; or (iii) if this Certificate is investment grade rated and is being acquired by, on behalf of or with assets of a
Plan in reliance upon Prohibited Transaction Exemption 96-22 (as amended by Prohibited Transaction Exemption 2013-08), a certification
to the effect that such Plan (X) is an “accredited investor” as defined in Rule 501(a)(1) of Regulation D
of the Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of ERISA) by any member of the Restricted
Group, and (Z) agrees that it will obtain from each of its Transferees a written certification described in clause (i)
above, a written certification described in clause (ii) above or a written representation that such Transferee
satisfies the requirements of the immediately preceding clauses (iii)(X) and (iii)(Y), together with a written
agreement that such Transferee will obtain from each of its Transferees a similar written certification or representation; or
(iv) a certification of facts and an Opinion of Counsel which otherwise establish to the reasonable satisfaction of the Certificate
Administrator (or, if applicable, the Certificate Owner effecting the transfer) that such Transfer will not result in a violation
of Section 406 of ERISA or Section 4975 of the Code, or a similar violation under Similar Law, or result in the imposition
of an excise tax under Section 4975 of the Code and will not subject the Trustee, the Depositor, the Certificate Administrator,
the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trust Advisor,
the Certificate Registrar, the initial purchasers or a Sub-Servicer to any obligation in addition to those undertaken in the Agreement.

 

If
any Transferee of a Certificate (including a Registered Certificate) or any interest therein does not, in connection with the
subject Transfer, deliver to the Certificate Registrar (in the case of a Definitive Certificate) or the Transferor (in the case
of ownership interests in a Book-Entry Non-Registered Certificate) any certification and/or Opinion of Counsel contemplated by
the preceding paragraph, then such Transferee shall be deemed to have represented and warranted that either: (i) such Transferee
is not a Plan and is not directly or indirectly purchasing such Certificate or interest therein on behalf of, as named fiduciary
of, as

 

    	A-1-9

    	 

    

 

trustee
of, or with assets of a Plan; or (ii) the purchase and holding of such Certificate or interest therein by such Transferee
are exempt from the prohibited transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes imposed
on such prohibited transactions by Sections 4975(a) and (b) of the Code by reason of the Exemption (in the case of such a
Certificate that is an Investment Grade Certificate) or by reason of Sections I and III of PTCE 95-60 (in the case of such
a Certificate that is not an Investment Grade Certificate) or, in the case of a Plan subject to Similar Law does not result in
a violation of Similar Law.

 

If
a Person is acquiring this Certificate as a fiduciary or agent for one or more accounts, such Person shall be required to deliver
to the Certificate Registrar (and, if applicable, to the Certificate Owner) a certification to the effect that, and such other
evidence as may be reasonably required by the Certificate Registrar to confirm that, it has (i) sole investment discretion
with respect to each such account and (ii) full power to make the acknowledgments, representations, warranties, certifications
and/or agreements with respect to each such account described above in this Certificate.

 

As
provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate
Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

 

No
service charge will be imposed for any transfer or exchange of this Certificate, but the Certificate Administrator or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of this Certificate.

 

[FOR
BOOK-ENTRY CERTIFICATES: Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC, and accordingly, this Certificate shall constitute a Book-Entry Certificate.]

 

The
Depositor, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee,
the Certificate Administrator, the Trust Advisor, the Tax Administrator, the Custodian, the Certificate Registrar and any agent
of any such party may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
none of such parties or such agents shall be affected by notice to the contrary.

 

Subject
to certain terms and conditions set forth in the Agreement, the Trust and the obligations created by the Agreement shall terminate
upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator on behalf
of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of

 

    	A-1-10

    	 

    

 

(i) the
final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in
the Trust Fund; (ii) the purchase by the General Master Servicer, the NCB Master Servicer, the General Special Servicer,
the NCB Special Servicer or any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, at
a price determined as provided in the Agreement, of all the Mortgage Loans and each REO Property (or, in the case of any REO Property
related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust
Fund; and (iii) the exchange by the Sole Certificateholder(s) of all the Certificates for all Mortgage Loans and each REO
Property (or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund
in such REO Property) remaining in the Trust Fund with the written consent of the General Master Servicer or the NCB Master Servicer,
as applicable, in its sole discretion. The Agreement permits, but does not require, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer or any single Subordinate Class Certificateholder or group of
Subordinate Class Certificateholders to purchase from the Trust Fund all the Mortgage Loans and each REO Property (or, in the
case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property)
remaining therein. The exercise of such right will effect early retirement of the Certificates; however, such right to purchase
is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being 1.0% or less of the Cut-off
Date Pool Balance.

 

The
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the parties thereto and the rights of the Certificateholders under the Agreement at any time by the parties to the Agreement
with the consent of (i) the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class
of Certificates that is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders
and (ii) any Serviced Pari Passu Companion Loan Holders materially affected by the amendment. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon
this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of any REMIC Pool as a REMIC, without the consent of the Holders of any of the Certificates.

 

Unless
the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

The
registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights
therein) for distributions hereunder.

 

This
Certificate shall be construed in accordance with the laws of the State of New York applicable to agreements negotiated, made
and to be performed entirely in said State, and the obligations, rights and remedies of the Holder hereof shall be determined
in accordance with such laws.

 

    	A-1-11

    	 

    

 

IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on its behalf by the Certificate Registrar.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Certificate Registrar
	 	 	 
	 	By:	 
	 	 	Authorized Representative

  

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class [     ] Certificates referred to in the within-mentioned Agreement.

 

Dated:          August
12, 2015

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

    	A-1-12

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________ (please print or typewrite
name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on
the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Mortgage Pass-Through Certificate of a like Percentage Interest
and Class to the above named assignee and deliver such Mortgage Pass-Through Certificate to the following address: _______________.

 

Dated:

 

	  	     Signature by or on behalf of Assignor

 

	  	     Signature Guaranteed

  

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee should include the following for purposes of distribution:

 

Distributions
shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _______________ for the
account of _______________.

 

Distributions
made by check (such check to be made payable to _______________) and all applicable statements and notices should be mailed to
____________.

 

This
information is provided by _______________, the Assignee named above, or _______________, as its agent.

 

    	A-1-13

    	 

    

 

[FOR
NON-REGISTERED, BOOK-ENTRY CERTIFICATES INSERT THIS SCHEDULE A]

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES IN GLOBAL SECURITY

 

The
following exchanges of a part of this Global Security have been made:

 

	Date
    of Exchange	Amount
    of

Decrease in Principal

Amount of this Global

 Security	Amount
    of Increase

 in Principal Amount

 of this Global

 Security	Principal
    Amount of

this Global Security

 following such

 decrease (or increase)	Signature
    of

 authorized officer of

 Trustee or securities

 custodian

 

    	A-1-14

    	 

    

 

EXHIBIT
A-2

 

FORM
OF CLASS R CERTIFICATES

 

CLASS
R COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATE, SERIES 2015-C30

 

This
is one of a series of commercial mortgage pass-through certificates (collectively, the “Certificates”), issued
in multiple classes (each, a “Class”), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of commercial, multifamily and manufactured
housing community mortgage loans or interests therein (the “Mortgage Loans”), such pool being formed and sold
by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

	Closing
    Date:  August 12, 2015	Percentage
    Interest evidenced by this Class R Certificate:  ___%
	First
    Distribution Date:

    September 17, 2015	Aggregate
    Cut-off Date Principal Balance of the Original Mortgage Loans as of the Cut-off Date (“Cut-off Date Pool Balance”):  $740,314,909
	General
    Master Servicer:

    Wells Fargo Bank, National Association	NCB
    Master Servicer:

    National Cooperative Bank, N.A.
	General
    Special Servicer:

    CWCapital Asset Management LLC	NCB
    Special Servicer:

    National Cooperative Bank, N.A.
	Trustee:

    Wilmington Trust, National Association	Certificate
    Administrator, Tax Administrator and Custodian:

    Wells Fargo Bank, National Association
	Trust
    Advisor:  

    Pentalpha Surveillance LLC	CUSIP
    No.:

    ISIN No.:  ________________
	Certificate
    No. R- ___	

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE
OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

    	A-2-1

    	 

    

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE
FEDERAL, STATE OR LOCAL LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, EITHER
MASTER SERVICER, EITHER SPECIAL SERVICER, THE TRUSTEE, THE TRUST ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE INITIAL SUBORDINATE
CLASS REPRESENTATIVE, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING
MORTGAGE LOANS IS INSURED OR GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE. ANY PURPORTED TRANSFER IN VIOLATION OF
THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.

 

THIS
CERTIFICATE IS A “RESIDUAL INTEREST” IN MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(2) AND 860D. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS
DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, “NON-UNITED
STATES PERSONS” OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED
TO

 

    	A-2-2

    	 

    

 

FURNISH AN AFFIDAVIT TO THE TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS,
(A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT
IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO
PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS
CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME
TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY
THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A
PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY
REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM
PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

This
certifies that [_____] is the registered owner of the Percentage Interest evidenced by this Certificate (as specified above) in
that certain beneficial ownership interest in the Trust Fund evidenced by all the Class R Certificates. The Trust Fund was
created and the Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor,” which term includes
any successor entity under the Agreement), Wells Fargo Bank, National Association, as general master servicer (in such capacity,
the “General Master Servicer,” which term includes any successor entity under the Agreement), as certificate
administrator (in such capacity, the “Certificate Administrator,” which term includes any successor entity
under the Agreement), as tax administrator (in such capacity, the “Tax Administrator,” which term includes
any successor entity under the Agreement) and as custodian (in such capacity, the “Custodian,” which term includes
any successor entity under the Agreement), CWCapital Asset Management LLC, as general special servicer (in such capacity, the
“General Special Servicer,” which term includes any successor entity under the Agreement), National Cooperative
Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer,” which term includes any successor
entity under the Agreement) and as NCB special

 

    	A-2-3

    	 

    

 

servicer
(in such capacity, the “NCB Special Servicer,” which term includes any successor entity under the Agreement),
Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor,” which term includes any successor entity
under the Agreement), and Wilmington Trust, National Association, as trustee (the “Trustee,” which term includes
any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. To
the extent not defined herein, capitalized terms used herein have the respective meanings assigned thereto in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. In the event that there is any
conflict between any provision of this Certificate and any provision of the Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency.

 

Pursuant
to the terms of the Agreement, beginning on the First Distribution Date specified above, distributions will be made on that date
(the “Distribution Date”) each month that is the fourth Business Day following the Determination Date in such
month, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to all the Holders of the Class R
Certificates on the applicable Distribution Date pursuant to the Agreement. All distributions made under the Agreement on this
Certificate will be made by the Certificate Administrator by wire transfer of immediately available funds to the account of the
Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have
provided the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date
(which wiring instructions may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise
by check mailed to the address of such Certificateholder as it appears in the Certificate Register. Notwithstanding the foregoing,
the final distribution on this Certificate will be made in like manner, but only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final
distribution.

 

The
Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans, all as
more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Distribution Account,
the Collection Accounts, the Reserve Accounts, the Servicing Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds
Account, the REO Accounts (if established), the Serviced Pari Passu Companion Loan Custodial Account and any other accounts established
pursuant to the Agreement may be made from time to time for purposes other than, and, in certain cases, prior to, distributions
to Certificateholders, such purposes including the reimbursement of advances made, or certain expenses incurred, with respect
to the Mortgage Loans and the payment of interest on such advances and expenses.

 

This
Certificate is issuable in fully registered form only without interest coupons. As provided in the Agreement and subject to certain
limitations therein set forth, this Certificate is exchangeable for new Certificates of the same Class in authorized denominations
evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

    	A-2-4

    	 

    

 

No
direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any ownership interest in this Certificate
or any interest herein shall be made unless that transfer, sale, pledge, hypothecation or other form of assignment (a “Transfer”)
is exempt from the registration and/or qualification requirements of the Securities Act and any applicable securities laws of
any state, or is otherwise made in accordance with the Securities Act and such other securities laws. If a Transfer of this Certificate
is to be made without registration under the Securities Act, then (except in limited circumstances specified in the Agreement)
the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely
upon) either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached
as Exhibit C-2A to the Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached as Exhibit C-2B to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate
Administrator to the effect that such prospective Transferee is a Qualified Institutional Buyer and such Transfer may be made
without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund, the Depositor,
the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee, the
Certificate Administrator, the Tax Administrator, the Custodian or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding such Transfer from the Certificateholder desiring
to effect such Transfer and/or such Certificateholder’s prospective Transferee on which such Opinion of Counsel is based.

 

None
of the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer, the Tax Administrator, the Custodian, the Certificate Registrar
or the Trust Advisor is obligated to register or qualify the Class R Certificates under the Securities Act or any other securities
law or to take any action not otherwise required under the Agreement to permit the transfer of this Certificate or any interest
herein without registration or qualification. Any Certificateholder or Certificate Owner desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify the Depositor, the Initial Purchasers, the Certificate
Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer, the Tax Administrator, the Custodian, the Certificate Registrar and the Trust Advisor against any liability that may
result if the transfer is not so exempt or is not made in accordance with such federal and state laws or the provisions described
above.

 

Each
Person who has or who acquires any Ownership Interest in this Certificate shall be deemed by its acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the provisions of Section 5.02(d) of the Agreement and, if any
purported Transferee shall become a Holder of this Certificate in violation of the provisions of such Section 5.02(d),
to have irrevocably authorized the Certificate Administrator (i) to deliver payments to a Person other than such Person and
(ii) to negotiate the terms of any mandatory disposition, to execute all instruments of Transfer and to do all other things
necessary in connection with any such disposition. Each Person holding or acquiring any Ownership Interest in this Certificate
must be a Permitted Transferee and shall promptly notify the Certificate Administrator and the Tax Administrator of any change
or impending change in its status as a Permitted Transferee. In connection with any proposed Transfer of any Ownership Interest
in this Certificate, the

 

    	A-2-5

    	 

    

 

Certificate
Registrar shall require delivery to it, and shall not register the Transfer of this Certificate until its receipt of, an affidavit
and agreement substantially in the form attached as Exhibit E-1 to the Agreement (a “Transfer Affidavit and
Agreement”) from the proposed Transferee, representing and warranting, among other things, that such Transferee is a
Permitted Transferee, that it is not acquiring its Ownership Interest in this Certificate as a nominee, trustee or agent for any
Person that is not a Permitted Transferee. Notwithstanding the delivery of a Transfer Affidavit and Agreement by a proposed Transferee,
if a Responsible Officer of either the Certificate Registrar or the Certificate Administrator has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in this Certificate to such proposed Transferee
shall be effected. In connection therewith, the Certificate Registrar shall not register the transfer of an Ownership Interest
in this Certificate to any entity classified as a partnership under the Code unless at the time of transfer, all of its beneficial
owners are, and under the partnership agreements are required to be, United States Securities Persons.

 

Each
Person holding or acquiring any Ownership Interest in this Certificate shall agree (x) to require a Transfer Affidavit and
Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest herein and (y) not to transfer
its Ownership Interest herein unless it provides to the Certificate Registrar a certificate substantially in the form attached
as Exhibit E-2 to the Agreement stating that, among other things, it has no actual knowledge that such other Person
is not a Permitted Transferee. Each Person holding or acquiring an Ownership Interest in this Certificate, by purchasing such
Ownership Interest herein, agrees to give the Certificate Administrator and the Tax Administrator written notice that it is a
“pass-through interest holder” within the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such Ownership Interest on behalf of, a “pass-through
interest holder.”

 

If
a Person is acquiring this Certificate as a fiduciary or agent for one or more accounts, such Person shall be required to deliver
to the Certificate Registrar a certification to the effect that, and such other evidence as may be reasonably required by the
Certificate Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full
power to make the acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account
described above in this Certificate.

 

The
provisions of Section 5.02(d) of the Agreement may be modified, added to or eliminated, provided that there shall
have been delivered to the Certificate Administrator and the Tax Administrator the following: (a) a Rating Agency Confirmation
with respect to such modification of, addition to or elimination of such provisions; and (b) an Opinion of Counsel, in form
and substance satisfactory to the Certificate Administrator and the Tax Administrator, to the effect that such modification of,
addition to or elimination of such provisions will not cause any REMIC Pool to cease to qualify as a REMIC or be subject to an
entity-level tax caused by the Transfer of a Class R Certificate to a Person that is not a Permitted Transferee, or cause
a Person other than the prospective Transferee to be subject to a REMIC-related tax caused by the Transfer of a Class R Certificate
to a Person that is not a Permitted Transferee.

 

A
“Permitted Transferee” is any Transferee other than a “Disqualified Organization”, a “Disqualified
Non-United States Tax Person” or a “Disqualified Partnership” (each as defined in the Agreement) and other than
a foreign permanent establishment or fixed

 

    	A-2-6

    	 

    

 

base
(each within the meaning of any applicable income tax treaty) of a United States Tax Person or any other Person as to whom the
transfer of this Certificate may cause any REMIC Pool to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

As
provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate
Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar
duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of
the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated
transferee or transferees.

 

No
service charge will be imposed for any transfer or exchange of this Certificate, but the Certificate Administrator or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of this Certificate.

 

The
Depositor, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee,
the Certificate Administrator, the Trust Advisor, the Tax Administrator, the Custodian, the Certificate Registrar and any agent
of any such party may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
none of such parties or such agents shall be affected by notice to the contrary.

 

Subject
to certain terms and conditions set forth in the Agreement, the Trust and the obligations created by the Agreement shall terminate
upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator on behalf
of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or
other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund;
(ii) the purchase by the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer or any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, at a price determined
as provided in the Agreement, of all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to
any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund; and
(iii) the exchange by the Sole Certificateholder(s) of all the Certificates for all Mortgage Loans and each REO Property
(or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such
REO Property) remaining in the Trust Fund with the written consent of the General Master Servicer or the NCB Master Servicer,
as applicable, in its sole discretion. The Agreement permits, but does not require, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer or any single Subordinate Class Certificateholder or group of
Subordinate Class Certificateholders to purchase from the Trust Fund all the Mortgage Loans and each REO Property (or, in the
case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property)
remaining therein. The exercise of such right will effect early retirement of the Certificates; however, such right to purchase
is

 

    	A-2-7

    	 

    

 

subject
to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being 1.0% or less of the Cut-off Date
Pool Balance.

 

The
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the parties thereto and the rights of the Certificateholders under the Agreement at any time by the parties to the Agreement
with the consent of (i) the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class
of Certificates that is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders
and (ii) any Serviced Pari Passu Companion Loan Holders materially affected by the amendment. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon
this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of any REMIC Pool as a REMIC, without the consent of the Holders of any of the Certificates.

 

Unless
the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

The
registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights
therein) for distributions hereunder.

 

This
Certificate shall be construed in accordance with the laws of the State of New York applicable to agreements negotiated, made
and to be performed entirely in said State, and the obligations, rights and remedies of the Holder hereof shall be determined
in accordance with such laws.

 

    	A-2-8

    	 

    

 

IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on its behalf by the Certificate Registrar. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Certificate Registrar
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class R Certificates referred to in the within-mentioned Agreement.

 

Dated:          August
12, 2015

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

    	A-2-9

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto ______________________________________________

	 

(please print or
typewrite name and address including postal zip code of assignee)

 

the beneficial ownership
interest in the Trust Fund evidenced by the within Mortgage Pass-Through Certificate and hereby authorize(s) the registration
of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the following address: ___________________________________________
_________________________________________________________________.

 

Dated:

 

	  	     Signature by or on behalf of Assignor

 

	  	     Signature Guaranteed

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee should
include the following for purposes of distribution:

 

Distributions
shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to
_________________________________ for the account of __________________________________________.

 

Distributions made
by check (such check to be made payable to ________________________________________) and all applicable statements and notices
should be mailed to __________________________________________.

 

This information is
provided by ________________________________, the Assignee named above, or _____________________________, as its agent.

 

    	A-2-10

    	 

    

 

EXHIBIT
A-3

FORM OF CLASS V CERTIFICATES

 

CLASS
V COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATE, SERIES 2015-C30 

 

This
is one of a series of commercial mortgage pass-through certificates (collectively, the “Certificates”), issued
in multiple classes (each, a “Class”), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of commercial, multifamily and manufactured
housing community mortgage loans or interests therein (the “Mortgage Loans”), such pool being formed and sold
by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

	Closing
    Date:  August 12, 2015

    
	Percentage
    Interest evidenced by

    this Class V Certificate:  ___%
	First
    Distribution Date:

    September 17, 2015	Aggregate
    Cut-off Date Principal Balance of the Original Mortgage Loans as of the Cut-off Date (“Cut-off Date Pool Balance”):  $740,314,909
	General
    Master Servicer:

    Wells Fargo Bank, National Association	NCB
    Master Servicer:

    National Cooperative Bank, N.A.
	General
    Special Servicer:

    CWCapital Asset Management LLC	NCB
    Special Servicer:

    National Cooperative Bank, N.A.
	Trustee:

    Wilmington Trust, National Association	Certificate
    Administrator, Tax Administrator and Custodian:

    Wells Fargo Bank, National Association
	Trust
    Advisor:  

    Pentalpha Surveillance LLC	CUSIP
    No.:

    ISIN No.:  ________________
	 Certificate
No. V -___

         
	 

 

    	A-3-1

    	 

    

 

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS
CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

IF
OFFERS AND SALES OF THIS CERTIFICATE ARE MADE IN ANY JURISDICTION OUTSIDE OF THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS,
SUCH OFFERS AND SALES MUST COMPLY WITH ALL APPLICABLE LAWS OF SUCH JURISDICTION.

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF
APPLICABLE FEDERAL, STATE OR LOCAL LAW, OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, EITHER
MASTER SERVICER, EITHER SPECIAL SERVICER, THE TRUSTEE, THE TRUST ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE INITIAL SUBORDINATE
CLASS REPRESENTATIVE, THE UNDERWRITERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A
MATERIAL

 

    	A-3-2

    	 

    

 

EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE. ANY PURPORTED TRANSFER IN VIOLATION OF
THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.

 

THIS
CERTIFICATE IS ENTITLED ONLY TO CERTAIN POST-ARD ADDITIONAL INTEREST (IF ANY) RECEIVED IN RESPECT OF THE ARD MORTGAGE LOANS, SUBJECT
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

This
certifies that [________________] is the registered owner of the Percentage Interest evidenced by this Certificate (as specified
above) in that certain beneficial ownership interest in the Trust Fund evidenced by all the Class V Certificates. The Trust
Fund was created and the Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor,”
which term includes any successor entity under the Agreement), Wells Fargo Bank, National Association, as general master servicer
(in such capacity, the “General Master Servicer,” which term includes any successor entity under the Agreement),
as certificate administrator (in such capacity, the “Certificate Administrator,” which term includes any successor
entity under the Agreement), as tax administrator (in such capacity, the “Tax Administrator,” which term includes
any successor entity under the Agreement) and as custodian (in such capacity, the “Custodian,” which term includes
any successor entity under the Agreement), CWCapital Asset Management LLC, as general special servicer (in such capacity, the
“General Special Servicer,” which term includes any successor entity under the Agreement), National Cooperative
Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer,” which term includes any successor
entity under the Agreement) and as NCB special servicer (in such capacity, the “NCB Special Servicer,” which
term includes any successor entity under the Agreement), Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor,”
which term includes any successor entity under the Agreement), and Wilmington Trust, National Association, as trustee (the “Trustee,”
which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned thereto
in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. In
the event that there is any conflict between any provision of this Certificate and any provision of the Agreement, such provision
of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant
to the terms of the Agreement, beginning on the First Distribution Date specified above, distributions will be made on that date
(the “Distribution Date”) each month that is the fourth Business Day following the Determination Date in such
month, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount

 

    	A-3-3

    	 

    

 

required
to be distributed to all the Holders of the Class V Certificates on the applicable Distribution Date pursuant to the Agreement.
All distributions made under the Agreement on this Certificate will be made by the Certificate Administrator by wire transfer
of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Certificate Administrator with wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent Distribution Dates), or otherwise by check mailed to the address of such Certificateholder as it appears in the
Certificate Register. Notwithstanding the foregoing, the final distribution on this Certificate will be made in like manner, but
only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified
in the notice to the Holder hereof of such final distribution.

 

The
Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans, all as
more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Distribution Account,
the Collection Accounts, the Reserve Accounts, the Servicing Accounts, the Interest Reserve Accounts, the Excess Liquidation Proceeds
Account, the REO Accounts (if established), the Serviced Pari Passu Companion Loan Custodial Account and any other accounts established
pursuant to the Agreement may be made from time to time for purposes other than, and, in certain cases, prior to, distributions
to Certificateholders, such purposes including the reimbursement of advances made, or certain expenses incurred, with respect
to the Mortgage Loans and the payment of interest on such advances and expenses.

 

This
Certificate is issuable in fully registered form only without interest coupons. As provided in the Agreement and subject to certain
limitations therein set forth, this Certificate is exchangeable for new Certificates of the same Class in authorized denominations
evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

No
direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any ownership interest in this Certificate
or any interest herein shall be made unless that transfer, sale, pledge, hypothecation or other form of assignment (a “Transfer”)
is exempt from the registration and/or qualification requirements of the Securities Act and any applicable securities laws of
any state, or is otherwise made in accordance with the Securities Act and such other securities laws. If a Transfer of this Certificate
is to be made without registration under the Securities Act, then (except in limited circumstances specified in the Agreement)
the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely
upon) either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached
as Exhibit C-1A or Exhibit C-2A to the Agreement and a certificate from such Certificateholder’s prospective
Transferee substantially in the form attached either as Exhibit C-1B or as Exhibit C-2B to the Agreement, or
(ii) an Opinion of Counsel satisfactory to the Certificate Administrator to the effect that such prospective Transferee is
an Institutional Accredited Investor or a Qualified Institutional Buyer and such Transfer may be made without registration under
the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund, the Depositor, the General Master Servicer,
the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee, the Certificate Administrator, the
Tax Administrator, the Custodian or the Certificate Registrar in

 

    	A-3-4

    	 

    

 

their
respective capacities as such), together with the written certification(s) as to the facts surrounding such Transfer from the
Certificateholder desiring to effect such Transfer and/or such Certificateholder’s prospective Transferee on which such
Opinion of Counsel is based.

 

None
of the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer, the Tax Administrator, the Custodian, the Certificate Registrar
or the Trust Advisor is obligated to register or qualify the Class V Certificates under the Securities Act or any other securities
law or to take any action not otherwise required under the Agreement to permit the transfer of this Certificate or any interest
herein without registration or qualification. Any Certificateholder or Certificate Owner desiring to effect a transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify the Depositor, the Initial Purchasers, the Certificate
Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer, the Tax Administrator, the Custodian, the Certificate Registrar and the Trust Advisor against any liability that may
result if the transfer is not so exempt or is not made in accordance with such federal and state laws or the provisions described
above.

 

No
transfer of this Certificate or any interest herein shall be made (A) to any employee benefit plans or other benefit plans
and arrangements, including individual retirement accounts and annuities, Keogh plans and collective investment funds and separate
accounts the assets of which are considered “plan assets” under U.S. Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA, or for purposes of Similar Law, including insurance company general accounts, that are
subject to ERISA, Section 4975 of the Code or Similar Law (each, a “Plan”), or (B) to any Person
who is directly or indirectly purchasing this Certificate or any interest herein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan. The Certificate Registrar shall refuse to register the transfer of this Certificate unless it has
received from the prospective Transferee a certification to the effect that such prospective Transferee is not a Plan and is not
directly or indirectly purchasing this Certificate.

 

If
a Person is acquiring this Certificate as a fiduciary or agent for one or more accounts, such Person shall be required to deliver
to the Certificate Registrar a certification to the effect that, and such other evidence as may be reasonably required by the
Certificate Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full
power to make the acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account
described above in this Certificate.

 

As
provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate
Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

 

    	A-3-5

    	 

    

 

No
service charge will be imposed for any transfer or exchange of this Certificate, but the Certificate Administrator or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of this Certificate.

 

The
Depositor, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Trustee,
the Certificate Administrator, the Trust Advisor, the Tax Administrator, the Custodian the Certificate Registrar and any agent
of any such party may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
none of such parties or such agents shall be affected by notice to the contrary.

 

Subject
to certain terms and conditions set forth in the Agreement, the Trust and the obligations created by the Agreement shall terminate
upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator on behalf
of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or
other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund;
(ii) the purchase by the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer or any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, at a price determined
as provided in the Agreement, of all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to
any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund; and
(iii) the exchange by the Sole Certificateholder(s) of all the Certificates for all Mortgage Loans and each REO Property
(or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such
REO Property) remaining in the Trust Fund with the written consent of the General Master Servicer or the NCB Master Servicer,
as applicable, in its sole discretion. The Agreement permits, but does not require, the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer or any single Subordinate Class Certificateholder or group of
Subordinate Class Certificateholders to purchase from the Trust Fund all the Mortgage Loans and each REO Property (or, in the
case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property)
remaining therein. The exercise of such right will effect early retirement of the Certificates; however, such right to purchase
is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being 1.0% or less of the Cut-off
Date Pool Balance.

 

The
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the parties thereto and the rights of the Certificateholders under the Agreement at any time by the parties to the Agreement
with the consent of (i) the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class
of Certificates that is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders
and (ii) any Serviced Pari Passu Companion Loan Holders materially affected by the amendment. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon
this Certificate.

 

    	A-3-6

    	 

    

 

The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of any REMIC Pool as a REMIC, without the consent of the Holders of any of the Certificates.

 

Unless
the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

The
registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights
therein) for distributions hereunder.

 

This
Certificate shall be construed in accordance with the laws of the State of New York applicable to agreements negotiated, made
and to be performed entirely in said State, and the obligations, rights and remedies of the Holder hereof shall be determined
in accordance with such laws.

 

    	A-3-7

    	 

    

 

IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on its behalf by the Certificate Registrar.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Certificate Registrar
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class V Certificates referred to in the within-mentioned Agreement.

 

Dated:          August
12, 2015 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL

    ASSOCIATION

    not in its individual capacity but solely as

    Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

    	A-3-8

    	 

    
 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto ______________________________________________

	 

(please print or
typewrite name and address including postal zip code of assignee)

 

the beneficial ownership
interest in the Trust Fund evidenced by the within Mortgage Pass-Through Certificate and hereby authorize(s) the registration
of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the following address: ___________________________________________
_________________________________________________________________.

 

Dated:

 

	  	     Signature by or on behalf of Assignor

 

	  	     Signature Guaranteed

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee should
include the following for purposes of distribution:

 

Distributions
shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to
_________________________________ for the account of __________________________________________.

 

Distributions made
by check (such check to be made payable to ________________________________________) and all applicable statements and notices
should be mailed to __________________________________________. 

 

This
information is provided by ______,

the Assignee named above, or ___________,

as its agent

 

    	A-3-9

    	 

    

 

  

EXHIBIT B

 

LETTER
OF REPRESENTATIONS BETWEEN ISSUER AND INITIAL DEPOSITORY

 

    	B-1

    	 

    

 

 

 

 

The Depository
Trust Company

A subsidiary of the Depository Trust &
Clearing Corporation

 

ISSUER LETTER OF REPRESENTATIONS

(To be completed by Issuer and Co-Issuer(s),
if applicable)

 

	WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C30

(Name of Issuer and Co-Issuer(s), if applicable)

 

	COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-C30

(Security Description, including series designation
if applicable)

 

	See
Rider 1

(CUSIP Number(s) of the Securities)

 

	 	 	August
    12, 2015
	 	 	(Date)

 

The Depository Trust Company

570 Washington Blvd, 4th FL

Jersey City, NJ 07310

Attention: Underwriting Department

 

Ladies and Gentlemen:

 

This letter sets forth our understanding with
respect to the Securities represented by the CUSIP number(s) referenced above (the “Securities”). Issuer requests that
The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC.

 

Issuer is: (Note: Issuer must represent one and cross out
the other.)

 

[incorporated
in] [formed under the laws of]  New York                                                      .

 

The DTC Clearing Participant             See Rider 2             will distribute
the Securities through DTC.

 

To induce DTC to accept the Securities as eligible
for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer
will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time.

 

	Note:	 	Very truly yours,
	Schedule A contains statements
    that DTC 	 	
	believes accurately describe
    DTC, the method 	 	WELLS FARGO COMMERCIAL
    MORTGAGE
	of effecting book-entry transfers
    of securities 	 	TRUST
    2015-C30, by Wells Fargo Bank, National Association, not individually, 

but solely in its capacity as Certificate Administrator
	distributed through DTC, and
    certain related 	 	(Issuer)
	matters.	 	 	 
	 	 	By:	 /s/ Stacey
    Gross
	 	 	 	(Authorized Officer’s Signature)
	 	 	 
	 	 	Stacey Gross
	 	 	(Print
    Name)
	 	 	 
	 	 	9062
    Old Annapolis Road
	 	 	(Street
    Address)
	 	 	 
	 	 	Columbia,        MD        USA        21045
	 	 	(City)
             (State)          (Country)         
    (Zip Code)
	 	 	 
	 	 	410-884-2005
	 	 	(Phone
    Number)
	 	 	 
	 	 	stacey.m.gross@wellsfargo.com
	 	 	(E-mail
    Address)

 

 

 

ILOR 06-2013

 

    	 

    	 

    

 

Schedule
A

(To Issuer Letter of Representations)

 

SAMPLE OFFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

(Prepared by DTC—bracketed material may
be applicable only to certain issues)

 

1.        The
Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities
(the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede
& Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC.
One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate
principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue
exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional
certificate will be issued with respect to any remaining principal amount of such issue.]

 

2.        DTC,
the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a
“clearing corporation” within the meaning of the New York Uniform Commercial Code, and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC
holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal
debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”)
deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities
transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct
Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants
include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain
other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”).
DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of
which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is
also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing
corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to
its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

 

3.        Purchases of Securities under the DTC
system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership
interest of each actual purchaser of each Security (“Beneficial Owner “) is in turn to be recorded on the Direct and
Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial
Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements
of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers
of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants
acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in
Securities, except in the event that use of the book-entry system for the Securities is discontinued.

 

4.        To facilitate subsequent transfers, all
Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or
such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration
in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge
of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose
accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will
remain responsible for keeping account of their holdings on behalf of their customers.

 

ILOR 06-2013

 

    	 

    	 

    

 

Schedule
A

(To Issuer Letter of Representations)

 

5.        Conveyance of notices and other communications
by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants
to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be
in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them
of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments
to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities
for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish
to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

 

[6.      Redemption notices
shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by
lot the amount of the interest of each Direct Participant in such issue to be redeemed.]

 

7.        Neither
DTC nor Cede & Co.(nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a
Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to
Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting
rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing
attached to the Omnibus Proxy).

 

8.        Redemption
proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as
may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon
DTC’s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their
respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or
registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer,
subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds,
distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized
representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be
the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct
and Indirect Participants.

 

[9.      A Beneficial Owner shall give notice
to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect
delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s
records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender
or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants
on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.]

 

10.      DTC may discontinue
providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent.
Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed
and delivered.

 

11.      Issuer may decide
to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event,
Security certificates will be printed and delivered to DTC.

 

12.      The information in this section concerning
DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility
for the accuracy thereof.

 

ILOR 06-2013

 

    	 

    	 

    

 

 

WFCM 2015-C30

 

Riders to Letter of Representations

 

Rider 1

 

	Certificate Class	CUSIP
	Class A-1	94989N BB2
	Class A-2	94989N BC0
	Class A-3	94989N BD8
	Class A-4	94989N BE6
	Class A-SB	94989N BF3
	Class A-S	94989N BG1
	Class X-A	94989N BH9
	Class X-B	94989N BJ5
	Class B	94989N BK2
	Class C	94989N BL0
	Class PEX	94989N BM8

 

 

Rider 2

 

Wells Fargo Securities, LLC, Morgan Stanley
& Co., and Deutsche Bank Securities, Inc.

 

    	 1

    	 

    

 

The Depository
Trust Company

A subsidiary of the Depository Trust &
Clearing Corporation

 

ISSUER LETTER OF REPRESENTATIONS

(To be completed by Issuer and Co-Issuer(s),
if applicable)

 

	WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C30

(Name of Issuer and Co-Issuer(s), if applicable)

 

	COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-C30

(Security Description, including series designation
if applicable)

 

	See
    Rider 1

(CUSIP Number(s) of the Securities)

 

	 	 	August
    12, 2015
	 	 	(Date)

 

The Depository Trust Company

570 Washington Blvd, 4th FL

Jersey City, NJ 07310

Attention: Underwriting Department

 

Ladies and Gentlemen:

 

This letter sets forth our understanding with
respect to the Securities represented by the CUSIP number(s) referenced above (the “Securities”). Issuer requests that
The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC.

 

Issuer is: (Note: Issuer must represent one and cross out
the other.)

 

[incorporated
in] [formed under the laws of]  New York                                                        .

 

The DTC Clearing Participant                See Rider 2               will distribute
the Securities through DTC.

 

To induce DTC to accept the Securities as eligible
for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer
will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time.

 

	Note:	 	Very truly yours,
	Schedule A contains statements that DTC 	 	
	believes accurately describe DTC, the method 	 	
	of effecting book-entry transfers of securities 	 	WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-C30,

by Wells Fargo Bank, National Association, not individually, 

but solely in its capacity as Certificate Administrator

	distributed through DTC, and certain related 	 	(Issuer)
	matters.	 	 	 
	 	 	By:	 /s/ Stacey
    Gross  
	 	 	 	(Authorized Officer’s Signature)
	 	 	 
	 	 	Stacey Gross
	 	 	(Print Name)
	 	 	 
	 	 	9062
    Old Annapolis Road
	 	 	(Street Address)
	 	 	 
	 	 	Columbia,        MD        USA        21045
	 	 	(City)         
    (State)          (Country)          (Zip Code)
	 	 	 
	 	 	410-884-2005
	 	 	(Phone Number)
	 	 	 
	 	 	stacey.m.gross@wellsfargo.com
	 	 	(E-mail Address)

 

 

 

ILOR 06-2013

 

    	 

    	 

    

 

Schedule
A

(To Issuer Letter of Representations)

 

SAMPLE OFFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

(Prepared by DTC—bracketed material may
be applicable only to certain issues)

 

1.        The
Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities
(the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede
& Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC.
One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate
principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue
exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional
certificate will be issued with respect to any remaining principal amount of such issue.]

 

2.        DTC,
the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law,
a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System,
a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC
holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal
debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct
Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and
other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct
Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations,
and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation
(“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing
Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access
to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant,
either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC
Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can
be found at www.dtcc.com.

 

3.        Purchases of Securities under the DTC
system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership
interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and
Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial
Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements
of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers
of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants
acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in
Securities, except in the event that use of the book-entry system for the Securities is discontinued.

 

4.        To facilitate subsequent transfers, all
Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or
such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration
in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge
of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose
accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will
remain responsible for keeping account of their holdings on behalf of their customers.

 

ILOR 06-2013

 

    	 

    	 

    

 

Schedule
A

(To Issuer Letter of Representations)

 

5.        Conveyance of notices and other communications
by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants
to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be
in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them
of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments
to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities
for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish
to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

 

[6.        Redemption notices
shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by
lot the amount of the interest of each Direct Participant in such issue to be redeemed.]

 

7.        Neither
DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a
Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer
as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those
Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the
Omnibus Proxy).

 

8.        Redemption
proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may
be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s
receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their
respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or
registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer,
subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds,
distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized
representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be
the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct
and Indirect Participants.

 

[9.        A
Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to
[Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the
Participant’s interest in the Securities, on DTC’s records, to [Tender/Remarketing] Agent. The requirement for physical
delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the
ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry
credit of tendered Securities to [Tender/Remarketing] Agents DTC account.]

 

10.        DTC may discontinue
providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent.
Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed
and delivered.

 

11.        Issuer may decide
to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event,
Security certificates will be printed and delivered to DTC.

 

12.        The information in this section concerning
DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility
for the accuracy thereof.

 

ILOR 06-2013

 

    	 

    	 

    

 

The Depository
Trust Company

A subsidiary of The Depository Trust
& Clearing Corporation

 

Representations for Rule 144A Securities

to be included in DTC Letter of Representations

 

	WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-C30

Name of Issuer and Co-Issuer(s), if applicable

 

	COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-C30

Security Description including series designation,
if applicable

 

	See
    Rider 1

CUSIP number(s)of the securities

 

1.  Issuer represents
that at the time of initial registration in the name of DTC’s nominee, Cede & Co., the Securities were Legally or Contractually
Restricted Securities,l eligible for transfer under Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS
identification number assigned to any securities of the same class that were not Legally or Contractually Restricted Securities.
Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that
is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted Security of such class,
and shall notify DTC promptly in the event that it is unable to do so. Issuer represents that it has agreed to comply with all
applicable information requirements of Rule 144A.

 

2.
  Issuer and Agent2 acknowledge that, so long as Cede & Co. is a record owner of the
Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all
distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant
(“Participant”) having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such
Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any
Participant having Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any)
in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC
does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any
transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under
the Securities Act or any other state or federal securities laws; or (c) of the offering documents.

 

	 	Very truly yours,	 
	 	 	
	 	 	
	 	 	WELLS
                                         FARGO COMMERCIAL MORTGAGE

                                                                                TRUST
                                         2015-C30, by Wells Fargo Bank, National Association, not individually, 

but solely in its capacity as Certificate Administrator

	 	 	Issuer
	 	 	 	 
	 	 	By:	 /s/ Stacey
    Gross
	 	 	 	Authorized
    Officer’s Signature
	 	 	 
	 	 	Stacey
    Gross     August 12, 2015
	 	 	Print
    Name & Date

 

1 A “Legally
Restricted Security” is a security that is a restricted security, as defined in Rule 144(a)(3). A “Contractually Restricted
Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the
Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the registration requirements of the Securities Act pursuant
to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is
sold pursuant to the provisions of Rule 144, including Rule 144(b)(1), it will thereby cease to be a “Contractually Restricted
Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually
Restricted Security,” the underlying security must also be a “Legally or Contractually Restricted Security.”

 

2 “Agent” shall be defined
as Depositary, Trustee, Trust Company, Transfer Agent or Paying Agent as such definition applies in the DTC Letter of
Representations to which this rider may be appended.

 

 

 

144A Rider 06-2013

 

    	 

    	 

    

 

The Depository
Trust Company

A subsidiary of The Depository Trust
& Clearing Corporation

 

Representations for Regulation S Securities

to be included in DTC Letter of Representations

 

	WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-C30

Name of Issuer and Co-Issuer(s) if applicable

 

	COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-C30

Security Description including series designation
if applicable

 

	See
    Rider 1

CUSIP Number(s)of the Securities

 

1.       Issuer
represents that at the time of initial registration in the name of DTC’s nominee, Cede & Co., the Securities were Legally
or Contractually Restricted Securities,l and were eligible for transfer under Regulation S under the Securities
Act of 1933, as amended (the “Securities Act”), and identified by a CUSIP or CINS identification number that was different
from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or Contractually
Restricted Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities
of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted
Security of such class, and shall notify DTC promptly in the event that it is unable to do so.

 

2.        Issuer
and Agent2 acknowledge that, so long as Cede & Co. is a record owner of the Securities,
Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all distributions
payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant (“Participant”)
having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such Securities. Without
limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having
Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the
Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC does not in any
way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the
Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under the Securities Act
or any other state or federal securities laws; or (c) of the offering documents.

 

		 	 
	WELLS FARGO COMMERCIAL MORTGAGE
    

    TRUST 2015-C30, by Wells Fargo Bank, National Association, not individually, 

but solely in its capacity as Certificate Administrator	 	 
		 	 
	Issuer	 	Co-Issuer, if applicable
	 	 	 	 	 
	By:	 /s/ Stacey
    Gross	 	By:	 
	 	Authorized  Officer’s Signature	 	 	Authorized Officer’s Signature
	 	 	 
	Stacey
    Gross    August 12, 2015	 	 
	Print
    Name & Date	 	Print
    Name & Date

 

 

1A “Legally
Restricted Security” is a security that is a restricted security, as defined in Rule 144(a)(3). A “Contractually Restricted
Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the
Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the registration requirements of the Securities Act pursuant
to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is
sold pursuant to the provisions of Rule 144, including Rule 144(b)(1), it will thereby cease to be a “Contractually Restricted
Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually
Restricted Security,” the underlying security must also be a “Legally or Contractually Restricted Security.”

 

2 Agent shall be defined as Depositary,
Trustee, Trust Company or Paying agent as such definition applies in the DTC Letter of Representations to which this rider may
be appended.

 

 

 

Regulation S Rider 09-2013

 

    	 

    	 

    

WFCM 2015-C30

 

Riders to Letter of Representations

Rider 1

	Certificate Class	Rule 144A

CUSIP	Reg S CUSIP
	Class X-E	94989N AA5	U9503W AA7
	Class X-FG	94989N AC1	U9503W AB5
	Class X-H	94989N AE7	U9503W AC3
	Class D	94989N AL1	U9503W AF6
	Class E	94989N AN7	U9503W AG4
	Class F	94989N AQ0	U9503W AH2
	Class G	94989N AS6	U9503W AJ8
	Class H	94989N AU1	U9503W AK5

 

Rider 2

Wells Fargo Securities, LLC, Morgan Stanley
& Co., and Deutsche Bank Securities, Inc.

 

 

 

 

 

 

 

    	 

    	 

    

 

 

EXHIBIT
C-1A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO NON-QIB ACCREDITED INVESTORS)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

Re:        Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30(the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by _________________________ (the “Transferor”)
to ________________ (the “Transferee”) of the Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and
Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital
Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance
LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian,
and Wilmington Trust, National Association, as Trustee (the “Trustee”). All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby
certifies, represents and warrants to you and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, sold, pledged, or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any Transferred Certificate or any
other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate,
any interest in

 

    	C-1A-1

    	 

    

 

any
Transferred Certificate or any other similar security with any person in any manner, (d) made any general solicitation with respect
to any Transferred Certificate, any interest in a Transferred Certificate or any other similar security by means of general advertising
or in any other manner or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (e)
hereof) would constitute a distribution of any Transferred Certificate under the Securities Act of 1933, as amended (the “Securities
Act”), or would render the offer, sale, pledge or other transfer of any Transferred Certificate a violation of Section
5 of the Securities Act or any applicable state or foreign securities laws, or would require registration or qualification of
any Transferred Certificate pursuant to the Securities Act or any applicable state or foreign securities laws.

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-1A-2

    	 

    

 

EXHIBIT
C-1B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO NON-QIB ACCREDITED INVESTORS)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________

 

Re:        Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ____________________________ (the “Transferor”)
to __________________________ (the “Transferee”) of the Transferred Certificates. The Certificates, including
the Transferred Certificates, were issued pursuant to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital
Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance
LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian,
and Wilmington Trust, National Association, as Trustee (the “Trustee”). All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants to you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferee is acquiring interests in the Transferred Certificates for its own account for investment and not with a view to or
for sale or transfer in connection with any distribution thereof, in whole or in part, other than in accordance with the Pooling
and Servicing Agreement in a manner which would not violate the Securities Act

 

    	C-1B-1

    	 

    

 

of 1933, as amended (the “Securities Act”),
or any applicable state or foreign securities laws.

 

2.          The
Transferee understands that (a) the Transferred Certificates have not been and will not be registered under the Securities Act
or registered or qualified under any applicable state or foreign securities laws, (b) none of the Depositor, the Trustee or the
Certificate Registrar is obligated so to register or qualify the Transferred Certificates and (c) neither the Transferred Certificates
nor any security issued in exchange therefor or in lieu thereof may be reoffered, resold, pledged or otherwise transferred unless
it is (i)
registered pursuant to the Securities Act and registered or qualified pursuant any applicable state and foreign securities laws
or (ii) offered, sold, pledged or otherwise transferred in transactions that are exempt from, or not subject to, such registration
and qualification and the transferee has delivered either: (A) a certificate from the prospective transferor substantially in
the form attached as Exhibit C-1A or as Exhibit C-2A to the Pooling and Servicing Agreement; (B) a certificate from the prospective
transferee substantially in the form attached either as Exhibit C-1B or as Exhibit C-2B to the Pooling and Servicing Agreement;
or (C) an opinion of counsel satisfactory to the Certificate Registrar that the sale, pledge or other transfer may be made without
registration under the Securities Act, together with written certification(s) as to the facts surrounding the transfer from the
prospective transferor and/or prospective transferee upon which such opinion is based.

 

3.          The
Transferee understands that it may not offer, sell, pledge or otherwise transfer any Transferred Certificate, any security issued
in exchange therefor or in lieu thereof or any interest in the foregoing except in compliance with the provisions of Section 5.02
of the Pooling and Servicing Agreement, which provisions it has carefully reviewed, and that each Transferred Certificate will
bear the following legends:

 

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH
DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT
THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT

 

    	C-1B-2

    	 

    

 

INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS
OF APPLICABLE FEDERAL, STATE OR LOCAL LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

 

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, sold, pledged or otherwise transferred any Transferred
Certificate, any interest in any Transferred Certificate or any other similar security to any person in any manner, (b)
solicited any offer to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar security with
any person in any manner, (d) made any general solicitation with respect to any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security by means of general advertising or in any other manner or (e) taken any
other action with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Transferred Certificates under the Securities Act, would render the offer, sale, pledge or other transfer of any
Transferred Certificate a violation of Section 5 of the Securities Act or any state or foreign securities laws, or would
require registration or qualification of the Transferred Certificates pursuant thereto. The Transferee will not act, nor has
it authorized or will it authorize any person to act, in any manner set forth in the foregoing sentence with respect to any
Transferred Certificate, any interest in any Transferred Certificate or any other similar security.

 

5.          The
Transferee has been furnished with all information regarding (a) the parties to the Pooling and Servicing Agreement, (b) the Transferred
Certificates and distributions thereon, (c) the nature, performance and servicing of the Mortgage Loans, (d) the Trust and Trust
Fund, (e) the Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreements and (f) all related matters, that it has
requested.

 

6.          The
Transferee is an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) of Regulation
D under the Securities Act or an entity in which all of the equity owners come within such paragraphs.

 

7.          The
Transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in

 

    	C-1B-3

    	 

    

 

the Transferred Certificates; the Transferee has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision; and the Transferee is able to bear the economic risks of such investment and
can afford a complete loss of such investment. 

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-1B-4

    	 

    

 

EXHIBIT
C-2A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED

CERTIFICATES TO QIBs)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by __________ (the “Transferor”) to _________ (the
“Transferee”) of the Transferred Certificates. The Certificates, including the Transferred Certificates, were
issued pursuant to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee (the “Trustee”). All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, sold, pledged or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any Transferred Certificate or any
other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate,
any interest in any Transferred Certificate or any other similar 

 

    	C-2A-1

    	 

    

 

security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in a Transferred Certificate or any other similar security
by means of general advertising or in any other manner or (e) taken any other action with respect to any Transferred Certificate,
any interest in a Transferred Certificate or any other similar security, which (in the case of any of the acts described in clauses
(a) through (e) hereof) would constitute a distribution of any Transferred Certificate under the Securities Act of 1933, as amended
(the “Securities Act”), would render the offer, sale, pledge or other transfer of any Transferred Certificate
a violation of Section 5 of the Securities Act or any applicable state or foreign securities laws, or would require registration
or qualification of any Transferred Certificate pursuant to the Securities Act or any applicable state or foreign securities laws.
The Transferor will not act, nor
has it authorized or will it authorize any person to act, in any manner set forth in the foregoing sentence with respect to any
Transferred Certificate, any interest in any Transferred Certificate or any other similar security.

 

3.            The
Transferor and any person acting on behalf of the Transferor in this matter reasonably believe that the Transferee is a “qualified
institutional buyer” (a “Qualified Institutional Buyer”) as that term is defined in Rule 144A (“Rule
144A”) under the Securities Act, purchasing for its own account or for the account of another person that is itself
a Qualified Institutional Buyer. In determining whether the Transferee is a Qualified Institutional Buyer, the Transferor and
any person acting on behalf of the Transferor in this matter have relied upon the following method(s) of establishing the Transferee’s
ownership and discretionary investments of securities (check one or more):

 

____       (a)          The
Transferee’s most recent publicly available financial statements, which statements present the information as of a date
within 16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. purchaser and within 18 months
preceding such date of sale for a foreign purchaser; or

 

____       (b)          The
most recent publicly available information appearing in documents filed by the Transferee with the Securities and Exchange Commission
or another United States federal, state, or local governmental agency or self-regulatory organization, or with a foreign governmental
agency or self-regulatory organization, which information is as of a date within 16 months preceding the date of sale of the Transferred
Certificates in the case of a U.S. purchaser and within 18 months preceding such date of sale for a foreign purchaser; or

 

____       (c)          The
most recent publicly available information appearing in a recognized securities manual, which information is as of a date within
16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. purchaser and within 18 months preceding
such date of sale for a foreign purchaser; or

 

    	C-2A-2

    	 

    

 

____       (d)          A
certification by the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the Transferee,
specifying the amount of securities owned and invested on a discretionary basis by the Transferee as of a specific date on or
since the close of the Transferee’s most recent fiscal year, or, in the case of a Transferee that is a member of a “family
of investment companies”, as that term is defined in Rule 144A(a)(1)(iv), a certification by an executive officer of the
investment adviser specifying the amount of securities owned by the “family of investment companies” as of a specific
date on or since the close of the Transferee’s most recent fiscal year.

 

4.            The
Transferor and any person acting on behalf of the Transferor understand that in determining the aggregate amount of securities
owned and invested on a discretionary basis by an entity for purposes of establishing whether such entity is a Qualified Institutional
Buyer:

 

(a)        the
following instruments and interests shall be excluded: securities of issuers that are affiliated with such entity; securities
that are part of an unsold allotment to or subscription by such entity, if such entity is a dealer; securities of issuers that
are part of such entity’s “family of investment companies”, if such entity is a registered investment company;
bank deposit notes and certificates of deposit; loan participations; repurchase agreements; securities owned but subject to a
repurchase agreement; and currency, interest rate and commodity swaps;

 

(b)        the
aggregate value of the securities shall be the cost of such securities, except where the entity reports its securities holdings
in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities
has been published, in which case the securities may be valued at market;

 

(c)        securities
owned by subsidiaries of the entity that are consolidated with the entity in its financial statements prepared in accordance with
generally accepted accounting principles may be included if the investments of such subsidiaries are managed under the direction
of the entity, except that, unless the entity is a reporting company under Section 13 or 15(d) of the Securities Exchange Act
of 1934, as amended, securities owned by such subsidiaries may not be included if the entity itself is a majority-owned subsidiary
that would be included in the consolidated financial statements of another enterprise.

 

5.          The
Transferor or a person acting on its behalf has taken reasonable steps to ensure that the Transferee is aware that the Transferor
is relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.

 

6.          The
Transferor or a person acting on its behalf has furnished, or caused to be furnished, to the Transferee all information regarding
(a) the parties to the Pooling and Servicing Agreement, (b) the Transferred Certificates and distributions thereon, (c) the

 

    	C-2A-3

    	 

    

 

nature,
performance and servicing of the Mortgage Loans, (d) the Trust and Trust Fund, (e) the Pooling and Servicing Agreement and the
Mortgage Loan Purchase Agreements and (f) all related matters, that the Transferee has requested. 

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-2A-4

    	 

    
 

EXHIBIT
C-2B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO QIBs)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ______________ (the “Transferor”) to _______________
(the “Transferee”) of the Transferred Certificates. The Certificates, including the Transferred Certificates,
were issued pursuant to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee (the “Trustee”). All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferee is a “qualified institutional buyer” (a “Qualified Institutional Buyer”) as that term
is defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”) and has completed one of the forms of certification to that effect attached hereto as Annex 1 and Annex 2. The 

 

    	C-2B-1

    	 

    

 

Transferee is aware that the Transfer to it of the Transferred Certificates is being made in reliance on Rule 144A. The Transferee
is purchasing the Transferred Certificates for its own account or for the account of a Qualified Institutional Buyer, and understands
that such Transferred Certificates may be reoffered, resold, pledged or otherwise transferred only (i) to a person reasonably
believed to be a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the reoffer, resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant
to another exemption from registration under the Securities Act, and (iii) in either case, in compliance with applicable state
and foreign securities laws.

 

2.          The
Transferee has been furnished with all information regarding (a) the parties to the Pooling and Servicing Agreement, (b) the Transferred
Certificates and distributions thereon, (c) the nature, performance and servicing of the Mortgage Loans, (d) the Trust and Trust
Fund, (e) the Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreements and (f) all related matters, that it has
requested.

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-2B-2

    	 

    
 

ANNEX
1 TO EXHIBIT C-2B

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

 

The
undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Certificate
Registrar], as Certificate Registrar, with respect to the mortgage pass-through certificates being Transferred (the “Transferred
Certificates”) as described in the Transferee Certificate to which this certification relates and to which this certification
is an Annex:

 

1.          As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity acquiring interests in the Transferred Certificates (the “Transferee”).

 

2.          The
Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”) because (i) [the Transferee] [each of the Transferee’s equity owners] owned
and/or invested on a discretionary basis $______________1 in securities (other than the excluded securities referred
to below) as of the end of the Transferee’s most recent fiscal year (or a specified date since the end of such Transferee’s
most recent fiscal year) (such amount being calculated in accordance with Rule 144A) and (ii) the Transferee satisfies the criteria
in the category marked below.

 

___        Corporation,
etc. The Transferee is a corporation (other than a domestic or foreign bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or any organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986.

 

___        Bank.
The Transferee (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory or the District
of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking
commission or similar official or is a foreign bank or equivalent institution and (b) has an audited net worth of at least $25
million as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than
16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. bank, and not more than 18 months preceding
such date of sale in the case of a foreign bank or equivalent institution.

 

 

1Transferee
or each of its equity owners must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Transferee
or any such equity owner, as the case may be, is a dealer, and, in that case, Transferee or such equity owner, as the case may
be, must own and/or invest on a discretionary basis at least $10,000,000 in securities.

 

    	C-2B-3

    	 

    

 

___        Savings
and Loan. The Transferee (a) is a savings and loan association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a State or Federal authority having supervision over any
such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at
least $25 million as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date
not more than 16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. savings and loan association,
and not more than 18 months preceding such date of sale in the case of a foreign savings and loan association or equivalent institution.

 

___        Broker-dealer.
The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.

 

___        Insurance
Company. The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance
or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner
or a similar official or agency of a State, U.S. territory or the District of Columbia.

 

___        State
or Local Plan. The Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of its employees.

 

___        ERISA
Plan. The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security
Act of 1974.

 

___        Investment
Adviser. The Transferee is an investment adviser registered under the Investment Advisers Act of 1940, as amended.

 

___        QIB
Subsidiary. All of the Transferee’s equity owners are “qualified institutional buyers” within the meaning
of Rule 144A.

 

___        Other.
(Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1)
of Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete Annex 2 rather than this
Annex 1.)

	 	 
	 	 
	 	 

 

3.          For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by any Person, the Transferee
did not include (i) securities of issuers that are affiliated with such Person, (ii) securities that are part of an unsold allotment
to or subscription by such Person, if such Person is a dealer,

 

    	C-2B-4

    	 

    

 

(iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement, and (vii) currency, interest
rate and commodity swaps.

 

4.          For
purposes of determining the aggregate value of securities owned and/or invested on a discretionary basis by any Person, the Transferee
used the cost of such securities to such Person, unless such Person reports its securities holdings in its financial statements
on the basis of their market value, and no current information with respect to the cost of those securities has been published,
in which case the securities were valued at market. Further, in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries are consolidated with such Person in its financial
statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are
managed under such Person’s direction. However, such securities were not included if such Person is a majority-owned, consolidated
subsidiary of another enterprise and such Person is not itself a reporting company under the Securities Exchange Act of 1934,
as amended.

 

5.          The
Transferee is familiar with Rule 144A and understands that the Transferor and other parties related to the Transferred Certificates
are relying and will continue to rely on the statements made herein because one or more Transfers to the Transferee may be in
reliance on Rule 144A.

 

___        ___         Will
the Transferee be acquiring interests in the Transferred

Yes        No           Certificates
only for the Transferee’s own account?

 

6.          If
the answer to the foregoing question is “no”, then in each case where the Transferee is acquiring any interest in
a Transferred Certificate for an account other than its own, such account belongs to a third party that is itself a “qualified
institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such
third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.          The
Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Transferee’s acquisition of any interest in the Transferred Certificates will constitute
a reaffirmation of this certification as of the date of such acquisition. In addition, if the Transferee is a bank or savings
and loan as provided above, the Transferee agrees that it will furnish to such parties any updated annual financial statements
that become available on or before the date of such acquisition, promptly after they become available.

 

    	C-2B-5

    	 

    

 

8.          Capitalized
terms used but not defined herein have the meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to which
the Transferred Certificates were issued.

 

	 	 	 
	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Date:

 

    	C-2B-6

    	 

    

 

ANNEX
2 TO EXHIBIT C-2B

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That Are Registered Investment Companies]

 

The
undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Certificate
Registrar], as Certificate Registrar, with respect to the mortgage pass-through certificate being Transferred (the “Transferred
Certificates”) as described in the Transferee Certificate to which this certification relates and to which this certification
is an Annex:

 

1.          As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity acquiring interests in the Transferred Certificates (the “Transferee”) or, if the Transferee
is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended
(“Rule 144A”) because the Transferee is part of a Family of Investment Companies (as defined in paragraph 3
below), is an executive officer of the investment adviser (the “Adviser”).

 

2.          The
Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the Transferee is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Transferee alone owned
and/or invested on a discretionary basis, or the Transferee’s Family of Investment Companies owned, at least $100,000,000,
in securities (other than the excluded securities referred to in paragraph 4 below) as of the end of the Transferee’s most
recent fiscal year. For purposes of determining the amount of securities owned by the Transferee or the Transferee’s Family
of Investment Companies, the cost of such securities was used, unless the Transferee or any member of the Transferee’s Family
of Investment Companies, as the case may be, reports its securities holdings in its financial statements on the basis of their
market value, and no current information with respect to the cost of those securities has been published, in which case the securities
of such entity were valued at market.

 

___        The
Transferee owned and/or invested on a discretionary basis $___________ in securities (other than the excluded securities referred
to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule
144A).

 

___        The
Transferee is part of a Family of Investment Companies which owned in the aggregate $___________ in securities (other than the
excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

3.          The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority-owned

 

    	C-2B-7

    	 

    

 

subsidiaries
of the same parent or because one investment adviser is a majority-owned subsidiary of the other).

 

4.          The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Transferee
or are part of the Transferee’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement, and (vi) currency,
interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary
basis by the Transferee, or owned by the Transferee’s Family of Investment Companies, the securities referred to in this
paragraph were excluded.

 

5.          The
Transferee is familiar with Rule 144A and understands that the Transferor and other parties related to the Transferred Certificates
are relying and will continue to rely on the statements made herein because one or more Transfers to the Transferee will be in
reliance on Rule 144A.

 

___        ___             Will
the Transferee be acquiring interests in the Transferred

Yes        No               Certificates
only for the Transferee’s own account?

 

6.          If
the answer to the foregoing question is “no”, then in each case where the Transferee is acquiring any interest in
the Transferred Certificates for an account other than its own, such account belongs to a third party that is itself a “qualified
institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such
third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.          The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Transferee’s acquisition of any interest in the Transferred Certificates will constitute a reaffirmation
of this certification by the undersigned as of the date of such acquisition.

 

    	C-2B-8

    	 

    

 

8.          Capitalized
terms used but not defined herein have the meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to which
the Transferred Certificates were issued. 

	 	 	 
	 	Print Name of Transferee or Adviser
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	IF AN ADVISER:
	 	 	 
	 	Print Name of Adviser
	 	 
	 	Date:

 

    	C-2B-9

    	 

    

 

EXHIBIT
C-3A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

UNDER REGULATION S)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by ____________ (the “Transferor”) to ________________
(the “Transferee”) through our respective Depository Participants of the Transferor’s beneficial ownership
interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and the Depository
Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued pursuant
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee (the “Trustee”). All capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to and agrees with you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          At
the time the buy order was originated, the Transferor reasonably believed that the Transferee was outside the United States, its
territories and possessions.

 

    	C-3A-1

    	 

    

 

3.          If
the Transferor is a “distributor” within the meaning of Rule 902(d) of Regulation S (“Regulation S”)
under the Securities Act of 1933, as amended (the “Securities Act”) with respect to the Transferred Certificates,
or an affiliate of such a distributor or of the Depositor, or a person acting on behalf of such a distributor, the Depositor or
any affiliate of such distributor or of the Depositor, then:

 

(a)        the
sale of the Transferred Certificates by the Transferor to the Transferee will be executed in, on or through a physical trading
floor of an established foreign securities exchange that is located outside the United States, its territories and possessions;

 

(b)        no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in the United States,
its territories and possessions, with respect to the Transferred Certificates by the Transferor, any of its affiliates, or any
person acting on behalf of any of the foregoing;

 

(c)        all
offers and sales, if any, of the Transferred Certificates by or on behalf of the Transferor prior to the expiration of the distribution
compliance period specified in category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, have been
and will be made only in accordance with the provisions of Rule 903 of Regulation S, pursuant to registration of the Transferred
Certificates under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities
Act, and, in either case, in compliance with applicable state and foreign securities laws;

 

(d)        all
offering materials and documents (other than press releases), if any, used in connection with offers and sales of the Transferred
Certificates by or on behalf of the Transferor prior to the expiration of the distribution compliance period specified in category
2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, complied with the requirements of Rule 902(g)(2)
of Regulation S; and

 

(e)        if
the Transferee is a distributor, a dealer or a person receiving a selling concession, a fee or other remuneration and the offer
or sale of the Transferred Certificates thereto occurs prior to the expiration of the applicable 40-day distribution compliance
period, the Transferor has sent a confirmation or other notice to the Transferee that the Transferee is subject to the same restrictions
on offers and sales that apply to a distributor.

 

4.          If
the Transferor is not a distributor with respect to the Transferred Certificates or an affiliate of such a distributor or of the
Depositor or acting on behalf of such a distributor, the Depositor or any affiliate of such a distributor or of the Depositor,
then:

 

(a)        the
sale of the Transferred Certificates by the Transferor to the Transferee will be executed in, on or through the facilities of
a designated offshore securities market described in Rule 902(b) of Regulation S and in compliance with applicable state and foreign
securities laws, and neither the Transferor nor anyone acting on its behalf knows

 

    	C-3A-2

    	 

    

 

that such transaction has been prearranged with
a buyer in the United States, its territories and possessions;

 

(b)        no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in the United States,
its territories and possessions, with respect to the Transferred Certificates by the Transferor, any of its affiliates, or any
person acting on behalf of any of the foregoing;

 

(c)        if
the Transferee is a dealer or a person receiving a selling concession, a fee or other remuneration in respect of the Transferred
Certificates and the offer or sale of the Transferred Certificates thereto occurs prior to the expiration of the applicable 40-day
distribution compliance period, the Transferor has sent a confirmation or other notice to the Transferee stating that the Transferred
Certificates may be offered and sold during the distribution compliance period only in accordance with the provisions of Regulation
S, pursuant to registration of the Transferred Certificates under the Securities Act or pursuant to an available exemption from
the registration requirements of the Securities Act, and, in either case, in compliance with applicable state and foreign securities
laws. 

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferor)

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-3A-3

    	 

    

 

EXHIBIT
C-3B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES UNDER REGULATION S)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust 2015-C30

 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________

 

Re:        Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of August 12, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ____________ (the “Transferor”) to ___________
(the “Transferee”) through our respective Depository Participants of the Transferor’s beneficial ownership
interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and the Depository
Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued pursuant
to the Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee (the “Trustee”). All capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to and agrees with you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferee is not a United States Securities Person. For purposes of this certification, “United States Securities Person”
means (i) any natural person resident

 

    	C-3B-1

    	 

    

 

in
the United States (for purposes of this paragraph 1, “United States” means the United States, its territories and
possessions, any State of the United States, and the District of Columbia), (ii) any partnership or corporation organized or incorporated
under the laws of the United States; (iii) any estate of which any executor or administrator is a United States Securities Person,
other than any estate of which any professional fiduciary acting as executor or administrator is a United States Securities Person
if an executor or administrator of the estate who is not a United States Securities Person has sole or shared investment discretion
with respect to the assets of the estate and the estate is governed by foreign law, (iv) any trust of which any trustee is a United
States Securities Person, other than a trust of which any professional fiduciary acting as trustee is a United States Securities
Person if a trustee who is not a United States Securities Person has sole or shared investment discretion with respect to the
trust assets and no beneficiary of the trust (and no settlor if the trust is revocable) is a United States Securities Person,
(v) any agency or branch of a foreign entity located in the United States, (vi) any non-discretionary account or similar account
(other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a United States Securities Person,
(vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized,
incorporated or (if an individual) resident in the United States, other than one held for the benefit or account of a non-United
States Securities Person by a dealer or other professional fiduciary organized, incorporated or (if any individual) resident in
the United States, (viii) any partnership or corporation if (a) organized or incorporated under the laws of any foreign jurisdiction
and (b) formed by a United States Securities Person principally for the purpose of investing in securities not registered under
the Securities Act, unless it is organized or incorporated, and owned, by “accredited investors”, as defined in Rule
501(a) of Regulation D under the United States Securities Act of 1933, as amended (the “Securities Act”), who
are not natural persons, estates or trusts; provided, however, that (A) any agency or branch of a United States Securities Person
located outside the United States which operates for valid business reasons and is engaged in the business of insurance or banking
and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located, and (B) the International
Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development
Bank, the African Development Bank, the United Nations and their agencies, affiliates and pension plans, any other similar international
organization, their agencies, affiliates and pension plans, shall not constitute United States Securities Persons.

 

2.          The
Transferee understands that (a) the Transferred Certificates have not been and will not be registered under the Securities Act
or registered or qualified under any applicable state or foreign securities laws, (b) none of the Depositor, the Trustee or the
Certificate Registrar is obligated so to register or qualify the Class of Certificates to which the Transferred Certificates belong
and (c) no interest in the Transferred Certificates nor any security issued in exchange therefor or in lieu thereof may be reoffered,
resold, pledged or otherwise transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant any applicable state or foreign securities laws or (ii) reoffered, resold, pledged or otherwise transferred in transactions
which are exempt from such registration and qualification.

 

    	C-3B-2

    	 

    

 

3.          The
Transferee understands that it may not reoffer, resell, pledge or otherwise transfer any Transferred Certificate, any security
issued in exchange therefor or in lieu therefor or any interest in the foregoing except in compliance with the provisions of Section
5.02 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed, and that each Transferred Certificate
will bear the following legends:

 

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE
OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY
MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY
PURCHASING THIS CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02
OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-3B-3

    	 

    

 

EXHIBIT
D-1

 

FORM
OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA

(NON-INVESTMENT GRADE CERTIFICATES HELD IN PHYSICAL FORM)

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention:             Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

[OR OTHER CERTIFICATE REGISTRAR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Class __ Certificates
[having an initial aggregate Certificate [Principal Balance] [Notional Amount] as of August 12, 2015 (the “Closing Date”)
of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Transferred Certificates pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of August 1, 2015 among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Special
Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee. All capitalized terms used but
not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you as Certificate Registrar, as follows (check the applicable paragraph):

 

___                       1.          The
Transferee is neither (A) a retirement plan or other employee benefit plan or arrangement, including an individual retirement
account or annuity, a Keogh plan or a collective investment fund or separate account, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA, or for purposes
of Similar Law, including an insurance company general account, that is subject to ERISA, Section 4975 of the Code or Similar
Law (each, a “Plan”), nor (B) a Person who is directly or indirectly purchasing the Transferred Certificates
on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan;

 

    	D-1-1

    	 

    

 

___                       2.          The
Transferred Certificates are not Class R or Class V Certificates, and the Transferee is using funds from an insurance company
general account to acquire the Transferred Certificates, and the purchase and holding of such Certificates by such Person are
exempt from the prohibited transaction provisions of Section 406 of ERISA and Section 4975 of the Code under Sections I and III
of Prohibited Transaction Class Exemption 95 60; or

 

___                       3.          (I)
The Transferred Certificates are Class ___ Certificates, an interest in which is being acquired by or on behalf of a Plan in
reliance on the prohibited transaction exemption (as amended) issued by the U.S. Department of Labor to Wells Fargo
Securities, LLC (Prohibited Transaction Exemption 96-22) (as amended by Prohibited Transaction Exemption 2013-08), (II) such
Transferred Certificates have an investment grade rating on the date of this letter and (III) (X) such Plan is an
“accredited investor” as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) such Plan is not
sponsored (within the meaning of Section 3(16)(B) of ERISA) by any member of the Restricted Group, and (Z) such Transferee
agrees that it will obtain from each of its Transferees to which it transfers an interest in the Transferred Certificates, a
written certification to the effect described in Paragraph 1 above, a written certification to the effect described in
Paragraph 2 above or a written representation that such Transferee satisfies the requirements of the immediately preceding
clauses (III) (X) and (Y) of this Paragraph 3, together with a written agreement that such Transferee will obtain from each
of its Transferees a similar written certification or representation. 

	 	 	 
	 	Very truly yours,
	 	 
	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-1-2

    	 

    

 

EXHIBIT
D-2

 

FORM
OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA

(CERTIFICATES HELD IN BOOK-ENTRY FORM)

 

[Date]

 

[TRANSFEROR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Class __ Certificates
[having an initial aggregate [Principal Balance] [Notional Amount] as of August 12, 2015 (the “Closing Date”)
of $__________] (the “Transferred Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ______________________ (the “Transferor”) to
_________________ (the “Transferee”) through our respective DTC Participants of the Transferor’s beneficial
ownership interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and
the Depository Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association,
as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you as follows (check the applicable paragraph):

 

___                       1.          The
Transferee is neither (A) a retirement plan, an employee benefit plan or other retirement arrangement, including an individual
retirement account or annuity, a Keogh plan or a collective investment fund or separate account, the assets of which are considered
“plan assets” under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA,
or for purposes of Similar Law, including an insurance company general account, that is subject to Section 406 of ERISA, Section
4975 of the Code or Similar Law (each, a “Plan”), nor (B) a Person who is directly or indirectly purchasing
an interest in the Transferred Certificates on behalf of, as named fiduciary of, as trustee of, or with assets of, a Plan;

 

___                       2.          The
Transferee is using funds from an insurance company general account to acquire an interest in the Transferred Certificates, and
the purchase and holding of such interest by such Person are exempt from the prohibited transaction provisions of

 

    	D-2-1

    	 

    

 

Section 406
of ERISA and Section 4975 of the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60; or

 

___                       3.          (I)
The Transferred Certificates are Class __ Certificates, an interest in which is being acquired by or on behalf of a Plan in
reliance on the prohibited transaction exemption (as amended) issued by the U.S. Department of Labor to Wells Fargo
Securities, LLC (Prohibited Transaction Exemption 96-22) (as amended by Prohibited Transaction Exemption 2013-08), (II) such
Transferred Certificates have an investment grade rating on the date of this letter and (III) (X) such Plan is an
“accredited investor” as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) such Plan is not
sponsored (within the meaning of Section 3(16)(B) of ERISA) by any member of the Restricted Group, and (Z) such Transferee
agrees that it will obtain from each of its Transferees to which it transfers an interest in the Transferred Certificates, a
written certification to the effect described in Paragraph 1 above, a written certification to the effect described in
Paragraph 2 above or a written representation that such Transferee satisfies the requirements of the immediately preceding
clauses (III) (X) and (Y) of this Paragraph 3, together with a written agreement that such Transferee will obtain from each
of its Transferees a similar written certification or representation.

	 	 	 
	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-2-2

    	 

    

 

EXHIBIT
E-1

 

FORM
OF TRANSFER AFFIDAVIT AND AGREEMENT

FOR TRANSFERS OF CLASS R CERTIFICATES

 

TRANSFER
AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Series 2015-C30 (the “Certificates”) issued pursuant to the Pooling
and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National
Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as
Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee

 

	STATE OF	)
	 	)ss.:
	COUNTY OF	)

 

I,
[________], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.          I
am the [________] of [________] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.          The
Purchaser is acquiring Class R Certificates representing [___]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as “REMIC I”, “REMIC II” and “REMIC III”,
respectively, relating to the Certificates for which an election has been or is to be made under Section 860D of the Internal
Revenue Code of 1986 (the “Code”).

 

3.          The
Purchaser is a Permitted Transferee (as defined in the Pooling and Servicing Agreement) and the Purchaser’s U.S. taxpayer
identification number is __________. The Purchaser is not a “Disqualified Organization” (as defined 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 person that is not a Permitted Transferee or to a Disqualified
Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States or a possession
thereof, any State or any political subdivision thereof, or any agency or instrumentality of any of the foregoing (other than
an instrumentality which is a corporation if all of its activities are subject to tax and, except for the Federal Home Loan Mortgage
Corporation, a majority of its board of

 

    	E-1-1

    	 

    

 

directors
is not selected by any such governmental unit), (ii) a foreign government, international organization, or any agency or
instrumentality of either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in
Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject
to the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone
cooperatives described in Section 1381 of the Code or (v) any other Person so designated by the Tax Administrator, based upon
an Opinion of Counsel delivered to the Tax Administrator (but not at the Tax Administrator’s expense) to the effect
that the holding of an Ownership Interest in a Class R Certificate by such Person may cause the Trust or any Person having an
Ownership Interest in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed
under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to
such Person. The terms “United States”, “State” and “international organization” shall
have the meanings set forth in Section 7701 of the Code or successor provisions.

 

4.          The
Purchaser is not a foreign permanent establishment or a fixed base (within the meaning of any applicable income tax treaty between
the United States and any foreign jurisdiction) of a United States Tax Person.

 

5.          The
Purchaser will not cause the income from the Class R Certificates to be attributable to a foreign permanent establishment or fixed
base (within the meaning of any applicable income tax treaty between the United States and any foreign jurisdiction) of a United
States Tax Person.

 

6.          The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

7.          No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

8.          [Check
the statement that applies]

 

·          If
the Transferor requires the safe harbor under Treasury Regulations Section 1.860E-1 to apply:

 

___        a.          In
accordance with Treasury Regulations Section 1.860E-1, the Purchaser (i) is an “eligible corporation” as defined in
Section 1.860E-1(c)(6)(i) of the Treasury Regulations, as to which the income of Class R Certificates will only be subject to
taxation in the United States, (ii) has, and has had in each of its two preceding fiscal years, gross assets for financial reporting
purposes (excluding any obligation of a person related to the transferee within the meaning of Section 1.860E-1(c)(6)(ii) of the
Treasury Regulations or any other assets if a principal purpose for holding or acquiring such asset is to satisfy this condition)
in excess of $100 million and net assets of $10 million, and (iii) hereby agrees only to transfer the Certificate to another corporation
meeting the criteria set forth in Treasury Regulations Section 1.860E-1;

 

    	E-1-2

    	 

    

 

or

 

___        b.          The
Purchaser is a United States Tax Person and the consideration paid to the Purchaser for accepting the Class R Certificates is
greater than the present value of the anticipated net federal income taxes and tax benefits (“Tax Liability Present Value”)
associated with owning such Certificates, with such present value computed using a discount rate equal to the “Federal short-term
rate” prescribed by Section 1274 of the Code as of the date hereof or, to the extent it is not, if the Transferee has asserted
that it regularly borrows, in the ordinary course of its trade or business, substantial funds from unrelated third parties at
a lower interest rate than such applicable federal rate and the consideration paid to the Purchaser is greater than the Tax Liability
Present Value using such lower interest rate as the discount rate, the transactions with the unrelated third party lenders, the
interest rate or rates, the date or dates of such transactions, and the maturity dates or, in the case of adjustable rate debt
instruments, the relevant adjustment dates or periods, with respect to such borrowings, are accurately stated in Exhibit A to
this letter.

 

·          If
the Transferor does not require the safe harbor under Treasury Regulations Section 1.860E-1 to apply:

 

___        c.          None
of the above.

 

9.          The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.        The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificates in excess of any cash flows generated
by such Certificates.

 

11.        The
Purchaser will not transfer the Class R Certificates to any person or entity as to which the Purchaser has not received an affidavit
substantially in the form of this affidavit or to any person or entity as to which the Purchaser has actual knowledge that the
requirements set forth in paragraphs 3, 4, 5, 7 or 9 hereof are not satisfied, or to any person or entity with respect to which
the Purchaser has not (at the time of such Transfer) satisfied the requirements under the Code to conduct a reasonable investigation
of the financial condition of such person or entity (or its current beneficial owners if such person or entity is classified as
a partnership under the Code).

 

12.        The
Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the prohibition
against transferring the Class R Certificates to a Disqualified Organization, an agent thereof or a person that does not satisfy
the requirements of paragraphs 7 and 9.

 

13.        The
Purchaser consents to the designation of the Tax Administrator as the agent of the Tax Matters Person of the REMIC I, REMIC II
and REMIC III pursuant to Section 10.01(d) of the Pooling and Servicing Agreement.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	E-1-3

    	 

    

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this
___ day of ________________.

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Personally
appeared before me [__] known or proved to me to be the same person who executed the foregoing instrument and to be a [__] of
the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and as the free act and deed
of the Purchaser.

 

Subscribed
and sworn before me this

____ day of _______________.

 

___________________________________________ 

Notary Public

 

    	E-1-4

    	 

    

 

EXHIBIT
E-2

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF

CLASS R CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

[OR OTHER CERTIFICATE REGISTRAR]

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Class R Certificates,
evidencing a ____% Percentage Interest in such Class (the “Residual Interest Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Transferred Certificates pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of August 1, 2015 among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Special
Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee. All capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor
hereby certifies, represents and warrants to you as Certificate Registrar, as follows:

 

1.          No
purpose of the Transferor relating to the transfer of the Residual Interest Certificates by the Transferor to the Transferee is
or will be to impede the assessment or collection of any tax.

 

2.          The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Pooling and Servicing Agreement as Exhibit E-1. The Transferor does not know or believe that any representation contained
therein is false.

 

3.          The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
(or the beneficial owners of the Transferee if the Transferee is classified as a partnership under the Code) as contemplated by
Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the

 

    	E-2-1

    	 

    

 

Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to
indicate that the Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that
the transfer of the Residual Interest Certificates may not be respected for United States income tax purposes (and the Transferor
may continue to be liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	(Transferor)
	 	 	Name:
	 	 	Title:

 

    	E-2-2

    	 

    

 

EXHIBIT
F-1

 

FORM
OF MASTER SERVICER REQUEST FOR RELEASE

 

[Date]

 

Wells
Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: WFCM 2015-C30

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

In
connection with the administration of the Mortgage Files held by or on behalf of you as custodian under a certain Pooling and
Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association as general master servicer (in such
capacity, the “General Master Servicer”), as certificate administrator, as tax administrator and as custodian
(in such capacity, the “Custodian”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity,
the “NCB Master Servicer”), and as NCB special servicer, CWCapital Asset Management LLC, as general special
servicer, Pentalpha Surveillance LLC, as trust advisor, and Wilmington Trust, National Association, as trustee, the undersigned
as [General] [NCB] Master Servicer with respect to the following described Mortgage Loan hereby requests a release of the Mortgage
File (or the portion thereof specified below) held by or on behalf of you as Custodian with respect to such Mortgage Loan for
the reason indicated below.

 

Property
Name:

Address:

Loan No.:

 

If only
particular documents in the Mortgage File are requested, please specify which:

 

Reason
for requesting Mortgage File (or portion thereof):

 

______                 1.         Mortgage
Loan paid in full. The undersigned hereby certifies that all amounts received in connection with the Mortgage Loan that are required
to be credited to the [Collection Account] [[and the] related Serviced Pari Passu Companion Loan Custodial Account] pursuant to
the Pooling and Servicing Agreement, have been or will be so credited.

 

______                 2.         Other.                (Describe)  _____________________________________________________________________________________

 ____________________________________________________________________________________________

 

The
undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance
with the provisions of the Pooling and Servicing Agreement and will be returned to you or your designee within ten days of our

 

    	F-1-1

    	 

    

 

receipt thereof, unless the Mortgage Loan has been paid in full, in which case the Mortgage File (or such portion thereof) will
be retained by us permanently.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

 

	 	[__________________________],
	 	as the [General] [NCB] Master Servicer

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-1-2

    	 

    

 

EXHIBIT
F-2

 

FORM
OF SPECIAL SERVICER REQUEST FOR RELEASE

 

[Date]

 

Wells
Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: WFCM 2015-C30

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

In
connection with the administration of the Mortgage Files held by or on behalf of you as custodian under a certain Pooling and
Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, Wells
Fargo Bank, National Association, as certificate administrator, as tax administrator and as custodian (in such capacity, the “Custodian”),
National Cooperative Bank, N.A., as NCB master servicer, National Cooperative Bank, N.A., as NCB special servicer (in such capacity,
the “NCB Special Servicer”), CWCapital Asset Management LLC, as general special servicer (the “General
Special Servicer”), Pentalpha Surveillance LLC, as trust advisor, and Wilmington Trust, National Association, as trustee,
the undersigned as the [General] [NCB] Special Servicer with respect to the following described Mortgage Loan hereby requests
a release of the Mortgage File (or the portion thereof specified below) held by or on behalf of you as Custodian with respect
to such Mortgage Loan for the reason indicated below.

 

Property
Name:

Address:

Loan No.:

 

If only
particular documents in the Mortgage File are requested, please specify which:

 

Reason
for requesting Mortgage File (or portion thereof):

 

______                 1.          The
Mortgage Loan is being foreclosed.

 

______                 2.          Other.
(Describe)

 

The
undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance
with the provisions of the Pooling and Servicing Agreement and will be returned to you or your designee within ten days of our
receipt thereof (or within such longer period as we have indicated as part of our reason for the request), unless the Mortgage
Loan is being foreclosed, in which case the Mortgage File (or such portion thereof) will be returned when no longer required by
us for such purpose, or unless the Mortgage Loan has been paid in full or otherwise liquidated, in which case the Mortgage File
(or such portion thereof) will be retained by us permanently.

 

    	F-2-1

    	 

    

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

 

	 	[__________________________],
	 	as [General] [NCB] Special Servicer

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-2-2

    	 

    
 

EXHIBIT
F-3A

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Wells
Fargo Commercial Mortgage Securities, Inc. 

c/o
Wells Fargo Securities, LLC 

375
Park Avenue, 2nd Floor, J0127-023 

New
York, New York 10152 

Attention:
A.J. Sfarra

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right with respect to the _________________ Mortgage Loan[s]
established under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association,
as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as Depositor, that:

 

1.          The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”)
with respect to the _________________ Mortgage Loan[s], with the full right to transfer the Excess Servicing Fee Right free from
any and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute

 

    	F-3A-1

    	 

    

 

a
distribution of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”),
or would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state
securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act
or any state securities laws.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-3A-2

    	 

    

 

EXHIBIT
F-3B

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Wells
Fargo Commercial Mortgage Securities, Inc. 

c/o
Wells Fargo Securities, LLC 

375
Park Avenue, 2nd Floor, J0127-023 

New
York, New York 10152 

Attention:
A.J. Sfarra

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086 120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-C30 Asset Manager

 

Re:          Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right with respect to the _________________ Mortgage Loan[s]
established under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association,
as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the applicable
Master Servicer, that:

 

1.          The
Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its
own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole
or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws.

 

2.          The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator 

 

    	F-3B-1

    	 

    

 

or
the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or
qualified pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from
such registration and qualification and (A) the Depositor has received a certificate from the prospective transferor
substantially in the form attached as Exhibit F-3A to the Pooling and Servicing Agreement, and (B) each of the
[General] [NCB] Master Servicer and the Depositor have received a certificate from the prospective transferee substantially
in the form attached as Exhibit F-3B to the Pooling and Servicing Agreement.

 

3.          The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.11 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.          The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and

 

    	F-3B-2

    	 

    

 

the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.11(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-3B-3

    	 

    

 

EXHIBIT
G-1

 

FORM
OF DISTRIBUTION DATE STATEMENT 

 

    	G-1-1

    	 

    

 

The
following shall be included as supplemental information in the report for at least one monthly period following the actual receipt
by the Certificate Administrator of, and based on the information set forth in, the notice or report (if any) contemplated as
described below. The information need not appear more than once for each Pari Passu Companion Loan respecting which a notice or
report (if any) is so received.

 

With
respect to each Pari Passu Mortgage Loan, if information is presented below, the Certificate Administrator has received a notice
or report setting forth the indicated initial information (if provided) with respect to the pooling and servicing agreement for
the securitization of the related Pari Passu Companion Loan.

 

[__________________]

 

Trust:
[____________________]

Depositor: [____________________]

Master Servicer: [____________________]

Special Servicer: [____________________]

Trust Advisor: [____________________]

Trustee: [____________________]

Certificate Administrator/Paying Agent: [____________________]

Custodian: [____________________]

 

    	G-1-2

    	 

    

 

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Exchangeable Class Detail	4	 	 	 
	 	 	 	 	Reconciliation Detail	5	 	 	 
	 	 	 	 	Other Required Information	6	 	 	 
	 	 	 	 	Cash Reconciliation Detail	7	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	8-10	 	 	 
	 	 	 	 	Mortgage Loan Detail	11	 	 	 
	 	 	 	 	NOI Detail	12	 	 	 
	 	 	 	 	Principal Prepayment Detail	13	 	 	 
	 	 	 	 	Historical Detail	14	 	 	 
	 	 	 	 	Delinquency Loan Detail	15	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	16-17	 	 	 
	 	 	 	 	Advance Summary	18	 	 	 
	 	 	 	 	Modified Loan Detail	19	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	20	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation Detail	21	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	22-23	 	 	 
	 	 	 	 	Defeased Loan Detail	24	 	 	 
	 	 	 	 	Supplemental Reporting	25	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	General
    Master Servicer	 	 	 	NCB
    Master & NCB Special Servicer	 	 	 	General
    Special Servicer	 	 	 	Trust
    Advisor	 	 
	 	 	Wells Fargo Commercial Mortgage Securities, Inc. 
	 	 	 	Wells Fargo Bank, N.A.	 	 	 	

    National Cooperative Bank, N.A.

2011 Crystal Drive	 	 	 	

    CWCapital Asset Management LLC.
7501 Wisconsin Ave.	 	 	 	
Pentalpha Surveillance LLC
375 North French Road	 	 
	 	 	375 Park Avenue	 	 	 	1901 Harrison Street	 	 	 	Suite 800	 	 	 	Suite 500 West	 	 	 		 	 
	 	 	2nd Floor, J0127-23	 	 	 	Oakland, CA 94612	 	 	 	Arlington, VA 22202	 	 	 	Bethesda, MD 20814	 	 	 	Suite 100	 	 
	 	 	New York, NY 10152	 	 	 	 	 	 	 		 	 	 		 	 	 	Amherst, NY 14228	 	 
	 	 	Contact:	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Anthony.Sfarra@wellsfargo.com	 	 	 	REAM_InvestorRelations@WellsFargo.com	 	 	 	Contact:  Kathleen Luzik	 	 	 	Contact: Brian Hanson	 	 	 	Contact: Don Simon	 	 
	 	 	Phone Number:  (212) 214-5613	 	 	 	Phone Number:  	 	 	 	Phone Number: (703) 302-1902	 	 	 	Phone Number: (202) 715-9500	 	 	 	Phone Number: (203) 660-6100	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from
    information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the
    information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information
    and special notices.  In addition, certificateholders may register online for email notification when special notices
    are posted.  For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	Page 1 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    (2)	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A4-FL	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A4-FX	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-FG	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                     Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

        (2)
        The balances of the Class A-S, Class B, Class C certificates represent the balance of their respective Regular Interest, as detailed in the Pooling and Servicing Agreement.  A portion of these classes may be exchanged and held in Class PEX.  For details on the current status and payments of Class PEX, see page 4.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial
    Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A4-FL	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A4-FX	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	PEX	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-FG	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exchangeable
    Class Detail
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A-S Regular Interest Breakdown	 	 	 	 	 	 	 	 
	 	 	A-S
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	A-S (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	B Regular Interest Breakdown	 	 
	 	 	B (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	B (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	C Regular Interest Breakdown	 	 
	 	 	C
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	C
    (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class PEX Detail 	 	 
	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	PEX	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-E	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-FG	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-G	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A4-FL	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A4-FX	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	G	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	H	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	Totals	 	 	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Current 1 Month LIBOR Rate	 	0.00%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Next 1 Month LIBOR Rate	 	0.00%	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee-Wells
Fargo Bank, N.A. and	0.00	 	 
	 	 	 	 	 	National Cooperative Bank, N.A.	 	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee-Wilmington Trust National Association	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration Fee-Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Trust Advisor Fee - Pentalpha Surveillance LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	Additional Trust Fund Expenses:	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	 	 	 	 
	 	Total Interest Collected	 	0.00	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	Page 7 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 8 of 25

    	 

    
 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 9 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term (ARD and Balloon Loans)	 	Remaining Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1) Debt Service Coverage Ratios are updated periodically
    as new NOI figures become available from borrowers on an asset level. In all cases, the most recent DSCR provided by the Servicer
    is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee
    makes no representations as to the accuracy of the data provided by the borrower for this calculation.	 	 
	 	 	 	 
	 	(2) Anticipated Remaining Term and WAM are each calculated
    based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity
    date.	 	 
	 	 	 	 
	 	(3) Data in this table was calculated by allocating
    pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed
    in the  offering document.	 	 
	 	 	 	 	 

 

    	Page 10 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	6	-	Capitalization of Interest	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	7	-	Capitalization of Taxes	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	8	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Blank	9	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	5	-	Temporary Rate Reduction	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 11 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon 	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 15 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-  Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 17 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 18 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 19 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 21 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 22 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 23 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	Page 24 of 25

    	 

    
 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-C30

    

Commercial Mortgage Pass-Through Certificates

    Series 2015-C30	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/17/15
	8480 Stagecoach Circle	Record Date:	8/31/15
	Frederick, MD 21701-4747	Determination Date:	9/11/15

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 25 of 25

    	 

    

 

 

EXHIBIT
G-2

 

MINIMUM
INFORMATION FOR DISTRIBUTION DATE STATEMENT

 

(1)        the
Distribution Date, Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

(2)        the
aggregate Certificate Principal Balance or Class Notional Amount of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests before and after giving effect to the distribution made on such Distribution Date;

 

(3)        the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates and the Class
A-S, Class B and Class C Regular Interests in reduction of the Class Principal Balance thereof;

 

(4)        the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests allocable to the interest distributable on that Class of Certificates or Regular Interest, as the case
may be;

 

(5)        the
aggregate amount of P&I Advances made in respect of the Mortgage Pool for such Distribution Date pursuant to Section 4.03(a);

 

(6)        the
aggregate amount and general purpose of Servicing Advances that have been made by the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer and the Trustee with respect to the Mortgage Loans;

 

(7)        (A)
the aggregate amount of servicing compensation in respect of the Mortgage Pool (separately identifying the amount of each category
of compensation) paid to the General Master Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special
Servicer during the related Collection Period and (B) the aggregate amount of compensation in respect of the Mortgage Pool (separately
identifying the amount of each category of compensation) to the Trustee and the Certificate Administrator;

 

(8)        the
aggregate Stated Principal Balance of the Mortgage Pool outstanding immediately before and immediately after such Distribution
Date;

 

(9)        the
number, aggregate unpaid principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of
the Mortgage Loans (but not any successor REO Mortgage Loans to Mortgage Loans) as of the close of business on the related Determination
Date;

 

(10)      the
number, aggregate unpaid principal balance (as of the close of business on the related Determination Date and aggregate Stated
Principal Balance (immediately after such Distribution Date) of Mortgage Loans (A) delinquent 30 to 59 days, (B) delinquent 60
to 89 days, (C) delinquent 90 or more days, and (D) not delinquent but constituting Specially Serviced Mortgage Loans or in foreclosure
but not constituting an REO Mortgage Loan;

 

    	G-2-1

    	 

    

 

(11)      with
respect to any REO Property that was included (or an interest in which was included) in the Trust Fund as of the close of business
on the related Determination Date, the loan number of the related Mortgage Loan, and, if available, the Appraised Value of such
REO Property as expressed in the most recent appraisal thereof and the date of such appraisal;

 

(12)      the
total payments and other collections Received by the Trust during the related Collection Period, the fees and expenses paid
therefrom (with an identification of the general purpose of such fees and expenses and the party receiving such fees and
expenses), the Available Distribution Amount for such Distribution Date, and the available funds with respect to (i) the
Class A-S Certificates and Class A-S-PEX Component, (ii) the Class B Certificates and Class B-PEX Component, and (iii) the
Class C Certificates and Class C-PEX Component, in each case for the Distribution Date;

 

(13)       the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests allocable to Prepayment Premiums and/or Yield Maintenance Charges;

 

(14)       the
Interest Distribution Amount and Accrued Certificate Interest in respect of each Class of Certificates and the Class A-S, Class
B and Class C Regular Interests for such Distribution Date or the related Interest Accrual Period, as applicable;

 

(15)       the
Pass-Through Rate for each Class of Certificates for the Interest Accrual Period related to such Distribution Date;

 

(16)       the
Principal Distribution Amount and the Unadjusted Principal Distribution Amount for such Distribution Date, separately identifying
the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal Received
by the Trust during the related Collection Period, the loan number for the related Mortgage Loan and the amount of such prepayment
or other collection of principal);

 

(17)       the
Class Principal Balance of each Class of Principal Balance Certificates and the Class Notional Amount of each Class of Interest
Only Certificates, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction
therein pursuant to Section 4.04 on such Distribution Date;

 

(18)       (A)
the loan number for each Required Appraisal Loan and any related Appraisal Reduction Amount as of the related Determination Date
and (B) the aggregate Appraisal Reduction Amount for all Required Appraisal Loans as of the related Determination Date;

 

(19)       on
a cumulative basis from the Cut-off Date, the number, aggregate Stated Principal Balance immediately after such Distribution Date
(in the case of subclauses (A), (B) and (E)), aggregate Cut-off Date Principal Balance (in the case of subclauses (C) and (D)),
weighted average extension period (except in the case of subclause (B) and which shall be zero in the case of subclause (C)),
and weighted average anticipated extension period (in the case of subclause (B)) of Mortgage Loans (A) as to which the maturity
dates have been extended, (B) as

 

    	G-2-2

    	 

    

 

to
which the maturity dates are in the process of being extended, (C) that have paid off and were never extended, (D) as to which
the maturity dates had previously been extended and have paid off and (E) as to which the maturity dates had been previously extended
and are in the process of being further extended;

 

(20)       any
unpaid Interest Distribution Amount in respect of each Class of Certificates after giving effect to the distributions made on
such Distribution Date, and if the full amount of the Principal Distribution Amount was not distributed on such Distribution Date,
the portion of the shortfall affecting each Class of Principal Balance Certificates;

 

(21)       the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates in reimbursement
of any Realized Loss or Additional Trust Fund Expense previously allocated thereto;

 

(22)       the
aggregate unpaid principal balance of the Mortgage Pool outstanding as of the close of business on the related Determination Date;

 

(23)       with
respect to any Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period, (A) the loan
number thereof, (B) the nature of the Liquidation Event and, in the case of a Final Recovery Determination, a brief
description of the basis for such Final Recovery Determination, (C) the aggregate of all Liquidation Proceeds that are
included in the Available Distribution Amount and other amounts received in connection with such Liquidation Event
(separately identifying the portion thereof allocable to distributions on the Certificates), and (D) the aggregate amount of
any Realized Loss and Additional Trust Fund Expenses in connection with such Liquidation Event;

 

(24)       with
respect to any REO Property as to which a Final Recovery Determination was made during the related Collection Period, (A) the
loan number of the related Mortgage Loan, (B) a brief description of the basis for the Final Recovery Determination, (C) the aggregate
of all Liquidation Proceeds and other amounts Received by the Trust with respect to such REO Property during the related Collection
Period (separately identifying the portion thereof allocable to distributions on the Certificates), (D) the aggregate amount of
any Realized Loss and Additional Trust Fund Expenses in respect of the related REO Mortgage Loan in connection with such Final
Recovery Determination and (E) if available, the Appraised Value of such REO Property as expressed in the most recent appraisal
thereof and the date of such appraisal;

 

(25)       (A)
the aggregate amount of unreimbursed P&I Advances that had been outstanding with respect to the Mortgage Pool at the close
of business on the related Determination Date and the aggregate amount of any interest accrued and payable to the General Master
Servicer, the NCB Master Servicer or the Trustee in respect of any such unreimbursed P&I Advances in accordance with Section
4.03 as of the close of business on such related Determination Date and (B) the aggregate amount of unreimbursed Servicing
Advances that had been outstanding with respect to the Mortgage Pool as of the close of business on the related Determination
Date and the aggregate amount of interest accrued and payable to the General Master Servicer, the NCB Master Servicer, the General
Special Servicer, the NCB Special

 

    	G-2-3

    	 

    

 

Servicer
or the Trustee in respect of such unreimbursed Servicing Advances in accordance with Section 3.11(g) as of the close of
business on such related Determination Date;

 

(26)       the
aggregate amount of any interest on Advances in respect of the Mortgage Pool paid to the General Master Servicer or the NCB Master
Servicer, as applicable, and the Trustee or any other party hereto during the related Collection Period in accordance with Section
3.11(g) and/or Section 4.03(d);

 

(27)       a
loan-by-loan listing of any Mortgage Loan that was defeased during the related Collection Period;

 

(28)       the
amount of Excess Liquidation Proceeds held in the Excess Liquidation Proceeds Account as of the end of the related Collection
Period;

 

(29)       the
amounts of the distributions made to the Holders of the Class R and Class V Certificates on such Distribution Date;

 

(30)       with
respect to any Mortgage Loan that was the subject of any material modification, extension or waiver during the related Collection
Period, (A) the loan number thereof, (B) the unpaid principal balance thereof and (C) a brief description of such modification,
extension or waiver, as the case may be;

 

(31)       with
respect to any Mortgage Loan as to which an uncured and unresolved Material Breach or Material Document Defect is alleged to exist,
(A) the loan number thereof, (B) the unpaid principal balance thereof, (C) a brief description of such alleged Material Breach
or Material Document Defect, as the case may be, and (D) the status of such alleged Material Breach or Material Document Defect,
as the case may be, including any actions known to the Certificate Administrator that are being taken by or on behalf of the related
Mortgage Loan Seller;

 

(32)       with
respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property during the related Collection Period,
the loan number of such Mortgage Loan and the Stated Principal Balance of such Mortgage Loan as of the related date of acquisition
by the Trust Fund;

 

(33)       the
aggregate of (A) all Realized Losses incurred during the related Collection Period and, as of the related Determination Date,
from the Closing Date and (B) all Additional Trust Fund Expenses (with a description thereof) incurred during the related Collection
Period and, as of the related Determination Date, from the Closing Date;

 

(34)       the
aggregate of all Realized Losses and Additional Trust Fund Expenses that remain unallocated immediately following such Distribution
Date;

 

(35)       the
Certificate Factor for each Class of Certificates immediately following such Distribution Date; and

 

    	G-2-4

    	 

    

 

(36)       an
itemized listing of any Disclosable Special Servicer Fees received by the General Special Servicer or the NCB Special Servicer,
as applicable, or any of its affiliates during the related Collection Period.

 

In
the case of information provided to the Certificate Administrator as a basis for information to be furnished pursuant to clauses
(5) through (11), (18), (22) through (27), and (30) through (36) above, insofar as the underlying information is solely within
the control of the Depositor, the General Special Servicer, the NCB Special Servicer, the General Master Servicer or the NCB Master
Servicer, the Certificate Administrator may, absent manifest error, conclusively rely on the reports to be provided by the Depositor,
the General Special Servicer, the NCB Special Servicer, the General Master Servicer or the NCB Master Servicer, as the case may
be.

 

    	G-2-5

    	 

    

 

EXHIBIT H

 

[RESERVED] 

 

    	H-1

    	 

    

 

EXHIBIT I-1

 

FORM OF NOTICE AND ACKNOWLEDGMENT

CONCERNING REPLACEMENT OF SPECIAL SERVICER

 

[Date]

 

Fitch Ratings, Inc.

One State Street Plaza, 31st Floor

New York, New York 10004

 

Moody’s Investors Service, Inc.

7 World Trade Center, 25th Floor

New York, New York 10007

 

Morningstar Credit Ratings, LLC

 220 Gibraltar  Road, Suite 300

Horsham, Pennsylvania 19044

 

Attn: ______________

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

This notice is being
delivered pursuant to Section 6.05 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”)
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as
Trustee, and relating to Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30 (the “Certificates”). Capitalized terms used but not otherwise defined herein shall have respective
meanings assigned to them in the Agreement.

 

Notice is hereby given
that ____________________________________ has designated ________________________________ to serve as the [General] [NCB] Special
Servicer under the Agreement.

 

The designation of ____________________________
as [General] [NCB] Special Servicer will become final if certain conditions are met and each Rating Agency delivers to Wilmington
Trust, National Association, the trustee under the Agreement (the “Trustee”), written confirmation that if the
person designated to become the [General] [NCB] Special Servicer were to serve as such, such event would not result in a qualification,
downgrade or

 

    	I-1-1

    	 

    

 

withdrawal
of any Class of Rated Certificates then rated by such Rating Agency. Accordingly, such confirmation is hereby requested as soon
as possible.

 

Please acknowledge receipt
of this notice by signing the enclosed copy of this notice where indicated below and returning it to the Trustee, in the enclosed
stamped self-addressed envelope.

	 	 	 
	 	 	Very truly yours,
	 	 	 
	 	 	[_____________]
	 	 	 
	 		 
	 	 	Name:
	 	 	Title:

 

Receipt acknowledged:

 

FITCH RATINGS, INC.

	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

MOODY’S INVESTORS
SERVICE, INC.

	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

Morningstar Credit Ratings,
LLC

	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    	I-1-2

    	 

    

 

EXHIBIT I-2

 

FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL
SERVICER

 

[Date]

 

[CERTIFICATE ADMINISTRATOR]

[TAX ADMINISTRATOR]

[TRUSTEE]

[GENERAL MASTER SERVICER]

[NCB MASTER SERVICER]

[DEPOSITOR]

[GENERAL SPECIAL SERVICER]

[NCB SPECIAL SERVICER]

[TRUST ADVISOR]

 

Re:        Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

Pursuant to Section 6.05
of the Pooling and Servicing Agreement, dated as of August 1, 2015 relating to Wells Fargo Commercial Mortgage Trust 2015-C30,
Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Agreement”), the undersigned hereby agrees
with all the other parties to the Agreement that the undersigned shall serve as the [General] [NCB] Special Servicer under the
Agreement. The undersigned hereby acknowledges and agrees that, as of the date hereof, it is and shall be a party to the Agreement
and bound thereby to the full extent indicated therein in the capacity of the [General] [NCB] Special Servicer. The undersigned
hereby makes, as of the date hereof, the representations and warranties set forth in Section 2.06 of the Agreement, with the following
corrections with respect to type of entity and jurisdiction of organization: ____________________. The undersigned represents and
warrants that it is a Qualified Replacement Special Servicer pursuant to the Pooling and Servicing Agreement. Capitalized terms
used but not otherwise defined herein shall have respective meanings assigned to them in the Agreement.

	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	I-2-1

    	 

    

 

EXHIBIT J

 

FORM OF UCC-1 FINANCING STATEMENT

 

Seller/Debtor:

 

Wells Fargo Commercial Mortgage Securities, Inc. 

c/o Wells Fargo Securities, LLC 

375 Park Avenue, 2nd Floor, J0127-023 

New York, New York 10152 

Attention: A.J. Sfarra

 

Buyer/Secured Party:

 

Wilmington Trust, National Association

as Trustee for the registered holders of

Wells Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through Certificates, Series 2015-C30

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-C30

 

Text:

 

See Schedule 1 attached hereto and made a part hereof.

 

A sale by the Seller/Debtor of, or a grant by the Seller/Debtor
of a security interest in, any collateral described in this financing statement will violate the rights of the Buyer/Secured Party.

 

    	J-1

    	 

    

 

SCHEDULE 1 to EXHIBIT
J

 

Seller/Debtor:

 

Wells Fargo Commercial Mortgage Securities, Inc. 

375 Park Avenue, 2nd Floor, J0127-023 

New York, New York 10152 

Attention: A.J. Sfarra

 

Buyer/Secured Party:

 

Wilmington Trust, National Association

as Trustee for the registered holders of

Wells Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through Certificates, Series 2015-C30

1100 North Market Street 

Wilmington, Delaware 19890

Attention: WFCM 2015-C30

 

Description of the Property Covered:

 

This Schedule 1 is attached to and incorporated
in a financing statement pertaining to Wells Fargo Commercial Mortgage Securities, Inc., as depositor (referred to as the “Seller/Debtor”
for the purpose of this financing statement only), and Wilmington Trust, National Association as trustee for the holders of the
Series 2015-C30 Certificates (referred to as the “Buyer/Secured Party” for purposes of this financing statement only),
under that certain Pooling and Servicing Agreement, dated as of August 1, 2015 (as amended, restated, supplemented or otherwise
modified from time to time, the “Pooling and Servicing Agreement”), among the Seller/Debtor as depositor, the
Buyer/Secured Party as trustee, Wells Fargo Bank, National Association as general master servicer (in such capacity, the “General
Master Servicer”), as certificate administrator (in such capacity, the “Certificate Administrator”),
as tax administrator and as custodian, CWCapital Asset Management LLC, as general special servicer (the “General Special
Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer”)
and as NCB special servicer (in such capacity, the “NCB Special Servicer”) and Pentalpha Surveillance LLC, as
trust advisor, relating to the issuance of the Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30 (collectively, the “Series 2015-C30 Certificates”). Capitalized terms used herein
and not defined shall have the respective meanings given to them in the Pooling and Servicing Agreement. The attached financing
statement covers all of the Seller/Debtor’s right, title and interest in and to the following, whether now owned or existing
or hereafter acquired or arising (the “Collateral”):

 

(1)        the
Mortgage Loans,

 

(2)        all
principal and interest received on or with respect to such Mortgage Loans after the Cut-off Date (other than scheduled payments
of interest and principal due and payable on such Mortgage Loans on or prior to their respective Cut-off Dates or, in the case
of a Replacement Mortgage Loan, on or prior to the related date of substitution),

 

    	J-2

    	 

    

 

(3)        all
amounts held from time to time in the Collection Account, the Distribution Account, the Interest Reserve Account, the Excess Liquidation
Proceeds Account and, if established, the REO Accounts, and all investment earnings on such amounts,

 

(4)        the
rights of the Seller/Debtor under Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 ((other than Section 5(f), (g),
(h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each Mortgage Loan Purchase
Agreement,

 

(5)        all
other assets included or to be included in the Trust Fund, and

 

(6)        all
income, payments, products and proceeds of any of the foregoing, together with any additions thereto or substitutions therefor.

 

Definitions:

 

“Code”:
The Internal Revenue Code of 1986 and regulations promulgated thereunder, including proposed regulations to the extent that, by
reason of their proposed effective date, could, as of the date of any determination or opinion as to the tax consequences of any
action or proposed action or transaction, be applied to the Trust or the Series 2015-C30 Certificates.

 

“Collection
Account”: The segregated account or accounts created and maintained by each Master Servicer, pursuant to Section 3.04(a)
of the Pooling and Servicing Agreement, in trust for the Certificateholders.

 

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

 

“Defective Mortgage
Loan”: Any Mortgage Loan as to which there exists a material breach or a material document defect that has not been cured
in all material respects.

 

“Distribution
Account”: The segregated account or accounts created and maintained by the Certificate Administrator on behalf of the
Buyer/Secured Party, pursuant to Section 3.04(b) of the Pooling and Servicing Agreement, for the benefit of the Certificateholders.

 

“Excess Liquidation
Proceeds Account”: The segregated account (or the sub-account of the Distribution Account) created and maintained by
the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) of the Pooling and Servicing Agreement
for the benefit of the Certificateholders, which shall be entitled “Wells Fargo Bank, National Association [or the name of
any successor Certificate Administrator], as Certificate Administrator on behalf of Wilmington Trust, National Association [or
name of any successor Trustee], as Trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30,
Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Excess Liquidation Proceeds Account”.

 

    	J-3

    	 

    

 

“Grantor Trust”:
A grantor trust as defined under subpart E of part 1 of subchapter J of the Code.

 

“Grantor Trust
Pool”: The Grantor Trust created pursuant to the Pooling and Servicing Agreement containing the Class A-S Specific Grantor
Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEX Specific Grantor
Trust Assets and the Class V Specific Grantor Trust Assets.

 

“Interest Reserve
Account”: The segregated account (or sub-account of the Distribution Account) created and maintained by the Certificate
Administrator on behalf of the Trustee, pursuant to Section 3.04(c) of the Pooling and Servicing Agreement, for the benefit
of the Certificateholders, which shall be entitled “Wells Fargo Bank, National Association [or the name of any successor
Certificate Administrator], as Certificate Administrator, on behalf of Wilmington Trust, National Association [or the name of any
successor Trustee], as Trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial
Mortgage Pass-Through Certificates, Series 2015-C30, Interest Reserve Account”.

 

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

 

“Mortgage”:
With respect to any Mortgage Loan, separately and collectively, as the context may require, each mortgage, deed of trust, deed
to secure debt or similar document that secures the related Mortgage Note and creates a lien on the related Mortgaged Property.

 

“Mortgage File”:
The original Mortgage Note, the original or a copy of the Mortgage and each other legal, credit and servicing document related
to such Mortgage Loan or serviced pari passu companion loan as specified in the definition of “Mortgage File” in the
Pooling and Servicing Agreement.

 

“Mortgage Loan”:
Each of the Original Mortgage Loans and Replacement Mortgage Loans that are from time to time held in the Trust Fund. As used herein,
the term “Mortgage Loan” includes the interest of the Trust Fund in the related Mortgage Loan Documents and each non-trust-serviced
pooled Mortgage Loan, but does not include any pari passu companion loan.

 

“Mortgage Loan
Documents”: With respect to any Mortgage Loan or serviced pari passu companion loan, the documents included or required
to be included, as the context may require, in the related Mortgage File and Servicing File.

 

“Mortgage Loan
Purchase Agreement”: Any of (i) the Mortgage Loan Purchase Agreement dated as of July 27, 2015, between Wells Fargo Bank,
National Association, as seller, and the Seller/Debtor, as purchaser; (ii) the Mortgage Loan Purchase Agreement dated as of July
27, 2015, between Rialto Mortgage Finance, LLC, as seller, and the Seller/Debtor, as purchaser; (iii) the Mortgage Loan Purchase
Agreement dated as of July 27, 2015, between C-III Commercial Mortgage LLC, as seller, and the Seller/Debtor, as purchaser; (iv)
the Mortgage Loan Purchase Agreement dated as of July 27, 2015, between Basis Real Estate Capital II, LLC,

 

    	J-4

    	 

    

 

as
seller, Basis Investment Group LLC, and the Seller/Debtor, as purchaser; and (v) the Mortgage Loan Purchase Agreement dated as
of July 27, 2015, between National Cooperative Bank, N.A., as seller, and the Seller/Debtor, as purchaser.

 

“Mortgage Note”:
The original executed promissory note(s) evidencing the indebtedness of a borrower under a Mortgage Loan, together with any rider,
addendum or amendment thereto, or any renewal, substitution or replacement of such note.

 

“Mortgaged Property”:
Individually and collectively, as the context may require, each real property (together with all improvements and fixtures thereon)
subject to the lien of a Mortgage and constituting collateral for a Mortgage Loan or loan combination, as applicable. With respect
to any cross-collateralized Mortgage Loan, if and when the context may require, “Mortgaged Property” shall mean, collectively,
all the mortgaged real properties (together with all improvements and fixtures thereon) securing the relevant cross-collateralized
group.

 

“Original Mortgage
Loans”: The mortgage loans initially identified on Schedule I to the Pooling and Servicing Agreement, including each
non-trust-serviced pooled Mortgage Loan. No pari passu companion loan is an “Original Mortgage Loan”.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860A through G of the Code.

 

“REMIC Pool”:
Any of REMIC I, REMIC II or REMIC III.

 

“REO Account”:
A segregated custodial account or accounts created and maintained by the General Special Servicer or the NCB Special Servicer,
as applicable, pursuant to and for the benefit of the Persons specified in Section 3.16(b) of the Pooling and Servicing Agreement.

 

“REO Property”:
A Mortgaged Property acquired on behalf and in the name of the Trustee for the benefit of the Certificateholders (and, in the case
of each such Mortgaged Property relating to a serviced loan combination, also on behalf of the related serviced pari passu companion
loan holder(s)) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law
in connection with the default or imminent default of a Mortgage Loan or serviced pari passu companion loan; provided that
a Mortgaged Property that secures a non-trust-serviced pooled Mortgage Loan shall constitute an REO Property if and when it is
acquired under the related non-trust pooling and servicing agreement for the benefit of the Trustee as the holder of such non-trust-serviced
pooled Mortgage Loan and of the holder of the related non-serviced pari passu companion loan(s) through foreclosure, acceptance
of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with a default or imminent default
of such non-trust-serviced pooled Mortgage Loan.

 

“Replacement
Mortgage Loan”: Any qualifying substitute Mortgage Loan that is substituted by a Responsible Repurchase Party for a Defective
Mortgage Loan as contemplated by Section 2.03 of the Pooling and Servicing Agreement.

 

“Responsible
Repurchase Party”: (i) With respect to each Mortgage Loan transferred to the Seller/Debtor by Wells Fargo Bank, National
Association, Wells Fargo Bank,

 

    	J-5

    	 

    

 

National
Association; (ii) with respect to each Mortgage Loan transferred to the Seller/Debtor by Rialto Mortgage Finance, LLC, Rialto
Mortgage Finance, LLC; (iii) with respect to each Mortgage Loan transferred to the Seller/Debtor by C-III Commercial Mortgage
LLC, C-III Commercial Mortgage LLC; (iv) with respect to each Mortgage Loan transferred to the Seller/Debtor by Basis Real Estate
Capital II, LLC, Basis Investment Group LLC; and (v) with respect to each Mortgage Loan transferred to the Seller/Debtor by National
Cooperative Bank, N.A., National Cooperative Bank, N.A.

 

“Servicing File”:
Any documents (other than documents required to be part of the related Mortgage File, but including copies of documents required
to be part of the related Mortgage File and originals or copies of all management agreements which are not covered by the definition
of “Mortgage File” and originals of any letters of credit) that are in the possession or under the control of, or that
are required (pursuant to the applicable Mortgage Loan Purchase Agreement, the Pooling and Servicing Agreement or otherwise) to
be delivered and actually have been delivered to, as the context may require, the applicable Master Servicer or the applicable
Special Servicer and relating to the origination and servicing of any Mortgage Loan or serviced loan combination or the administration
of any REO Property and reasonably necessary for the ongoing administration and/or servicing of the applicable Mortgage Loan or
serviced loan combination, including any documents delivered by a Mortgage Loan seller.

 

“Trust”:
The trust created by the Pooling and Servicing Agreement.

 

“Trust Fund”:
All of the assets of all the REMIC Pools, the Grantor Trust Pool and the Loss of Value Reserve Fund. For the avoidance of doubt,
no pari passu companion loan is an asset of the Trust Fund.

 

THE SELLER/DEBTOR AND THE BUYER/SECURED
PARTY INTEND THE TRANSACTIONS CONTEMPLATED BY THE POOLING AND SERVICING AGREEMENT TO CONSTITUTE A SALE OF THE INTEREST IN THE COLLATERAL,
AND THIS FILING SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT A SALE HAS NOT OCCURRED. THE REFERENCES HEREIN TO MORTGAGE NOTES SHOULD
NOT BE CONSTRUED AS A CONCLUSION THAT ANY MORTGAGE NOTE IS NOT AN INSTRUMENT WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE
OR THAT A FILING IS NECESSARY TO PERFECT THE OWNERSHIP OR SECURITY INTEREST OF THE BUYER/SECURED PARTY IN ANY MORTGAGE NOTE, MORTGAGE
OR OTHER MORTGAGE LOAN DOCUMENT. IN ADDITION, THE REFERENCES HEREIN TO SECURITIES, INSTRUMENTS AND OTHER OBLIGATIONS SHOULD NOT
BE CONSTRUED AS A CONCLUSION THAT ANY SUCH SECURITY, INSTRUMENT OR OTHER OBLIGATION IS NOT AN INSTRUMENT, A CERTIFICATED SECURITY
OR AN UNCERTIFICATED SECURITY WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE, AS IN EFFECT IN ANY APPLICABLE JURISDICTION, NOR
SHOULD THIS FINANCING STATEMENT BE CONSTRUED AS A CONCLUSION THAT A FILING IS NECESSARY TO PERFECT THE OWNERSHIP OR SECURITY INTEREST
OF THE BUYER/SECURED PARTY IN THE CONTRACTUAL RIGHT TO PAYMENT, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO PAYMENTS OF PRINCIPAL
AND INTEREST AND THE RIGHT TO ENFORCE THE RELATED PAYMENT OBLIGATIONS, ARISING FROM OR UNDER ANY SUCH SECURITY, INSTRUMENT OR

 

    	J-6

    	 

    

 

OTHER
OBLIGATION (INCLUDING, WITHOUT LIMITATION, ANY PERMITTED INVESTMENT).

 

A SALE BY THE SELLER/DEBTOR OF, OR A
GRANT BY THE SELLER/DEBTOR OF A SECURITY INTEREST IN, ANY COLLATERAL DESCRIBED IN THIS FINANCING STATEMENT WILL VIOLATE THE RIGHTS
OF THE BUYER/SECURED PARTY.

 

    	J-7

    	 

    

 

EXHIBIT K-1A

 

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER
PARTIES

(for Persons other than the Subordinate Class Representative

and/or a Subordinate Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045

 

Attention:             Corporate Trust Services – Wells Fargo Commercial
Mortgage Trust 2015-C30

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Class [__] Certificates

 

In accordance with the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class of Certificates referenced above and
is neither a Subordinate Class Certificateholder nor the Subordinate Class Representative.

 

2.          The
undersigned is not (a) a Borrower, (b) a manager of a Mortgaged Property, or a principal, partner, member, joint venturer, limited
partner, employee, representative, director, trustee, advisor or investor in, or an Affiliate of any Borrower, (c) a lender in
respect of any mezzanine indebtedness secured by the equity interests in any Borrower, which lender has commenced foreclosure proceedings
in respect of such mezzanine indebtedness, (d) an Affiliate of any of the foregoing or (e) an agent of any Borrower.

 

3.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s website and/or is requesting the information identified on the schedule attached hereto (also,
the “Information”) pursuant to the provisions of the Agreement.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related

 

    	K-1A-1

    	 

    

 

Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each of the parties to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified that
the representations herein contained remain true and correct.

 

6.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name
to be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	[Certificateholder] [Beneficial Owner]
	 	[Prospective Purchaser]
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone: 	 

 

    	K-1A-2

    	 

    

 

EXHIBIT K-1B

 

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER
PARTIES

(for the Subordinate Class Representative and/or a Subordinate Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention: Corporate Trust Services – Wells Fargo Commercial
Mortgage Trust 2015-C30

 

CWCapital Asset Management LLC 

7501 Wisconsin Avenue, Suite 500 West 

Bethesda, Maryland 20814 

Attention: Brian Hanson (WFCM 2015-C30) 

 

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

MAC D1086 120, 550 South Tryon Street, 14th Floor 

Charlotte, North Carolina 28202 

Attention: WFCM 2015-C30 Asset Manager

 

National Cooperative Bank, N.A. 

2011 Crystal Drive, Suite 800 

Arlington, Virginia 22202 

Attention: Kathleen Luzik

  

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

In accordance with the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Subordinate Class Representative][a Subordinate Class Certificateholder] and is not an Excluded Controlling
Class Holder.

 

2.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s website and/or is requesting

 

    	K-1B-1

    	 

    

 

the
information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Agreement.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each of the parties to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

4.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified that
the representations herein contained remain true and correct.

 

5.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

6.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name
to be signed hereto by its duly authorized signatory, as of the date certified. 

 

	 	 	 	 	 	 	 
	 	[Subordinate Class Representative]
	 	[Subordinate Class Certificateholder]

 

    	K-1B-2

    	 

    

 

	 	 	 	 	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone: 	 

  

    	K-1B-3

    	 

    

 

EXHIBIT K-2A

 

FORM OF INVESTOR CERTIFICATION FOR BORROWER
PARTIES

(for Persons other than the Subordinate Class Representative

and/or a Subordinate Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045

 

Attention:             Corporate Trust Services – Wells Fargo Commercial
Mortgage Trust 2015-C30

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, Class [__] Certificates

 

In accordance with the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class of Certificates referenced above and
is neither a Subordinate Class Certificateholder nor the Subordinate Class Representative.

 

2.          The undersigned is
(a) a Borrower, (b) a manager of a Mortgaged Property, or a principal, partner, member, joint venturer, limited partner, employee,
representative, director, trustee, advisor or investor in, or an Affiliate of any Borrower, (c) a lender in respect of any mezzanine
indebtedness secured by the equity interests in any Borrower, which lender has commenced foreclosure proceedings in respect of
such mezzanine indebtedness, (d) an Affiliate of any of the foregoing or (e) an agent of any Borrower.

 

3.          The
undersigned is requesting access to the Distribution Date Statement information in accordance with the Agreement (the “Information”),
and agrees (i) to keep the Information confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and (ii) to use such Information for the sole purpose
of evaluating the purchase of the related Certificates, and such Information will not, without the prior written consent of the
Certificate Administrator, be otherwise disclosed by the undersigned or by its

 

    	K-2A-1

    	 

    

 

officers,
directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner
whatsoever, in whole or in part.

 

The undersigned will not use or disclose
the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the
“Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any
Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each party to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach
by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified that
the representations herein contained remain true and correct.

 

6.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 	 	 
	 	[Certificateholder] [Beneficial Owner]
	 	[Prospective Purchaser]
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone: 	 

 

    	K-2A-2

    	 

    

 

EXHIBIT K-2B 

 

FORM OF INVESTOR CERTIFICATION FOR BORROWER
PARTIES 

(for the Subordinate Class
Representative and/or a Subordinate Class Certificateholder)

  

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention:             Corporate Trust Services – Wells Fargo Commercial
Mortgage Trust 2015-C30

 

CWCapital Asset Management LLC 

7501 Wisconsin Avenue, Suite 500 West 

Bethesda, Maryland 20814 

Attention: Brian Hanson (WFCM 2015-C30)

  

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

MAC D1086 120, 550 South Tryon Street, 14th Floor 

Charlotte, North Carolina 28202 

Attention: WFCM 2015-C30 Asset Manager

 

National Cooperative Bank, N.A. 

2011 Crystal Drive, Suite 800 

Arlington, Virginia 22202 

Attention: Kathleen Luzik

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

In accordance with the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Subordinate Class Representative][a Subordinate Class Certificateholder] and is an [Excluded Holder][Excluded
Controlling Class Holder] and the applicable [Excluded Loans][Excluded Controlling Class Loans] are listed on Schedule 1 hereto.

 

    	K-2B-1

    	 

    

 

2.          Except
for the Excluded Information in respect of an Excluded Controlling Class Loan, the undersigned is requesting access pursuant to
the Agreement to certain information (the “Information”) on the Certificate Administrator’s website and/or
is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant
to the provisions of the Agreement.

 

In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          To
the extent the undersigned receives access pursuant to the Agreement to any confidential or privileged information related to any
Excluded Controlling Class Loan (the “Excluded Loan Information”) on the Certificate Administrator’s website
or otherwise receives access to such Excluded Loan Information in connection with its duties, or exercise of its rights, under
the Agreement, the undersigned (i) shall not directly or indirectly provide any information related to the Excluded Controlling
Class Loan to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate involved in the management
of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that
holds a direct or indirect ownership interest in the related Borrower, and (ii) shall maintain sufficient internal controls and
appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each party to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach
by the undersigned or any of its Representatives.

 

6.          The
undersigned agrees that each time it accesses the Information or Excluded Loan Information on the Certificate Administrator’s
Website, it is deemed to have recertified that the representations herein contained remain true and correct.

 

7.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

    	K-2B-2

    	 

    

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 	 	 
	 	[Subordinate Class Representative]
	 	[Subordinate Class Certificateholder]
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone: 	 

 

    	K-2B-3

    	 

    

 

SCHEDULE 1 to EXHIBIT
K-2B

 

[EXCLUDED LOANS][EXCLUDED CONTROLLING CLASS
LOANS] 

 

	Loan Number	Loan/Property Name
	 	 
	 	 
	 	 

 

    	K-2B-4

    	 

    

 

EXHIBIT K-3A

 

FORM OF NOTICE OF [EXCLUDED HOLDER][EXCLUDED
CONTROLLING CLASS HOLDER]

 

[Date]

 

	Wells Fargo Bank, National Association

   Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-C30 Asset Manager	Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: J. Gregory Winchester 
	 	 
	
CWCapital
Asset Management LLC

        7501 Wisconsin Avenue, Suite 500 West 

        Bethesda, Maryland 20814 

        Attention: Brian Hanson (WFCM 2015-C30) 
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – WFCM 2015-C30
	 	 
	National Cooperative Bank, N.A.

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Kathleen Luzik 	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-C30
	 	 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

In accordance with Section
8.12(f) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as
Trustee, with respect to the Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30 (the “Certificates”), the undersigned (the [“Excluded Holder”][“Excluded
Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The
undersigned is the [Majority Subordinate Certificateholder] [Subordinate Class Representative] [Subordinate Class Certificateholder]
as of the date hereof.

 

2.          The
undersigned has become an [Excluded Holder][Excluded Controlling Class Holder] with respect to the following Loans:

 

    	K-3A-1

    	 

    

            

	 	 	 	 	 	 	 
	Loan Number	 	ODCR	 	Loan Name	 	Borrower Name
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

3.          The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit K-3B to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it may not
and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded Controlling Class Loan] unless and
until it has delivered notice of the termination of the related [Excluded Holder][Excluded Controlling Class Holder] status in
accordance with Section 8.12(f) of the Pooling and Servicing Agreement.

 

4.          The
undersigned agrees to indemnify and hold harmless the Trustee, the Certificate Administrator, the General Master Servicer, the
General Special Servicer (as applicable), the NCB Master Servicer, the NCB Special Servicer (as applicable), the Trust Advisor,
the Depositor, and the Trust from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information with respect to any of the [Excluded Loans][Excluded Controlling Class
Loans] listed in Paragraph 2 above, provided that such access is not a result of such indemnified party’s negligence, bad
faith or willful misconduct.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

	 	 	 
	 	[Majority Subordinate Certificateholder]
	 	[Subordinate Class Representative]
	 	[Subordinate Class Certificateholder]
	 	 	 
	 	By:	 
	 		Name:
	 		Title:
	 		Phone:
	 		Email:
	 	 	Address:

 

    	K-3A-2

    	 

    
 

EXHIBIT K-3B

 

FORM OF NOTICE OF [EXCLUDED HOLDER][EXCLUDED
CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via:
        Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – WFCM 2015-C30

        trustadministrationgroup@wellsfargo.com

         

        with a copy to:

	Wells Fargo Bank, National Association

8480 Stagecoach Circle

Frederick, MD 21701-4747

Attention: WFCM 2015-C30

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
Series 2015-C30

 

In accordance with Section
8.12(f) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National
Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as
Trustee, with respect to the Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series
2015-C30 (the “Certificates”), the undersigned (the [“Excluded Holder”][“Excluded
Controlling Class Holder”]) hereby directs you as follows:

 

1.          The
undersigned is the [Majority Subordinate Certificateholder] [Subordinate Class Representative] [Subordinate Class Certificateholder]
as of the date hereof, and has become an [Excluded Holder][Excluded Controlling Class Holder] with respect to certain Mortgage
Loans.

 

2.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the WFCM 2015-C30 transaction should be revoked as to such users:

 

    	K-3B-1

    	 

    

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

3.          The
undersigned acknowledges that it may not and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded
Controlling Class Loan] unless and until it is no longer an [Excluded Holder][Excluded Controlling Class Holder] with respect to
such [Excluded Loan][Excluded Controlling Class Loan] and has submitted an investor certification in the form of Exhibit K-1B thereof.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	[Majority Subordinate Certificateholder]
	 	[Subordinate Class Representative]
	 	[Subordinate Class Certificateholder]
	 	 	 
	 	Name:
	 	Title: 
	 	Phone:
	 	Email:
	 	Address:

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 2.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

	 	 
	Name:	 
	Title:	 

 

    	K-3B-2

    	 

    

 

EXHIBIT K-4

 

FORM OF INVESTOR CONFIDENTIALITY AGREEMENT

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045

 

Attention:             Corporate Trust Services – Wells Fargo
Commercial Mortgage Trust 2015-C30

 

		Re:	Information Regarding Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

In connection with the
Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer and/or National Cooperative Bank,
N.A., as NCB Special Servicer (and may have been previously furnished) with certain information (the “Information”).
For the purposes of this letter agreement (this “Agreement”), “Representative” of a Person refers
to such Person’s directors, officers, employees, and agents; and “Person” refers to any individual, group or
entity.

 

In connection with and
in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the
Information solely for purposes of making investment decisions and/or exercising the rights of the Subordinate Class Representative
with respect to the above-referenced Certificates and the related Mortgage Loans and will not disclose such Information to any
other Person or entity unless required to do so by law; provided such Information may be disclosed to (i) the Representatives of
the undersigned, (ii) the auditors and regulators of the undersigned (iii) to any Person or entity that is contemplating the purchase
of any Certificate held by the undersigned or of an interest therein (or such outside persons as are assisting it in making an
evaluation in connection with purchasing the related Certificates (but only if such person or entity confirms in writing such contemplation
of a prospective ownership interest and agrees in writing to keep such Information confidential)), (iv) the accountants and attorneys
of the undersigned and (v) such governmental or banking authorities or agencies to which the undersigned is subject.

 

The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Subordinate Class Representative, the Trust Advisor, the Certificate Administrator, the Tax Administrator, the Trustee, the General
Master Servicer, the NCB Master Servicer, the Primary Servicer, the General Special Servicer, the NCB 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.

 

    	K-4-1

    	 

    

 

This Agreement shall
not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result
of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential
basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation
of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to us by
you.

 

Capitalized terms used
but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of August
1, 2015, by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association,
as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General
Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells
Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National
Association, as Trustee.

 

This Agreement, when
signed by us, will constitute our agreement with respect to the subject matter contained herein.

	 	 	 	 	 	 	 
	 	Very truly yours,
	 	 
	 	[NAME OF ENTITY]
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	Company:	 
	 	Phone: 	 

 

	cc:	Wells Fargo Bank, National Association
	 	Wilmington Trust, National Association

 

    	K-4-2

    	 

    

 

EXHIBIT K-5

 

FORM OF NOTICE OF MEZZANINE COLLATERAL
FORECLOSURE

 

Wells Fargo Bank, National
Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Wells Fargo Commercial
Mortgage Trust 2015-C30

Email: trustadministrationgroup@wellsfargo.com

 

In accordance with Section
[_______] of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates, the undersigned hereby notifies you that the following [Mezzanine Lenders] have accelerated the [Mezzanine Loan]
and/or have commenced foreclosure proceedings against the related mezzanine collateral:

 

[__________________]

 

As set forth in the Agreement,
you are required to cause such [Mezzanine Lender] to re-submit any Investor Certification previously delivered by such [Mezzanine
Lender], prior to allowing it access to the information on the Certificate Administrator’s Website, to the extent such information
is accessible only to Privileged Persons.

 

Capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Agreement.

	 	 	 	 
	 	[GENERAL][NCB] SPECIAL SERVICER
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 

 

    	K-5-1

    	 

    

 

EXHIBIT L

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICERS AND SPECIAL SERVICERS

 

RECORDING REQUESTED BY:

{insert address}

	 
	SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust, National
Association, a national banking association, incorporated and existing under the laws of the United States, having its usual place
of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”) pursuant to
that Pooling and Servicing Agreement dated as of August 1, 2015 (the “Agreement”) by and among Wells Fargo Commercial
Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as General Master Servicer [(the “Servicer”)],
National Cooperative Bank, N.A., as NCB Master Servicer [(the “Servicer”)], CWCapital Asset Management LLC,
as General Special Servicer [(the “Servicer”)], National Cooperative Bank, N.A., as NCB Special Servicer [(the
“Servicer”)], Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate
Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, relating to the Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30, and the Trustee hereby
constitutes and appoints the Servicer, by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the Servicer and all properties (“REO Properties”) administered by the Servicer
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate to effectuate the enumerated transactions described in items (1) through (12) below with respect to the
Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and delivered by such
Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii)

 

    	L-1

    	 

    

 

 

			otherwise conforms to the provisions
of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to any real estate owned property.

 

		5.	The completion of loan assumption agreements.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;

 

    	L-2

    	 

    

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 8.a. through 8.h. above.

  

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the
property to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

  

		a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien
created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;

  

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full
defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine
financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds
of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents
relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties 

 

    	L-3

    	 

    

 

		 	(including
agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged
Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable
servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating
to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Servicer has the power to delegate
its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority given to it by Wilmington
Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties
by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The Servicer’s
attorneys-in-fact shall have no greater authority than that held by the Servicer.

 

Nothing contained herein shall: (i) limit in any manner any
indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee
under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any suit, litigation or proceeding
in the name of Wilmington Trust, National Association except as specifically provided for herein. If the Servicer receives any
notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then the Servicer shall promptly
forward a copy of same to the Trustee.

 

This limited power of attorney is not intended to extend the
powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages, deeds
of trust or Mortgage Notes not authorized by the Agreement.

 

The Servicer hereby agrees to indemnify and hold the Trustee
and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by reason or result
of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Servicer. The foregoing indemnity
shall

 

    	L-4

    	 

    

 

survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the
Trustee under the Agreement.

 

This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely upon the exercise
of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue
in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for Wells Fargo Commercial Mortgage Trust 2015-C30 has caused its corporate seal to be hereto affixed and these presents
to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.

	 	 	 
	 	Wilmington Trust, National Association, 
	 	as Trustee for Wells Fargo Commercial Mortgage Trust 2015-C30
	 	 
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	L-5

    	 

    

 

	State of	} 
	County of	} 

On ________________________,
before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to
me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or
the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State
of _________ that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

 

	 	 
	Notary signature	 

 

    	L-6

    	 

    

 

EXHIBIT M

 

FORM OF FINAL CERTIFICATION OF CUSTODIAN

 

[Date]

 

[PARTIES TO POOLING AND SERVICING AGREEMENT]

[MORTGAGE LOAN SELLERS]

[SERVICED PARI PASSU COMPANION LOAN HOLDERS]

[MAJORITY SUBORDINATE CERTIFICATEHOLDERS]

[SUBORDINATE CLASS REPRESENTATIVE]

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

In accordance with Section
2.02(b) of that certain Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling and Servicing Agreement”)
pursuant to which the certificates of the above-referenced series were issued, the undersigned hereby certifies that, with respect
to each Original Mortgage Loan subject to the Pooling and Servicing Agreement, and subject to the exceptions noted in Schedule
I attached hereto, that: (a) the original Mortgage Note specified in clause (i) of the definition of “Mortgage File”
and all allonges thereto, if any (or a copy of such Mortgage Note, together with a lost note affidavit and indemnity certifying
that the original of such Mortgage Note has been lost), the original or copy of documents specified in clauses (ii), (iii), (iv)
(except with respect to a Non-Trust-Serviced Pooled Mortgage Loan), (viii) (without regard to the verification of the effective
date with respect to a title policy or the date of funding with respect to a title commitment), (x) (if the Mortgage Loan Schedule
specifies that a material portion of the interest of the Borrower in the related Mortgaged Property consists of a leasehold interest)
and (xx) (if the Mortgage Loan Schedule specifies that the Mortgaged Property type is a hospitality property) of the definition
of “Mortgage File” have been received by it; (b) if such report is due more than 180 days after the Closing Date, the
recordation/filing contemplated by Section 2.01(e) has been completed (based solely on receipt by the Custodian of the particular
recorded/filed documents or an appropriate receipt of recording/filing therefor); (c) all documents received by the Custodian with
respect to such Mortgage Loan have been reviewed by the Custodian and (1) appear regular on their face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Borrower), (2) appear to have been executed and
(3) purport to relate to such Mortgage Loan; and (d) based on the examinations referred to in Sections 2.02(a) and 2.02(b)
of the Pooling and Servicing Agreement and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule
with respect to the items specified in clause (iii)(A) and clause (vi) of the definition of “Mortgage Loan Schedule”
accurately reflects the information set forth in the related Mortgage File.

 

    	M-1

    	 

    

 

Capitalized terms used
but not defined herein shall have the meanings given them in the Pooling and Servicing Agreement.

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

 

    	M-2

    	 

    

 

Schedule I to
Exhibit M

 

SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE
DELIVERY

 

(under Section 2.02(b) of the Pooling and
Servicing Agreement)

 

    	M-3

    	 

    

 

EXHIBIT N

 

FORM OF DEFEASANCE CERTIFICATION

 

For any loan that is not among ten
(10) largest loans in pool, with outstanding balance of (a) $35,000,000 or less, or (b) less than 2% of outstanding pool balance,
whichever is less

 

To:

 

Fitch Ratings, Inc.

One State Street Plaza, 31st Floor

New York, New York 10004

 

Attn: ______________

 

Moody’s Investors Service,
Inc.

7 World Trade Center, 25th Floor

New York, New York 10007

 

Attn: ______________

 

Morningstar Credit Ratings, LLC

 220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

 

Attn: ______________

 

		From:	[Wells Fargo Bank, National Association] [National Cooperative Bank, N.A.], in its capacity as
[General] [NCB] Master Servicer (the “[General] [NCB] Master Servicer”) under the Pooling and Servicing Agreement
dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer,
Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator
and as Custodian, and Wilmington Trust, National Association, as Trustee.

 

Date:_________, 20___

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through
Certificates, Series 2015-C30

Mortgage loan (the “Mortgage Loan”) identified by loan number _____ on the Mortgage Loan Schedule attached to
the Pooling and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on the Mortgage Loan Schedule
by the following names:____________________

 

____________________

 

    	N-1

    	 

    

 

Reference is made to
the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

 

As [General] [NCB] Master
Servicer under the Pooling and Servicing Agreement, we hereby:

 

1.          Notify
you that the Borrower has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

  

		____	a full defeasance of the payments scheduled to be due in respect of the entire Stated Principal
Balance of the Mortgage Loan; or

 

		____	a partial defeasance of the payments scheduled to be due in respect of a portion of the Stated
Principal Balance of the Mortgage Loan that represents ___% of the entire Stated Principal Balance of the Mortgage Loan and, under
the Mortgage, has an allocated loan amount of $____________ or _______% of the entire Stated Principal Balance;

 

2.          Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Schedule A hereto, which
exceptions the [General] [NCB] Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse
effect on the Mortgage Loan or the defeasance transaction:

 

		a.	The Mortgage Loan Documents permit the defeasance, and the terms and conditions for defeasance
specified therein were satisfied in all material respects in completing the defeasance.

 

		b.	The defeasance was consummated on __________, 20__.

 

		c.	The defeasance collateral consists of securities that (i) constitute “government securities”
as defined in Section 2(a)(16) of the Investment Company Act of 1940 as amended (15 U.S.C. § 80a-1 et seq.), (ii) are
listed as “Qualified Investments for ‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach”
in [Standard & Poor’s Public Finance Criteria 2000], as amended to the date of the defeasance, (iii) are rated ‘AAA’
by Standard & Poor’s, (iv) if they include a principal obligation, the principal due at maturity cannot vary or change,
and (v) are not subject to prepayment, call or early redemption. Such securities have the characteristics set forth below:

 

CUSIPRATEMATPAY
DATESISSUED

 

		d.	The [General] [NCB] Master Servicer received an opinion of counsel (from counsel approved by the
[General] [NCB] Master

 

    	N-2

    	 

    

 

			Servicer in accordance with the Servicing Standard) that the defeasance will not result in an Adverse REMIC
Event.

 

		e.	The [General] [NCB] Master Servicer determined that the defeasance collateral will be owned by
an entity (the “Defeasance Obligor”) as to which one of the statements checked below is true:

 

		____	the related Borrower was a Single-Purpose Entity (as defined in [Standard & Poor’s Structured
Finance Ratings Real Estate Finance Criteria], as amended to the date of the defeasance (the “S&P Criteria”))
as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance collateral and real property
securing Mortgage Loans included in the pool;

 

		____	the related Borrower designated a Single-Purpose Entity (as defined in the S&P Criteria) to
own the defeasance collateral; or

 

		____	the [General] [NCB] Master Servicer designated a Single-Purpose Entity (as defined in the S&P
Criteria) established for the benefit of the Trust to own the defeasance collateral.

  

		f.	The [General] [NCB] Master Servicer received a broker or similar confirmation of the credit, or
the accountant’s letter described below contained statements that it reviewed a broker or similar confirmation of the credit,
of the defeasance collateral to an Eligible Account (as defined in the S&P Criteria) in the name of the Defeasance Obligor,
which account is maintained as a securities account by the securities intermediary and has been pledged to the Trustee.

 

		g.	The Agreement executed in connection with the defeasance shall grant control of the pledged Securities
Account to the Trustee and require the Securities Intermediary to make the scheduled payments on the Mortgage Loan from the proceeds
of the defeasance collateral directly to the [General] [NCB] Master Servicer’s collection account in the amounts and on the
dates specified in the Mortgage Loan Documents or, in a partial defeasance, the portion of such scheduled payments attributed to
the allocated loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan Documents
(the “Scheduled Payments”).

 

		h.	The [General] [NCB] Master Servicer received from the Borrower written confirmation from a firm
of independent certified public accountants, who were approved by the [General] [NCB] Master

 

    	N-3

    	 

    

 

			Servicer in accordance with the Servicing
Standard, stating that (i) revenues from principal and interest payments made on the defeasance collateral (without taking into
account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the Scheduled Payments after the
defeasance including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection with a partial defeasance)
on its Stated Maturity Date, (ii) the revenues received in any month from the defeasance collateral will be applied to make Scheduled
Payments within four (4) months after the date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance
Obligor in any calendar or fiscal year will not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or
the allocated portion thereof in a partial defeasance) for such year.

 

		i.	The [General] [NCB] Master Servicer received opinions from counsel, who were approved by the [General]
[NCB] Master Servicer in accordance with the Servicing Standard, that (i) the agreements executed by the Borrower and/or the Defeasance
Obligor in connection with the defeasance are enforceable against them in accordance with their terms except as such enforcement
may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditor’s rights
generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law), and (ii) the Trustee will have a perfected, first priority security interest in the defeasance collateral described
above.

 

		j.	The agreements executed in connection with the defeasance (i) permit reinvestment of proceeds of
the defeasance collateral only in Permitted Investments (as defined in the S&P Criteria), (ii) permit release of surplus defeasance
collateral and earnings on reinvestment to the Defeasance Obligor or the Borrower only after the Mortgage Loan has been paid in
full, if any such release is permitted, (iii) prohibit any subordinate liens against the defeasance collateral, and (iv) provide
for payment from sources other than the defeasance collateral or other assets of the Defeasance Obligor of all fees and expenses
of the securities intermediary for administering the defeasance and the securities account and all fees and expenses of maintaining
the existence of the Defeasance Obligor.

  

		k.	The Mortgage Loan is not among the
ten (10) largest loans in the Mortgage Pool. The entire Stated Principal Balance of the Mortgage Loan as of the date of defeasance
was $___________ [$35,000,000 or less or less than two percent of the Mortgage Pool balance, whichever is less], which is less
than 2% of the aggregate

 

    	N-4

    	 

    

  

			Certificate Principal Balance of the Certificates
as of the date of the most recent Distribution Date Statement received by us (the “Current Report”).

 

		l.	The defeasance described herein, together with all prior and simultaneous defeasances of Mortgage
Loans, brings the total of all fully and partially defeased Mortgage Loans to $__________________, which is _____% of the aggregate
Certificate Balance of the Certificates as of the date of the Current Report.

 

3.          Certify
that, in addition to the foregoing, the [General] [NCB] Master Servicer has imposed such additional conditions to the defeasance
(or waived such conditions), subject to the limitations imposed by the Mortgage Loan Documents, as are consistent with the Servicing
Standard.

 

4.          Certify
that Schedule B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in connection with the defeasance described above and
that originals or copies of such agreements, instruments, documents and opinions have been or will be transmitted to the Custodian
for placement in the related Mortgage File or, to the extent not required to be part of the related Mortgage File, are in the possession
of the [General] [NCB] Master Servicer as part of the [General] [NCB]Master Servicer’s Servicing File.

 

5.          Certify
and confirm that the determinations and certifications described above were rendered in accordance with the Servicing Standard
set forth in, and the other applicable terms and conditions of, the Pooling and Servicing Agreement.

 

6.          Certify
that the individual under whose hand the [General] [NCB] Master Servicer has caused this Notice and Certification to be executed
did constitute a Servicing Officer as of the date of the defeasance described above.

 

7.          Agree
to provide copies of all items listed in Schedule B to you upon request.

 

    	N-5

    	 

    
 

IN WITNESS WHEREOF,
the [General] [NCB] Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

	 	 	 
	 	[______________________],
	 	as [General] [NCB] Master Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	N-6

    	 

    

 

Schedule A to Exhibit
N

 

SCHEDULE A

 

SCHEDULE OF EXCEPTIONS TO CERTIFICATION

 

    	N-7

    	 

    

 

Schedule B to Exhibit
N

 

SCHEDULE B

 

LIST OF AGREEMENTS, INSTRUMENTS, DOCUMENTS
AND OPINIONS

 

    	N-8

    	 

    

 

EXHIBIT O-1

 

FORM OF TRUST ADVISOR ANNUAL REPORT1

(SUBORDINATE CONTROL PERIOD)

 

Report Date: Report will be delivered annually no later
than [INSERT DATE].

 

Transaction: Wells Fargo Commercial Mortgage Trust 2015-C30,
Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Trust Advisor: Pentalpha Surveillance LLC

 

[General Special Servicer: CWCapital Asset Management
LLC]

 

[NCB Special Servicer: National Cooperative Bank, N.A.]

 

Subordinate Class Representative: [_____________________]

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this Report. [__] Specially Serviced Mortgage Loans were
transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[__] of such Specially Serviced Mortgage Loans are still being analyzed by the [General] [NCB]
Special Servicer and/or Subordinate Class Representative as part of the development of an Asset Status Report. This report does
not include work activity related to those open cases.

 

		b.	[__] of such Specially Serviced Mortgage Loans had executed Final Asset Status Reports. This report
is based only on the Specially Serviced Mortgage Loans in respect of which a Final Asset Status Report has been issued. The Final
Asset Status Reports may not yet be fully implemented.

 

		II.	Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Trust Advisor has
undertaken a limited review of the [General] [NCB] Special Servicer’s operational activities to service certain Specially
Serviced Mortgage Loans in accordance with the Servicing Standard. Based on such review, the Trust Advisor [does, does not] believe
there are material violations of the [General] [NCB] Special Servicer’s compliance with its obligations under the Pooling
and Servicing

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Trust Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the
compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    	O-1-1

    	 

    

 

Agreement.
In addition, the Trust Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

In connection with the
assessment set forth in this report:

 

		1.	The Trust Advisor reviewed the Final Asset Status Report that was previously executed by the [General]
[NCB] Special Servicer for the following [__] Specially Serviced Mortgage Loans: [LIST APPLICABLE SPECIALLY SERVICED MORTGAGE LOANS].

 

		2.	The Trust Advisor’s review of the Final Asset Status Reports should be considered a limited
investigation and not be considered a full or limited audit. For instance, we did not review each page of the [General] [NCB] Special
Servicer’s policy and procedure manuals (including amendments and appendices), re-engineer the quantitative aspects of their
net present value calculator, visit the propert(y)/(ies) or interact with the borrower(s).

 

		3.	All opinions outlined herein are limited to the Specially Serviced Mortgage Loans of this mortgage
loan pool with respect to which Final Asset Status Reports have been delivered. Confidentiality and other provisions prohibit the
Trust Advisor from using information it is privy to from other assignments in facilitating the activities of this assignment.

 

		4.	As required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken a reasonable
review of such additional limited non-privileged information and documentation provided by the [General] [NCB] Special Servicer
prior to the Trust Advisor finalizing its annual assessment.

 

		III.	Specific Items of Review

 

		1.	The Trust Advisor reviewed the following items in connection with the generation of this report:
[LIST MATERIAL ITEMS].

 

		2.	The following is a general discussion of certain concerns raised by the Trust Advisor discussed
in this report: [LIST CONCERNS].

 

		3.	In addition to the other information presented herein, the Trust Advisor notes the following additional
items: [LIST ADDITIONAL ITEMS].

 

		4.	As required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken a reasonable
review of such additional limited non-privileged information and documentation provided by the [General] [NCB] Special Servicer
prior to the Trust Advisor finalizing its annual assessment.

 

    	O-1-2

    	 

    

 

		IV.	Qualifications Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	The Trust Advisor did not participate in, or have access to, the [General] [NCB] Special Servicer’s
and Subordinate Class Representative’s discussion(s) regarding any Specially Serviced Mortgage Loan. The Trust Advisor did
not meet with the [General] [NCB] Special Servicer or the Subordinate Class Representative. As such, the Trust Advisor generally
relied upon its review of the information described in Item 1 of Section III above and its interaction with the [General] [NCB]
Special Servicer in gathering the relevant information to generate this report.

 

		2.	The [General] [NCB] Special Servicer has the legal authority and responsibility to service the
Specially Serviced Mortgage Loans pursuant to the Pooling and Servicing Agreement. The Trust Advisor has no responsibility or authority
to alter the standards set forth therein.

 

		3.	Confidentiality and other contractual limitations limit the Trust Advisor’s ability to outline
the details or substance of certain information it reviewed in connection with its duties under the Pooling and Servicing Agreement.
As a result, this report may not reflect all the relevant information that the Trust Advisor is given access to by the [General]
[NCB] Special Servicer.

 

		4.	There are many tasks that the [General] [NCB] Special Servicer undertakes on an ongoing basis related
to Specially Serviced Mortgage Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions,
capital reserve changes, etc. The Trust Advisor does not participate in discussions regarding such actions. As such, the Trust
Advisor has not assessed the [General] [NCB] Special Servicer’s operational compliance with respect to those types of actions.

 

		5.	This report is furnished to the Certificate Administrator pursuant to the provisions of the Pooling
and Servicing Agreement. The delivery of this report shall not be construed to impose any duty on the Trust Advisor to respond
to investor questions or inquiries.

 

Terms used but not defined
herein have the meaning set forth in the Pooling and Servicing Agreement dated as of August 1, 2015.

 

    	O-1-3

    	 

    

 

EXHIBIT O-2

 

FORM OF TRUST ADVISOR ANNUAL REPORT1

(COLLECTIVE CONSULTATION PERIOD AND SENIOR CONSULTATION PERIOD)

 

Report Date: Report will be delivered annually no later
than [INSERT DATE].

 

Transaction: Wells Fargo Commercial Mortgage Trust 2015-C30,
Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Trust Advisor: Pentalpha Surveillance LLC

 

[General Special Servicer: CWCapital Asset Management
LLC]

 

[NCB Special Servicer: National Cooperative Bank, N.A.]

 

Subordinate Class Representative: [_____________________]

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	[__] Specially Serviced Mortgage Loans were transferred to special servicing in the prior calendar
year [INSERT YEAR].

 

		a.	[__] of such Specially Serviced Mortgage Loans are still being analyzed by the [General] [NCB]
Special Servicer as part of the development of an Asset Status Report.

 

		b.	[__] of such Specially Serviced Mortgage Loans had executed Final Asset Status Reports. The Final
Asset Status Reports may not yet be fully implemented.

 

		II.	Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Trust Advisor has undertaken
a limited review of the [General] [NCB] Special Servicer’s operational activities to service certain Specially Serviced Mortgage
Loans in accordance with the Servicing Standard. Based on such review, the Trust Advisor [does, does not] believe there are material
violations of the [General] [NCB] Special Servicer’s compliance with its obligations under the Pooling and Servicing Agreement.
In addition, the Trust Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Trust Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the
compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    	O-2-1

    	 

    

 

In connection with the
assessment set forth in this report:

 

		1.	The Trust Advisor reviewed the Asset Status Reports, net present value calculations and
                                                                                                Appraisal Reduction Amount calculations and [LIST OTHER REVIEWED INFORMATION] for the following [__] Specially Serviced
                                                                                                Mortgage Loans: [LIST OTHER REVIEWED INFORMATION] for the following [__] Specially Serviced Mortgage Loans: [LIST APPLICABLE SPECIALLY SERVICED MORTGAGE LOANS]

 

		2.	[If report is rendered during a Senior Consultation Period, add:] The Trust Advisor met with the
[General] [NCB] Special Servicer on [DATE] for the annual meeting. Participants from the [General] [NCB] Special Servicer included:
[IDENTIFY PARTICIPANTS’ NAMES AND TITLES]. The Specially Serviced Mortgage Loans (including Asset Status Reports, other relevant
accompanying information and any related net present value calculations and Appraisal Reduction Amount calculations) were referenced
in the meeting. The discussion focused on the [General] [NCB] Special Servicer’s execution of its resolution and liquidation
procedures in general terms as well as in specific reference to the Specially Serviced Mortgage Loans.

 

		a.	The Trust Advisor’s review of the Asset Status Reports (including related net present value
calculations and Appraisal Reduction Amount calculations) related to the Specially Serviced Mortgage Loans [[if report is rendered
during a Senior Consultation Period:] and meeting with the [General] [NCB] Special Servicer] should be considered a limited investigation
and not be considered a full or limited audit. For instance, we did not review each page of the [General] [NCB] Special Servicer’s
policy and procedure manuals (including amendments and appendices), re-engineer the quantitative aspects of their net present value
calculator, visit the propert(y)/(ies) or interact with the borrower(s).

 

		b.	All opinions outlined herein are limited to the Specially Serviced Mortgage Loans of this mortgage
loan pool with respect to which Asset Status Reports have been delivered. Confidentiality and other provisions prohibit the Trust
Advisor from using information it is privy to from other assignments in facilitating the activities of this assignment.

 

		3.	As required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken a reasonable
review of such additional limited non-privileged information and documentation provided by the [General] [NCB] Special Servicer
prior to the Trust Advisor finalizing its annual assessment.

 

    	O-2-2

    	 

    

 

		III.	Specific Items of Review

 

		1.	The Trust Advisor reviewed the following items in connection with [[if report is rendered during
Senior Consultation Period:]the annual meeting] and the generation of this report: [LIST MATERIAL ITEMS].

 

		2.	During the prior year, the Trust Advisor consulted with the [General] [NCB] Special Servicer regarding
its strategy plan for a limited number of issues related to the following Specially Serviced Mortgage Loans: [LIST]. The Trust
Advisor participated in discussions and made strategic observations and recommended alternative courses of action to the extent
it deemed such observations and recommendations appropriate. The [General] [NCB] Special Servicer [agreed with/did not agree with]
the recommendations made by the Trust Advisor. Such recommendations generally included the following: [LIST].

 

		3.	Appraisal Reduction Amount calculations and net present value calculations:

 

		a.	The Trust Advisor [received/did not receive] information necessary to recalculate and verify the
accuracy of the mathematical calculations and the corresponding application of the applicable formulas required to be utilized
in connection with any Appraisal Reduction Amount or net present value calculations used in the [General] [NCB] Special Servicer’s
determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Mortgage Loan
prior to the utilization by the [General] [NCB] Special Servicer.

 

		b.	The Trust Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application
of the applicable non-discretionary portions of the formulas] required to be utilized for such calculation.

 

		c.	After consultation with the [General] [NCB] Special Servicer to resolve any inaccuracy in the mathematical
calculations or the application of the non-discretionary portions of the related formulas in arriving at those mathematical calculations,
such inaccuracy [has been/ has not been] resolved.

 

		4.	The following is a general discussion of certain concerns raised by the Trust Advisor discussed
in this report: [LIST CONCERNS].

 

		5.	In addition to the other information presented herein, the Trust Advisor notes the following additional
items: [LIST ADDITIONAL ITEMS].

 

		6.	As
required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken a reasonable review of such additional limited 

 

    	O-2-3

    	 

    

 

		 	non-privileged information and documentation provided by the [General] [NCB] Special Servicer prior to the Trust Advisor finalizing
its annual assessment.

 

		IV.	Qualifications Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	The Trust Advisor did not participate in, or have access to, the [General] [NCB] Special Servicer’s
and Subordinate Class Representative’s discussion(s) regarding any Specially Serviced Mortgage Loan. The Trust Advisor did
not meet with the [Special Servicer or the] Subordinate Class Representative. [[If report rendered during Senior Consultation Period:]
While the Subordinate Class Representative may have attended the annual meeting,] the Trust Advisor generally did not address issues
and questions to the Subordinate Class Representative. As such, the Trust Advisor generally relied upon its review of the information
described in Item 1 of Section III above and its interaction with the [General] [NCB] Special Servicer in gathering the relevant
information to generate this report.

 

		2.	The [General] [NCB] Special Servicer has the legal authority and responsibility to service the
Specially Serviced Mortgage Loans pursuant to the Pooling and Servicing Agreement. The Trust Advisor has no responsibility or authority
to alter the standards set forth therein.

 

		3.	Confidentiality and other contractual limitations limit the Trust Advisor’s ability to outline
the details or substance of [[if report rendered during Senior Consultation Period:] the meeting held between it and the [General]
[NCB] Special Servicer regarding any Specially Serviced Mortgage Loans and] certain information it reviewed in connection with
its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all the relevant information that
the Trust Advisor is given access to by the [General] [NCB] Special Servicer.

 

		4.	There are many tasks that the [General] [NCB] Special Servicer undertakes on an ongoing basis related
to Specially Serviced Mortgage Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions,
capital reserve changes, etc. The Trust Advisor does not participate in discussions regarding such actions. As such, the Trust
Advisor has not assessed the [General] [NCB] Special Servicer’s operational compliance with respect to those types of actions.

 

		5.	This report is furnished to the Certificate Administrator pursuant to the provisions of the Pooling
and Servicing Agreement. The delivery of this report shall not be construed to impose any duty on the Trust Advisor to respond
to investor questions or inquiries.

 

    	O-2-4

    	 

    

 

Terms used but not defined
herein have the meaning set forth in the Pooling and Servicing Agreement dated as of August 1, 2015.

 

    	O-2-5

    	 

    

 

EXHIBIT O-3

 

FORM OF NOTICE FROM TRUST ADVISOR RECOMMENDING
REPLACEMENT OF SPECIAL SERVICER

 

Wilmington Trust, National Association

as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-C30

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through Certificates, Series 2015-C30,

Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 6.05(c) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage
Pass-Through Certificates, Series 2015-C30 (the “Certificates”), regarding the replacement of the [General]
[NCB] Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to
such terms in the Pooling and Servicing Agreement.

 

Based upon our review
of the [General] [NCB] Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.28
of the Pooling and Servicing Agreement, it is our assessment that [________], in its current capacity as [General] [NCB] Special
Servicer, is not [performing its duties under the Pooling and Servicing Agreement] [acting in accordance with the Servicing Standard].
The following factors support our assessment: [________].

 

    	O-3-1

    	 

    

 

Based upon such assessment,
we further hereby recommend that [_______] be removed as Special Servicer and that [________] be appointed its successor in such
capacity.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	Pentalpha Surveillance LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:_______________

 

    	O-3-2

    	 

    

 

EXHIBIT P

 

FORM OF NRSRO CERTIFICATION

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045 1951

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-C30,

Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the
“Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor
(the “Depositor”), Wells Fargo Bank, National Association, as General Master Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative Bank, N.A.,
as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.            (a)          The
undersigned is a Rating Agency; or

 

(b)          The
undersigned is a nationally recognized statistical rating organization that either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is
requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the 17g-5 website pursuant to the provisions of the Pooling and Servicing Agreement, and agrees that any confidentiality agreement
applicable to the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing
Date shall also be applicable to information obtained from the 17g-5 Information Provider’s website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s website), or (y), if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by
the provisions of the confidentiality agreement attached as Annex A hereto which shall be applicable to it with respect
to any information obtained from the 17g-5 Information Provider’s website, including any information that is obtained from
the section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after the Closing
Date.

 

    	P-1

    	 

    

 

The undersigned
agrees that each time it accesses the 17g-5 Information Provider’s website, it is deemed to have recertified that the representations
herein contained remain true and correct.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year first written above.

 

Date:

	 	 	 
	 	Very truly yours,
	 	 	 
	 	[NRSRO Name]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

    	P-2

    	 

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Wells Fargo Securities, LLC (together with its affiliates, the “Furnishing
Entities” and each a “Furnishing Entity”) furnishing certain financial, operational, structural and
other information relating to the issuance of the Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through
Certificates, Series 2015-C30 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as General Master Servicer, National
Cooperative Bank, N.A., as NCB Master Servicer, CWCapital Asset Management LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate
Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee and the assets underlying
or referenced by the Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors,
managers and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”)
through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after the
Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing Entity is labeled as
provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other
information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or other facts
with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof; provided,
however, that the term Confidential Information shall not include information which:

 

was or becomes generally
available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document)
other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation
of this Confidentiality Agreement;

 

was or is lawfully
obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you to be
under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain
the information as confidential; or

 

is independently developed
by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that
you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

    	P-3

    	 

    

 

You will treat the
Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable
Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was
furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely to
the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information to
the NRSRO’s password protected website; and

 

use information
derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any
Confidential Information.

 

Disclosures Required by Law. If
you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

Obligation to Return Evaluation Material.
Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof,
that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material to
the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may
be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to
this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

    	P-4

    	 

    

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly
to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of
the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and
agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any
of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

Term. Notwithstanding the termination
or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security,
your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or
the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry into
this website.

 

Contact Information. Notices for
each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, NY 10152

Attention: Matthew Orrino

E-mail: wfs.cmbs@wellsfargo.com]

 

    	P-5

    	 

    

 

EXHIBIT Q

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In connection with the
Wells Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
Series 2015-C30 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The
undersigned is an employee or agent of [Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group
Limited, BlackRock Financial Management, Inc., CMBS.com, Inc. or Thomson Reuters Corporation], a market data provider that has
been given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

2.             The
undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above
remains true and correct.

 

3.             The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor.

 

4.             Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the agreement pursuant to which the Certificates
were issued.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.

	 	 	 
	 	[______________________]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

Dated:      

 

    	Q-1

    	 

    

 

EXHIBIT R

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO ([__]) [_____] AND ([__])
[_____] AND VIA EMAIL TO [________] AND [cts.sec.notifications@wellsfargo.com] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY
BELOW**

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

 

Wells Fargo Commercial Mortgage Securities, Inc.

as Depositor

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra

 

Re:          **Additional
Form [10-D][10-K][8-K] Disclosure Required**

 

Ladies and Gentlemen:

 

In accordance with Section [11.07][11.08][11.10]
of the Pooling and Servicing Agreement, dated as of August 1, 2015, entered into by Wells Fargo Commercial Mortgage Securities,
Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General
Master Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master
Servicer”), CWCapital Asset Management LLC, as general special servicer (the “General Special Servicer”),
National Cooperative Bank, N.A., as NCB special servicer (in such capacity, the “NCB Special Servicer”), Pentalpha
Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian
(in such capacity, the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee,
the undersigned, as ___________, hereby notifies you that certain events have come to our attention that [will] [may] need to be
disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    	R-1

    	 

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to ______________, phone number: ________________; email address: ________________.

	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	R-2

    	 

    

 

EXHIBIT S-1

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C30
(The “Trust”)

 

The undersigned, __________,
a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general
master servicer (in such capacity, the “General Master Servicer”), National Cooperative Bank, N.A., as NCB master
servicer (in such capacity, the “NCB Master Servicer”), CWCapital Asset Management LLC, as general special servicer
(the “General Special Servicer”), National Cooperative Bank, N.A., as NCB special servicer (in such capacity,
the “NCB Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian (in such capacity, the “Certificate Administrator”),
and Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor”), certifies to [______], Wells Fargo Commercial
Mortgage Securities, Inc. and its officers, directors and affiliates, to the extent that the following information is within our
normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they
will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion
as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:       

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	S-1-1

    	 

    

 

EXHIBIT S-2

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C30
(The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo
Bank, National Association, as general master servicer (in such capacity, the “General Master Servicer”), National
Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer”), CWCapital Asset
Management LLC, as general special servicer (the “General Special Servicer”), National Cooperative Bank, N.A.,
as NCB special servicer (in such capacity, the “NCB Special Servicer), Wilmington Trust, National Association, as
trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian (in such capacity, the
“Certificate Administrator”), and Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor”),
certifies to [______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors and affiliates, to the extent
that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

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

 

    	S-2-1

    	 

    

 

EXHIBIT S-3

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C30
(the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated as of August 1,
2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc.,
as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master
Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer”),
CWCapital Asset Management LLC, as general special servicer (the “General Special Servicer”), National Cooperative
Bank, N.A., as NCB special servicer (in such capacity, the “NCB Special Servicer”), Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian (in such
capacity, the “Certificate Administrator”), and Pentalpha Surveillance LLC, as trust advisor (the “Trust
Advisor”), certifies to [_______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors and affiliates,
to the extent that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year
covered by the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except
as disclosed on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling
and Servicing Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate

 

    	S-3-1

    	 

    

 

 

		 	Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB
and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual
report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the Depositor, the
Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:        

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

 

    	S-3-2

    	 

    

 

 EXHIBIT
S-4

 

FORM OF MASTER
SERVICER BACKUP CERTIFICATION

 

WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2015-C30 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________] of [WELLS FARGO BANK, NATIONAL ASSOCIATION, as General Master Servicer]
[NATIONAL COOPERATIVE BANK, N.A., as NCB Master Servicer] under that certain Pooling and Servicing Agreement, dated as of August
1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities,
Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General
Master Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master
Servicer”), CWCapital Asset Management LLC, as general special servicer (the “General Special Servicer”),
National Cooperative Bank, N.A., as NCB special servicer (in such capacity, the “NCB Special Servicer”), Pentalpha
Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian
(in such capacity, the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee,
and on behalf of the [General] [NCB] Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), and assuming the accuracy of the statements required to be made by
                                         each Special Servicer in the special servicer backup certificate delivered by each Special
                                         Servicer relating to the Relevant Period, all servicing information and all reports (the
                                         “Servicer Reports”) required to be submitted by the [General] [NCB]
                                         Master Servicer to the Certificate Administrator pursuant to Sections 4.02(c) and (d)
                                         of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K
                                         for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been
                                         submitted by the [General] [NCB] Master Servicer to the Certificate Administrator for
                                         inclusion in these reports;

 

		2.	Based
                                         on my knowledge, and assuming the accuracy of the statements required to be made by each
                                         Special Servicer in the special servicer backup certificate delivered by each Special
                                         Servicer relating to the Relevant Period, the master servicing information contained
                                         in the Servicer Reports, taken as a whole, does not contain any untrue statement of a
                                         material fact or omit to state a material fact necessary to make the statements made,
                                         in light of the circumstances under which such statements were made, not misleading with
                                         respect to the period covered by these reports;

 

		3.	I am,
                                         or a Servicing Officer under my supervision is, responsible for reviewing the activities
                                         performed by the [General] [NCB] Master Servicer under the Pooling and Servicing Agreement
                                         and based upon my knowledge and the annual compliance reviews conducted in preparing
                                         the servicer compliance statements required to be delivered under Article XI of the Pooling
                                         and Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123 of Regulation
                                         AB with respect to the [General] [NCB] Master Servicer, and

 

    	S-4-1

    	 

    

 

		 	except as disclosed in the
                                         compliance certificate delivered by the [General] [NCB] Master Servicer under Section
                                         11.12 of the Pooling and Servicing Agreement, the [General] [NCB] Master Servicer has
                                         fulfilled its obligations under the Pooling and Servicing Agreement in all material respects
                                         during the Relevant Period;

 

		4.	The accountants
                                         that are to deliver the annual attestation report on assessment of compliance with the
                                         Relevant Servicing Criteria in respect of the [General] [NCB] Master Servicer with respect
                                         to the Trust’s fiscal year _____ have been provided all information relating to
                                         the [General] [NCB] Master Servicer’s assessment of compliance with the Relevant
                                         Servicing Criteria in order to enable them to conduct a review in compliance with the
                                         standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report
                                         on assessment of compliance with servicing criteria applicable to the [General] [NCB]
                                         Master Servicer for asset-backed securities with respect to the [General] [NCB] Master
                                         Servicer or any Servicing Function Participant retained by the [General] [NCB] Master
                                         Servicer and related attestation report on assessment
                                         of compliance with servicing criteria applicable to it required to be included in the
                                         annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
                                         AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to
                                         the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
                                         instances of noncompliance described in such reports have been provided to the Certificate
                                         Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

[In
giving the certification above, I have reasonably relied on and make no certification as to information provided to me by the
following unaffiliated parties: [name(s) of third parties (including the [General] [NCB] Special Servicer, but other than a Sub-Servicer,
Additional Servicer or any other third party retained by the [General] [NCB] Master Servicer that is not a Designated Sub-Servicer
or a Sub-Servicer appointed pursuant to Section 3.22 of the Pooling and Servicing Agreement) and, notwithstanding the foregoing
certifications, neither I nor the [General] [NCB] Master Servicer makes any certification under the foregoing clauses (2) and
(3) with respect to the information in the Servicer Reports that is in turn dependent upon information provided by the [General]
[NCB] Special Servicer under the Pooling and Servicing Agreement. Solely with respect to the completeness of information and reports,
I do not certify anything other than that all fields of information called for in written reports prepared by the [General] [NCB]
Master Servicer have been properly completed and that any fields that have been left blank on their face have been done so in
accordance with the CREFC procedures for such report.]

 

    	S-4-2

    	 

    

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION]
	 	[NATIONAL COOPERATIVE BANK, N.A.]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	S-4-3

    	 

    

 

EXHIBIT S-5

 

FORM OF SPECIAL
SERVICER BACKUP CERTIFICATION

 

WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2015-C30 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________ ] of [CWCAPITAL ASSET MANAGEMENT LLC] [NATIONAL COOPERATIVE BANK, N.A.]]
(the “Special Servicer”) as [General] [NCB] Special Servicer under that certain Pooling and Servicing Agreement
dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial
Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity,
the “General Master Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity,
the “NCB Master Servicer”), CWCapital Asset Management LLC, as general special servicer (the “General
Special Servicer”), National Cooperative Bank, N.A., as NCB special servicer (in such capacity, the “NCB Special
Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian (in such capacity, the “Certificate Administrator”), and Pentalpha
Surveillance LLC, as trust advisor (the “Trust Advisor”), on behalf of the [General] [NCB] Special Servicer,
certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports (the “Special
                                         Servicer Reports”) required to be submitted by the [General] [NCB] Special
                                         Servicer pursuant to the Pooling and Servicing Agreement for inclusion in the annual
                                         report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D
                                         or Form 8-K have been submitted by the [General] [NCB] Special Servicer to the [General]
                                         [NCB] Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as
                                         applicable, for inclusion in these reports;

 

		2.	Based
                                         on my knowledge, the special servicing information contained in the Special Servicer
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by these reports;

 

		3.	I am,
                                         or a Servicing Officer under my supervision is, responsible for reviewing the activities
                                         performed by the [General] [NCB] Special Servicer under the Pooling and Servicing Agreement
                                         and based upon my knowledge and the annual compliance reviews conducted in preparing
                                         the servicer compliance statements required to be delivered under Article XI of the Pooling
                                         and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation
                                         AB with respect to the [General] [NCB] Special Servicer, and except as disclosed in the
                                         compliance certificate delivered by the [General] [NCB] Special Servicer under Section
                                         11.13 of the Pooling and Servicing Agreement, the [General] [NCB] Special Servicer has
                                         fulfilled its obligations under the Pooling and Servicing Agreement in all material respects
                                         during the Relevant Period;

 

    	S-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 [General] [NCB] Special Servicer with respect
                                         to the Trust’s fiscal year _____ have been provided all information relating to
                                         the [General] [NCB] Special Servicer assessment of compliance with the Relevant Servicing
                                         Criteria, in order to enable them to conduct a review in compliance with the standards
                                         for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report
                                         on assessment of compliance with servicing criteria applicable to the [General] [NCB]
                                         Special Servicer for asset-backed securities with respect to the [General] [NCB] Special
                                         Servicer or any Servicing Function Participant retained by the [General] [NCB] Special
                                         Servicer and related attestation report on assessment of compliance with servicing criteria
                                         applicable to it required to be included in the annual report on Form 10-K for the Relevant
                                         Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
                                         15d-18 has been provided to the Depositor and to the Certificate Administrator
                                         for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance
                                         described in such reports have been provided to the Certificate Administrator and the
                                         Depositor for disclosure in such annual report on Form 10-K.

  

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	[CWCAPITAL ASSET MANAGEMENT LLC]
	 	[NATIONAL COOPERATIVE BANK, N.A.]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	S-5-2

    	 

    

 

EXHIBIT S-6

 

FORM OF TRUST
ADVISOR BACKUP CERTIFICATION

 

WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2015-C30 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________ ] of Pentalpha Surveillance LLC
(the “Trust Advisor”) as Trust Advisor under that certain Pooling and Servicing Agreement dated as of
August 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities,
Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General
Master Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master
Servicer”), CWCapital Asset Management LLC, as general special servicer (the “General Special Servicer”),
National Cooperative Bank, N.A., as NCB special servicer (in such capacity, the “NCB Special Servicer”), Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian (in such capacity, the “Certificate Administrator”) and the Trust Advisor, on behalf of the Trust
Advisor, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all information required to be submitted by the Trust Advisor to
                                         the General Master Servicer, the NCB Master Servicer, the Depositor, Trustee or Certificate
                                         Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion
                                         in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
                                         on Form 10-D or Form 8-K (the “Trust Advisor Reports”) have been submitted
                                         by the Trust Advisor to the General Master Servicer, the NCB Master Servicer, the Depositor,
                                         the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based
                                         on my knowledge, the trust advisor information contained in the Trust Advisor Reports,
                                         taken as a whole, does not contain any untrue statement of a material fact or omit to
                                         state a material fact necessary to make the statements made, in light of the circumstances
                                         under which such statements were made, not misleading with respect to the period covered
                                         by these reports;

 

		3.	The accountants
                                         that are to deliver the annual attestation report on assessment of compliance with the
                                         Relevant Servicing Criteria in respect of the Trust Advisor with respect to the Trust’s
                                         fiscal year ________ have been provided all information relating to the Trust Advisor’s
                                         assessment of compliance with the Relevant Servicing Criteria, in order to enable them
                                         to conduct a review in compliance with the standards for attestation engagements issued
                                         or adopted by the PCAOB; and

 

		4.	The report
                                         on assessment of compliance with servicing criteria applicable to the Trust Advisor for
                                         asset-backed securities with respect to the Trust Advisor or any Servicing Function Participant
                                         retained by the Trust Advisor and related attestation report on

 

    	S-6-1

    	 

    

 

		 	assessment of compliance
                                         with servicing criteria applicable to it required to be included in the annual report
                                         on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and
                                         Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate
                                         Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
                                         noncompliance described in such reports have been provided to the Certificate Administrator
                                         and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:  

	 	 	 
	 	Pentalpha Surveillance LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	S-6-2

    	 

    

 

EXHIBIT T

 

FORM OF SARBANES
OXLEY CERTIFICATION

 

I,
[identify the certifying individual], certify that:

 

1.          I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the periods covered by
this report on Form 10-K of Wells Fargo Commercial Mortgage Trust 2015-C30 (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 annual report;

 

3.          Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.          Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic report, the servicers have fulfilled their obligations under the pooling and servicing
agreement in all material respects; and

 

5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    	T-1

    	 

    

 

In giving
the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: [______________].

 

Date:

	 	 	 
	 	By:	[certifying
    individual]
	 	 	Name:
	 	 	Title:

  

    	T-2

    	 

    

 

EXHIBIT U

 

FORM OF OUTSIDE
MASTER SERVICER NOTICE

 

[Date]

 

[Non-Trust Trustee]

 

[Non-Trust Certificate Administrator]

 

[Non-Trust Master Servicer]

 

[Non-Trust Special Servicer]

 

[Non-Trust Trust Advisor]

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-C30,

                                         Commercial Mortgage Pass-Through Certificates, Series 2015-C30

 

Ladies and Gentlemen:

 

This
notice is being delivered pursuant to Section 3.01(h) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the
“WFCM 2015-C30 Pooling and Servicing Agreement”) among Wells Fargo Commercial Mortgage Securities, Inc., as
depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “WFCM 2015-C30 General
Master Servicer”), as certificate administrator (in such capacity, the “WFCM 2015-C30 Certificate Administrator”),
as tax administrator and as custodian, National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “WFCM
2015-C30 NCB Master Servicer”), CWCapital Asset Management LLC, as general special servicer (the “WFCM 2015-C30
General Special Servicer”), National Cooperative Bank, N.A., as NCB special servicer (in such capacity, the “WFCM
2015-C30 NCB Special Servicer”), Pentalpha Surveillance LLC, as trust advisor (the “WFCM 2015-C30 Trust Advisor”),
and Wilmington Trust, National Association, as trustee (the “WFCM 2015-C30 Trustee”), and relating to Wells
Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates, Series 2015-C30 (the “Certificates”).
Capitalized terms used but not otherwise defined herein shall have respective meanings assigned to them in the WFCM 2015-C30 Pooling
and Servicing Agreement.

 

Notice
is hereby given to you, as parties to the Non-Trust Pooling and Servicing Agreement relating to the [_____] Mortgage Loan, that
as of the date hereof, the WFCM 2015-C30 Trustee is the holder of the [_____] Mortgage Loan for the benefit of the Certificateholders.
As such, we hereby direct you to remit to the WFCM 2015-C30 General Master Servicer all amounts payable to, and to forward, deliver
or otherwise make available, as the case may be, to the WFCM 2015-C30 General Master Servicer all reports, statements, documents,
communications and other information that are to be forwarded, delivered or otherwise made available to, the holders of the [______]
Mortgage Loan under the related Intercreditor Agreement and the Non-Trust Pooling and Servicing Agreement referenced above.

 

    	U-1

    	 

    

 

The
contact information for each of the WFCM 2015-C30 Trustee, the WFCM 2015-C30 Certificate Administrator, the WFCM 2015-C30 Master
Servicer, the WFCM 2015-C30 General Special Servicer and the party designated to exercise the rights of the “Non-Controlling
Note Holder” (as such term is defined in each related Intercreditor Agreement) is provided on Schedule 1 hereto.

 

A
copy of the executed version of the WFCM 2015-C30 Pooling and Servicing Agreement [and a copy of the executed version of the related
Intercreditor Agreement] will be made available to you upon request. Please contact us at (866) 846-4526 if you have any questions.

	 	 	 
	 	 	Very truly yours,
	 	 	
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	WFCM 2015-C30 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	U-2

    	 

    

 

Schedule
1 to Exhibit U

 

Contact Information

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-C30

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086 120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-C30 Asset Manager

 

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite
500 West 

Bethesda, Maryland 20814

Attention: Legal Department (WFCM
2015-C30)

  

Ellington Management Group, LLC

53 Forest Avenue

Old Greenwich, Connecticut 06870

Attention: Leo Huang

 

    	U-3

    	 

    

 

EXHIBIT V

 

[RESERVED]

 

    	V-1

    	 

    

 

EXHIBIT W

 

[RESERVED]

 

    	W-1

    	 

    

 

EXHIBIT X

 

FORM OF NOTICE
OF EXCHANGE OF EXCHANGEABLE CERTIFICATES

 

[Certificateholder’s
letterhead]

 

Wells Fargo Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2015-C30

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-C30, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-C30 (the “Certificates”)

                                         Notice of Exchange of Exchangeable Certificates

 

This
letter is delivered to you pursuant to Section 5.09 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as General Master Servicer, CWCapital Asset Management LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Master Servicer and as NCB Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement.

 

The
undersigned hereby (i) certifies that as of the date above, the undersigned is the beneficial owner of the Exchangeable Certificates
set forth below under “Exchangeable Certificates to be Surrendered”, is duly authorized to deliver this notice to
the Certificate Administrator and that such power has not been granted or assigned to any other Person and the Certificate Administrator
may conclusively rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable Certificates
set forth below under “Exchangeable Certificates to be Surrendered” and all of our right, title and interest in and
to such Exchangeable Certificates, including all payments of interest thereon received after [_____________], in exchange for
the corresponding Exchangeable Certificates set forth below. We propose an Exchange Date of [______].

 

We
agree that upon such exchange, our interests in the portion(s) of the Exchangeable Certificates surrendered in exchange shall
be reduced and our interest in the portion(s) of the Exchangeable Certificates received in such exchange shall be increased.

 

    	X-1

    	 

    

  

	 	 	 	 	 	 	 
	Exchangeable
    Certificates to be Surrendered		Exchangeable

    Certificates to be

    Received
	CUSIP

        
	 

         
	 

                                                                       Outstanding
        

        Certificate Principal

        Balance

        
	 

         
	Initial
        Certificate

        Principal Balance

        
	 

         
	CUSIP 

	 	 	 	 	 	 	 

 

Our
Depository participant number is [________].

	 	 	 
	 	Sincerely,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

[Medallion Stamp Guarantee]

 

    	X-2

    	 

    

 

EXHIBIT Y

 

FORM OF INTERCREDITOR
AGREEMENT AND 

SUBORDINATION AGREEMENT FOR CO-OP MORTGAGE LOANS

 

THIS
INTERCREDITOR AGREEMENT AND SUBORDINATION AGREEMENT (this “Agreement”) made as of this __ day of ____, 20__
between [_______], a [___________] having an office at [__________] in its capacity as senior lender (“Lender”),
and [_________], a [_________] having an office at [__________] in its capacity as subordinated lender (“Subordinated
Lender”).

 

W I T N E S S E T H:

 

WHEREAS,
Lender is the holder of a certain loan (the “Loan”) to [_________] (“Borrower”) dated the
date hereof in the amount of [_________] and 00/100 ($__________) Dollars, which Loan is secured by, among other things, a mortgage
upon the Project (hereinafter defined), which mortgage is intended to be recorded;

 

WHEREAS,
Subordinated Lender is the holder of a certain loan (the “Subordinated Loan”) dated the date hereof to Borrower
in the amount of [_________] and 00/100 ($_________) Dollars, which Subordinated Loan is secured by, among other things, a mortgage
upon the Project (hereinafter defined), which mortgage is intended to be recorded; and

 

WHEREAS,
Lender and Subordinated Lender desire to enter into this Agreement for the purpose of establishing the priorities of their respective
interests in the Project, and for the purpose of setting forth certain other agreements between them with respect to their agreements
with Borrower;

 

NOW,
THEREFORE, in consideration of the premises, the payment of good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Lender and Subordinated Lender agree as follows:

 

Defined
Terms. As used in this Agreement, the following terms shall have the meanings hereinafter set forth, unless the context shall
otherwise require:

 

“Affiliate”
– Shall mean, as to any particular Person, any Person directly or indirectly, through one or more intermediaries, controlling,
Controlled by or under common control with the Person or Persons in question.

 

“Control”
– Shall mean, (i) the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial
ownership interests of such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled
by,” “controlling” and “under common control with” shall have the respective correlative meaning
thereto.

 

    	Y-1

    	 

    

 

“Certificates”
– Shall mean any securities (including all classes thereof) representing beneficial ownership interests in the Loan or in
a pool of mortgage loans including the Loan issued in connection with a securitization of the Loan.

 

“Eligibility
Requirements” – Shall mean, with respect to any Person, that such Person (i) has total assets (in name or under
management) in excess of $200,000,000.00 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory
surplus or shareholder’s equity of $60,000,000.00 and (ii) is regularly engaged in the business of making or owning commercial
or multi-family real estate loans or operating commercial or multi-family mortgage properties.

 

“Event
of Default” – Shall mean (i) with respect to the Loan and the Loan Documents, any default thereunder which has
occurred and is continuing beyond any applicable grace or curative period, and (ii) with respect
to the Subordinated Loan and the Subordinated Loan Documents, any default thereunder which has occurred and is continuing beyond
any applicable grace or curative period.

 

“Loan
Documents” – Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation,
those certain documents made by Borrower creating a first lien upon the Project and any other documents evidencing and securing
the Loan, in effect on the date hereof, as the same may be modified, amended, restated, supplemented, replaced or extended, from
time to time, in accordance with the terms hereof.

 

“Permitted
Fund Manager” – Shall mean any Person that on the date of determination is (i) a nationally-recognized manager
of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with
committed capital of at least $250,000,000 and (iii) not subject to a Proceeding.

 

“Person”
– Shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability
company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any
federal, state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form
of entity.

 

“Proceeding”
– Shall mean the commencement, whether voluntary or involuntary, of any case, proceeding or other action against Borrower
under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors.

 

“Project”
– Shall mean that certain real property owned by Borrower described on Exhibit A attached hereto and the improvements located
or to be located thereon.

 

“Protective
Advance” – Shall mean all sums advanced for the purpose of payment of real estate taxes (including special payments
in lieu of real estate taxes), maintenance costs, insurance premiums or other items (including capital items) reasonably necessary
to protect the Project or any portion thereof (including, but limited to, all reasonable attorneys’ fees, costs relating
to the entry upon the Project or any portion thereof to make repairs and the payment, purchase, contest or compromise of any encumbrance,
charge or lien which in the judgment of Lender appears to be prior or superior to the Loan Documents).

 

    	Y-2

    	 

    

 

“Qualified
Transferee” – Shall mean (i) Subordinated Lender or an Affiliate of Subordinated Lender or (ii) one or more of
the following:

 

(A)        a
real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial
credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that
any such Person referred to in this clause (A) satisfies the Eligibility Requirements;

 

(B)        an
investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation
D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (B) satisfies the Eligibility
Requirements;

 

(C)        an
institution substantially similar to any of the foregoing entities described in clauses (ii)(A) or (ii)(B) that satisfies the
Eligibility Requirements;

 

(D)        any
entity controlled by any of the entities described in clause (i) or clauses (ii)(A) or (ii)(C) above;

 

(E)        a
Qualified Trustee in connection with a securitization of, the creation of collateralized debt obligations (“CDO”)
secured by or financing through an “owner trust” of, the Subordinated Loan (collectively, “Securitization
Vehicles”) so long as (A) the special servicer or manager of such Securitization Vehicle has the Required Special Servicer
Rating and (B) the entire “controlling class” of such Securitization Vehicle, other than with respect to a CDO Securitization Vehicle, is held by one or more entities that are otherwise
Qualified Transferees under clauses (ii)(A), (B), (C) or (D) of this definition; provided that the operative documents of the
related Securitization Vehicle require that (1) in the case of a CDO Securitization Vehicle, the “equity interest”
in such Securitization Vehicle is owned by one or more entities that are Qualified Transferees under clauses (ii)(A), (B), (C)
or (D) of this definition and (2) if any of the relevant trustee, special servicer, or manager fails to meet the requirements
of this clause (E), such Person must be replaced by a Person meeting the requirements of this clause (E) within thirty
(30) days; or

 

(F)        an
investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager or an entity
that is otherwise a Qualified Transferee under clauses (ii)(A), (B), (C) or (D) of this definition acts as the general partner,
managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly,
by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A), (B), (C) or (D) of this definition.

 

“Qualified
Trustee” – Shall mean (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers

 

    	Y-3

    	 

    

 

and
to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies.

 

“Rating
Agencies” – Shall mean, prior to a securitization, each of Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc., and Fitch Ratings, Inc., or any other nationally-recognized
statistical rating agency which has been designated by Lender and, after a securitization, shall mean any of the foregoing that
have rated any of the Certificates.

 

“Rating
Agency Confirmation” – Shall mean each of the Rating Agencies shall have confirmed in writing that the occurrence
of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or
withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In
the event that no Certificates are outstanding or the Loan is not part of a securitization, any action that would otherwise require
a Rating Agency Confirmation shall require the consent of the Lender, which consent shall not be unreasonably withheld or delayed.

 

“Required
Special Servicer Rating” – Shall mean (i) a rating of “CSS1” in the case of Fitch Ratings, (ii) on
the S&P list of approved special servicers in the case of S&P and (iii) in the case of Moody’s, such special servicer
is acting as special servicer in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12)
month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on
any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation
of such special servicer as special servicer of such commercial mortgage securities.

 

“Subordinated
Loan Documents” – Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation,
those certain documents made by Borrower creating a second lien upon the Project and any other documents evidencing and securing
the Subordinated Loan, in effect on the date hereof, as the same may be modified, amended, restated, supplemented, replaced or
extended, from time to time, in accordance with the terms hereof.

 

“Transfer”
– Shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance
of a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.

 

1.          Approval
of Loans and Loan Documents; Characterization of Subordinated Loan.

 

(a)          Subordinated
Lender hereby acknowledges that (i) it has received and reviewed and, subject to the terms and conditions of this Agreement, hereby
consents to and approves of the Loan and, subject to the terms and provisions of this Agreement, all of the terms and provisions
of the Loan Documents, (ii) the continued performance of the Loan Documents 

 

    	Y-4

    	 

    

 

will not
constitute a default or an event which, with the giving of notice or the lapse of time, or both, would constitute a default under
the Subordinated Loan Documents, and (iii) any application or use of the proceeds of the Loan for purposes other than those provided
in the Loan Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the Loan Documents.

 

(b)          Lender
hereby acknowledges that (i) it has received and reviewed, and, subject to the terms and conditions of this Agreement, hereby
consents to and approves of the making of the Subordinated Loan and, subject to the terms and provisions of this Agreement, all
of the terms and provisions of the Subordinated Loan Documents, (ii) the execution, delivery and performance of the Subordinated
Loan Documents will not constitute a default or an event which, with the giving of notice or the lapse of time, or both, would
constitute a default under the Loan Documents, (iii) any application or use of the proceeds of the Subordinated Loan for purposes
other than those provided in the Subordinated Loan Documents shall not affect, impair or defeat the terms and provisions of this
Agreement or the Subordinated Loan Documents.

 

2.            Representations
and Warranties.

 

(a)          Subordinated
Lender hereby represents and warrants as follows:

 

(i)           Subordinated
Lender has heretofore provided Lender with true, complete and correct copies of the Subordinated Loan Documents. To Subordinated
Lender’s knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or
both, would constitute a default under any of the Subordinated Loan Documents.

 

(ii)          Subordinated
Lender is the legal and beneficial owner of the entire Subordinated Loan free and clear of any lien, security interest, option
or other charge or encumbrance.

 

(iii)         There
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

 

(iv)         Subordinated
Lender has, independently and without reliance upon Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement.

 

(v)          Subordinated
Lender is duly organized and validly exists under the laws of the jurisdiction under which it was organized with full power to
execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(vi)         All
actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Subordinated Lender have
been duly taken, and all such actions continue in full force and effect as of the date hereof.

 

(vii)        Subordinated
Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement of
Subordinated Lender enforceable against Subordinated Lender in accordance with its terms subject to

 

    	Y-5

    	 

    

 

(a) applicable bankruptcy,
reorganization, insolvency and moratorium laws, and (b) general principles of equity which may apply regardless of whether a proceeding
is brought in law or in equity.

 

(viii)       To
Subordinated Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of,
or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection
with the execution, delivery or performance by Subordinated Lender of this Agreement or consummation by Subordinated Lender of
the transactions contemplated by this Agreement, other than those that have been obtained.

  

(ix)         None
of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this Agreement
will (a) violate or conflict with any provision of the organizational or governing documents of Subordinated Lender, (b) to Subordinated
Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any other Person
the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a default under
the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Subordinated Lender is a
party or to which any of its properties are subject, (c) to Subordinated Lender’s knowledge, result in the creation of any
lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or assets
of Subordinated Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise, or
other instrument, (d) violate any judgment, order, injunction, decree, or award of any court, arbitrator, administrative agency
or governmental or regulatory body of which Subordinated Lender has knowledge against, or binding upon, Subordinated Lender or
upon any of the securities, properties, assets, or business of Subordinated Lender or (e) to Subordinated Lender’s knowledge,
constitute a violation by Subordinated Lender of any statute, law or regulation that is applicable to Subordinated Lender.

 

(x)          The
Subordinated Loan is not cross defaulted with any loan except the Loan.

 

(b)          Lender
hereby represents and warrants as follows:

 

(i)           Lender
has heretofore provided Subordinated Lender with true, complete and correct copies of the Loan Documents. To Lender’s actual
knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or both, would constitute
a default under any of the Loan Documents.

 

(ii)          Lender
is the legal and beneficial owner of the Loan free and clear of any lien, security interest, option or other charge or encumbrance.

 

(iii)         There
are no conditions precedent to the effectiveness of this Agreement against Lender that have not been satisfied or waived.

 

    	Y-6

    	 

    

 

(iv)         Lender
is duly organized and validly exists under the laws of the jurisdiction under which it was organized with full power to execute,
deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(v)          All
actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Lender have been duly taken,
and all such actions continue in full force and effect as of the date hereof.

 

(vi)         Lender
has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement of Lender
enforceable against Lender in accordance with its terms subject to (a) applicable bankruptcy, reorganization, insolvency and moratorium
laws and (b) general principles of equity which may apply regardless of whether a proceeding is brought in law or in equity.

 

(vii)        To
Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of, or exemption
by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with
the execution, delivery or performance by Lender of this Agreement or consummation by Lender of the transactions contemplated
by this Agreement other than those that have been obtained.

 

(viii)       None
of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this Agreement
will (a) violate or conflict with any provision of the organizational or governing documents of Lender, (b) to Lender’s
knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any other Person the right to
terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a default under the terms
of any material contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Lender is a party or to which
any of its properties are subject, (c) to Lender’s knowledge, result in the creation of any lien, charge, encumbrance, mortgage,
lease, claim, security interest, or other right or interest upon the properties or assets of Lender pursuant to the terms of any
such material contract, mortgage, lease, bond, indenture, agreement, franchise or other instrument, (d) violate any judgment,
order, injunction, decree or award of any court, arbitrator, administrative agency or governmental or regulatory body of which
Lender has knowledge against, or binding upon, Lender or upon any of the securities, properties, assets, or business of Lender
or (e) to Lender’s knowledge, constitute a violation by Lender of any statute, law or regulation that is applicable to Lender.

 

(ix)         The
Loan is not cross defaulted with any other loan, except for the Subordinated Loan.

 

3.            Subordination
and Priority. Subordinated Lender hereby subordinates and makes junior the Subordinated Loan, the Subordinated Loan Documents
(and any amendment, modification or extension thereof, and any future advance or increase respecting the Subordinated Loan, in
each instance, whether or not made in violation of this Agreement), and the lien and security interests created thereby and all
of the foregoing (collectively, the

 

    	Y-7

    	 

    

 

“Subordinated
Interests”) shall at all times be junior, subject and subordinate to the lien and security interest created by the Loan
Documents and all of the terms, covenants, conditions, rights and remedies contained in the Loan Documents, and no amendments
or modifications of the Loan Documents or waivers of any provisions thereof shall affect the subordination of the Subordinated
Interests as set forth in this Section 3, it being understood and agreed that the Loan Documents and the liens and security interests
created thereby shall be and remain a prior lien against the Project. In addition, all of Subordinated Lender’s rights to
payment of the Subordinated Loan and the obligations evidenced by the Subordinated Loan Documents are hereby subordinated to all
of Lender’s rights to payment by Borrower of the Loan and the obligations secured by the Loan Documents, and Subordinated
Lender shall not accept or receive payments (including, without limitation, whether in cash or other property and whether received
directly, indirectly or by set-off, counterclaim or otherwise) from Borrower and/or from the Project upon the occurrence and during
the continuance of an Event of Default (as defined in the Loan Documents) under the Loan. If a Proceeding shall have occurred,
Lender shall be entitled to receive payment and performance in full of all amounts due or to become due to Lender before Subordinated
Lender is entitled to receive any payment on account of the Subordinated Loan. All payments or distributions upon or with respect
to the Subordinated Loan which are received by Subordinated Lender contrary to the provisions of this Agreement shall be received
and held in trust by the Subordinated Lender for the benefit of Lender and shall be paid over to Lender in the same form as so
received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash
property or securities) for, the payment or performance of the Loan in accordance with the terms of the Loan Documents. Nothing
contained herein shall prohibit the Subordinated Lender from making protective advances (and adding the amount thereof to the
principal balance of the Subordinated Loan) notwithstanding the existence of a default under the Loan at such time.

 

4.            Modifications,
Amendments, Etc.

 

(a)          Lender
shall have the right without the consent of Subordinated Lender in each instance to enter into any amendment, deferral, extension,
modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior Loan Modification”)
of the Loan or the Loan Documents provided that no such Senior Loan Modification shall (i) increase the interest rate or principal
amount of the Loan, (ii) increase in any other material respect any monetary obligations of Borrower under the Loan Documents,
(iii) extend or shorten the scheduled maturity date of the Loan (except that Lender may permit Borrower to exercise any extension
options in accordance with the terms and provisions of the Loan Documents), (iv) convert or exchange the Loan into or for any
other indebtedness or subordinate any of the Loan to any indebtedness of Borrower, (v) amend or modify the provisions limiting
transfers of interests in the Borrower or the Project, (vi) cross default the Loan with any other indebtedness, (vii) obtain any
contingent interest, additional interest or so-called “kicker” measured on the basis of the cash flow or appreciation
of the Project, (or other similar equity participation), or (viii) extend the period during which voluntary prepayments are prohibited
or during which prepayments require the payment of a prepayment fee or premium or yield maintenance charge or increase the amount
of any such prepayment fee, premium or yield maintenance charge; provided, however, in no event shall Lender be
obligated to obtain Subordinated Lender’s consent to a Senior Loan Modification in the case of a work-out or other surrender,
compromise, release, renewal, or indulgence relating to the Loan during the existence of an Event of Default

 

    	Y-8

    	 

    

 

(as
defined in the Loan Documents) under the Loan, except that under no conditions shall clause (i) (with respect to increase principal
amount only), or clause (viii) be modified without the written consent of Subordinated Lender. In addition and notwithstanding
the foregoing provisions of this Section 2, any amounts funded by the Lender under the Loan Documents as a result of (A) the making
of any protective advances or other advances by the Lender, or (B) interest accruals or accretions and any compounding thereof
(including default interest), shall not be deemed to contravene this Section 2.

 

(b)          Subordinated
Lender shall have the right without the consent of Lender in each instance to enter into any amendment, deferral, extension, modification,
increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Subordinated Loan Modification”)
of the Subordinated Loan or the Subordinated Loan Documents provided that no such Subordinated Loan Modification shall (i) increase
the interest rate or principal amount of the Subordinated Loan, (ii) increase in any other material respect any monetary obligations
of under the Subordinated Loan Documents, (iii) extend or shorten the scheduled maturity date of the Subordinated Loan (except
that Subordinated Lender may permit Borrower to exercise any extension options in accordance with the terms and provisions of
the Subordinated Loan Documents), (iv) convert or exchange the Subordinated Loan into or for any other indebtedness or subordinate
the Subordinated Loan to any indebtedness of Borrower, (v) provide for any additional contingent interest, additional interest
or so called “kicker” measured on the basis of the cash flow or appreciation of the Project (or other similar equity
participation), (vi) amend or modify the provisions of the Subordinated Loan Documents limiting transfers of direct or indirect
interest in Borrower, (vii) modify or amend the terms and provision of any Subordinated Loan Document with respect to the manner,
timing or method of the application of payments under the Subordinated Loan Documents, (vi) cross default the Subordinated Loan
with any other indebtedness, or (vii) amend or modify the provisions limiting transfers of interests in the Borrower or the Project.
Notwithstanding anything to the contrary contained herein, if an Event of Default exists under the Subordinated Loan Documents,
Subordinated Lender shall be permitted to modify or amend the Subordinated Loan Documents in connection with a work out or other
surrender, compromise, release, renewal or modification of the Subordinated Loan except that under no conditions shall clause
(i), with respect to increases in principal amounts only, clause (ii), clause (iii) (with respect to shortening the maturity only),
clause (iv) or clause (v) be modified without the written consent of the Lender. In addition and notwithstanding the foregoing
provisions of this Section 6(b), any amounts funded by the Subordinated Lender under the Subordinated Loan Documents as a result
of (A) the making of any Protective Advances or other advances by the Subordinated Lender, or (B) interest accruals or accretions
and any compounding thereof (including default interest), shall not be deemed to contravene this Section 6(b).

 

(c)          Lender
shall deliver to Subordinated Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements,
alterations, changes or revisions to any one or more of the Loan Documents (including, without limitation, any side letters, waivers
or consents entered into, executed or delivered by Lender) within a reasonable time after any of such applicable instruments have
been executed by Lender.

 

(d)          Subordinated
Lender shall deliver to Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements,
alterations,

 

    	Y-9

    	 

    

 

changes
or revisions to any one or more of the Subordinated Loan Documents (including, without limitation, any side letters, waivers or
consents entered into, executed or delivered by Subordinated Lender) within a reasonable time after any of such applicable instruments
have been executed by Subordinated Lender.

 

5.            Default
Notice.

 

(a)          Subordinated
Lender shall give Lender notice of any default under the Subordinated Loan Documents promptly upon the giving of such notice of
default to Borrower and in all instances prior to accelerating the Subordinated Loan on account of such default. Lender may, but
shall not be obligated to, cure any such default, in which event Subordinated Lender shall accept such cure by Lender as and for
the cure by Borrower.

 

(b)          Lender
shall give Subordinated Lender notice of any default under the Loan Documents promptly upon the giving of such notice of default
to Borrower and in all instances prior to accelerating the Loan on account of such default. Subordinated Lender may, but shall
not be obligated to, cure any such default, in which event Lender shall accept such cure by Subordinated Lender as and for the
cure by Borrower.

  

6.            Casualty
and Condemnation. In the event of a casualty to the buildings or improvements constructed on any portion of the Project or
a condemnation or taking under a power of eminent domain of all or any portion of the Project, Lender shall have a first and prior
interest in and to any payments, awards, proceeds, distributions, or consideration arising from any such event (the “Award”).
Subordinated Lender acknowledges and agrees that so long as the Loan is outstanding, it has no lien on or security interest in
any Award, nor any rights with respect to any Award except as expressly provided in this Agreement, and Subordinated Lender assigns
its rights to any Award to Lender up to an amount equal to the then outstanding amount of the Loan. Subordinated Lender agrees
to promptly, upon request by Lender, execute and deliver to Lender and/or to any other party as so directed by Lender, a written
confirmation of the terms set forth in the immediately preceding sentence and take sure other actions reasonably requested by
Lender to further evidence the foregoing agreement (although failure of Subordinated Lender to do so shall not affect the foregoing
agreement). If the amount of the Award is in excess of all amounts owed to Lender under the Loan Documents, however, and either
the Loan has been paid in full or Borrower is entitled to a remittance of same under the Loan Documents other than to restore
the Project, such excess Award or portion to be so remitted to Borrower shall, to the extent permitted in the Loan Documents and
required by the Subordinated Loan Documents, be paid to or at the direction of Subordinated Lender, unless other Persons have
claimed the right to such awards or proceeds, in which case Lender shall only be required to provide notice to Subordinated Lender
of such excess Award and of any other claims thereto. In the event of any competing claims for any such excess Award, Lender shall
continue to hold such excess Award until Lender receives an agreement signed by all Persons making a claim to the excess Award
or a final order of a court of competent jurisdiction directing Lender as to how and to which Person(s) the excess Award is to
be distributed. Notwithstanding the foregoing, in the event of a casualty or condemnation, Lender shall release the Award from
any such event to the Borrower if and to the extent required by the terms and conditions of the Loan Documents in order to repair
and restore the Project in accordance with the terms and provisions of the Loan Documents. Any portion of the Award made available
to the Borrower

 

    	Y-10

    	 

    

 

for
the repair or restoration of the Project shall not be subject to attachment by Subordinated Lender.

 

7.            Foreclosure
of the Subordinated Mortgage: Subordinated Lender expressly agrees that, for so long as a Loan shall remain outstanding, (A)
due notice of the commencement of any foreclosure of the Subordinated Loan Documents shall be given to Lender, and true copies
of all papers served or entered in such action will be delivered to Lender, (B) no portion of the rents, issues and profits of
the Project shall be collected in connection with the foreclosure of the Subordinated Loan Documents except through a receiver
appointed by the court in which such foreclosure action is brought, after due notice for the appointment of such receiver shall
have been given to Lender, (C) the rents, issues and profits collected by any such receiver shall be applied first to the payment
of taxes, maintenance and operating charges and disbursements incurred in connection with the operation and maintenance of the
Project and next to the payment of principal and interest (including, without limitation, default interest and late payment charges)
due under the Loan Documents, and (D) if during the pendency of any such foreclosure action an action shall be brought for the
foreclosure of the Loan Documents and an application shall be made for an extension of the receivership for the benefit of Lender,
all such rents, issues and profits held by such receiver as of the date of such application shall be applied by the receiver solely
for the benefit of Lender, and the Subordinated Lender shall not be entitled to any portion thereof until Lender has received
all amounts then due to it. Without limiting the generality of the foregoing, Subordinated Lender consents to, and shall not object
to, any action or proceeding at any time initiated by Lender for the appointment of a receiver and Subordinated Lender further
agrees that it shall not institute any action or proceeding for the appointment of a receiver at any time during which a receiver
shall have already been appointed for the benefit of Lender, and if Subordinated Lender shall have appointed or caused the appointment
of a receiver prior to Lender’s initiation of proceedings to do so, Subordinated Lender agrees to take all action reasonably
necessary to terminate such appointment in order to facilitate Lender’s appointment of same.

 

8.            Rights
of Subrogation. No payment or distribution to Lender pursuant to the provisions of this Agreement and no Protective Advance
by Subordinated Lender shall entitle Subordinated Lender to exercise any right of subrogation in respect thereof prior to the
payment in full of the Loan, and Subordinated Lender agrees that, except with respect to the enforcement of its remedies under
the Subordinated Loan Documents permitted hereunder, prior to the satisfaction of all obligations under the Loan it shall not
acquire, by subrogation or otherwise, any lien, estate, right or other interest in any portion of the Project or any other collateral
now securing the Loan or the proceeds therefrom that is or may be prior to, or of equal priority to, any of the Loan Documents
or the liens, rights, estates and interests created thereby.

 

9.            Transfer
of Subordinated Loan or Loan. Subordinated Lender shall not Transfer more than 49% of its beneficial interest in the Subordinated
Loan unless either (i) a Rating Agency Confirmation has been given with respect to such Transfer, in which case the related transferee
shall thereafter be deemed to be a “Qualified Transferee” for all purposes of this Agreement, or (ii) such Transfer
is to a Qualified Transferee. Any such transferee must assume in writing the obligations of Subordinated Lender hereunder and
agree to be bound by the terms and provisions hereof. Such proposed transferee shall also remake each of the representations and
warranties contained herein for the benefit of the Lender.

 

    	Y-11

    	 

    

 

At
least five (5) days prior to a transfer to a Qualified Transferee, the Subordinated Lender shall provide to Lender a certification
that such transfer will be made in accordance with this Section 9, such certification to include the name and contact information
of the Qualified Transferee, and a statement as to how it meets the definition of Qualified Transferee.

 

Subordinated
Lender acknowledges that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute
discretion and that such Rating Agencies may charge customary fees in connection with any such action, which fee, together with
any and all other reasonable costs and expenses of Rating Agencies or Lender incurred in connection with the processing of same,
including, without limitation, reasonable attorneys’ fees and costs, shall be paid by Subordinated Lender.

 

Lender
may, from time to time, in its sole discretion Transfer all or any of the Loan or any interest therein, and notwithstanding any
such Transfer or subsequent Transfer, the Loan and the Loan Documents shall be and remain a senior obligation in the respects
set forth in this Agreement to the Subordinated Loan and the Subordinated Loan Documents in accordance with the terms and provisions
of this Agreement.

 

Notwithstanding
anything contained in this Agreement, Subordinated Lender agrees that it shall in no event Transfer all or any part of the Subordinated
Loan to Borrower or to any Person which is an Affiliate of Borrower and any such Transfer shall be void ab initio.

 

10.          Notices.
All notices required to be given hereunder shall be sent by first class, certified or registered mail, postage prepaid, return
receipt requested, or delivered by hand, to either party at such party’s address first set forth above. Notices shall be
deemed to have been given when received. Either party may change its address for notices hereunder by written notice to the other
party.

 

11.          Obligations
Hereunder Not Affected. All rights, interests, agreements and obligations of Lender and Subordinated Lender under this Agreement
shall remain in full force and effect irrespective of:

 

(i)           any
lack of validity or enforceability of the Loan Documents or the Subordinated Loan Documents or any other agreement or instrument
relating thereto;

 

(ii)          any
taking, exchange, release or non-perfection of any other collateral, or any taking, release or amendment or waiver of or consent
to or departure from any guaranty, for all or any portion of the Loan or the Subordinated Loan;

 

(iii)         any
manner of application of collateral, or proceeds thereof, to all or any portion of the Loan or the Subordinated Loan, or any manner
of sale or other disposition of any collateral for all or any portion of the Loan or the Subordinated Loan or any other assets
of Borrower or any other Affiliates of Borrower;

 

(iv)         any
change, restructuring or termination of the corporate structure or existence of Borrower or any other Affiliates of Borrower;
or

 

    	Y-12

    	 

    

 

(v)          any other circumstance
which might otherwise constitute a defense available to, or a discharge of, Borrower or a subordinated creditor or a Lender subject
to the terms hereof.

 

12.          Continued
Effectiveness; Reinstatement. This Agreement shall continue to be effective or be reinstated, as the case may be, if at any
time any payment of all or any portion of the Loan is rescinded or must otherwise be returned by Lender or Subordinated Lender
upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made.

 

13.          Estoppel.

 

(a)          Subordinated
Lender shall, within ten (10) days following a request from Lender, provide Lender with a written statement setting forth the
then current outstanding principal balance of the Subordinated Loan, the aggregate accrued and unpaid interest under the Subordinated
Loan, and stating whether to Subordinated Lender’s knowledge any default or Event of Default exists under the Subordinated
Loan, it being intended that any such estoppel delivered pursuant to this Section 13 may be relied upon by Lender and by any prospective
purchaser of all or any interest in the Loan.

 

(b)          Lender
shall, within ten (10) days following a request from Subordinated Lender, provide Subordinated Lender with a written statement
setting forth the then current outstanding principal balance of the Loan, the aggregate accrued and unpaid interest under the
Loan, and stating whether to Lender’s knowledge any default or Event of Default exists under the Loan, it being intended
that any such estoppel delivered pursuant to this Section 13 may be relied upon by Subordinated Lender and by any prospective
purchaser of all or any interest in the Subordinated Loan.

 

14.          No
Third Party Beneficiaries; No Modification. The parties hereto do not intend the benefits of this Agreement to inure to Borrower,
or any other Person other than the respective successors and permitted assignees of the parties hereto. This Agreement may not
be changed or terminated orally, but only by an agreement in writing signed by the party against whom enforcement of any change
is sought.

 

15.          Counterpart
Originals. This Agreement may be executed in counterpart originals, each of which shall constitute an original, and all of
which together shall constitute one and the same agreement.

 

16.          No
Waiver; Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law.

 

17.          No
Joint Venture. Nothing provided herein is intended to create a joint venture, partnership, tenancy in common or joint tenancy
relationship between or among any of the parties hereto.

 

    	Y-13

    	 

    

 

18.          Captions.
The captions in this Agreement are inserted only as a matter of convenience and for reference, and are not and shall not be deemed
to be a part hereof.

 

19.          Conflicts.
In the event of any conflict, ambiguity or inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any of the Loan Documents or the Subordinated Loan Documents, the terms and conditions of this Agreement shall control.

 

20.          No
Release. Nothing herein contained shall operate to release Borrower from (a) its obligation to keep and perform all of the
terms, conditions, obligations, covenants and agreements contained in the Loan Documents or (b) any liability of Borrower under
the Loan Documents or to release Borrower from (x) its obligation to keep and perform all of the terms, conditions, obligations,
covenants and agreements contained in the Subordinated Loan Documents or (y) any liability of Borrower under the Subordinated
Loan Documents.

 

21.          Severability.
In the event that any provision of this Agreement or the application hereof to any party hereto shall, to any extent, be invalid
or unenforceable under any applicable statute, regulation, or rule of law, then such provision shall be deemed inoperative to
the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation or rule of law,
and the remainder of this Agreement and the application of any such invalid or unenforceable provisions to parties, jurisdictions
or circumstances other than to

 

whom or to which it is held invalid or unenforceable, shall not be affected thereby nor shall same
affect the validity or enforceability of any other provision of this Agreement.

 

22.          Expenses.

 

(a)          Subordinated
Lender agrees upon demand to pay to Lender the amount of any and all reasonable expenses, including, without limitation, the reasonable
fees and expenses of its counsel and of any experts or agents, which Lender may incur in connection with the (i) exercise or enforcement
of any of the rights of Lender against Subordinated Lender hereunder to the extent that Lender is the prevailing party in any
dispute with respect thereto or (ii) failure by Subordinated Lender to perform or observe any of the provisions hereof.

 

(b)          Lender
agrees upon demand to pay to Subordinated Lender the amount of any and all reasonable expenses, including, without limitation,
the reasonable fees and expenses of its counsel and of any experts or agents, which Subordinated Lender may incur in connection
with the (i) exercise or enforcement of any of the rights of Subordinated Lender against Lender hereunder to the extent that Subordinated
Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Lender to perform or observe any of the
provisions hereof.

 

23.          Injunction.
Lender and Subordinated Lender each acknowledge (and waive any defense based on a claim) that monetary damages are not an adequate
remedy to redress a breach by the other hereunder and that a breach by either Lender or Subordinated Lender hereunder would cause
irreparable harm to the other. Accordingly, Lender and Subordinated Lender agree that upon a breach of this Agreement by the other,
the remedies of injunction, declaratory judgment and specific performance shall be available to such non breaching party.

 

    	Y-14

    	 

    

 

24.          Each
of Lender and Subordinated Lender acknowledges that the Loan, the Loan Documents, the Subordinated Loan and the Subordinated Loan
Documents are distinct, separate transactions and loans, separate and apart from each other. Each of Lender and Subordinated Lender
agrees that the other shall be treated as a separate lender with a distinct and separate loan.

 

25.          Waiver
of Jury Trial. LENDER AND SUBORDINATED LENDER EACH EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT, ANY AND EVERY RIGHT IT MAY HAVE TO A TRIAL BY JURY.

 

26.          Successors
and Assigns. This Agreement shall be binding upon and benefit both Lender and Subordinated Lender and their respective permitted
successors and assigns. Lender shall have the right to record this Agreement.

 

27.          Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed and interpreted
in accordance with the laws of the State of New York.

 

28.          Amendments.
No provision of this Agreement shall be waived, amended or supplemented except by written agreement of the party charges with
such waiver, amendment or supplement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	 
	 	LENDER:
	 	 	 
	 	[__________]
	 	 	 
	 	By:	 
	 	 	 
	 	SUBORDINATED LENDER:
	 	 
	 	[__________]
	 	 
	 	 	 
	 	By:	 

 

    	Y-15

    	 

    

 

	 	 	 
	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On
the __ day of ________ in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument.

	 	 
	 	Signature and Office of individual
	 	taking acknowledgment

	 	 	 
	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

  

On
the ___ day of _________ in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or
the person upon behalf of which the individual acted, executed the instrument.

	 	 
	 	Signature and Office of individual
	 	taking acknowledgment

  

    	Y-16

    	 

    

 

SCHEDULE
I

 

MORTGAGE
LOAN SCHEDULE

 

    	S-I-1

    	 

    

 

	Wells Fargo Commercial Mortgage Trust 2015-C30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	Original
    Principal Balance ($)	 	Cut-off
    Date Principal Balance ($)	 	Loan
    Amortization Type	 	Monthly
    P&I Payment ($)	 	Interest
    Accrual Basis	 	Mortgage
    Rate	 	Administrative
    Fee Rate	 	Payment
    Due Date	 	Stated
    Maturity Date or Anticipated Repayment Date
	1	 	RMF	 	Somerset
    Park Apartments	 	1911
    Golfview Drive	 	Troy	 	MI	 	48084	 	73,500,000.00	 	73,500,000.00	 	Interest-only,
    Balloon	 	283,332.29
    	 	Actual/360	 	4.550%	 	0.0293%	 	6	 	7/6/2025
	2	 	WFB	 	Riverpark
    Square	 	706-828
    West Main Avenue	 	Spokane	 	WA	 	99201	 	60,000,000.00	 	60,000,000.00	 	Interest-only,
    Amortizing Balloon	 	290,964.16
    	 	Actual/360	 	4.130%	 	0.0393%	 	11	 	7/11/2025
	3	 	WFB	 	Simmons
    Tower	 	425
    West Capitol Avenue	 	Little
    Rock	 	AR	 	72201	 	44,175,000.00	 	44,106,462.13	 	Amortizing
    Balloon	 	257,214.20
    	 	Actual/360	 	4.960%	 	0.0293%	 	11	 	7/11/2025
	4	 	WFB	 	Hilton
    Garden Inn - Downtown Denver	 	1400
    Welton Street	 	Denver	 	CO	 	80202	 	35,000,000.00	 	34,876,763.11	 	Amortizing
    Balloon	 	193,747.58
    	 	Actual/360	 	4.460%	 	0.0293%	 	11	 	6/11/2025
	5	 	WFB	 	Kent
    Office Portfolio	 	Various	 	Various	 	NJ	 	Various	 	26,500,000.00	 	26,500,000.00	 	Interest-only,
    Amortizing Balloon	 	131,764.10
    	 	Actual/360	 	4.340%	 	0.0293%	 	11	 	7/11/2025
	5.01	 	WFB	 	Princeton
    Corporate Plaza	 	1,
    7, 9 & 11 Deer Park Drive	 	Monmouth
    Junction	 	NJ	 	08852	 	24,500,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.02	 	WFB	 	One
    Naylon Place	 	1
    Naylon Place	 	Livingston	 	NJ	 	07039	 	2,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	RMF	 	Sawmill
    Crossing Apartments	 	6700
    Allister Way	 	Columbus	 	OH	 	43235	 	22,000,000.00	 	22,000,000.00	 	Interest-only,
    Amortizing Balloon	 	112,650.32
    	 	Actual/360	 	4.590%	 	0.0293%	 	6	 	7/6/2025
	7	 	WFB	 	Residence
    Inn Charlotte	 	404
    South Mint Street	 	Charlotte	 	NC	 	28202	 	22,000,000.00	 	21,942,895.98	 	Amortizing
    Balloon	 	109,389.06
    	 	Actual/360	 	4.340%	 	0.0293%	 	1	 	6/1/2025
	8	 	RMF	 	Capitol
    Place Apartments	 	850
    Sacramento Avenue	 	West
    Sacramento	 	CA	 	95605	 	21,800,000.00	 	21,800,000.00	 	Interest-only,
    Amortizing Balloon	 	114,113.65
    	 	Actual/360	 	4.780%	 	0.0293%	 	6	 	7/6/2025
	9	 	Basis	 	Pennbrook
    Apartments	 	2120-2134
    North 63rd Street	 	Philadelphia	 	PA	 	19151	 	18,300,000.00	 	18,300,000.00	 	Interest-only,
    Amortizing Balloon	 	94,251.89
    	 	Actual/360	 	4.640%	 	0.0293%	 	1	 	7/01/2025
	10	 	Basis	 	Cross
    Gates Apartments Portfolio	 	Various	 	Slidell	 	LA	 	70461	 	15,500,000.00	 	15,483,256.30	 	Amortizing
    Balloon	 	82,545.51
    	 	Actual/360	 	4.930%	 	0.0293%	 	1	 	7/01/2025
	10.01	 	Basis	 	Cross
    Roads Apartments	 	300-301
    North Military Road, 223-245 South Military Road and 440/460 South Military Road	 	Slidell	 	LA	 	70461	 	8,651,162.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	Basis	 	M-H
    Apartments	 	171-267
    North Military Road, 203-209 South Military Road and 270-276 Cross Gates Boulevard	 	Slidell	 	LA	 	70461	 	3,893,024.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.03	 	Basis	 	Cross
    Gates Apartments	 	211-221
    South Military and 208-274 North Military Road	 	Slidell	 	LA	 	70461	 	2,955,814.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	WFB	 	Rivercrest
    Portfolio	 	Various	 	Various	 	Various	 	Various	 	11,662,500.00	 	11,662,500.00	 	Interest-only,
    Amortizing Balloon	 	57,714.38
    	 	Actual/360	 	4.300%	 	0.0293%	 	11	 	7/11/2025
	11.01	 	WFB	 	Shoppes
    at Garner	 	4424
    Fayetteville Road	 	Garner	 	NC	 	27603	 	6,150,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	WFB	 	Villa
    Rica Commons	 	604-634
    Highway 61	 	Villa
    Rica	 	GA	 	30180	 	3,150,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	WFB	 	Rankin
    Center	 	132
    Lakeland Heights Boulevard	 	Flowood	 	MS	 	39232	 	2,362,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	CIIICM	 	Westgate
    MHC	 	14099
    Belcher Road South	 	Largo	 	FL	 	33771	 	11,450,000.00	 	11,450,000.00	 	Interest-only,
    Amortizing Balloon	 	59,797.65
    	 	Actual/360	 	4.760%	 	0.0293%	 	1	 	7/1/2025
	13	 	RMF	 	Plaza
    Diamond Bar	 	1930-2040
    South Brea Canyon Road	 	Diamond
    Bar	 	CA	 	91765	 	11,000,000.00	 	11,000,000.00	 	Interest-only,
    Amortizing Balloon	 	57,381.21
    	 	Actual/360	 	4.750%	 	0.0293%	 	6	 	7/6/2025
	14	 	WFB	 	Sunrise
    Industrial Park	 	11320
    Trade Center Drive; 2415, 2419 & 2700 Mercantile Drive	 	Rancho
    Cordova	 	CA	 	95742	 	10,850,000.00	 	10,850,000.00	 	Interest-only,
    Amortizing Balloon	 	54,396.67
    	 	Actual/360	 	4.410%	 	0.0293%	 	11	 	7/11/2025
	15	 	RMF	 	Sheridan
    Professional Centre	 	11011
    Sheridan Street	 	Cooper
    City	 	FL	 	33026	 	10,350,000.00	 	10,325,369.90	 	Amortizing
    Balloon	 	54,115.34
    	 	Actual/360	 	4.770%	 	0.0293%	 	6	 	6/6/2025
	16	 	Basis	 	Sheraton
    Crescent Phoenix	 	2620
    West Dunlap Avenue	 	Phoenix	 	AZ	 	85021	 	10,000,000.00	 	10,000,000.00	 	Amortizing
    Balloon	 	51,743.64
    	 	Actual/360	 	4.680%	 	0.0293%	 	1	 	8/01/2025
	17	 	RMF	 	Best
    Western Brooklyn	 	8315
    4th Avenue	 	Brooklyn	 	NY	 	11209	 	10,000,000.00	 	10,000,000.00	 	Interest-only,
    Amortizing Balloon	 	50,817.18
    	 	Actual/360	 	4.525%	 	0.0293%	 	6	 	6/6/2025
	18	 	WFB	 	Private
    Mini Storage Portfolio	 	Various	 	Various	 	TX	 	Various	 	10,000,000.00	 	10,000,000.00	 	Interest-only,
    Amortizing Balloon	 	51,204.69
    	 	Actual/360	 	4.590%	 	0.0293%	 	11	 	7/11/2025
	18.01	 	WFB	 	Airport
    Blvd Mini Storage	 	11231
    FM 1464	 	Richmond	 	TX	 	77407	 	5,352,304.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.02	 	WFB	 	Baker
    Road Mini Storage	 	18875
    Katy Freeway	 	Houston	 	TX	 	77094	 	4,647,696.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	CIIICM	 	Trafalgar
    Square Apartments	 	2401-2493
    County Home Road	 	Greenville	 	NC	 	27858	 	10,000,000.00	 	10,000,000.00	 	Amortizing
    Balloon	 	51,563.68
    	 	Actual/360	 	4.650%	 	0.0293%	 	5	 	8/5/2025
	20	 	WFB	 	Santa
    Clarita Plaza	 	27532-27598
    Sierra Highway; 18402 Soledad Canyon Road	 	Santa
    Clarita	 	CA	 	91351	 	9,500,000.00	 	9,500,000.00	 	Interest-only,
    Amortizing Balloon	 	49,442.04
    	 	Actual/360	 	4.730%	 	0.0693%	 	11	 	7/11/2025
	21	 	CIIICM	 	Holiday
    Inn Winter Haven	 	200
    Cypress Gardens Boulevard	 	Winter
    Haven 	 	FL	 	33880	 	9,000,000.00	 	8,990,548.16	 	Amortizing
    Balloon	 	48,589.34
    	 	Actual/360	 	5.050%	 	0.0293%	 	1	 	7/1/2025
	22	 	WFB	 	Superior
    Mini Storage - Reno	 	7750
    West 4th Street; 7795 White Fir Street	 	Reno	 	NV	 	89523	 	8,600,000.00	 	8,577,364.82	 	Amortizing
    Balloon	 	42,407.58
    	 	Actual/360	 	4.270%	 	0.0293%	 	11	 	6/11/2025
	23	 	RMF	 	Holiday
    Inn Express - Concord	 	7772
    Gateway Lane Northwest	 	Concord	 	NC	 	28027	 	8,250,000.00	 	8,240,472.73	 	Amortizing
    Balloon	 	42,490.60
    	 	Actual/360	 	4.640%	 	0.0293%	 	6	 	7/6/2025
	24	 	RMF	 	Bristol
    Retail Portfolio	 	Various	 	Bristol	 	Various	 	Various	 	8,200,000.00	 	8,180,883.24	 	Amortizing
    Balloon	 	43,370.19
    	 	Actual/360	 	4.870%	 	0.0293%	 	6	 	6/6/2025
	24.01	 	RMF	 	Bristol
    Retail - Virginia	 	Various	 	Bristol	 	VA	 	Various	 	5,544,629.58	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.02	 	RMF	 	Bristol
    Retail - Tennessee	 	Various	 	Bristol	 	TN	 	37620	 	2,655,370.42	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	WFB	 	Stor-N-Loc
    Self Storage	 	3035
    & 3047 Santa Rosa Avenue	 	Santa
    Rosa	 	CA	 	95407	 	8,000,000.00	 	8,000,000.00	 	Interest-only,
    Amortizing Balloon	 	38,934.83
    	 	Actual/360	 	4.160%	 	0.0293%	 	11	 	6/11/2025
	26	 	Basis	 	Indian
    Summer Apartments	 	100
    North Melrose Avenue	 	Natchitoches	 	LA	 	71457	 	7,500,000.00	 	7,500,000.00	 	Interest-only,
    Amortizing Balloon	 	38,001.40
    	 	Actual/360	 	4.500%	 	0.0293%	 	1	 	7/01/2025
	27	 	Basis	 	510-512
    Bienville Street	 	510-522
    Bienville Street	 	New
    Orleans	 	LA	 	70130	 	7,200,000.00	 	7,200,000.00	 	Interest-only,
    Amortizing Balloon	 	38,212.32
    	 	Actual/360	 	4.900%	 	0.0293%	 	1	 	7/01/2025
	28	 	Basis	 	Tipp
    City Plaza	 	920
    West Main Street	 	Tipp
    City	 	OH	 	45371	 	6,700,000.00	 	6,700,000.00	 	Amortizing
    Balloon	 	34,547.67
    	 	Actual/360	 	4.650%	 	0.0293%	 	1	 	8/01/2025
	29	 	WFB	 	Stater
    Brothers - Hesperia	 	14466
    Main Street	 	Hesperia	 	CA	 	92345	 	6,698,000.00	 	6,698,000.00	 	Interest-only,
    Amortizing ARD	 	34,216.94
    	 	Actual/360	 	4.570%	 	0.0293%	 	11	 	7/11/2025
	30	 	WFB	 	Stater
    Brothers - Hook	 	15235
    Hook Boulevard	 	Victorville	 	CA	 	92394	 	6,570,000.00	 	6,570,000.00	 	Interest-only,
    Amortizing ARD	 	33,563.04
    	 	Actual/360	 	4.570%	 	0.0293%	 	11	 	7/11/2025
	31	 	WFB	 	Stater
    Brothers - Bear Valley	 	13760
    Bear Valley Road	 	Victorville	 	CA	 	92392	 	6,188,000.00	 	6,188,000.00	 	Interest-only,
    Amortizing ARD	 	31,611.59
    	 	Actual/360	 	4.570%	 	0.0293%	 	11	 	7/11/2025
	32	 	WFB	 	Stater
    Brothers - Ridgecrest	 	800
    North China Lake Boulevard	 	Ridgecrest	 	CA	 	93555	 	6,113,000.00	 	6,113,000.00	 	Interest-only,
    Amortizing ARD	 	31,228.45
    	 	Actual/360	 	4.570%	 	0.0293%	 	11	 	7/11/2025
	33	 	RMF	 	Eisenhower
    Crossing	 	4551
    Billy Williamson Drive	 	Macon	 	GA	 	31206	 	6,025,000.00	 	6,025,000.00	 	Interest-only,
    Amortizing Balloon	 	32,749.76
    	 	Actual/360	 	5.110%	 	0.0293%	 	6	 	7/6/2025
	34	 	NCB	 	Park
    Towers Owners, Inc.	 	370
    Ocean Parkway	 	Brooklyn	 	NY	 	11218	 	6,000,000.00	 	5,989,604.74	 	Amortizing
    Balloon	 	23,895.59
    	 	Actual/360	 	3.680%	 	0.0893%	 	1	 	6/1/2025
	35	 	WFB	 	Scotts
    Valley Junction	 	14
    Victor Square	 	Scotts
    Valley	 	CA	 	95066	 	6,000,000.00	 	5,984,672.99	 	Amortizing
    Balloon	 	30,116.58
    	 	Actual/360	 	4.420%	 	0.0293%	 	11	 	6/11/2025
	36	 	RMF	 	Lantana
    Trace	 	1830
    West Rundberg Lane and 9315 Northgate Boulevard	 	Austin	 	TX	 	78758	 	5,550,000.00	 	5,550,000.00	 	Interest-only,
    Amortizing Balloon	 	28,884.56
    	 	Actual/360	 	4.730%	 	0.0293%	 	6	 	6/6/2025
	37	 	WFB	 	Nova
    Self Storage La Gardena	 	13129
    South Figueroa Street	 	Los
    Angeles	 	CA	 	90061	 	5,550,000.00	 	5,550,000.00	 	Interest-only,
    Amortizing Balloon	 	28,651.12
    	 	Actual/360	 	4.660%	 	0.0293%	 	11	 	7/11/2025
	38	 	CIIICM	 	Rite
    Aid Highland	 	3732
    Route 9W	 	Highland	 	NY	 	12528	 	5,325,000.00	 	5,325,000.00	 	Amortizing
    Balloon	 	28,099.59
    	 	Actual/360	 	4.850%	 	0.0293%	 	1	 	8/1/2025
	39	 	NCB	 	17
    East 96th Owners Corp.	 	17
    East 96th Street	 	New
    York	 	NY	 	10128	 	5,065,000.00	 	5,065,000.00	 	Amortizing
    Balloon	 	23,571.92
    	 	Actual/360	 	3.790%	 	0.0893%	 	1	 	8/1/2025
	40	 	CIIICM	 	Wardlaw
    Self Storage Portfolio	 	Various	 	Various	 	Various	 	Various	 	4,734,900.00	 	4,734,900.00	 	Interest-only,
    Amortizing Balloon	 	24,785.17
    	 	Actual/360	 	4.780%	 	0.0293%	 	1	 	7/1/2025
	40.01	 	CIIICM	 	Aaron
    Storage	 	2595
    Highway 25/70	 	Dandridge
    	 	TN	 	37725	 	1,756,800.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.02	 	CIIICM	 	A
    Tech Self Storage	 	3114
    Augusta Tech Drive	 	Augusta	 	GA	 	30906	 	1,699,100.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.03	 	CIIICM	 	A
    Storage Place	 	609
    Stewart Street SW	 	Hartselle	 	AL	 	35640	 	1,279,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	RMF	 	Tyler
    Self Storage	 	7810
    Tyler Boulevard	 	Mentor	 	OH	 	44060	 	4,730,000.00	 	4,730,000.00	 	Interest-only,
    Amortizing Balloon	 	25,305.01
    	 	Actual/360	 	4.970%	 	0.0293%	 	6	 	7/6/2025
	42	 	CIIICM	 	Dressler
    MHP Portfolio	 	Various	 	Various	 	Various	 	Various	 	3,656,350.00	 	3,642,049.24	 	Amortizing
    Balloon	 	17,987.04
    	 	Actual/360	 	4.250%	 	0.0293%	 	1	 	5/1/2025
	42.01	 	CIIICM	 	Hi
    View MHP	 	11735
    North 19th Avenue	 	Phoenix	 	AZ	 	85029	 	2,583,850.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	CIIICM	 	Little
    River MHP	 	6535
    Old Highway 5	 	Woodstock	 	GA	 	30188	 	1,072,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	 

    	 

    

  

	Wells Fargo Commercial Mortgage Trust 2015-C30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	Original
    Principal Balance ($)	 	Cut-off
    Date Principal Balance ($)	 	Loan
    Amortization Type	 	Monthly
    P&I Payment ($)	 	Interest
    Accrual Basis	 	Mortgage
    Rate	 	Administrative
    Fee Rate	 	Payment
    Due Date	 	Stated
    Maturity Date or Anticipated Repayment Date
	43	 	CIIICM	 	Pine
    Isle MHP	 	607
    North Pine Isle Drive	 	Orlando	 	FL	 	32833	 	862,500.00	 	862,500.00	 	Amortizing
    Balloon	 	4,567.04
    	 	Actual/360	 	4.880%	 	0.0293%	 	1	 	8/1/2025
	44	 	CIIICM	 	Superior
    Self Storage	 	11260
    Coloma Road	 	Gold
    River	 	CA	 	95670	 	4,500,000.00	 	4,500,000.00	 	Interest-only,
    Amortizing Balloon	 	22,137.30
    	 	Actual/360	 	4.250%	 	0.0293%	 	5	 	5/5/2025
	45	 	CIIICM	 	Western
    Way MHC	 	3100
    South Kinney Road	 	Tucson	 	AZ	 	85713	 	4,325,000.00	 	4,325,000.00	 	Interest-only,
    Amortizing Balloon	 	21,352.43
    	 	Actual/360	 	4.280%	 	0.0293%	 	1	 	6/1/2025
	46	 	CIIICM	 	Walgreens
    Rochester Hills	 	2985
    Crooks Road	 	Rochester
    Hills	 	MI	 	48309	 	4,284,000.00	 	4,284,000.00	 	Interest-only,
    Amortizing Balloon	 	21,910.51
    	 	Actual/360	 	4.580%	 	0.0293%	 	1	 	7/1/2025
	47	 	Basis	 	Pointe
    Lanier Apartments	 	2460
    Spring Road	 	Gainesville	 	GA	 	30504	 	4,290,000.00	 	4,278,975.24	 	Amortizing
    Balloon	 	21,457.31
    	 	Actual/360	 	4.390%	 	0.0293%	 	1	 	6/01/2025
	48	 	Basis	 	Timberstone
    Commons	 	6726-6740
    West Sylvania Road	 	Sylvania	 	OH	 	43623	 	4,250,000.00	 	4,250,000.00	 	Amortizing
    Balloon	 	22,763.00
    	 	Actual/360	 	4.980%	 	0.0293%	 	1	 	8/01/2025
	49	 	NCB	 	Hawthorne
    Gardens Owners Corp.	 	133-159
    Smith Street	 	Freeport	 	NY	 	11520	 	4,200,000.00	 	4,192,942.17	 	Amortizing
    Balloon	 	17,008.89
    	 	Actual/360	 	3.790%	 	0.0893%	 	1	 	6/1/2025
	50	 	WFB	 	All
    American Mini Storage	 	711
    & 717 South Mills Avenue	 	Claremont	 	CA	 	91711	 	4,050,000.00	 	4,050,000.00	 	Interest-only,
    Amortizing Balloon	 	20,352.65
    	 	Actual/360	 	4.430%	 	0.0293%	 	11	 	6/11/2025
	51	 	CIIICM	 	Lauren
    May Apartments	 	5814
    22nd Avenue Northwest	 	Seattle	 	WA	 	98107	 	4,025,000.00	 	4,025,000.00	 	Amortizing
    Balloon	 	20,778.51
    	 	Actual/360	 	4.660%	 	0.0293%	 	5	 	8/5/2025
	52	 	RMF	 	Spring
    Rose Apartments	 	10000
    Club Creek	 	Houston	 	TX	 	77036	 	3,825,000.00	 	3,825,000.00	 	Interest-only,
    Amortizing Balloon	 	19,837.90
    	 	Actual/360	 	4.700%	 	0.0293%	 	6	 	6/6/2025
	53	 	NCB	 	2190
    Boston Owners Inc.	 	2190
    Boston Road	 	Bronx	 	NY	 	10462	 	3,800,000.00	 	3,794,979.49	 	Amortizing
    Balloon	 	18,207.57
    	 	Actual/360	 	4.030%	 	0.0893%	 	1	 	7/1/2025
	54	 	WFB	 	Pavlik
    Professional Center	 	2010-2014
    South Orange Avenue	 	Orlando	 	FL	 	32806	 	3,750,000.00	 	3,750,000.00	 	Interest-only,
    Amortizing Balloon	 	18,579.71
    	 	Actual/360	 	4.310%	 	0.0293%	 	11	 	6/11/2020
	55	 	WFB	 	Napa
    Pointe	 	1901-1911
    North Kelly Road	 	Napa	 	CA	 	94558	 	3,710,000.00	 	3,710,000.00	 	Interest-only,
    Amortizing Balloon	 	18,842.14
    	 	Actual/360	 	4.520%	 	0.0293%	 	11	 	7/11/2025
	56	 	RMF	 	Self
    Storage of Cheshire	 	240
    Blacks Road	 	Cheshire	 	CT	 	6410	 	3,565,000.00	 	3,565,000.00	 	Interest-only,
    Amortizing Balloon	 	19,181.29
    	 	Actual/360	 	5.020%	 	0.0293%	 	6	 	6/6/2025
	57	 	CIIICM	 	Torrey
    Pines MHC	 	16352
    Old Hammond Highway	 	Baton
    Rouge	 	LA	 	70816	 	3,500,000.00	 	3,495,930.55	 	Amortizing
    Balloon	 	17,963.48
    	 	Actual/360	 	4.610%	 	0.0293%	 	5	 	7/5/2025
	58	 	CIIICM	 	Jade
    Isle MHC	 	325
    Rosedale Avenue	 	Saint
    Cloud	 	FL	 	34769	 	3,500,000.00	 	3,491,201.66	 	Amortizing
    Balloon	 	17,733.99
    	 	Actual/360	 	4.500%	 	0.0293%	 	5	 	6/5/2025
	59	 	CIIICM	 	Bethlehem
    Township Self Storage	 	2739
    Santee Road 	 	Bethlehem
    	 	PA	 	18020	 	3,450,000.00	 	3,450,000.00	 	Amortizing
    Balloon	 	18,226.29
    	 	Actual/360	 	4.860%	 	0.0293%	 	1	 	8/1/2025
	60	 	NCB	 	16
    Main Street Owners, Inc.	 	16
    Main Street	 	East
    Rockaway	 	NY	 	11518	 	3,350,000.00	 	3,350,000.00	 	Interest-only,
    Balloon	 	10,586.47
    	 	Actual/360	 	3.730%	 	0.0893%	 	1	 	7/1/2025
	61	 	NCB	 	Briar
    Hill Owners Corp.	 	300-360
    North State Road, 207-225 Schrade Road	 	Briarcliff
    Manor	 	NY	 	10510	 	3,300,000.00	 	3,297,339.76	 	Amortizing
    Balloon	 	13,202.82
    	 	Actual/360	 	3.710%	 	0.0893%	 	1	 	7/1/2025
	62	 	WFB	 	Highland
    Pointe	 	2710-2790
    Alexandria Way	 	Highland
    Heights	 	KY	 	41076	 	3,240,000.00	 	3,236,325.96	 	Amortizing
    Balloon	 	16,842.84
    	 	Actual/360	 	4.720%	 	0.0293%	 	11	 	7/11/2025
	63	 	NCB	 	12
    Westchester Avenue Tenants Corp.	 	12
    Westchester Avenue	 	White
    Plains	 	NY	 	10601	 	3,200,000.00	 	3,195,690.08	 	Amortizing
    Balloon	 	15,166.81
    	 	Actual/360	 	3.940%	 	0.0893%	 	1	 	7/1/2025
	64	 	WFB	 	Oxnard
    Apartments	 	13961
    Oxnard Street	 	Van
    Nuys	 	CA	 	91401	 	3,150,000.00	 	3,142,113.33	 	Amortizing
    Balloon	 	15,998.04
    	 	Actual/360	 	4.520%	 	0.0293%	 	11	 	6/11/2025
	65	 	WFB	 	Maple
    Del Manor 	 	6333
    Newton Falls Road	 	Ravenna	 	OH	 	44266	 	3,100,000.00	 	3,096,379.30
    	 	Amortizing
    Balloon	 	15,873.45
    	 	Actual/360	 	4.590%	 	0.02930%	 	11	 	7/11/2025
	66	 	CIIICM	 	Kenneth
    Apartments	 	307
    Queen Anne Avenue North	 	Seattle	 	WA	 	98109	 	3,090,000.00	 	3,090,000.00
    	 	Amortizing
    Balloon	 	15,951.70
    	 	Actual/360	 	4.660%	 	0.02930%	 	5	 	8/5/2025
	67	 	WFB	 	Garden
    Lane Apartments	 	700
    Garden Lane	 	Shakopee	 	MN	 	55379	 	2,935,000.00	 	2,931,648.94
    	 	Amortizing
    Balloon	 	15,204.38
    	 	Actual/360	 	4.690%	 	0.08930%	 	11	 	7/11/2025
	68	 	CIIICM	 	Planet
    Self Storage - Phillipsburg	 	1191
    US Highway 22	 	Greenwich	 	NJ	 	08865	 	2,800,000.00	 	2,800,000.00
    	 	Interest-only,
    Amortizing Balloon	 	14,170.56
    	 	Actual/360	 	4.490%	 	0.02930%	 	1	 	7/1/2025
	69	 	NCB	 	Suburbia
    Owners, Inc.	 	400
    Fulton Street	 	Farmingdale	 	NY	 	11735	 	2,800,000.00	 	2,791,796.51
    	 	Amortizing
    Balloon	 	12,919.62
    	 	Actual/360	 	3.720%	 	0.08930%	 	1	 	6/1/2025
	70	 	RMF	 	Flower
    Mound Plaza	 	3501
    Long Prairie Road 	 	Flower
    Mound	 	TX	 	75022	 	2,750,000.00	 	2,750,000.00
    	 	Interest-only,
    Amortizing Balloon	 	13,754.69
    	 	Actual/360	 	4.390%	 	0.02930%	 	6	 	6/6/2025
	71	 	CIIICM	 	Planet
    Self Storage - Clinton	 	10
    Route 173	 	Union
    Township	 	NJ	 	08809	 	2,700,000.00	 	2,700,000.00
    	 	Interest-only,
    Amortizing Balloon	 	13,664.47
    	 	Actual/360	 	4.490%	 	0.02930%	 	1	 	7/1/2025
	72	 	CIIICM	 	Shannon
    Apartments	 	1220
    Boylston Avenue E	 	Seattle	 	WA	 	98119	 	2,690,000.00	 	2,690,000.00
    	 	Amortizing
    Balloon	 	13,886.76
    	 	Actual/360	 	4.660%	 	0.02930%	 	5	 	8/5/2025
	73	 	CIIICM	 	Home
    Center	 	518
    Miamisburg Centerville Road	 	Dayton	 	OH	 	45459	 	2,625,000.00	 	2,625,000.00
    	 	Amortizing
    Balloon	 	14,059.50
    	 	Actual/360	 	4.980%	 	0.02930%	 	5	 	8/5/2025
	74	 	CIIICM	 	Lynchburg
    MHC	 	7136
    Highway 301	 	Horn
    Lake	 	MS	 	38637	 	2,500,000.00	 	2,484,832.20
    	 	Amortizing
    Balloon	 	12,890.92
    	 	Actual/360	 	4.650%	 	0.02930%	 	1	 	3/1/2025
	75	 	WFB	 	Ridgeview
    Centre II	 	39525
    Thirteen Mile Road	 	Novi	 	MI	 	48377	 	2,425,000.00	 	2,422,167.67
    	 	Amortizing
    Balloon	 	12,417.14
    	 	Actual/360	 	4.590%	 	0.02930%	 	11	 	7/11/2025
	76	 	WFB	 	Paris
    Estates MHC	 	310
    48th Street Southeast	 	Kentwood	 	MI	 	49548	 	2,400,000.00	 	2,397,259.78
    	 	Amortizing
    Balloon	 	12,432.89
    	 	Actual/360	 	4.690%	 	0.02930%	 	11	 	7/11/2025
	77	 	WFB	 	Conyers
    Retail	 	1285
    Highway 138 Southeast	 	Conyers	 	GA	 	30013	 	2,400,000.00	 	2,394,276.96
    	 	Amortizing
    Balloon	 	12,534.01
    	 	Actual/360	 	4.760%	 	0.05930%	 	11	 	6/11/2025
	78	 	CIIICM	 	Rite
    Aid Waynesville	 	590
    Russ Avenue	 	Waynesville	 	NC	 	28786	 	2,400,000.00	 	2,393,745.61
    	 	Amortizing
    Balloon	 	11,905.12
    	 	Actual/360	 	4.320%	 	0.02930%	 	1	 	6/1/2025
	79	 	CIIICM	 	Planet
    Self Storage - Lindenwold	 	901
    Egg Harbor Road	 	Lindenwold	 	NJ	 	08021	 	2,300,000.00	 	2,300,000.00
    	 	Interest-only,
    Amortizing Balloon	 	11,287.70
    	 	Actual/360	 	4.230%	 	0.02930%	 	1	 	6/1/2025
	80	 	NCB	 	423-443
    Tenants Corp.	 	423-443
    Atlantic Avenue	 	Brooklyn	 	NY	 	11217	 	2,250,000.00	 	2,246,805.73
    	 	Amortizing
    Balloon	 	10,343.65
    	 	Actual/360	 	3.690%	 	0.08930%	 	1	 	7/1/2025
	81	 	CIIICM	 	West
    Hill Apartments	 	4203
    Southwest Hill Street	 	Seattle	 	WA	 	98116	 	2,113,000.00	 	2,113,000.00
    	 	Amortizing
    Balloon	 	10,908.07
    	 	Actual/360	 	4.660%	 	0.02930%	 	5	 	8/5/2025
	82	 	NCB	 	Croyden
    Apts. Inc.	 	83-37
    Saint James Avenue	 	Elmhurst	 	NY	 	11373	 	2,100,000.00	 	2,095,951.14
    	 	Amortizing
    Balloon	 	10,739.69
    	 	Actual/360	 	3.700%	 	0.08930%	 	1	 	7/1/2025
	83	 	CIIICM	 	Planet
    Self Storage - Tyburn	 	400
    Tyburn road	 	Fairless
    Hills	 	PA	 	19030	 	2,000,000.00	 	2,000,000.00
    	 	Interest-only,
    Amortizing Balloon	 	10,121.83
    	 	Actual/360	 	4.490%	 	0.02930%	 	1	 	7/1/2025
	84	 	NCB	 	175
    East 79 Tenants Corp.	 	175
    East 79th Street	 	New
    York	 	NY	 	10075	 	2,000,000.00	 	2,000,000.00
    	 	Interest-only,
    Balloon	 	6,405.00
    	 	Actual/360	 	3.780%	 	0.08930%	 	1	 	7/1/2025
	85	 	NCB	 	240-79
    Owners Corp.	 	240
    East 79th Street	 	New
    York	 	NY	 	10075	 	2,000,000.00	 	2,000,000.00
    	 	Interest-only,
    Balloon	 	6,557.50
    	 	Actual/360	 	3.870%	 	0.08930%	 	1	 	7/1/2025
	86	 	NCB	 	Hartwell
    Station	 	133
    Walmart Drive	 	Hartwell	 	GA	 	30643	 	2,000,000.00	 	1,997,737.26
    	 	Amortizing
    Balloon	 	10,408.85
    	 	Actual/360	 	4.730%	 	0.08930%	 	1	 	7/1/2025
	87	 	CIIICM	 	Weiman’s
    MHC	 	13502
    Weiman Road	 	Houston	 	TX	 	77041	 	1,951,000.00	 	1,951,000.00
    	 	Amortizing
    Balloon	 	10,870.37
    	 	Actual/360	 	5.330%	 	0.02930%	 	1	 	8/1/2025
	88	 	WFB	 	Calloway
    Road Storage Center	 	2605
    Calloway Road	 	Tyler	 	TX	 	75707	 	1,800,000.00	 	1,797,996.02
    	 	Amortizing
    Balloon	 	9,443.98
    	 	Actual/360	 	4.800%	 	0.02930%	 	11	 	7/11/2025
	89	 	CIIICM	 	Sierra
    Vista Court	 	4526
    Titantic Avenue	 	El
    Paso	 	TX	 	79904	 	1,650,000.00	 	1,641,287.25
    	 	Amortizing
    Balloon	 	9,077.83
    	 	Actual/360	 	4.400%	 	0.02930%	 	5	 	5/5/2025
	90	 	NCB	 	Brooks
    Holding Corp.	 	91
    East End Avenue	 	New
    York	 	NY	 	10028	 	1,600,000.00	 	1,598,781.59
    	 	Amortizing
    Balloon	 	6,577.97
    	 	Actual/360	 	3.890%	 	0.08930%	 	1	 	7/1/2025
	91	 	CIIICM	 	Ute
    Village MHP	 	100
    Ute Avenue	 	Kiowa	 	CO	 	80117	 	1,550,000.00	 	1,550,000.00
    	 	Amortizing
    Balloon	 	8,444.32
    	 	Actual/360	 	5.130%	 	0.02930%	 	1	 	8/1/2025
	92	 	NCB	 	547
    Broadway Realty, Inc.	 	547
    Broadway a/k/a 118 Mercer Street	 	New
    York	 	NY	 	10012	 	1,500,000.00	 	1,500,000.00
    	 	Interest-only,
    Balloon	 	4,968.96
    	 	Actual/360	 	3.910%	 	0.08930%	 	1	 	6/1/2025
	93	 	CIIICM	 	Store
    It All Storage Murfreesboro	 	405
    West Northfield	 	Murfreesboro	 	TN	 	37129	 	1,372,500.00	 	1,367,538.19
    	 	Amortizing
    Balloon	 	7,060.67
    	 	Actual/360	 	4.630%	 	0.02930%	 	5	 	5/5/2025
	94	 	CIIICM	 	Mustang
    MHC	 	2315
    Mustang Road	 	Alvin	 	TX	 	77511	 	1,318,000.00	 	1,318,000.00
    	 	Amortizing
    Balloon	 	7,343.49
    	 	Actual/360	 	5.330%	 	0.02930%	 	1	 	8/1/2025
	95	 	NCB	 	157
    East 75th Street Corporation	 	157
    East 75th Street	 	New
    York	 	NY	 	10021	 	1,300,000.00	 	1,298,165.94
    	 	Amortizing
    Balloon	 	5,998.39
    	 	Actual/360	 	3.720%	 	0.08930%	 	1	 	7/1/2025
	96	 	CIIICM	 	Kimberly
    Apartments	 	1519
    East Howell Street	 	Seattle	 	WA	 	98122	 	1,272,000.00	 	1,272,000.00
    	 	Amortizing
    Balloon	 	6,566.53
    	 	Actual/360	 	4.660%	 	0.02930%	 	5	 	8/5/2025
	97	 	WFB	 	Central
    Self Storage - Warner	 	641
    East Warner Road	 	Chandler	 	AZ	 	85225	 	1,250,000.00	 	1,246,736.02
    	 	Amortizing
    Balloon	 	6,193.24
    	 	Actual/360	 	4.310%	 	0.02930%	 	11	 	6/11/2025
	98	 	NCB	 	838
    Greenwich St. Corp.	 	838
    Greenwich Street	 	New
    York	 	NY	 	10014	 	1,250,000.00	 	1,246,476.25
    	 	Amortizing
    Balloon	 	5,910.18
    	 	Actual/360	 	3.920%	 	0.08930%	 	1	 	6/1/2025
	99	 	NCB	 	50-21
    Owners Ltd.	 	50-21
    39th Place	 	Sunnyside	 	NY	 	11104	 	1,235,000.00	 	1,235,000.00
    	 	Amortizing
    Balloon	 	5,292.88
    	 	Actual/360	 	4.170%	 	0.08930%	 	1	 	8/1/2025
	100	 	CIIICM	 	Northland
    Estates MHC	 	13323
    Northland Drive	 	Cedar
    Springs 	 	MI	 	49319	 	1,200,000.00	 	1,200,000.00
    	 	Amortizing
    Balloon	 	6,813.47
    	 	Actual/360	 	5.500%	 	0.02930%	 	1	 	8/1/2025
	101	 	NCB	 	Whitney
    Realty Corp.	 	341
    West 87th Street	 	New
    York	 	NY	 	10024	 	850,000.00	 	847,585.19
    	 	Amortizing
    Balloon	 	3,999.45
    	 	Actual/360	 	3.880%	 	0.08930%	 	1	 	6/1/2025

 

    	 

    	 

    

  

	Wells
    Fargo Commercial Mortgage Trust 2015-C30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE
    LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Original
    Term to Maturity or ARD (Mos.)	 	Remaining
    Term to Maturity or ARD (Mos.)	 	Amortization
    Term (Original) (Mos.)	 	Amortization
    Term (Remaining) (Mos.)	 	Cross
    Collateralized and Cross Defaulted Loan Flag	 	Prepayment
    Provisions	 	Ownership
    Interest	 	Grace
    Period Late (Days)	 	Secured
    by LOC (Y/N)	 	LOC
    Amount	 	Borrower
    Name	 	Master
    Servicing 

    Fee Rate
	1	 	RMF	 	Somerset
    Park Apartments	 	120	 	119	 	IO	 	IO	 	NAP	 	L(25),D(88),O(7)	 	Fee	 	0	 	N	 	NAP	 	Troy
    Apts I, LLC, Troy Apts II, LLC, Troy Apts III, LLC and Troy Apts IV, LLC	 	0.0100%
	2	 	WFB	 	Riverpark
    Square	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	River
    Park Square, L.L.C.	 	0.0300%
	3	 	WFB	 	Simmons
    Tower	 	120	 	119	 	300	 	299	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	CADC-1,
    LLC	 	0.0200%
	4	 	WFB	 	Hilton
    Garden Inn - Downtown Denver	 	120	 	118	 	300	 	298	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Apple
    Ten SPE Denver, Inc.	 	0.0200%
	5	 	WFB	 	Kent
    Office Portfolio	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Princeton
    Corporate Plaza, LLC and One Naylon Place LLC	 	0.0200%
	5.01	 	WFB	 	Princeton
    Corporate Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.02	 	WFB	 	One
    Naylon Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	RMF	 	Sawmill
    Crossing Apartments	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(90),O(5)	 	Fee	 	0	 	N	 	NAP	 	Sawmill
    Crossing Property, LLC	 	0.0200%
	7	 	WFB	 	Residence
    Inn Charlotte	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee
    and Leasehold	 	5	 	N	 	NAP	 	Charlotte
    Uptown R.I., LLC	 	0.0200%
	8	 	RMF	 	Capitol
    Place Apartments	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Capitol
    Place California Partners, LLC	 	0.0200%
	9	 	Basis	 	Pennbrook
    Apartments	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Aquinas
    Pennbrook, LP	 	0.0200%
	10	 	Basis	 	Cross
    Gates Apartments Portfolio	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(94),O(1)	 	Fee	 	5	 	N	 	NAP	 	Slidell
    Rentals I, L.L.C.	 	0.0200%
	10.01	 	Basis	 	Cross
    Roads Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	Basis	 	M-H
    Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.03	 	Basis	 	Cross
    Gates Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	WFB	 	Rivercrest
    Portfolio	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Jackson
    (Rankin) SRX, LLC; Garner (Garner) SRX, LLC; Villa Rica (Villa Rica) SRX, LLC	 	0.0200%
	11.01	 	WFB	 	Shoppes
    at Garner	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	WFB	 	Villa
    Rica Commons	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	WFB	 	Rankin
    Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	CIIICM	 	Westgate
    MHC	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Westgate
    Park Corp.	 	0.0200%
	13	 	RMF	 	Plaza
    Diamond Bar	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Plaza
    Diamond Bar Partners Holdings, LLC	 	0.0200%
	14	 	WFB	 	Sunrise
    Industrial Park	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	FJM
    Sunrise Associates SPE, LLC	 	0.0200%
	15	 	RMF	 	Sheridan
    Professional Centre	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Sheridan
    Professional Centre, Ltd., LLLP	 	0.0200%
	16	 	Basis	 	Sheraton
    Crescent Phoenix	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(94),O(2)	 	Fee	 	5	 	N	 	NAP	 	New
    Crescent Investment, LLC	 	0.0200%
	17	 	RMF	 	Best
    Western Brooklyn	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Gregory
    Hotel Holdings, Inc.	 	0.0200%
	18	 	WFB	 	Private
    Mini Storage Portfolio	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	TX
    Baker Airport LLC	 	0.0200%
	18.01	 	WFB	 	Airport
    Blvd Mini Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.02	 	WFB	 	Baker
    Road Mini Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	CIIICM	 	Trafalgar
    Square Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Trafalgar,
    LLC	 	0.0200%
	20	 	WFB	 	Santa
    Clarita Plaza	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Belmont
    One Investment Holdings, LLC	 	0.0600%
	21	 	CIIICM	 	Holiday
    Inn Winter Haven	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(89),O(6)	 	Fee	 	0	 	N	 	NAP	 	Lakeville
    Partners, LLC	 	0.0200%
	22	 	WFB	 	Superior
    Mini Storage - Reno	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Superior
    Storage, LLC	 	0.0200%
	23	 	RMF	 	Holiday
    Inn Express - Concord	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Yogi
    and Associates, L.L.C.	 	0.0200%
	24	 	RMF	 	Bristol
    Retail Portfolio	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Litchfield
    TV Properties, LLC	 	0.0200%
	24.01	 	RMF	 	Bristol
    Retail - Virginia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.02	 	RMF	 	Bristol
    Retail - Tennessee	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	WFB	 	Stor-N-Loc
    Self Storage	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee
    and Leasehold	 	5	 	N	 	NAP	 	Stor-N-Loc
    LLC	 	0.0200%
	26	 	Basis	 	Indian
    Summer Apartments	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	5	 	N	 	NAP	 	Juniper
    Melrose, LTD.	 	0.0200%
	27	 	Basis	 	510-512
    Bienville Street	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(94),O(1)	 	Fee	 	5	 	N	 	NAP	 	516
    Bienville St Development, LLC	 	0.0200%
	28	 	Basis	 	Tipp
    City Plaza	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(94),O(2)	 	Fee	 	5	 	N	 	NAP	 	TCP
    Center, LTD.	 	0.0200%
	29	 	WFB	 	Stater
    Brothers - Hesperia	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	SB
    Main Street, LLC	 	0.0200%
	30	 	WFB	 	Stater
    Brothers - Hook	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	SB
    Hook Boulevard, LLC	 	0.0200%
	31	 	WFB	 	Stater
    Brothers - Bear Valley	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	SB
    Bear Valley Road, LLC	 	0.0200%
	32	 	WFB	 	Stater
    Brothers - Ridgecrest	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	SB
    North China Lake Road, LLC	 	0.0200%
	33	 	RMF	 	Eisenhower
    Crossing	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(88),O(7)	 	Fee	 	0	 	N	 	NAP	 	Provest
    Eisenhower Associates LLC; Israel Family Eisenhower LLC	 	0.0200%
	34	 	NCB	 	Park
    Towers Owners, Inc.	 	120	 	118	 	480	 	478	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Park
    Towers Owners, Inc.	 	0.0800%
	35	 	WFB	 	Scotts
    Valley Junction	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	SVJ,
    LLC	 	0.0200%
	36	 	RMF	 	Lantana
    Trace	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	ACA
    Lantana Trace LLC	 	0.0200%
	37	 	WFB	 	Nova
    Self Storage La Gardena	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(90),O(5)	 	Fee	 	5	 	N	 	NAP	 	Nova
    Storage La Gardena, L.P.	 	0.0200%
	38	 	CIIICM	 	Rite
    Aid Highland	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Macks
    Lane LLC	 	0.0200%
	39	 	NCB	 	17
    East 96th Owners Corp.	 	120	 	120	 	360	 	360	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	17
    East 96th Owners Corp.	 	0.0800%
	40	 	CIIICM	 	Wardlaw
    Self Storage Portfolio	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Georgia
    Investment Series 2004-5, LLC; Georgia Investment Series 2004-4, LLC	 	0.0200%
	40.01	 	CIIICM	 	Aaron
    Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.02	 	CIIICM	 	A
    Tech Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.03	 	CIIICM	 	A
    Storage Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	RMF	 	Tyler
    Self Storage	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Curcio
    OH, Mentor, LLC	 	0.0200%
	42	 	CIIICM	 	Dressler
    MHP Portfolio	 	120	 	117	 	360	 	357	 	Dressler
    Portfolio	 	L(27),D(90),O(3)	 	Fee	 	0	 	N	 	NAP	 	Parker
    Little River, LLC; Hi View, LLC	 	0.0200%
	42.01	 	CIIICM	 	Hi
    View MHP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	CIIICM	 	Little
    River MHP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	 

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells
    Fargo Commercial Mortgage Trust 2015-C30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE
    LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Original
    Term to Maturity or ARD (Mos.)	 	Remaining
    Term to Maturity or ARD (Mos.)	 	Amortization
    Term (Original) (Mos.)	 	Amortization
    Term (Remaining) (Mos.)	 	Cross
    Collateralized and Cross Defaulted Loan Flag	 	Prepayment
    Provisions	 	Ownership
    Interest	 	Grace
    Period Late (Days)	 	Secured
    by LOC (Y/N)	 	LOC
    Amount	 	Borrower
    Name	 	Master
    Servicing 

    Fee Rate
	43	 	CIIICM	 	Pine
    Isle MHP	 	120	 	120	 	360	 	360	 	Dressler
    Portfolio	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Pine
    Isle MHP, LLC	 	0.0200%
	44	 	CIIICM	 	Superior
    Self Storage	 	120	 	117	 	360	 	360	 	NAP	 	L(27),D(90),O(3)	 	Fee	 	0	 	N	 	NAP	 	Evergreen-Desoto,
    L.L.C.; Mini-Desoto, L.L.C.; Premiere-Sebastian VI, L.L.C.; SC Gold River, LLC	 	0.0200%
	45	 	CIIICM	 	Western
    Way MHC	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Western
    Way Partners, LLC	 	0.0200%
	46	 	CIIICM	 	Walgreens
    Rochester Hills	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Sabih
    WG Rochester Hills, LLC	 	0.0200%
	47	 	Basis	 	Pointe
    Lanier Apartments	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	5	 	N	 	NAP	 	Point
    Lanier 2015 LLC	 	0.0200%
	48	 	Basis	 	Timberstone
    Commons	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	5	 	N	 	NAP	 	Timberstone
    Commons, LLC	 	0.0200%
	49	 	NCB	 	Hawthorne
    Gardens Owners Corp.	 	120	 	118	 	480	 	478	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Hawthorne
    Gardens Owners Corp.	 	0.0800%
	50	 	WFB	 	All
    American Mini Storage	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Claremont-Harris,
    LLC	 	0.0200%
	51	 	CIIICM	 	Lauren
    May Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	5814
    Westwood Apartments L.L.C.	 	0.0200%
	52	 	RMF	 	Spring
    Rose Apartments	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	HHM
    Apartments, LLC	 	0.0200%
	53	 	NCB	 	2190
    Boston Owners Inc.	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	2190
    Boston Owners Inc.	 	0.0800%
	54	 	WFB	 	Pavlik
    Professional Center	 	60	 	58	 	360	 	360	 	NAP	 	L(26),D(30),O(4)	 	Fee	 	5	 	N	 	NAP	 	Orlando
    Medical Properties, LP	 	0.0200%
	55	 	WFB	 	Napa
    Pointe	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Napa
    Pointe 1, LP	 	0.0200%
	56	 	RMF	 	Self
    Storage of Cheshire	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Curcio
    CT, Chesire, LLC	 	0.0200%
	57	 	CIIICM	 	Torrey
    Pines MHC	 	120	 	119	 	360	 	359	 	NAP	 	L(25),GRTR
    1% or YM(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Torrey
    Pines Manufactured Housing Community, L.L.C.	 	0.0200%
	58	 	CIIICM	 	Jade
    Isle MHC	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Jade
    Isle, LLC	 	0.0200%
	59	 	CIIICM	 	Bethlehem
    Township Self Storage	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	T&L
    Partners, Inc. 	 	0.0200%
	60	 	NCB	 	16
    Main Street Owners, Inc.	 	120	 	119	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	16
    Main Street Owners, Inc.	 	0.0800%
	61	 	NCB	 	Briar
    Hill Owners Corp.	 	120	 	119	 	480	 	479	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Briar
    Hill Owners Corp.	 	0.0800%
	62	 	WFB	 	Highland
    Pointe	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Alexandria
    Pike Highland Heights, LLC	 	0.0200%
	63	 	NCB	 	12
    Westchester Avenue Tenants Corp.	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	12
    Westchester Avenue Tenants Corp.	 	0.0800%
	64	 	WFB	 	Oxnard
    Apartments	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Emerald
    Isle Apartments, LLC	 	0.0200%
	65	 	WFB	 	Maple
    Del Manor 	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Maple
    Del Manor, LLC	 	0.0200%
	66	 	CIIICM	 	Kenneth
    Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Kenneth
    Associates, LLC	 	0.0200%
	67	 	WFB	 	Garden
    Lane Apartments	 	120	 	119	 	360	 	359	 	NAP	 	L(25),GRTR
    1% or YM(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Uppal
    Properties LLC	 	0.0800%
	68	 	CIIICM	 	Planet
    Self Storage - Phillipsburg	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Phillipsburg
    Storage II LLC	 	0.0200%
	69	 	NCB	 	Suburbia
    Owners, Inc.	 	120	 	118	 	360	 	358	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Suburbia
    Owners, Inc.	 	0.0800%
	70	 	RMF	 	Flower
    Mound Plaza	 	120	 	118	 	360	 	360	 	NAP	 	L(24),GRTR
    1% or YM(89),O(7)	 	Fee	 	10	 	N	 	NAP	 	Flower
    Mound Plaza Flower Mound, TX. LLC	 	0.0200%
	71	 	CIIICM	 	Planet
    Self Storage - Clinton	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Clinton
    Storage II LLC	 	0.0200%
	72	 	CIIICM	 	Shannon
    Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Shannon
    Associates, LLC	 	0.0200%
	73	 	CIIICM	 	Home
    Center	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(90),O(6)	 	Fee	 	0	 	N	 	NAP	 	PDQ
    Israel Family Home Center, LLC	 	0.0200%
	74	 	CIIICM	 	Lynchburg
    MHC	 	120	 	115	 	360	 	355	 	NAP	 	L(29),D(88),O(3)	 	Fee	 	0	 	N	 	NAP	 	Lynchburg
    Mobile Home Village, LLC	 	0.0200%
	75	 	WFB	 	Ridgeview
    Centre II	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Ridgeview
    Centre II, LLC	 	0.0200%
	76	 	WFB	 	Paris
    Estates MHC	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Paris
    Estates, LLC	 	0.0200%
	77	 	WFB	 	Conyers
    Retail	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Conyers,
    LLC	 	0.0500%
	78	 	CIIICM	 	Rite
    Aid Waynesville	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Manida
    Holdings, LLC	 	0.0200%
	79	 	CIIICM	 	Planet
    Self Storage - Lindenwold	 	120	 	118	 	360	 	360	 	NAP	 	L(26),GRTR
    1% or YM(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Lindenwold
    Storage Limited Partnership	 	0.0200%
	80	 	NCB	 	423-443
    Tenants Corp.	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	423-443
    Tenants Corp.	 	0.0800%
	81	 	CIIICM	 	West
    Hill Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	West
    Hill Associates LLC	 	0.0200%
	82	 	NCB	 	Croyden
    Apts. Inc.	 	120	 	119	 	300	 	299	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Croyden
    Apts. Inc.	 	0.0800%
	83	 	CIIICM	 	Planet
    Self Storage - Tyburn	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Tyburn
    Storage II LLC	 	0.0200%
	84	 	NCB	 	175
    East 79 Tenants Corp.	 	120	 	119	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	175
    East 79 Tenants Corp.	 	0.0800%
	85	 	NCB	 	240-79
    Owners Corp.	 	120	 	119	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	240-79
    Owners Corp.	 	0.0800%
	86	 	NCB	 	Hartwell
    Station	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	10	 	N	 	NAP	 	Forum
    HS, LLC	 	0.0800%
	87	 	CIIICM	 	Weiman’s
    MHC	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	R&K
    Weiman MHP, L.C.	 	0.0200%
	88	 	WFB	 	Calloway
    Road Storage Center	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Mars
    Equity-Calloway, LLC	 	0.0200%
	89	 	CIIICM	 	Sierra
    Vista Court	 	120	 	117	 	300	 	297	 	NAP	 	L(27),D(89),O(4)	 	Fee	 	0	 	N	 	NAP	 	Sierra
    Vista Court, LLC	 	0.0200%
	90	 	NCB	 	Brooks
    Holding Corp.	 	120	 	119	 	480	 	479	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Brooks
    Holding Corp.	 	0.0800%
	91	 	CIIICM	 	Ute
    Village MHP	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	GS
    Ute Village, LLC	 	0.0200%
	92	 	NCB	 	547
    Broadway Realty, Inc.	 	120	 	118	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	547
    Broadway Realty, Inc.	 	0.0800%
	93	 	CIIICM	 	Store
    It All Storage Murfreesboro	 	120	 	117	 	360	 	357	 	NAP	 	L(27),D(90),O(3)	 	Fee	 	0	 	N	 	NAP	 	TNC
    Murfreesboro Storage, LLC	 	0.0200%
	94	 	CIIICM	 	Mustang
    MHC	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	R&K
    Mustang Road MHP, LC	 	0.0200%
	95	 	NCB	 	157
    East 75th Street Corporation	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	157
    East 75th Street Corporation	 	0.0800%
	96	 	CIIICM	 	Kimberly
    Apartments	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Kimberly
    Associates, LLC	 	0.0200%
	97	 	WFB	 	Central
    Self Storage - Warner	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	CSS
    Warner, L.L.C.	 	0.0200%
	98	 	NCB	 	838
    Greenwich St. Corp.	 	120	 	118	 	360	 	358	 	NAP	 	GRTR
    1% or YM(83),1%(33),O(4)	 	Fee	 	10	 	N	 	NAP	 	838
    Greenwich St. Corp.	 	0.0800%
	99	 	NCB	 	50-21
    Owners Ltd.	 	120	 	120	 	480	 	480	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	50-21
    Owners Ltd.	 	0.0800%
	100	 	CIIICM	 	Northland
    Estates MHC	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Northland
    Acres MHC, LLC	 	0.0200%
	101	 	NCB	 	Whitney
    Realty Corp.	 	120	 	118	 	360	 	358	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Whitney
    Realty Corp.	 	0.0800%

 

    	 

    	 

    

 

SCHEDULE
II

 

SCHEDULE
OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

(under Section 2.02(a) of this Agreement)

 

None.

 

    	S-II-1

    	 

    

 

SCHEDULE III

 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT
OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria”, provided
that, for the avoidance of doubt this Schedule III shall not require any assessment of any criterion to the extent that the assessment
of such criterion is not required under the terms of Regulation AB. In addition, this Schedule III shall not be construed to impose
on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the Pooling and Servicing
Agreement of which this Schedule III forms a part or to require an assessment of a criterion that is not encompassed by the servicing
duties of the applicable party that are set forth in the main body of such Pooling and Servicing Agreement.

 

	 	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	 	 	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	General
    Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.1	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	 	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

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer

 

 

1
The servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.

 

    	S-III-1

    	 

    

  

	 	 	 
	 	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	 	 	 
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions,
    and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction
    agreements.	Trustee2

General
    Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer

	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
    Act.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and
    approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.
    These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days
    specified in the transaction agreements.	General
    Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	 	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 Servicer.	Certificate
                                         Administrator

                                         Trust Advisor*

         

        *(C)
        and (D) are not applicable.

         

 

 

2
Only to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable calendar year.

 

    	S-III-2

    	 

    

 

	 	 	 
	 	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	 	 	 
			
	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	Certificate
    Administrator
		Servicer’s
    investor records, or such other number of days specified in the transaction agreements.	
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    General Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(v)	The
    Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s
    unpaid principal balance.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	General
    Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer
	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.	General
    Special Servicer

    NCB Special Servicer

    Trust Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	General
    Master Servicer

    NCB Master Servicer

    General Special Servicer

    NCB Special Servicer

 

    	S-III-3

    	 

    

 

	 	 	 
	 	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	 	 	 
			
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents,
on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid,
or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned
to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified
in the transaction agreements.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	General
    Master Servicer

    NCB Master Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

    	S-III-4

    	 

    

 

SCHEDULE IV

 

DESIGNATED SUB-SERVICERS

 

		1.	GEMSA Loan Services, L.P.

 

		2.	NRC Group, Inc.

 

		3.	PSRS Administrative Services, LLC

 

		4.	Sunrise Mortgage and Investment Company

 

		5.	Wells Fargo Bank, National Association

 

    	S-IV-1

    	 

    

 

SCHEDULE V

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described
in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual
knowledge (and in the case of financial statements required to be provided in connection with Item 6 below, possession) of such
information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the General Master Servicer,
the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer and the Trust Advisor (in its capacity as such)
shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is
set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor
or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer,
the General Special Servicer, the NCB Special Servicer and the Trust Advisor (in its capacity as such) shall be entitled to conclusively
assume that there is no “significant obligor” other than a party identified as such in the Prospectus Supplement.
If there is more than one Master Servicer at any given time, in no event shall a Master Servicer be required to provide any information
for inclusion in a Form 10-D that relates to any Mortgage Loan for which such Master Servicer is not the Master Servicer. If there
is more than one Special Servicer at any given time, in no event shall a Special Servicer be required to provide any information
for inclusion in a Form 10-D that relates to any Mortgage Loan for which such Special Servicer is not the Special Servicer. For
this Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB
Master Servicer, the General Special Servicer, the NCB Special Servicer and the Trust Advisor (in its capacity as such) shall
be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning
of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement. 

 

	Item on Form 10-D	Party Responsible
	Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	·	Each Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans serviced by it)
	·	Each Special Servicer  (only with respect to 1121(a)(12) as to Specially Serviced Loans serviced by it)
	·	Depositor
	·	Certificate Administrator
	Item 2:  Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	·	Each Master Servicer (as to itself)
	·	Each Special Servicer (as to itself)
	·	Trustee (as to itself)
	·	Certificate Administrator (as to itself)
	·	Depositor (as to itself)

  

    	S-V-1

    	 

    

 

	Item on Form 10-D	Party Responsible
	 	·	Trust Advisor (as to itself)
	 	·	Any other Reporting Servicer (as to itself)
	 	·	Trustee/ each Master Servicer/Depositor/ each Special Servicer as to the Trust
	 	·	Each Mortgage Loan Seller (as to itself and as to each Originator (as contemplated by Item 1110(b) of Regulation AB) of one or more Mortgage Loans sold by such Mortgage Loan Seller)
	 	·	Depositor (as to any party
    under Item 1100(d)(1) of Regulation AB)
	Item 3:  Sale of Securities and Use of Proceeds	·	Depositor
	Item 4:  Defaults Upon Senior Securities	·	Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders	·	Certificate Administrator
	Item 6:  Significant Obligors of Pool Assets	·	Each Master Servicer
	Item 7*:  Change in Sponsor Interest in the Securities	·	Each Mortgage Loan Seller (as to itself in its capacity as a sponsor)
	Item 8:  Significant Enhancement Provider Information	·	N/A
	Item 9:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·	Certificate Administrator (with respect to the balances of the Distribution Account and the Interest Reserve Account as of the related Distribution Date and the preceding Distribution Date)
	·	The Certificate Administrator and any other party responsible for disclosure items on Form 8-K to the extent of such items (which, pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, does not include the Mortgage Loan Sellers)
	Item 10:  Exhibits	·	Depositor (exhibits required by Item 601 of Regulation S-K, such as material agreements)
	·	Certificate Administrator (Distribution Date Statement)

 

 

*     Form 10-D was amended, effective November 24, 2014,
by adding new Item 7 in Part II and redesignating Items 7, 8 and 9 as Items 8, 9 and 10 as part of amendments related to the offering
process, disclosure, and reporting for asset-backed securities, however, the requirement to provide Additional Form 10-D with
respect to Item 7 shall not apply until November 23, 2015. New Item 7 will only be applicable (and newly numbered Items 8, 9 and
10 will only reflect their new numbers) on and after November 24, 2015.

 

 

    	S-V-2

    	 

    

 

SCHEDULE
VI

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 11.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any
information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to
the extent such party has actual knowledge (and in the case of financial statements required to be provided in connection with
1112(b) below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the
Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special and the Trust Advisor
(in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with
respect to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to
the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer and the Trust Advisor (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the Prospectus Supplement. If there is more than one Master Servicer at any given time, in no event shall a Master
Servicer be required to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which
such Master Servicer is not the Master Servicer. If there is more than one Special Servicer at any given time, in no event shall
a Special Servicer be required to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan
for which such Special Servicer is not the Special Servicer. For this Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer and the Trust Advisor (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified
as such in the Prospectus Supplement.

 

	Item on Form 10-K	Party Responsible
	Item 1B:  Unresolved Staff Comments	·	Depositor
	Item 9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·	Any party responsible for disclosure items on Form 8-K to the extent of such items (which, pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, does not include the Mortgage Loan Sellers)
	Item 15:  Exhibits, Financial Statement Schedules	·	Certificate Administrator
	·	Depositor
	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	·	Each Master Servicer (as to itself)
	·	Each Special Servicer (as to itself)
	·	Certificate Administrator (as to itself)
	·	Trustee (as to itself)
	·	Depositor (as to itself)

  

    	S-VI-1

    	 

    

 

	Item on Form 10-K	Party Responsible
	 	·	Trust Advisor (as to itself)
	 	·	Any other Reporting Servicer (as to itself)
	 	·	Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust
	 	·	Each Mortgage Loan Seller (as to itself and as to each Originator (as contemplated by Item 1110(b) of Regulation AB) of one or more Mortgage Loans sold by such Mortgage Loan Seller)
	 	·	Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	Additional Item:

Disclosure per Item 1119 of Regulation AB	·	Each Master Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee, Certificate Administrator, each Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3))
	·	Each Special Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee, Certificate Administrator, each Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))
	·	Certificate Administrator (as to itself) (to the extent material to Certificateholders)
	·	Trustee (as to itself) (to the extent material to Certificateholders)
	·	Depositor (as to itself)
	·	Depositor (as to the Trust)
	·	Each Mortgage Loan Seller (as to itself and as to each Originator under Item 1110 of Regulation AB relating to one or more Mortgage Loans sold by such Mortgage Loan Seller)
	·	Trust Advisor (as to itself)
	 	·	Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	Additional Item:

Disclosure per Item 1112(b) of Regulation AB	     Each Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	     N/A

  

    	S-VI-2

    	 

    

 

SCHEDULE
VII

 

FORM
8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 11.10 of the Pooling and Servicing Agreement to report to the Depositor and the Certificate Administrator the
occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K”
column to the extent such party has actual knowledge of such information (other than information as to itself). Each of the Certificate
Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer and the NCB 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 written notice
to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer, and the NCB Special Servicer (in its capacity as such) shall
be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in
the Prospectus Supplement. If there is more than one Master Servicer at any given time, in no event shall a Master Servicer be
required to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan for which such Master Servicer
is not the Master Servicer. If there is more than one Special Servicer at any given time, in no event shall a Special Servicer
be required to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan for which such Special
Servicer is not the Special Servicer. For this Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee,
the General Master Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special Servicer (in its capacity
as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within
the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.

 

	Item on Form 8-K	Party Responsible
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.

Examples:  servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	·	Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust (only as to the agreements to which such entity is a party or entered into by such party on behalf of the Trust)

 

    	S-VII-1

    	 

    

 

	Item on Form 8-K	Party Responsible
	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.

Examples: servicing agreement, custodial agreement.	·	Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust  (only as to the agreements to which such entity is a party or entered into by such party on behalf of the Trust)
	Item 1.03- Bankruptcy or Receivership	·	Depositor

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·

        ·

         
	
        Depositor 

        Certificate Administrator

         

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	·	Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	·	Depositor
	Item 6.01- ABS Informational and Computational Material	·	Depositor
	Item 6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	·	Each Master Servicer (as to itself or a servicer retained by it)
	·	Each Special Servicer (as to itself or a servicer retained by it)
	·	Certificate Administrator
	·	Trustee
	·	Depositor
	Reg AB disclosure about any new servicer or master servicer is also required.	·	Each Master Servicer (as to itself or a servicer retained by it) or each Special Servicer (as to itself or a servicer retained by it), as applicable
	Reg AB disclosure about any new Trustee is also required.	·	Trustee
	Reg AB disclosure about any new Certificate Administrator is also required.	·	Certificate Administrator
	Item 6.03- Change in Credit Enhancement or External Support	 	N/A
	Item 6.04- Failure to Make a Required Distribution	·	Certificate Administrator

  

    	S-VII-2

    	 

    

 

 

	Item on Form 8-K	Party Responsible
	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	·	Depositor
	Item 7.01- Regulation FD Disclosure	·	Depositor

	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	·	Depositor
	Item 9.01 – Financial Statements and Exhibits	·	Responsible party for reporting/disclosing the financial statement or exhibit

 

 

    	S-VII-3

    	 

    

 

SCHEDULE
VIII

 

INITIAL
NOI INFORMATION FOR SIGNIFICANT OBLIGORS

 

None.

 

    	S-VIII-1

    	 

    

 

SCHEDULE
IX

 

SCHEDULE
OF INITIAL SERVICED PARI PASSU COMPANION LOAN HOLDER(S)

 

None.

 

    	S-IX-1

    	 

    

 

Annex G

 

Class A-SB
Planned Principal Balance Schedule

	 	 	 	 	 	 	 
	Distribution	 	Class A-SB Planned	 	Distribution	 	Class A-SB Planned
	Date	 	Principal Balance	 	Date	 	Principal Balance
	September 2015	 	$61,764,000.00	 	July 2020	 	$60,791,512.85
	October 2015	 	$61,764,000.00	 	August 2020	 	$59,850,142.95
	November 2015	 	$61,764,000.00	 	September 2020	 	$58,905,097.09
	December 2015	 	$61,764,000.00	 	October 2020	 	$57,882,109.68
	January 2016	 	$61,764,000.00	 	November 2020	 	$56,929,377.40
	February 2016	 	$61,764,000.00	 	December 2020	 	$55,898,922.33
	March 2016	 	$61,764,000.00	 	January 2021	 	$54,938,444.15
	April 2016	 	$61,764,000.00	 	February 2021	 	$53,974,215.00
	May 2016	 	$61,764,000.00	 	March 2021	 	$52,785,330.42
	June 2016	 	$61,764,000.00	 	April 2021	 	$51,812,688.96
	July 2016	 	$61,764,000.00	 	May 2021	 	$50,762,891.29
	August 2016	 	$61,764,000.00	 	June 2021	 	$49,782,349.82
	September 2016	 	$61,764,000.00	 	July 2021	 	$48,724,876.97
	October 2016	 	$61,764,000.00	 	August 2021	 	$47,736,374.35
	November 2016	 	$61,764,000.00	 	September 2021	 	$46,744,010.74
	December 2016	 	$61,764,000.00	 	October 2021	 	$45,675,052.19
	January 2017	 	$61,764,000.00	 	November 2021	 	$44,674,635.92
	February 2017	 	$61,764,000.00	 	December 2021	 	$43,597,853.88
	March 2017	 	$61,764,000.00	 	January 2022	 	$42,589,322.62
	April 2017	 	$61,764,000.00	 	February 2022	 	$41,576,851.73
	May 2017	 	$61,764,000.00	 	March 2022	 	$40,344,222.88
	June 2017	 	$61,764,000.00	 	April 2022	 	$39,322,978.52
	July 2017	 	$61,764,000.00	 	May 2022	 	$38,225,961.11
	August 2017	 	$61,764,000.00	 	June 2022	 	$37,196,440.51
	September 2017	 	$61,764,000.00	 	July 2022	 	$36,091,382.38
	October 2017	 	$61,764,000.00	 	August 2022	 	$35,029,139.03
	November 2017	 	$61,764,000.00	 	September 2022	 	$33,962,740.52
	December 2017	 	$61,764,000.00	 	October 2022	 	$32,818,168.38
	January 2018	 	$61,764,000.00	 	November 2022	 	$31,743,119.74
	February 2018	 	$61,764,000.00	 	December 2022	 	$30,590,143.60
	March 2018	 	$61,764,000.00	 	January 2023	 	$29,506,377.78
	April 2018	 	$61,764,000.00	 	February 2023	 	$28,418,372.17
	May 2018	 	$61,764,000.00	 	March 2023	 	$27,106,202.97
	June 2018	 	$61,764,000.00	 	April 2023	 	$26,008,803.79
	July 2018	 	$61,764,000.00	 	May 2023	 	$24,834,113.04
	August 2018	 	$61,764,000.00	 	June 2023	 	$23,727,823.40
	September 2018	 	$61,764,000.00	 	July 2023	 	$22,544,495.15
	October 2018	 	$61,764,000.00	 	August 2023	 	$21,429,246.12
	November 2018	 	$61,764,000.00	 	September 2023	 	$20,309,633.50
	December 2018	 	$61,764,000.00	 	October 2023	 	$19,113,361.34
	January 2019	 	$61,764,000.00	 	November 2023	 	$17,984,686.04
	February 2019	 	$61,764,000.00	 	December 2023	 	$16,779,609.05
	March 2019	 	$61,764,000.00	 	January 2024	 	$15,641,800.80
	April 2019	 	$61,764,000.00	 	February 2024	 	$14,499,540.24
	May 2019	 	$61,764,000.00	 	March 2024	 	$13,209,719.19
	June 2019	 	$61,764,000.00	 	April 2024	 	$12,057,939.28
	July 2019	 	$61,764,000.00	 	May 2024	 	$10,830,415.05
	August 2019	 	$61,764,000.00	 	June 2024	 	$9,669,323.04
	September 2019	 	$61,764,000.00	 	July 2024	 	$8,432,751.65
	October 2019	 	$61,764,000.00	 	August 2024	 	$7,262,275.32
	November 2019	 	$61,764,000.00	 	September 2024	 	$6,087,218.19
	December 2019	 	$61,764,000.00	 	October 2024	 	$4,837,079.02
	January 2020	 	$61,764,000.00	 	November 2024	 	$3,652,529.28
	February 2020	 	$61,764,000.00	 	December 2024	 	$2,393,167.58
	March 2020	 	$61,764,000.00	 	January 2025	 	$1,199,051.61
	April 2020	 	$61,764,000.00	 	February 2025	 	          $261.85
	May 2020	 	$61,764,000.00	 	March 2025 and	 	 
	June 2020	 	$61,763,342.18	 	thereafter	 	             $0.00

 

    	G-1

    	 

    

 

SCHEDULE
XI

 

DESIGNATED
ESCROW/RESERVE MORTGAGE LOANS

 

Somerset
Park Apartments

 

Simmons
Tower

 

Residence
Inn Charlotte

 

Pointe
Lanier Apartments

 

Holiday
Inn Express Concord

 

Holiday
Inn Winter Haven

 

Eisenhower
Crossing

 

Timberstone
Commons

 

    	S-XI-1Exhibit 4.3

 

 

 

CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.,

Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

LNR
Partners, LLC,

Special Servicer,

 

Park
Bridge Lender Services LLC,

Operating Advisor,

 

CITIBANK,
N.A.,

Certificate Administrator,

 

and

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

Trustee

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Custodian

 

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of August 1, 2015

 

 

  

Commercial
Mortgage Pass-Through Certificates

Series 2015-P1

 

     

     

    

 

TABLE OF CONTENTS

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

        ORIGINAL ISSUANCE OF CERTIFICATES

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

        OF THE MORTGAGE LOANS

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

  

    	-i-

    	 

    

 

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

 

    	-ii-

    	 

    

 

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

        OPERATING ADVISOR AND THE CONTROLLING CLASS
        REPRESENTATIVE

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

 

    	-iii-

    	 

    

 

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

 

    	-iv-

    	 

    

 

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

 

    	-v-

    	 

    

 

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

 

    	-i-

    	 

    

 

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

 

    	-ii-

    	 

    

  

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

 

PRELIMINARY
STATEMENT:

(Terms used but not defined in this Preliminary

Statement shall have the meanings

specified in Article I hereof)

 

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

 

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

 

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

 

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

 

     

     

    

 

UPPER-TIER
REMIC

 

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

 

	Class Designation
	 	Approximate

                                         Initial

                                         Pass-Through Rate

                                         (per annum) 
	 	Original

                                         Certificate Principal Amount

                                         / Original Notional Amount

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

 

 

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

 

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

 

LOWER-TIER
REMIC

 

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

 

    	-2-

    	 

    

 

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

 

	Class Designation
	 	Corresponding

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

 Principal Balance
	 	Corresponding
Component(2)

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

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

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

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

  

 

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

 

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

 

GRANTOR
TRUST

 

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

 

    	-3-

    	 

    

 

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

 

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

 

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

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
I

DEFINITIONS

 

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

 

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

 

    	-4-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-5-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-6-

    	 

    

 

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

 

“Affiliate
Ethical Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian, or the Trustee, as applicable, taking
into account the nature of its business, to ensure (1) that such Affiliate will not obtain Confidential Information from
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee,
as applicable, and (2) that the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Operating Advisor, the Custodian, or the Trustee, as applicable, will not obtain information regarding Investments in the Certificates
from such Affiliate. Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting
the flow of information exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as applicable, on the other; (ii) such policies and procedures restricting the flow of information operate in both directions
so as to include (a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee, as applicable,
to such Affiliate and (b) policies and procedures against the disclosure of information regarding Investments in Certificates
from such Affiliate to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Custodian or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained
Confidential Information in the course of their exercise of general managerial responsibilities may not participate in or use
that information to influence Investment Decisions with respect to the Certificates, nor may they pass that information to others
for use in such activities; and (iv) such senior management personnel who have obtained information regarding Investments
in the course of their exercise of general managerial responsibilities may not use that information to influence servicing recommendations.

 

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

 

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

 

    	-7-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-8-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-9-

    	 

    

 

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

 

    	-10-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-11-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-12-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-13-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)       all
amounts representing Excess Interest;

 

(v)        all
Yield Maintenance Charges;

 

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

 

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

 

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

 

    	-14-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-15-

    	 

    

 

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

 

“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer shall have the right to require, as a condition to
acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide evidence (which may
be in the form of an Investor Certification) at its expense of its status as a Beneficial Owner hereunder.

 

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

 

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

 

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

 

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

 

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

 

    	-16-

    	 

    

 

the sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined
by the Master Servicer or the Special Servicer, as applicable, that approximates the market rate that would be obtainable by the
Mortgagors on similar debt of the Mortgagors as of such date of determination, (2) the Mortgage Rate and (3) the yield
on 10-year U.S. treasuries and (ii) for all other cash flows, including property cash flow, the “discount rate”
set forth in the most recent Appraisal (or update of such Appraisal).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-17-

    	 

    

 

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

 

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

 

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

 

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

 

    	-18-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-19-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-20-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-21-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-22-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-23-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-24-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-25-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-26-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing
Date”: August 19, 2015.

 

“CMBS”:
Commercial mortgage-backed securities.

 

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

 

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

 

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

 

    	-27-

    	 

    

 

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

 

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

 

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

 

“Commission”:
The Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

“Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which
may be in electronic form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event
so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned
to any class of such Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon
receipt of a written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review
or declining to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion
Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this

 

    	-28-

    	 

    

 

Agreement, the requirement for the Companion
Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-29-

    	 

    

 

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

 

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

 

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

 

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

 

    	-30-

    	 

    

 

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

 

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

 

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

 

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

 

    	-31-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-32-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and
containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation
of such

 

    	-33-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-34-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-35-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Reconciliation of Funds Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from

 

    	-36-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-37-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-38-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-39-

    	 

    

 

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

 

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

 

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

 

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

 

“Defaulted
Loan”: A Serviced Loan (i) that is delinquent at least sixty days in respect of its Monthly Payments or delinquent
in respect of its Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any grace
period permitted by the related Mortgage or Note and without regard to any acceleration of payments under the related Mortgage
and Note or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Note.

 

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

 

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

 

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

 

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

 

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

 

    	-40-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(3)        a
copy of the Mortgage;

 

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

 

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

 

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

 

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

 

(8)        legal
description of the related Mortgaged Property;

 

    	-41-

    	 

    

 

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

 

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

 

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

 

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

 

(13)       the
related Mortgagor tax ID;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-42-

    	 

    

 

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

 

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

 

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

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof, any possession of the
United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if
all of its activities are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of
directors is not selected by any such governmental unit), (b) a foreign government, International Organization or agency
or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by Code Section 511 on unrelated business taxable income) on any excess inclusions (as
defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’ cooperatives
described in Code Section 521), (d) rural electric and telephone cooperatives described in Code Section 1381(a)(2)
or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect that any
Transfer to such Person may cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC for federal income
tax purposes at any time that the Certificates are outstanding. For purposes of this definition, the terms “United States,”
“State” and “International Organization” shall have the meanings set forth in Code Section 7701 or
successor provisions.

 

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

 

    	-43-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-44-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-45-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-46-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-47-

    	 

    

 

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

 

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

 

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

 

    	-48-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-49-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-50-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-51-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-52-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-53-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-54-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-55-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-56-

    	 

    

 

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

 

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

 

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

 

“IRS”:
The Internal Revenue Service.

 

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

 

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

 

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

 

    	-57-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-58-

    	 

    

 

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

 

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

 

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

 

    	-59-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-60-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-61-

    	 

    

 

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

 

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

 

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

 

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

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: Collectively:

 

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

 

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

 

    	-62-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-63-

    	 

    

 

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

 

(m)       any
determination of an Acceptable Insurance Default;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-64-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-65-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-66-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-67-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-68-

    	 

    

 

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

 

(i)        the
Loan Number;

 

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

 

(iii)      the
Cut-Off Date Balance;

 

(iv)      the
original Mortgage Rate;

 

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

 

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

 

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

 

(viii)    the
Mortgage Loan Seller(s);

 

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

 

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

 

(xi)      the
Anticipated Repayment Date, if applicable;

 

(xii)     the
Revised Rate, if applicable; and

 

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

 

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

 

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

 

    	-69-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-70-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-71-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-72-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-73-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Operating
Advisor Fee”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) and any Distribution Date,
an amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on the Stated Principal
Balance of such Mortgage Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided
that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related
interest payment due or deemed

 

    	-74-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-75-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-76-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-77-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-78-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-79-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)       Federal
Housing Administration debentures;

 

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

 

    	-80-

    	 

    

 

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

 

(iv)      federal
funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements of any
bank, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest
short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which are
rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2”
by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term obligations of
which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated
at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which
are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa”
by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that the investments described
in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change,
(B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;

 

(v)       demand
and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings
and loan association or savings bank, (A) if it has a term of three months or less, (1) the short-term obligations of which
are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations
of which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated
at least “A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the
short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations
of which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term
obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of
which are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through
(C) above, such lower rating as is the subject of a Rating

 

    	-81-

    	 

    

 

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

 

(vi)      debt
obligations, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest
short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which are rated
in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2”
by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term obligations of
which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated
at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which
are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa”
by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that the investments described
in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change,
(B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;

 

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

 

    	-82-

    	 

    

 

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

 

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

 

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

 

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

 

provided,
however, that such instrument continues to qualify as a “cash flow investment” pursuant to Code Section 860G(a)(6)
earning a passive return in the nature of interest and that no instrument or security shall be a Permitted Investment if (i) such
instrument or security evidences a right to receive only interest payments, (ii) the right to receive principal and interest
payments derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par
of such underlying investment, (iii) the rating for such instrument or security includes an “r” designation or
(iv) if such instrument may be redeemed at a price below the purchase price; and provided, further, that no
amount beneficially owned by the Upper-Tier REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested
in investments (other than money market funds) treated as equity interests for federal income tax

 

    	-83-

    	 

    

 

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

 

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

 

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

 

“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent of such Person other than (a) a Disqualified
Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel
(provided at the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership
interest in any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any
time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity treated as a U.S.
partnership if any of its partners, directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under
the partnership agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which income from
a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable
income tax treaty, of the transferee or any other U.S. Tax Person.

 

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

 

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

 

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

 

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

 

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

 

    	-84-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-85-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-86-

    	 

    

 

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

 

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

 

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

 

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

 

    	-87-

    	 

    

 

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

 

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

 

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

 

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

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

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

 

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

 

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

 

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

 

    	-88-

    	 

    

 

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

 

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

 

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

 

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

 

    	-89-

    	 

    

 

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

 

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

 

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

 

    	-90-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-91-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Regulation S”:
Regulation S under the Act.

 

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

 

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

 

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

 

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

 

    	-92-

    	 

    

 

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

 

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

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Code Section 860D.

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including
any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Rents
from Real Property”: With respect to any REO Property, gross income of the character described in Code Section 856(d),
which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(1)        except
as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with respect to
such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person
from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents
from Real Property);

 

(2)        any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Code Sections 856(d)(2)(B)
and (d)(5);

 

(3)        any
amount received or accrued, directly or indirectly, with respect to such REO Property if any Person Directly Operates such REO
Property;

 

(4)        any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and

 

(5)        rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such REO
Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued
under, or in connection with, the lease.

 

    	-93-

    	 

    

 

“REO Account”:
A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.16 of this Agreement
on behalf of the Trustee in trust for the Certificateholders and the Serviced Companion Loan Holders, which (subject to any change
in the identities of the Special Servicer and/or the Trustee) shall be entitled “LNR Partners, LLC, as Special Servicer,
on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 and the Companion Loan Holder REO Account,
as their interests may appear.” Any such account or accounts shall be an Eligible Account.

 

“REO Companion
Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.

 

“REO Extension”:
As defined in Section 3.16(a) of this Agreement.

 

“REO Loan”:
An REO Mortgage Loan, REO Companion Loan or REO Loan Combination, as the context may require.

 

“REO Loan Combination”:
Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.

 

“REO Mortgage
Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property.

 

“REO Proceeds”:
With respect to any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) and the related REO Mortgage
Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO Property, REO Mortgage Loan
or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced Trust Loan that has become
an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under this Agreement shall be limited
to any proceeds of the type described above in this definition that are received by the Trust Fund in connection with such Outside
Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“REO Property”:
A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced Companion Loan Holder
through foreclosure, deed in lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures an Outside
Serviced Trust Loan shall constitute an REO Property if and when it is acquired under the applicable Outside Servicing Agreement
on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced Trust Loan and of the related
Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable
law in connection with a default or imminent default of such Outside Serviced Trust Loan.

 

“Reportable
Event”: As defined in Section 10.07 of this Agreement.

 

“Reporting Servicer”:
As defined in Section 10.09 of this Agreement.

 

    	-94-

    	 

    

 

“Repurchase”:
As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication, whether
oral or written, which need not be in any specific form.

 

“Repurchase
Request”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Request Rejection”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(a) of this Agreement.

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.

 

“Requesting
Holders”: As defined in Section 3.10(a) of this Agreement.

 

“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.

 

“Residual Ownership
Interest”: Any record or beneficial interest in the Class R Certificates.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee (and,
in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent,
as applicable) assigned to the Corporate Trust Office with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject and (ii) the Certificate Administrator, any officer assigned to the
Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a
particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s
knowledge of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee
or the Certificate Administrator), any officer or assistant officer thereof.

 

“Restricted
Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer;
the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more
than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any
and all Affiliates of any of the aforementioned Persons.

 

“Restricted
Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.

 

“Restricted
Period”: As defined in Section 5.02(c)(i) of this Agreement.

 

    	-95-

    	 

    

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.09(d)(i) of this Agreement.

 

“Review Package”:
A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance with the Servicing Standard)
of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that are the subject thereof, and
copies of all relevant documentation.

 

“Revised Rate”:
With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default)
for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.

 

“Rule 15Ga-1”:
Rule 15Ga-1 under the Exchange Act.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 17g-5”:
Rule 17g-5 under the Exchange Act.

 

“Rule 17g-5
Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.

 

“Rule 17g-5
Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider
pursuant to Section 11.06 and Section 11.13 of this Agreement, initially located at www.sf.citidirect.com, under the “NRSRO”
tab for the related transaction.

 

“S&P”:
Standard & Poor’s Ratings Services, or its successors in interest.

 

“Sarbanes-Oxley
Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”: As defined in Section 10.05 of this Agreement.

 

“Scheduled Principal
Distribution Amount”: For any Distribution Date, the sum, without duplication, of:

 

(A)        the
principal component of all scheduled Monthly Payments and Balloon Payments which became due on their respective Due Dates in the
related Collection Period (if and to the extent received by the Master Servicer by the related Determination Date (or, in the case
of an Outside Serviced Trust Loan, by

 

    	-96-

    	 

    

 

the Business Day immediately preceding the related Master Servicer Remittance Date) or (other
than Balloon Payments) advanced by the Master Servicer or the Trustee in respect of such Distribution Date) with respect to
the Mortgage Loans (including any REO Mortgage Loans); and

 

(B)         the
principal component of any payment on any Mortgage Loan (including an REO Mortgage Loan) received or applied on or after the date
on which such payment was due on deposit in the Collection Account as of the related Determination Date (or, in the case of an
Outside Serviced Trust Loan, as of the Business Day immediately preceding the related Master Servicer Remittance Date), net of
the principal portion of any unreimbursed P&I Advances related to such Mortgage Loan.

 

“Sequential
Pay Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S,
Class B, Class C, Class D, Class E, Class F and Class G Certificates, collectively.

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage
Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the definition
of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth
in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning
commonly understood by participants in the commercial mortgage-backed securities market.

 

“Serviced AB
Loan Combination”: An AB Loan Combination that is being serviced pursuant to this Agreement. There is no Serviced AB
Loan Combination relating to the Trust and all references in this Agreement to “Serviced AB Loan Combination” shall
be disregarded.

 

“Serviced Companion
Loan”: A Companion Loan that is part of a Serviced Loan Combination. The only Serviced Companion Loans related to the
Trust as of the Closing Date are the Decoration & Design Building Companion Loan, the Kaiser Center Companion Loan and the
Hilton Nashville Companion Loan.

 

“Serviced Companion
Loan Holder”: The holder of a Serviced Companion Loan. The only Serviced Companion Loan Holders related to the Trust
as of the Closing Date are the Decoration & Design Building Companion Loan Holder, the Kaiser Center Companion Loan Holder
and the Hilton Nashville Companion Loan Holder.

 

“Serviced Companion
Loan Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets
of an Other Securitization Trust, which assets include a Serviced Companion Loan (or a portion thereof or interest therein).

 

“Serviced Loan”:
A Serviced Mortgage Loan or Serviced Companion Loan.

 

“Serviced Loan
Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations
related to the Trust as of the

 

    	-97-

    	 

    

 

Closing
Date are the Decoration & Design Building Loan Combination, the Kaiser Center Loan Combination and the Hilton Nashville Loan
Combination.

 

“Serviced Mortgage
Loan”: A Mortgage Loan that is not an Outside Serviced Trust Loan.

 

“Serviced Outside
Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Mortgage
Loan included in the Trust, which is evidenced by a non-controlling promissory note made by the related Mortgagor. There is no
Serviced Outside Controlled Mortgage Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled
Mortgage Loan” shall be disregarded.

 

“Serviced Outside
Controlled Companion Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Companion
Loan evidenced by a controlling promissory note made by the related Mortgagor which is not included in the Trust. There is no Serviced
Outside Controlled Companion Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled Companion
Loan” shall be disregarded.

 

“Serviced Outside
Controlled Loan Combination”: A Serviced Loan Combination with respect to which the related “controlling note”
(regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) is not included in the
Trust. There is no Serviced Outside Controlled Loan Combination related to the Trust and references in this Agreement to “Serviced
Outside Controlled Loan Combination” shall be disregarded.

 

“Serviced Pari
Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Loan Combination. The only Serviced Pari
Passu Companion Loans related to the Trust as of the Closing Date are the Decoration & Design Building Companion Loan, the
Kaiser Center Companion Loan and the Hilton Nashville Companion Loan.

 

“Serviced Pari
Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Loan Combination”: A Pari Passu Loan Combination that is being serviced pursuant to this Agreement. The only Serviced
Pari Passu Loan Combinations related to the Trust as of the Closing Date are the Decoration & Design Building Loan Combination,
the Kaiser Center Loan Combination and the Hilton Nashville Loan Combination.

 

“Serviced Subordinate
Companion Loan”: A Subordinate Companion Loan that is part of a Serviced Loan Combination. There are no Serviced Subordinate
Companion Loans related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan” shall
be disregarded.

 

“Serviced Subordinate
Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan. There are no Serviced Subordinate Companion
Loan Holders related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan Holder”
shall be disregarded.

 

    	-98-

    	 

    

 

“Servicer”:
As defined in Section 10.02(b) of this Agreement.

 

“Servicer Indemnified
Party”: As defined in Section 8.05(c) of this Agreement.

 

“Servicer Termination
Event”: As defined in Section 7.01 of this Agreement.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan and Serviced Companion Loan (including each Specially Serviced Loan and the Outside Serviced
Trust Loans) or any successor REO Mortgage Loan or successor REO Companion Loan and for any Distribution Date, the amount accrued
during the related Interest Accrual Period at the related Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan
or such Serviced Companion Loan, as the case may be, as of the close of business on the Distribution Date in such Interest Accrual
Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting
which any related interest payment due or deemed due on the related Mortgage Loan or Serviced Loan Combination is computed and
shall be prorated for partial periods.

 

For the avoidance of
doubt, notwithstanding Section 3.05 or Section 3.12 of this Agreement, (1) the Servicing Fee shall be payable from the
Lower-Tier REMIC and (2) the portion thereof payable with respect to each Outside Serviced Trust Loan to the applicable Outside
Servicer shall be paid under the applicable Outside Servicing Agreement, shall not be payable to the Master Servicer and will
previously have been deducted by the applicable Outside Servicer prior to remittance to the Trust and shall not be withdrawn from
the Collection Account.

 

“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) (or any successor REO Mortgage
Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Servicing
Fee Rate (%)” and “Subservicing Fee Rate (%)”on the Mortgage Loan Schedule; with respect to the Decoration &
Design Building Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the
Kaiser Center Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; and with respect to
the Hilton Nashville Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0125% per annum.

 

“Servicing File”:
Any documents (other than documents required to be part of the related Mortgage File but including copies of such documents required
to be part of the related Mortgage File) related to the origination or the servicing of the Mortgage Loans that are in the
possession of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals, environmental
reports, engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered to the Master
Servicer or the Special Servicer; provided that no information that is proprietary to the related Mortgage Loan Seller or
any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence analyses
or data, or internal worksheets, memoranda, communications or evaluations shall be required to be delivered as part of the Servicing
File.

 

    	-99-

    	 

    

 

Notwithstanding
anything to the contrary contained herein, with respect to each Outside Serviced Trust Loan, the Servicing File shall consist
solely of any related documents or records generated by the Master Servicer or Special Servicer hereunder or received by either
of them from the applicable Outside Servicer or Outside Special Servicer.

 

“Servicing Function
Participant” Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the
Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance
calculated in accordance with the provisions of Regulation AB.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and the Serviced Companion Loans or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Trustee, the Operating Advisor
and the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from time to
time be amended.

 

“Servicing Standard”:
With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans and any REO Properties
that such party is obligated to service and administer pursuant to this Agreement on behalf of the Trust Fund and the Trustee (as
the trustee for the Certificateholders or, with respect to each Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Companion Loan Holder(s), as a collective whole as if such Certificateholders or, with respect to each
Serviced Loan Combination, such Certificateholders and the related Serviced Companion Loan Holder(s), constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan)) as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be: (i) in accordance with the higher of the following standards of care: (A) with the same care, skill, prudence
and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers comparable mortgage
loans with similar borrowers and comparable REO properties for other third-party portfolios (giving due consideration to the customary
and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own mortgage loans and REO
properties), and (B) with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers comparable mortgage loans and REO properties owned by the Master Servicer or the Special
Servicer, as the case may be, and in either case, exercising reasonable business judgment and acting in accordance with applicable
law, the terms of this Agreement and the terms of the respective subject Serviced Loans; (ii) with a view to: the timely recovery
of all payments of principal and interest, including Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially
Serviced Loan or (2) a Mortgage Loan or Serviced Loan Combination as to which the related Mortgaged Property is an REO Property,
the maximization of recovery on that Mortgage Loan or Serviced Loan Combination to the

 

    	-100-

    	 

    

 

Certificateholders
(as a collective whole as if such Certificateholders constituted a single lender) (or, if any Serviced Companion Loan is involved,
with a view to the maximization of recovery on the related Serviced Loan Combination to the Certificateholders and the related
Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and Serviced Companion Loan Holder(s) constituted
a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related
Subordinate Companion Loan))) of principal and interest, including Balloon Payments, on a present value basis (the relevant discounting
of anticipated collections that will be distributable to the Certificateholders (or, in the case of any Serviced Loan Combination,
to the Certificateholders and the related Companion Loan Holder) to be performed at the Calculation Rate); and (iii) without
regard to any potential conflict of interest arising from (A) any relationship, including as lender on any other debt, that
the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related Mortgagors,
or any Affiliate thereof, or any other party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan
or other indebtedness secured by the related Mortgaged Property or any certificate backed by a Companion Loan) by the Master Servicer
or the Special Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make
Advances; (D) the right of the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to
receive compensation or reimbursement of costs hereunder generally or with respect to any particular transaction; and (E) the
ownership, servicing or management for others of any other mortgage loan or real property not subject to this Agreement by the
Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; provided that the foregoing standards
shall apply with respect to an Outside Serviced Trust Loan and any related REO Property only to the extent that the Master Servicer
or the Special Servicer has any express duties or rights to grant consent with respect thereto pursuant to this Agreement.

 

“Servicing Transfer
Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events
described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”

 

“Significant
Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (i) with respect
to the Trust, or (ii) with respect to a Serviced Companion Loan and an Other Securitization Trust, as to which the applicable Other
Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) as to such Other Securitization Trust. There is no Significant Obligor with respect to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring
on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the
lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a)
for any Significant Obligor with respect to the Trust).

 

    	-101-

    	 

    

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year and each Significant Obligor, the date that is
the 90th day after the end of such calendar year.

 

“Similar Law”:
As defined in Section 5.03(m) of this Agreement.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.07(a) of this Agreement, (b) notice of any request by
at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 6.08(a) of this
Agreement and (c) notice of any request by at least 15% of the Voting Rights of the Non-Reduced Certificates to terminate
and replace the Operating Advisor pursuant to Section 7.06(b) of this Agreement.

 

“Special Servicer”:
LNR Partners, LLC, a Florida limited liability company, or its successor in interest, or any successor Special Servicer appointed
as provided herein (including with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded Mortgage
Loan Special Servicer appointed pursuant to Section 6.08(j) of this Agreement, as applicable and as the context may require).

 

“Special Servicer
Decision”: With respect to any Mortgage Loan, any of the following:

 

(a)        approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements or other
similar agreements for (i) all ground leases, including any determination whether to cure any borrower defaults relating to any
ground lease, and (ii) all other leases in excess of the lesser of (y) 30,000 square feet and (z) 30% of the net rentable area
at the related Mortgaged Property so long as it is considered a “major lease” or otherwise reviewable by the lender
under the related Loan Documents;

 

(b)        approving
any waiver regarding the receipt of financial statements (other than an immaterial timing waiver including late financial statements);

 

(c)        approving
annual budgets for the related Mortgaged Property that provide for (i) operating expenses equal to more than 110% of the amount
that was budgeted therefor in the prior year or (ii) payments to affiliates of the related borrower (excluding affiliated managers
paid at fee rates agreed to at the origination of the related Mortgage Loan or Loan Combination);

 

(d)        approving
easements that materially affect the use or value of a Mortgaged Property or the borrower’s ability to make payments with
respect to the related Mortgage Loan;

 

(e)        agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Loan Combination in connection with a defeasance
if such proposed modification, waiver, consent or amendment is with respect to a (i) a waiver of a Mortgage Loan event of default,
(ii) a modification of the type of defeasance collateral required under the related Loan Documents such that defeasance collateral
other than

 

    	-102-

    	 

    

 

direct, non-callable obligations of the United States would be permitted or (iii) a modification that would permit a
Principal Prepayment instead of defeasance if the related Loan Documents do not otherwise permit such Principal Prepayment; provided
that the foregoing is not otherwise a Major Decision;

 

(f)         in
circumstances where no lender discretion is required other than confirming that the conditions in the related Loan Documents have
been satisfied (including determining whether any applicable terms or tests are satisfied), any request to incur additional debt
in accordance with the terms of the related Loan Documents;

 

(g)        any
requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as “performance”,
“earn-out” or “holdback” escrows or reserves, including the funding or disbursement of any such amounts
with respect to any of the Specified Serviced Mortgage Loans, other than routine and/or customary escrow and reserve fundings or
disbursements for which the satisfaction of performance-related criteria is not required pursuant to the terms of the related Mortgage
Loan Documents (for the avoidance of doubt, any request for the funding or disbursement of ordinary course impounds, repair and
replacement reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved lease, each
in accordance with the related Loan Documents or any other funding or disbursement as mutually agreed upon by the Master Servicer
and the Special Servicer, shall not constitute a Special Servicer Decision);

 

(h)        in
circumstances where no lender discretion is required other than confirming satisfaction of the applicable terms of the related
Loan Documents (including determining whether any applicable terms or tests are satisfied), processing requests for any release
of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan; provided that, in any case, Special
Servicer Decisions will not include (i) grants of easements or rights of way that do not materially affect the use or value of
the Mortgaged Property or the borrower’s ability to make any payments with respect to the Mortgage Loan; (ii) the release,
substitution or addition of collateral securing any Serviced Mortgage Loan or Serviced Loan Combination in connection with a defeasance
of such collateral; or (iii) requests that are related to any condemnation action that is pending, or threatened in writing, and
would affect a non-material portion of the related Mortgaged Property; provided that such release or substitution or addition of
collateral is not a Major Decision; and

 

(i)         any
modification, consent to a modification or waiver of any material term of any intercreditor or similar agreement related to a Serviced
Mortgage Loan or Serviced Loan Combination, or any action to enforce rights with respect thereto.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance of the
duties of the Special Servicer under this Agreement.

 

“Special Servicing
Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO
Property related to an Outside

 

    	-103-

    	 

    

 

Serviced
Trust Loan), any of the Special Servicing Fee, the Workout Fee, and the Liquidation Fee which shall be due to the Special Servicer.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside
Serviced Trust Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable
Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced Loan as of the close of business
on the Distribution Date in such Interest Accrual Period; provided that such amounts shall be computed for the same period
and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Specially
Serviced Loan or REO Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Special
Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside
Serviced Trust Loan), a rate equal to (a) 0.25% per annum or (b) if the rate in clause (a) would result
in a Special Servicing Fee that would be less than $3,500 in any given month, then the Special Servicing Fee Rate for such month
for such Specially Serviced Loan or REO Property shall be such higher per annum rate as would result in a Special Servicing Fee
equal to $3,500 for such month with respect to such Specially Serviced Loan or REO Property.

 

“Specially Serviced
Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following
events has occurred:

 

(a)        the
related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied (without
regard to any grace period):

 

(i)        except
in the case of a Balloon Loan delinquent in respect of its Balloon Payment, for 60 days beyond the date on which the subject
payment was due, or

 

(ii)       in
the case of a delinquent Balloon Payment, (A) 60 days beyond the date on which such Balloon Payment was due (except as
described in clause B below) or (B) in the case of a Serviced Loan delinquent with respect to the Balloon Payment
as to which the related Mortgagor delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer)
or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a written and fully executed or otherwise
binding commitment (subject only to customary closing conditions) for refinancing from an acceptable lender reasonably satisfactory
in form and substance to the Special Servicer prior to the date 60 days after the Balloon Payment was due, for 120 days
beyond the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was
due during which the refinancing is scheduled to occur); or

 

    	-104-

    	 

    

 

(b)        there
shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance Default)
that (i) in the judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the
consent of the related Directing Holder unless (if the Controlling Class Representative is the related Directing Holder) a Control
Termination Event has occurred and is continuing) materially impairs the value of the related Mortgaged Property as security for
the Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or,
in the case of a Serviced Loan Combination, the interests of the Certificateholders and the related Serviced Companion Loan Holder(s)
in such Serviced Loan Combination), and (ii) continues unremedied for the applicable grace period under the terms of the Serviced
Loan (or, if no grace period is specified and the default is capable of being cured, for 30 days); provided that any
default that results in acceleration of the Serviced Loan without the application of any grace period under the related Loan Documents
shall be deemed not to have a grace period; and provided, further, that any default requiring a Property Advance
will be deemed to materially and adversely affect the interests of the Certificateholders in the subject Serviced Mortgage Loan
(or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan
Holder(s) in such Serviced Loan Combination); or

 

(c)        the
Master Servicer or the Special Servicer has determined (and, in the case of the Special Servicer, with the consent of the related
Directing Holder, unless (if the Controlling Class Representative is the related Directing Holder) a Control Termination Event
has occurred and is continuing) that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan is
reasonably foreseeable, (ii) such default will materially impair the value of the related Mortgaged Property as security for
such Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan
(or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan
Holder(s) in such Serviced Loan Combination), and (iii) the default is likely to continue unremedied for the applicable grace
period under the terms of such Serviced Loan or, if no grace period is specified and the default is capable of being cured, for
30 days; provided that any default that results in acceleration of the Serviced Loan without the application of any
grace period under the related Loan Documents shall be deemed not to have a grace period; or

 

(d)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding
up or liquidation of its affairs, shall have been entered against the related Mortgagor and such decree or order shall have remained
in force and not dismissed for a period of 60 days (or a shorter period if the Master Servicer or the Special Servicer (and,
in the case of the Special Servicer, with the consent of the related Directing Holder, unless a Control Termination Event has occurred
and is continuing) determines in accordance with the Servicing Standard that the

 

    	-105-

    	 

    

 

circumstances warrant that the related Serviced
Loan (or REO Mortgage Loan or REO Companion Loan) be transferred to special servicing); or

 

(e)        the
related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment or debt,
marshaling of assets and liability or similar proceedings of or relating to such Mortgagor or of or relating to all or substantially
all of its property; or

 

(f)         the
related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or

 

(g)        the
Master Servicer or the Special Servicer shall have received notice of the commencement of foreclosure or similar proceedings with
respect to the related Mortgaged Property;

 

provided, however, that a
Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Serviced Loan
or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through (g) above exists
that would cause the Serviced Loan to continue to be characterized as a Specially Serviced Loan, when:

 

(w)       with
respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a modification, extension, waiver or amendment
granted or agreed to by the Master Servicer or the Special Servicer pursuant to Section 3.24 of this Agreement);

 

(x)        with
respect to the circumstances described in clauses (c), (d), (e) and (f) of this definition, such circumstances cease to exist
in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings described
in clauses (d), (e) and (f), no later than the entry of an order or decree dismissing such proceeding;

 

(y)        with
respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special
Servicer in its reasonable, good faith judgment; and

 

(z)        with
respect to the circumstances described in clause (g) of this definition, such proceedings are terminated.

 

The Special Servicer
may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively rely on the Special
Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced Loan’s becoming
a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes a Specially Serviced
Loan, then the related Serviced

 

    	-106-

    	 

    

 

Companion
Loan shall also become a Specially Serviced Loan. If the Serviced Companion Loan that is included in a Serviced Loan Combination
becomes a Specially Serviced Loan, then the related Serviced Mortgage Loan that is part of such Serviced Loan Combination shall
also become a Specially Serviced Loan.

 

“Specially Serviced
Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.

 

“Specified Serviced
Mortgage Loans”: The Mortgage Loans identified on Exhibit GG to this Agreement.

 

“Split Mortgage
Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust
as of the Closing Date are Decoration & Design Building Mortgage Loan, the Kaiser Center Mortgage Loan, the Eden Roc Mortgage
Loan, the Hilton Nashville Mortgage Loan, the Ascentia MHC Portfolio Mortgage Loan, the US StorageMart Portfolio Mortgage Loan
and the Alderwood Mall Mortgage Loan.

 

“Sponsor”:
Each of CGMRC, WFBNA and PCC, and their respective successors in interest.

 

“Startup Day”:
The day designated as such pursuant to Section 2.12(c) of this Agreement.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan (other than an REO Mortgage Loan), as of any date of determination, an amount
equal to (a) the Cut-Off Date Principal Balance of such Mortgage Loan (or, in the case of a Qualified Substitute Mortgage
Loan, the unpaid principal balance of such Mortgage Loan as of the date of substitution after application of all scheduled payments
of principal and interest due during or prior to the month of substitution, whether or not received), minus (b) the sum of
(i) any and all amounts (without duplication) attributable to such Mortgage Loan that are part of the Scheduled Principal
Distribution Amount and any and all Unscheduled Payments for each and every Distribution Date coinciding with or preceding such
date of determination and (ii) any adjustment to the principal balance of such Mortgage Loan as a result of a reduction of
principal by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan as of the
Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination; and with respect
to any Serviced Companion Loan (other than an REO Companion Loan), as of any date of determination, an amount equal to (a) the
principal balance of such Serviced Companion Loan as of the Cut-Off Date, minus (b) the sum of (i) the principal portion
of each Monthly Payment due on such Serviced Companion Loan after the Cut-Off Date, if received by the related Serviced Companion
Loan Holder on or prior to the most recent Distribution Date coinciding with or preceding such date of determination, (ii) all
Unscheduled Payments with respect to such Serviced Companion Loan for a Distribution Date coinciding with or preceding such date
of determination and (iii) any adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction
of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on such Serviced Companion
Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination.
The Stated Principal Balance of a Mortgage Loan with respect to

 

    	-107-

    	 

    

 

which
title to the related Mortgaged Property has been acquired on behalf of the Trust Fund and, if such Mortgage Loan is part of a
Loan Combination, the related Companion Loan Holder, is equal to the Stated Principal Balance thereof outstanding on the date
on which such title is acquired less any Unscheduled Payments and the principal portion of any P&I Advances with respect to
such REO Mortgage Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which
such title is acquired. The Stated Principal Balance of a Serviced Companion Loan with respect to which title to the related Mortgaged
Property has been acquired on behalf of the Trust Fund and the related Serviced Companion Loan Holder is equal to the Stated Principal
Balance thereof outstanding on the date on which such title is acquired less any Unscheduled Payments with respect to such Serviced
Companion Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which such
title is acquired. Notwithstanding the foregoing, the Stated Principal Balance of a Specially Serviced Loan with respect to which
the Special Servicer has made a Final Recovery Determination (or, in the case of an Outside Serviced Trust Loan, with respect
to which the Outside Special Servicer has made an equivalent determination) is zero. The Stated Principal Balance of a Serviced
Loan Combination (including an REO Loan Combination), as of any date of determination, shall equal the sum of the then Stated
Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the related Serviced Companion Loan (including
an REO Companion Loan). For purposes of this definition, if remittances are made to a Serviced Companion Loan Holder on any day
of the month other than the Distribution Date in such month, such remittances shall be deemed made on the Distribution Date in
such month.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions of the Servicing Criteria with respect to Mortgage Loans under the direction or authority of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.

 

“Subject Holder”:
As defined in the definition of “Controlling Class Representative” in this Agreement.

 

“Subordinate
Companion Loan”: A Companion Loan that is subordinate in right of payment to the related Split Mortgage Loan. The only
Subordinate Companion Loans related to the Trust as of the Closing Date are the US StorageMart Portfolio Subordinate Companion
Loans and the Alderwood Mall Subordinate Companion Loans.

 

“Subordinate
Companion Loan Holder”: The holder of a Subordinate Companion Loan.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, an amount equal to the excess,
if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the Stated Principal
Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans are substituted
(at the same time by the same Mortgage Loan Seller) for one or more deleted Mortgage Loans, the Substitution

 

    	-108-

    	 

    

 

Shortfall
Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage
Loan or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage
Loans.

 

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of the
servicing functions required to be performed by the Master Servicer, the Special Servicer, a Servicing Function Participant or
an Additional Servicer under this Agreement, with respect to some or all of the Mortgage Loans, that are identified in the Servicing
Criteria. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit S to this Agreement will be the Sub-Servicer
for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer, an Additional Servicer or the Special Servicer, as the
case may be, and any Sub-Servicer relating to servicing and administration of Mortgage Loans as provided in Section 3.01(c) of this Agreement.

 

“Successful
Bidder”: As defined in Section 7.01(b) of this Agreement.

 

“Supplemental
Servicer Schedule”: With respect to the Mortgage Loans to be serviced by the Master Servicer, a list attached hereto
as Exhibit P, which list sets forth the following information with respect to each Mortgage Loan:

 

(i)        the
Mortgagor’s name;

 

(ii)       property
type;

 

(iii)      the
original balance;

 

(iv)      the
origination date;

 

(v)       the
original and remaining amortization term;

 

(vi)      whether
such Mortgage Loan has a guarantor;

 

(vii)     whether
such Mortgage Loan is secured by a letter of credit;

 

(viii)    the
original balance of any reserve or escrowed funds and the monthly amount of any reserve or escrowed funds;

 

(ix)       the
grace period with respect to both default interest and late payment charges;

 

(x)        whether
such Mortgage Loan is insured by RVI, lease enhancement policy or environmental policies;

 

    	-109-

    	 

    

 

(xi)      whether
an operation and maintenance plan exists and, if so, what repairs are required;

 

(xii)     whether
a cash management agreement or lock-box agreement is in place;

 

(xiii)     the
number of units, pads, rooms or square feet of the Mortgaged Property;

 

(xiv)     the
amount of the Monthly Payment due on the first Due Date following the Closing Date;

 

(xv)     the
interest accrual basis;

 

(xvi)    Administrative
Cost Rate;

 

(xvii)   whether
the Mortgage Loan is secured by a Ground Lease;

 

(xviii)  whether
the related Mortgage Loan is a Defeasance Loan; and

 

(xix)     whether
such Mortgage Loan is part of any Serviced Loan Combination, in which case the information required by clauses (xiv) and (xv) above
shall also be set forth for the Companion Loan in such Serviced Loan Combination.

 

Such list may be in the
form of more than one list, collectively setting forth all of the information required.

 

“Tax Returns”:
The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or
any successor forms, to be filed on behalf of each Trust REMIC under the REMIC Provisions, and the federal income tax return to
be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E,
part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable
provisions of federal, state or local tax laws.

 

“Temporary Regulation S
Global Certificate”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Terminated
Party”: As defined in Section 7.01(c) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

 

    	-110-

    	 

    

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report or property condition report, if any.

 

“TIA”:
As defined in Section 11.14 of this Agreement.

 

“TIA Applicability
Determination”: As defined in Section 11.14 of this Agreement.

 

“Tranche Percentage
Interest”: The percentage ownership interest in a Class PEZ Regular Interest evidenced by an Exchangeable Certificate,
which is equal to the ratio, expressed as a percentage, of (a) the Certificate Principal Amount of that Certificate (or, in the
case of a Class PEZ Certificate, an amount equal to the related Percentage Interest evidenced by that Certificate, multiplied by
the Certificate Principal Amount of the Class PEZ Component with the same letter designation as such Class PEZ Regular Interest)
to (b) the Certificate Principal Amount of such Class PEZ Regular Interest.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(n)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.03(n)(ii) of this Agreement.

 

“Treasury Regulations”:
Applicable final or temporary regulation of the U.S. Department of the Treasury.

 

“Trust”:
The trust created by this Agreement.

 

“Trust Fund”:
The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans as from time
to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution); (iii) any REO Property (but in the case of each Loan Combination,
only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any
REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received
in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof; (vi) the
Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s
rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s
and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage
Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, any Excess Interest
Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including
any reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the
Mortgaged Properties; (x) the Depositor’s

 

    	-111-

    	 

    

 

rights
under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of this Agreement; and (xi) the
Lower-Tier Regular Interests.

 

“Trust Reimbursement
Amount”: As defined in Section 3.06A(a) of this Agreement.

 

“Trust Reimbursement
Amount No.1”: As defined in Section 3.06(a) of this Agreement.

 

“Trust Reimbursement
Amount No.2”: As defined in Section 3.06A(a) of this Agreement.

 

“Trust REMIC”:
Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Deutsche Bank Trust Company Americas, a New York banking corporation, in its capacity as trustee, or its successor in interest,
or any successor trustee appointed as herein provided.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Trustee/Certificate
Administrator Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on the Stated Principal Balance of such Mortgage Loan
as of the close of business on the Distribution Date in such Interest Accrual Period; provided that such amounts shall be
computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed
due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Trustee/Certificate
Administrator Fee shall be payable from the Lower-Tier REMIC.

 

“Trustee/Certificate
Administrator Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0027% per annum.

 

“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23 and Prohibited Transaction Exemption 96-22, both as most recently
amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.

 

“Underwriters”:
Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Drexel Hamilton, LLC.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that has not been recovered from the
Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in respect of which the Advance
was made.

 

    	-112-

    	 

    

 

“Unscheduled
Payments”: With respect to any Distribution Date and the Mortgage Loans and Serviced Companion Loans (including the REO
Mortgage Loans and REO Companion Loans), the aggregate of (a) all principal prepayments received on the Mortgage Loans and
Serviced Companion Loans during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust Loan, all principal
prepayments received during the period that renders them includable in the Available Funds for such Distribution Date) and (b) the
principal portions of all Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds (in each case, net of Special Servicing
Fees, Liquidation Fees, accrued interest on Advances and other Additional Trust Fund Expenses incurred in connection with the related
Mortgage Loan) and, if applicable, Net REO Proceeds received with respect to the Mortgage Loans and Serviced Companion Loans and
any REO Properties (or, in the case of an Outside Serviced Trust Loan, any interest in REO Property acquired with respect to the
related Outside Serviced Loan Combination) during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust
Loan or any interest in REO Property acquired with respect thereto, all such proceeds received during the period that renders them
includable in the Available Funds for such Distribution Date), but in each case only to the extent that such principal portion
represents a recovery of principal for which no advance was previously made in respect of a preceding Distribution Date.

 

“Upper-Tier
Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate
sub-account within the same account as the Lower-Tier Distribution Account) or accounts by the Certificate Administrator pursuant
to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee,
for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, Upper-Tier Distribution Account” and which must be an Eligible Account.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and amounts held
from time to time in the Upper-Tier Distribution Account.

 

“Upper-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC and evidenced by the Class R Certificates.

 

“US StorageMart
Portfolio Co-Lender Agreement”: With respect to the US StorageMart Portfolio Loan Combination, the related co-lender
agreement, dated as of May 6, 2015, by and between the holder of the US StorageMart Portfolio Mortgage Loan and the US StorageMart
Portfolio Companion Loan Holders, relating to the relative rights of the holder of the US StorageMart Portfolio Mortgage Loan and
the US StorageMart Portfolio Companion Loan Holders, as the same may be amended from time to time in accordance with the terms
thereof.

 

“US StorageMart
Portfolio Companion Loans”: The US StorageMart Portfolio Pari Passu Companion Loans and the US StorageMart Portfolio
Subordinate Companion Loans.

 

    	-113-

    	 

    

 

“US StorageMart
Portfolio Companion Loan Holder”: The holder of a US StorageMart Portfolio Companion Loan.

 

“US StorageMart
Portfolio Loan Combination”: The US StorageMart Portfolio Mortgage Loan, together with the US StorageMart Portfolio Companion
Loans, each of which is secured by the US StorageMart Portfolio Mortgage. References herein to the US StorageMart Portfolio Loan
Combination shall be construed to refer to the aggregate indebtedness secured under the US StorageMart Portfolio Mortgage.

 

“US StorageMart
Portfolio Mortgage”: The Mortgage securing the US StorageMart Portfolio Mortgage Loan and the US StorageMart Portfolio
Companion Loans.

 

“US StorageMart
Portfolio Mortgage Loan”: With respect to the US StorageMart Portfolio Loan Combination, the Mortgage Loan included in
the Trust, which is (i) secured by the US StorageMart Portfolio Mortgaged Property, (ii) evidenced by promissory note A-1E and
(iii) pari passu in right of payment with the US StorageMart Portfolio Pari Passu Companion Loans to the extent set forth in the
related Loan Documents and as provided in the US StorageMart Portfolio Co-Lender Agreement.

 

“US StorageMart
Portfolio Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as US StorageMart Portfolio.

 

“US StorageMart
Portfolio Pari Passu Companion Loans”: With respect to the US StorageMart Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the US StorageMart Portfolio Mortgage and designated as promissory notes A-1A,
A-1B, A-1C, A-1D and A-1F, which are not included in the Trust and are pari passu in right of payment with the US StorageMart Portfolio
Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the US StorageMart Portfolio Co-Lender Agreement.

 

“US StorageMart
Portfolio Subordinate Companion Loans”: With respect to the US StorageMart Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the US StorageMart Portfolio Mortgage and designated as promissory notes A-2A
and A-2B, which are not included in the Trust and are subordinate in right of payment to the US StorageMart Portfolio Mortgage
Loan and the US StorageMart Portfolio Pari Passu Companion Loans to the extent set forth in the related Loan Documents and as provided
in the US StorageMart Portfolio Co-Lender Agreement.

 

“U.S. Tax Person”:
A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury regulations) or
other entity created or organized in or under the laws of the United States, any State thereof or the District of Columbia, an
estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons have
the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence as of August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

    	-114-

    	 

    

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At all
times during the term of this Agreement, the percentage of the Voting Rights assigned to each Class shall be (a) 0%, in the
case of the Class R Certificates, (b) 1% in the aggregate to the respective Classes of the Class X Certificates, allocated
between such Classes based on their respective interest entitlements on the most recent prior Distribution Date and (c) in
the case of any of any Class of Certificates (other than the Class X and Class R Certificates), a percentage equal to
the product of (i) 99% multiplied by (ii) a fraction, the numerator of which is equal to the Certificate Principal Amount
of such Class and the denominator of which is equal to the aggregate Certificate Principal Amounts of all Classes of the Certificates
(other than the Class X and Class R Certificates) (or, if with respect to a vote of Non-Reduced Certificates, the Non-Reduced
Certificates); provided that for purposes of such allocations, the Class A-S Certificates and the Class PEZ Component A-S
of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”, the Class B Certificates
and the Class PEZ Component B of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”,
and the Class C Certificates and the Class PEZ Component C of the Class PEZ Certificates shall be considered as if they together
constitute a single “Class”. Voting Rights shall be allocated to the Class PEZ Certificates only with respect to each
Class PEZ Component that is part of a “Class” of Certificates determined as described in the proviso to the preceding
sentence. The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion
to their respective Percentage Interests. The aggregate Voting Rights of Holders of more than one Class of Certificates shall be
equal to the sum of the products of each such Holder’s Voting Rights and the percentage of Voting Rights allocated to the
related Class of Certificates.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates in effect
for the Mortgage Loans (including the REO Mortgage Loans) as of their respective Due Dates in the month preceding the month in
which such Distribution Date occurs, weighted on the basis of their respective Stated Principal Balances immediately following
the Distribution Date (or, if applicable, the Closing Date) in such preceding month.

 

“WFBNA”:
Wells Fargo Bank, National Association, a national banking association.

 

“WFBNA Loan
Purchase Agreement”: The mortgage loan purchase agreement, dated as of August 1, 2015, by and between WFBNA and the Depositor.

 

“WFBNA Mortgage
Loans”: The Mortgage Loans transferred by WFBNA to the Depositor and/or the Trust pursuant to the WFBNA Loan Purchase
Agreement and this Agreement.

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

 

    	-115-

    	 

    

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor
provisions.

 

“Withheld Amounts”:
As defined in Section 3.23 of this Agreement.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Loan Combination, the amount of any Advance made
with respect to such Mortgage Loan or Serviced Loan Combination on or before the date such Mortgage Loan or Serviced Loan Combination
becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Loan,
together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not
reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced Loan Combination
becomes a Corrected Loan and (ii) the amount of such Advance becomes a future obligation of the Mortgagor to pay under the
terms of modified Loan Documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall
not in any manner limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable
Advance.

 

“Workout Fee”:
The fee paid to the Special Servicer with respect to each Corrected Loan equal to the applicable Workout Fee Rate applied to each
collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for which a Liquidation
Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that no Workout Fee shall
be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced
Loan under clause (c) of the definition of Specially Serviced Loan (and no other clause thereof) and no mortgage loan
event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) is modified by
the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage Loan (or
Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event described
in clause (a) of the definition of Specially Serviced Loan and the related collection of principal and interest is received
within 90 days following the related maturity date in connection with the full and final payoff or refinancing of the related
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the Special Servicer will not be entitled to collect a Workout
Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with such workout; provided, further,
that the Workout Fee with respect to any Specially Serviced Loan that becomes a Corrected Loan under this Agreement shall be reduced
by any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) as described in the definition of Excess Modification Fees in this Agreement, but only to the
extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Workout Fee
Rate”: A rate equal to the lesser of (a) 1.0% and (b) such lower rate as would result in a Workout Fee of $1,000,000
when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest) on the subject
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Mortgage Loan (or Serviced Loan Combination,
if applicable) becomes a Corrected Loan, through and including the then-related maturity date; provided that, if the rate
in clause (a) above would result

 

    	-116-

    	 

    

 

in
a Workout Fee that would be less than $25,000 when applied to each expected payment of principal and interest (other than Default
Interest and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date
such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related
maturity date, then the Workout Fee Rate shall be a rate equal to such higher rate as would result in a Workout Fee equal to $25,000
when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest) on such Serviced
Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) becomes a Corrected Loan through and including the then-related maturity date.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium,
if any, payable under the related Note in connection with certain prepayments.

 

Section 1.02     Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)        All
calculations of interest with respect to the Mortgage Loans shall be made in accordance with the terms of the related Note and
Mortgage.

 

(b)        For
purposes of distribution of Yield Maintenance Charges pursuant to Section 4.01(c) of this Agreement on any Distribution Date,
the Class of Principal Balance Certificates and/or Class PEZ Regular Interest as to which any prepayment shall be deemed to be
distributed shall be determined on the assumption that the portion of the Principal Distribution Amount paid to the Principal Balance
Certificates and/or Class PEZ Regular Interests on such Distribution Date in respect of principal shall consist first of scheduled
payments included in the definition of Principal Distribution Amount and second of prepayments included in such definition.

 

(c)        Any
Mortgage Loan payment is deemed to be received by the Trust Fund on the date such payment is actually received by the Master Servicer,
the Special Servicer or the Certificate Administrator; provided, however, that for purposes of calculating distributions
on the Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the outstanding principal balance of such Mortgage Loan on which interest
accrues.

 

(d)        All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan in the form of payments from the related Mortgagor,
Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds shall be allocated to amounts due and owing under the related
Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related
Loan Documents and any related Co-Lender Agreement (and, in the case of an Outside Serviced Trust Loan, the provisions of the applicable
Outside Servicing Agreement); provided, however, in the absence of such express provisions or if and to the extent
that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder
after an event of default under the related Mortgage Loan (to the extent not cured or waived), in each case only to the extent

 

    	-117-

    	 

    

 

such
amount is an obligation of the related Mortgagor in the related Loan Documents, all such amounts collected shall be deemed to
be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)         as
a recovery of any unreimbursed Advances with respect to such Mortgage Loan and unpaid interest on all Advances and, if applicable,
unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)        as
a recovery of any Nonrecoverable Advances related to such Mortgage Loan and any interest thereon, to the extent previously reimbursed
from principal collections with respect to the other Mortgage Loans;

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on
such Mortgage Loan at the related Mortgage Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in
the case of a full Monthly Payment from the related Mortgagor, through the related Due Date), over (B) the cumulative amount
of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under
Section 4.06(a) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated
as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates);

 

(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due
and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)        as
a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement
in connection with related Appraisal Reduction Amounts (to the extent that collections have not been allocated as recovery of accrued
and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)       as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)      as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)     as
a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)       as
a recovery of any Default Interest and late payment charges then due and owing under such Mortgage Loan;

 

    	-118-

    	 

    

 

(x)        as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)       as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and, if applicable,
unpaid Excess Interest (if both Consent Fees and Operating Advisor Consulting Fees are due and owing, first, allocated to
Consent Fees and then, allocated to Operating Advisor Consulting Fees);

 

(xii)      as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)     in
the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of Excess Interest;

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received with respect to any partial release of a Mortgaged
Property (including following a condemnation) if, immediately following such release, the loan-to-value ratio of the related Mortgage
Loan or the related Serviced Loan Combination exceeds 125% (based solely on the value of the real property and excluding personal
property and going concern value, if any), must be allocated to reduce the principal balance of the Mortgage Loan or the related
Serviced Loan Combination in the manner permitted by such REMIC Provisions.

 

(e)        Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, except as otherwise expressly set forth in any
related Co-Lender Agreement and, in the case of an Outside Serviced Trust Loan, except as otherwise expressly set forth in the
applicable Outside Servicing Agreement) shall be deemed allocated for purposes of collecting amounts due under the deemed REO Mortgage
Loan, in each case only to the extent such amount is or was an obligation of the related Mortgagor in the related Loan Documents,
in the following order of priority:

 

(i)         as
a recovery of any unreimbursed Advances with respect to the related REO Mortgage Loan and interest on all Advances and, if applicable,
unreimbursed and unpaid Additional Trust Fund Expenses with respect to the related REO Mortgage Loan;

 

(ii)        as
a recovery of any Nonrecoverable Advances on the related REO Mortgage Loan and any interest thereon, to the extent previously reimbursed
from principal collections with respect to the other Mortgage Loans;

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related
REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid
interest on the related REO Mortgage Loan at the related Mortgage Rate to, but not including, the Due Date in the Collection Period
in which such collections were received, over (B) the cumulative amount of the reductions (if any) in the amount of related
P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection
with Appraisal Reduction Amounts (to

 

    	-119-

    	 

    

 

the extent that collections have not been allocated as a recovery of accrued and unpaid interest
on earlier dates pursuant to clause (v) below or clause (v) of Section 1.02(d) above);

 

(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the related REO Mortgage Loan
to the extent of its entire unpaid principal balance;

 

(v)        as
a recovery of accrued and unpaid interest on the related REO Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a)
of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not theretofore been
allocated as a recovery of accrued and unpaid interest on earlier dates pursuant to this clause (v) or clause (v) of Section
1.02(d) above);

 

(vi)       as
a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;

 

(vii)      as
a recovery of any Default Interest and late payment charges then due and owing under the related REO Mortgage Loan;

 

(viii)     as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the related REO Mortgage
Loan;

 

(ix)       if
the related Mortgage Loan was an ARD Loan, as a recovery of any Excess Interest then due and owing under the related REO Mortgage
Loan; and

 

(x)        as
a recovery of any other amounts then due and owing under the related REO Mortgage Loan (if both Consent Fees and Operating Advisor
Consulting Fees are due and owing, first, allocated to Consent Fees and, then, allocated to Operating Advisor Consulting
Fees).

 

(f)         The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) of this Section 1.02 shall be determined by
the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage
Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by the Special Servicer in accordance
with the Servicing Standard.

 

(g)        All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion Loans
or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and including,
if and when applicable, with respect to an Outside Serviced Trust Loan or the related Mortgaged Property or any related REO Property)
shall be made using the Calculation Rate.

 

(h)        The
parties hereto acknowledge that any payments, collections and recoveries received by the parties to the applicable Outside Servicing
Agreement related to an Outside Serviced Trust Loan are required to be allocated by such parties as interest, principal or

 

    	-120-

    	 

    

 

other
amounts in accordance with the terms and conditions of the applicable Outside Servicing Agreement, the related Co-Lender Agreement
and the related Outside Serviced Trust Loan.

 

Section 1.03 Certain
Constructions. (a) For purposes of this Agreement, references to the most or next most subordinate Class of Certificates
or Class PEZ Regular Interests outstanding at any time shall mean the most or next most subordinate Class of Certificates or
Class PEZ Regular Interest then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D,
Class E, Class F and Class G Certificates and the Class A-S, Class B and Class C Regular Interests; provided, however,
that for purposes of determining the most subordinate Class of Certificates, in the event that the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Principal
Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Certificates. For
purposes of this Agreement, each Class of Certificates (other than the Class R Certificates and, for purposes of
receiving Yield Maintenance Charges, the Class X-A Certificates) and Class PEZ Regular Interest shall be deemed to be
outstanding only to the extent its respective Certificate Principal Amount or Notional Amount has not been reduced to zero.
For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs
have not been terminated pursuant to Section 9.01 of this Agreement.

 

(b)        For
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(i)         the
terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;

 

(ii)        references
herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions
without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

 

(iii)       a
reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section
in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(iv)       the
words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other
words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(v)        the
terms “include” or “including” shall mean without limitation by reason of enumeration.

 

    	-121-

    	 

    

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans.

 

(a)        The
Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as Citigroup Commercial
Mortgage Trust 2015-P1, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over and otherwise
convey to the Trustee (as holder of the Lower-Tier Regular Interests) in trust without recourse for the benefit of the Certificateholders
all the right, title and interest of the Depositor, including any security interest therein for the benefit of the Depositor, in,
to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4, 5 (other than
Section 5(e) and 5(f)), 6 (other than Section 6(i) and Section 6(j)), (and to the extent related to the foregoing) 7,
11, 12, 13, 14, 16, 17, 18 and 23 of each Loan Purchase Agreement, (iii) each Co-Lender Agreement, if any, and (iv) all
Escrow Accounts, Lock-Box Accounts and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders.
Such assignment includes all interest and principal received or receivable on or with respect to the Mortgage Loans (other than
payments of principal and interest and other amounts due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding
any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans). Such assignment of any Outside Serviced Trust
Loan is further subject to the terms and conditions of the applicable Outside Servicing Agreement and the related Co-Lender Agreement.
The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.08
of this Agreement, is intended by the parties to constitute a sale.

 

(b)        In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct each Mortgage
Loan Seller (pursuant to the related Loan Purchase Agreement) to deliver to and deposit with (or to cause to be delivered to and
deposited with) the Custodian (on behalf of the Trustee), on or before the Closing Date, the Mortgage File for each Mortgage Loan,
with copies (other than with respect to an Outside Serviced Trust Loan) to be delivered, within five (5) Business Days after the
Closing Date, to the Master Servicer; provided, however, that copies of any document in the Mortgage File that also
constitutes a Designated Servicing Document shall be delivered to the Master Servicer (other than with respect to an Outside Serviced
Trust Loan) on or before the Closing Date. None of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer
or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document
delivery requirements of the related Loan Purchase Agreement and this Section 2.01(b). Notwithstanding anything herein to the contrary,
with respect to letters of credit (exclusive of those relating to an Outside Serviced Trust Loan), the applicable Mortgage Loan
Seller shall deliver to the Master Servicer, and the Master Servicer shall hold, the original (or copy, if such original has been
submitted by the applicable Mortgage Loan Seller to the issuing bank to effect an assignment or amendment of such letter of credit
(changing the beneficiary thereof to the Trustee (in care of the Master Servicer) for the benefit of Certificateholders and, if
applicable, the related Serviced Companion Loan Holder, to the extent required in order for the Master Servicer to draw on such
letter of credit on behalf of the Trustee for the benefit of

 

    	-122-

    	 

    

 

Certificateholders
and, if applicable, the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related
Loan Documents)) and the applicable Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related
Loan Purchase Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof to the Custodian
together with an Officer’s Certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered
to the Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of credit
pursuant to this Section 2.01(b). If a letter of credit referred to in the previous sentence is not in a form that would allow the Master
Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the
related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents, the
applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment
or amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of
credit for processing) to the Master Servicer within 90 days of the Closing Date. The applicable Mortgage Loan Seller shall
pay any costs of assignment or amendment of such letter(s) of credit required in order for the Master Servicer to draw on such
letter(s) of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder, and shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in
connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned or amended
in order that it may be drawn by the Master Servicer on behalf of the Trustee for the benefit of Certificateholders and, if applicable,
the related Serviced Companion Loan Holder.

 

With respect to any Mortgage
Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of the related
Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter
to the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders,
the related Mortgage Loan Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by
the applicable comfort letter), provide any such required notice or make any such required request to the related franchisor for
the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include
such document in the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.

 

After the Depositor’s
transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take any action inconsistent with
the Trust’s ownership of the Mortgage Loans.

 

    	-123-

    	 

    

 

(c)        The
Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Loan Purchase Agreement
that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage Loan Seller’s
expense (provided, that the related Mortgage Loan Seller shall not be required to pay for any such expenses with respect to a particular
Mortgage Loan that are required to be and are paid by the related Mortgagor), in the appropriate public recording office for real
property records or UCC financing statements, as appropriate, each related assignment of Mortgage and assignment of Assignment
of Leases referred to in clause (4) of the definition of “Mortgage File” and each related UCC-3 assignment referred
to in clause (15) of the definition of “Mortgage File”, in each case in favor of the Trustee, as soon as reasonably
possible and in any event within 45 days after the later of (i) the Closing Date (or in the case of a Qualified Substitute Mortgage
Loan substituted as contemplated by Section 2.03 of this Agreement, the related date of substitution) and (ii) the date
on which all recording information necessary to complete the subject documents is received by the Mortgage Loan Seller. This subsection (c) shall
not apply to any Outside Serviced Trust Loan because the documents referred to herein have been assigned to the related Outside
Trustee.

 

The Depositor hereby
represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Loan Purchase Agreement as to each
Mortgage Loan (exclusive of any Outside Serviced Trust Loan), that if it cannot deliver or cause to be delivered the documents
and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File”
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, as applicable, a copy of the original certified by the applicable Mortgage Loan Seller or the title
agent to be a true and complete copy of the original thereof submitted for recording, shall be forwarded to the Custodian. Each
assignment referred to in the prior paragraph that is recorded and the file copy of each UCC-3 assignment referred to in the previous
paragraph shall reflect that it should be returned by the public recording or filing office to the Custodian or its agent following
recording (or, alternatively, to the applicable Mortgage Loan Seller or its designee, in which case the applicable Mortgage Loan
Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly following receipt); provided
that, in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment
of Leases, the applicable Mortgage Loan Seller or its designee shall obtain and provide to the Custodian a certified copy of the
recorded original. On a monthly basis, at the expense of the applicable Mortgage Loan Seller, the Custodian shall forward to the
Master Servicer a copy of each of the aforementioned assignments received during such month following the Custodian’s receipt
thereof.

 

If the Custodian has
received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, then the Custodian shall direct the applicable Mortgage Loan Seller (pursuant to the Loan Purchase
Agreement) promptly to prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be
cured, as the case may be, and to record or file, or with respect to any assignments that a third party on the Mortgage Loan Seller’s
behalf has agreed to record or file as described above, to deliver to such third party the substitute or corrected document.

 

    	-124-

    	 

    

 

(d)        In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, except with respect to any Outside Serviced
Trust Loan, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the related Loan Purchase Agreement) to
deliver to and deposit with (or cause to be delivered to and deposited with) the Master Servicer within five (5) Business
Days after the Closing Date: (i) a copy of the Mortgage File; (ii) all documents and records not otherwise required to be contained
in the Mortgage File that (A) relate to the origination and/or servicing and administration of the Mortgage Loans and any
related Serviced Companion Loan(s), (B) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage
Loans (including any asset summaries related to the Mortgage Loans that were delivered to the Rating Agencies in connection with
the rating of the Certificates) or any related Serviced Companion Loans or for evidencing or enforcing any of the rights of the
holder of the Mortgage Loans or any related Serviced Companion Loans or holders of interests therein, and (C) are in possession
or under control of the applicable Mortgage Loan Seller; and (iii) all unapplied Escrow Payments and reserve funds in the possession
or under control of the applicable Mortgage Loan Seller that relate to such Mortgage Loans and any related Serviced Companion Loans,
together with a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or any related
Serviced Companion Loan; provided that copies of any document in the Mortgage File and any other document, record or item
referred to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on
or before the Closing Date; and provided, further, that the applicable Mortgage Loan Seller shall not be required
to deliver any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence
analyses or data, or internal worksheets, memoranda, communications or evaluations. The Master Servicer shall hold all such documents,
records and funds on behalf of the Trustee in trust for the benefit of the Certificateholders (and, insofar as they also relate
to a Serviced Companion Loan, on behalf of and for the benefit of the applicable Serviced Companion Loan Holder). Notwithstanding
anything to the contrary, the foregoing provisions of this Section 2.02(d) shall not apply to the Outside Serviced Trust
Loans. In addition, each Mortgage Loan Seller is required, pursuant to the related Loan Purchase Agreement, to provide to the Master
Servicer the initial data with respect to its Mortgage Loans for (i) the CREFC® Financial File and the CREFC® Loan Periodic
Update File that are required to be prepared by the Master Servicer pursuant to this Agreement and (ii) the Supplemental Servicer
Schedule.

 

(e)        In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver, and hereby
represents and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date, a fully
executed original counterpart of each Loan Purchase Agreement, as in full force and effect, without amendment or modification,
on the Closing Date.

 

(f)        With
respect to a Serviced Loan Combination, the Custodian shall also hold the related Mortgage File for the use and benefit of the
related Serviced Companion Loan Holder(s).

 

(g)        The
parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Trust Loans, that the Trust assumes the obligations
and rights of the holder of each Outside Serviced Trust Loan under the respective Co-Lender Agreement and/or Outside Servicing
Agreement.

 

    	-125-

    	 

    

 

(h)        It
is not intended that this Agreement create a partnership or a joint-stock association.

 

Section 2.02     Acceptance
by the Trustee, the Custodian and the Certificate Administrator.

 

(a)        The
Trustee, by its execution and delivery of this Agreement, hereby accepts receipt, through the Custodian on its behalf, of (i) the
Mortgage Loans and all documents delivered to it that constitute portions of the related Mortgage Files and (ii) all other
assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse claim. The Custodian, by
its execution and delivery of this Agreement, hereby declares that it holds and will hold the documents referred to in clauses
(i) and (ii) of the first sentence of this Section 2.02 and any other documents subsequently received by it that constitute
portions of the Mortgage Files, together with any other assets subsequently delivered to it that are to be included in the Trust
Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and, if applicable, the Serviced
Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination, the Custodian shall
also hold the portion of such Mortgage File that relates to the Serviced Companion Loan in such Loan Combination in trust for the
use and benefit of the related Serviced Companion Loan Holder. In connection with the foregoing, the Custodian hereby certifies
to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter and each Initial Purchaser that, as
to each Mortgage Loan, (i) all documents specified in clause (1) of the definition of “Mortgage File” are in its
possession, and (ii) the original Note (or, if accompanied by a lost note affidavit, the copy of such Note) received
by it with respect to such Mortgage Loan has been reviewed by it and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appears to have been executed
(where appropriate) and (C) purports to relate to such Mortgage Loan.

 

(b)        On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th
day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing
Date, (ii) the day on which all exceptions have been removed and (iii) the day on which the applicable Mortgage Loan
Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered
to it with respect to each Mortgage Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and
2.02(d) of this Agreement and the terms of the respective Loan Purchase Agreements, certify in writing (substantially in
the form of Exhibit N to this Agreement) to each of the other parties hereto, the applicable Mortgage Loan Seller,
each Underwriter and each Initial Purchaser (and upon request, in the case of a Serviced Loan Combination, to the related Serviced
Companion Loan Holder) that, as to each Mortgage Loan then subject to this Agreement (except as specifically identified in any
exception report annexed to such certification, which exception report shall also be available in electronic format (including
Excel-compatible format) upon request): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect
to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the
definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller has otherwise satisfied the
delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the recordation/filing

 

    	-126-

    	 

    

 

contemplated
by Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian of the particular recorded/filed
documents); (iii) all documents received by the Custodian with respect to such Mortgage Loan have been reviewed by the Custodian
and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if
initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to relate to such
Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) of this Agreement and this Section 2.02(b) and only as
to the foregoing documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the
information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition
of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File. With respect to the
items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage File” if the original of such document
is not in the Custodian’s possession because it has not been returned from the applicable recording office, then the Custodian’s
certification prepared pursuant to this Section 2.02(b) should indicate the absence of such original. In addition, as it relates to the
Outside Serviced Trust Loans, with respect to the items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage
File” because the original of such document will not be in the Custodian’s possession since it will have been delivered
to the Outside Trustee in accordance with the applicable Outside Servicing Agreement, the Custodian’s certification prepared
pursuant to this Section 2.02(b) should indicate the absence of such original. If the Custodian’s obligation to deliver the certifications
contemplated in this subsection terminates because two years have elapsed since the Closing Date, the Custodian shall deliver
a comparable certification to any party hereto, the Serviced Companion Loan Holder and any Underwriter and any Initial Purchaser
on request.

 

(c)        It
is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian
is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating
to the Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding, enforceable, sufficient
or appropriate for the represented purpose or that they are other than what they purport to be on their face. Furthermore, none
of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian shall have any responsibility
for determining whether the text of any assignment or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable jurisdiction, or whether a blanket assignment is permitted
in any applicable jurisdiction.

 

(d)        It
is understood that the scope of the Custodian’s review of the Mortgage Files is limited solely to confirming that the documents
specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for
any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage File” have been received, appear
regular on their face and such additional information as will be necessary for delivering the certifications required by Sections 2.02(a)
and 2.02(b) of this Agreement.

 

(e)        If,
after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the Mortgage File
or Servicing File for any

 

    	-127-

    	 

    

 

Mortgage
Loan, the Depositor shall promptly deliver such document to the Custodian with a copy to the Master Servicer (if it constitutes
part of the Servicing File).

 

(f)         The
Custodian shall retain possession and custody of each Mortgage File in accordance with and subject to the terms and conditions
set forth herein.

 

(g)        The
Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such
term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and,
except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives
an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota)
that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess
a first priority perfected security interest in such instruments.

 

Section 2.03     Mortgage
Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of
Representations and Warranties.

 

(a)        If
(i) any party hereto (A) discovers or receives notice alleging that any document constituting a part of a Mortgage File
has not been properly executed, is missing, contains information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face (each, a “Document Defect”)
or (B) discovers or receives notice alleging a breach of any representation or warranty of the applicable Mortgage Loan Seller
made pursuant to Section 6(c) of the related Loan Purchase Agreement with respect to any Mortgage Loan (a “Breach”)
or (ii) the Special Servicer or the Depositor receives a Repurchase Communication of a request or demand for repurchase or
replacement of any Mortgage Loan alleging a Document Defect or Breach (any such request or demand, a “Repurchase Request”),
then such Person shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto, any related Serviced Companion
Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13
of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered to such Persons
pursuant to this sentence). If any such Document Defect or Breach materially and adversely affects, or any such Document Defect
is deemed in accordance with Section 2.03(b) of this Agreement to materially and adversely affect, the value of the related Mortgage Loan
(or any related REO Property) or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified
Mortgage, then such Document Defect shall constitute a “Material Document Defect” or such Breach shall constitute
a “Material Breach”, as the case may be. The Special Servicer shall determine, with respect to any affected
Mortgage Loan or REO Mortgage Loan, whether a Document Defect is a Material Document Defect or a Breach is a Material Breach. If
such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach, then the Special Servicer
shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the other parties hereto and the Controlling Class
Representative (prior to the occurrence and continuance of a Consultation Termination Event). Promptly upon becoming aware of any
Material Document Defect or

 

    	-128-

    	 

    

 

Material
Breach, the Special Servicer shall require the applicable Mortgage Loan Seller not later than 90 days from the earlier of
the applicable Mortgage Loan Seller’s discovery or receipt of notice of, and receipt of a demand to take action with respect
to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Document Defect or Material
Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days from any party discovering such
Material Document Defect or Material Breach, provided that, if it is not the discovering party, the applicable Mortgage Loan Seller
receives notice thereof in a timely manner), to cure the same in all material respects (which cure shall include payment of losses
and any Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as
the case may be, cannot be cured within such 90 day period, either to (before the end of such 90-day period) (i) repurchase
the affected Mortgage Loan or any related REO Property (or the Trust’s interest therein with respect to any Outside Serviced
Trust Loan) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection Account or (ii) substitute
a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution
occur on or after the second anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account,
any Substitution Shortfall Amount in connection therewith, all in conformity with the applicable Loan Purchase Agreement and this
Agreement; provided, however, that if (i) such Material Document Defect or Material Breach is capable of being
cured but not within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any
Mortgage Loan’s not being a Qualified Mortgage and (iii) the applicable Mortgage Loan Seller has commenced and is diligently
proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then such Mortgage
Loan Seller shall have an additional 90 days to complete such cure or, in the event of a failure to so cure, to complete
such repurchase or substitution (it being understood and agreed that, in connection with such Mortgage Loan Seller’s receiving
such additional 90 day period, such Mortgage Loan Seller shall deliver an Officer’s Certificate to the Trustee, the
Special Servicer and the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach
is not capable of being cured within the initial 90 day period and what actions such Mortgage Loan Seller is pursuing in
connection with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material Document Defect or
Material Breach will be cured within such additional 90 day period); and provided, further, that, if any such
Material Document Defect is still not cured after the initial 90 day period and any such additional 90 day period solely
due to the failure of such Mortgage Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be
entitled to continue to defer its cure, repurchase and/or substitution obligations in respect of such Document Defect so long
as such Mortgage Loan Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days
thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and
that such Mortgage Loan Seller is diligently pursuing the cure of such defect (specifying the actions being taken), except that
no such deferral of cure, repurchase or substitution may continue beyond the date that is 18 months following the Closing Date.
If the affected Mortgage Loan is to be repurchased, the Master Servicer shall designate the Collection Account as the account
to which funds in the amount of the Purchase Price are to be wired. If the affected Mortgage Loan is to be substituted for, the
Master Servicer shall designate the Collection Account as the account to which funds in the amount of the Substitution Shortfall
Amount are to be wired. Any such repurchase or substitution of a Mortgage Loan shall be on a

 

    	-129-

    	 

    

 

whole loan, servicing released basis.
Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month
of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced after the related Cut-Off
Date and received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, shall be part of the Trust Fund. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan
(if any) on or prior to the related Due Date in the month of substitution, and Monthly Payments due with respect to each Mortgage
Loan being repurchased or replaced and received by the Master Servicer or the Special Servicer on behalf of the Trust after the
related date of repurchase or substitution, shall not be part of the Trust Fund and are to be remitted by the Master Servicer
to the Mortgage Loan Seller effecting the related repurchase or substitution promptly following receipt. From and after the date
of substitution, each Qualified Substitute Mortgage Loan, if any, that has been substituted shall be deemed to constitute a “Mortgage
Loan” hereunder for all purposes. No mortgage loan may be substituted for a Defective Mortgage Loan as contemplated by this
Section 2.03(a) if the Mortgage Loan to be replaced was itself a Qualified Substitute Mortgage Loan that had replaced a
prior Mortgage Loan, in which case, absent a cure (including by the making of a Loss of Value Payment pursuant to the following
paragraph) of the relevant Material Breach or Material Document Defect, the affected Mortgage Loan will be required to be repurchased.

 

Notwithstanding the foregoing
provisions of this Section 2.03(a), in lieu of the related Mortgage Loan Seller performing its obligations with respect
to any Material Breach or Material Document Defect as set forth in the preceding paragraph, to the extent that such Mortgage Loan
Seller and the Special Servicer on behalf of the Trust, and with the consent of the Controlling Class Representative prior to the
occurrence of a Control Termination Event, are able to agree upon a cash payment payable by such Mortgage Loan Seller to the Trust
that would be deemed sufficient to compensate the Trust for a Material Breach or Material Document Defect (a “Loss of Value
Payment”), such Mortgage Loan Seller may elect, in its sole discretion, to pay such Loss of Value Payment to the Trust;
provided that a Material Document Defect or a Material Breach as a result of a Mortgage Loan not constituting a “qualified
mortgage”, within the meaning of Section 860G(a)(3) of the Code, may not be cured by a Loss of Value Payment. Upon its making
such payment, the related Mortgage Loan Seller shall be deemed to have cured such Material Breach or Material Document Defect in
all respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole remedy available to the Certificateholders,
or the Certificate Administrator or the Trustee on behalf of the Certificateholders, regarding any such Material Breach or Material
Document Defect, and the related Mortgage Loan Seller shall not be obligated to repurchase or replace the affected Mortgage Loan
or otherwise cure such Material Breach or Material Document Defect.

 

If (x) a Mortgage Loan
is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective Mortgage Loan
is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute a Material Document
Defect or Material Breach, as the case may be, as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group
(the “Other Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or Breach (as the
case may be) shall be deemed to constitute a Material Document Defect or Material Breach (as the case may be) as to each such Other
Crossed Loan for purposes of the above provisions, and the related Mortgage

 

    	-130-

    	 

    

 

Loan
Seller shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions above unless,
in the case of such Breach or Document Defect:

 

(A)        the
related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer and the Special
Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of only those Mortgage
Loans as to which a Material Document Defect or Material Breach has actually occurred without regard to the provisions of this
paragraph (the “Affected Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a)
(i) will not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor
trust under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding
and (ii) will not result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the
tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC
set forth in Section 860G(d) of the Code); and

 

(B)        each
of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only the Affected
Loans and not the Other Crossed Loans:

 

(1)        the
debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters immediately
preceding the repurchase or replacement is not less than the least of (A) 0.10x below the debt service coverage ratio for the Cross-Collateralized
Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement, (B) the debt service coverage
ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters preceding the
repurchase or replacement and (C) 1.25x;

 

(2)        the
loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of (A) the loan-to-value
ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected
Loan(s)) set forth in Annex A to the Prospectus Supplement plus 10%, (B) the loan-to-value ratio, expressed as a
whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at the
time of repurchase or replacement and (C) 75%; and

 

(3)        either
(x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group will not impair
the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group or
(y) the Loan Documents evidencing and securing the relevant Mortgage Loans

 

    	-131-

    	 

    

 

have been modified in a manner that complies with the
related Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to exercise remedies
against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise of remedies
against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.

 

The determination of
the Master Servicer or the Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall
be conclusive and binding in the absence of manifest error on the Certificateholders, other parties to this Agreement and the related
Mortgage Loan Seller. The Master Servicer or the Special Servicer, as applicable, will be entitled to cause to be delivered, or
direct the related Mortgage Loan Seller to cause to be delivered, to the Master Servicer or the Special Servicer, as applicable,
an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the condition set forth in clause
(B)(2) above has been satisfied, in each case at the expense of the related Mortgage Loan Seller if the scope and cost of the
Appraisal is approved by the related Mortgage Loan Seller and, prior to the occurrence and continuance of a Control Termination
Event, the Controlling Class Representative (such approval not to be unreasonably withheld in each case).

 

With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Mortgage Loan Seller
and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Loan Purchase Agreement) to
forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies against
the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing
the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability of the other
such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other Crossed Loans,
as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such remedies unless
and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies with
the related Loan Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or
other cash collateral or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group shall be allocated
between such Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata basis based upon their
outstanding Stated Principal Balances. All other terms of the related Mortgage Loans shall remain in full force and effect, without
any modification thereof. The provisions of this paragraph shall be binding on all future holders of each Mortgage Loan that forms
part of a Cross-Collateralized Group.

 

To the extent necessary
and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited power of attorney
provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the modification of the
Loan Documents that complies with the applicable Loan Purchase Agreement to remove the threat of impairment of the ability of the
Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage Loan(s)
held by such

 

    	-132-

    	 

    

 

party
resulting from the exercise of remedies by the other such party; provided that the Trustee shall not be liable for any
misuse of any such power of attorney by the Master Servicer or Special Servicer, as applicable, or any of its agents or subcontractors.
The Master Servicer shall advance all costs and expenses incurred by the Trustee, the Special Servicer and the Master Servicer
with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third preceding paragraphs,
and such advances and interest thereon shall (i) constitute and be reimbursable as Servicing Advances and (ii) be included in
the calculation of Purchase Price for the Affected Loan(s) to be repurchased or replaced. Neither the Master Servicer nor the
Special Servicer shall be liable to any Certificateholder or any other party hereto if a modification of the Loan Documents described
above cannot be effected for any reason beyond the control of the Master Servicer or the Special Servicer or should not be effected
as determined by the Master Servicer or Special Servicer, as applicable, in accordance with the Servicing Standard.

 

If the Special Servicer
or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously
received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
such party shall give written notice of such Repurchase Request Withdrawal to the applicable Mortgage Loan Seller, the other parties
hereto, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any
Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered
to such Persons pursuant to this sentence). If the Special Servicer receives a Repurchase Communication that any Mortgage Loan
that was subject of a Repurchase Request has been repurchased or replaced (a “Repurchase”), or that such Repurchase
Request has been rejected (a “Repurchase Request Rejection”), then the Special Servicer shall (in accordance
with the following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the Depositor, the applicable
Mortgage Loan Seller (unless it is the entity that has repurchased or replaced the subject Mortgage Loan or rejected such Repurchase
Request), and the Certificate Administrator (unless it is the party that notified the Special Servicer thereof).

 

Each notice of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant to
this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than ten (10) Business Days after
receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan and the Person making the Repurchase
Request, (ii) the date that the Repurchase Communication regarding the Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection was received, as applicable, (iii) if known, the basis for the Repurchase Request
(as asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1 Notices provided by the Special Servicer with
respect to a Repurchase Request, a statement as to whether the Special Servicer currently plans to pursue such Repurchase Request.

 

If the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor or the Custodian receives a Repurchase Communication of a Repurchase
Request, a

 

    	-133-

    	 

    

 

Repurchase
Request Withdrawal, a Repurchase or a Repurchase Request Rejection, then such party shall promptly forward such Repurchase Communication
of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection to the Special Servicer
(with respect to any Mortgage Loan or REO Mortgage Loan) and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative, and include the following statement in the related correspondence: “This is
a Repurchase Communication regarding [a “Repurchase Request”] [a “Repurchase Request Withdrawal”] [a “Repurchase”]
[a “Repurchase Request Rejection”] under Section 2.03(a) of the Pooling and Servicing Agreement relating to the
Citigroup Commercial Mortgage Trust 2015-P1 Commercial Mortgage Pass Through Certificates, Series 2015-P1, requiring action
by you as the recipient of such [Repurchase Request] [Repurchase Request Withdrawal] [Repurchase] [Repurchase Request Rejection]
thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection by the Special Servicer pursuant to the foregoing provisions of this paragraph, the Special Servicer
shall be deemed to be the recipient of such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection, and the Special Servicer shall comply with the notice procedures set forth in the
preceding paragraphs of this Section 2.03(a) with respect to such Repurchase Communication of such Repurchase Request, Repurchase Request
Withdrawal, Repurchase or Repurchase Request Rejection.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (a “Rule 15Ga-1 Notice Provider”) shall be required
to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines.
Each Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(a) is so provided
only to assist the related Mortgage Loan Seller, the Depositor and their respective Affiliates to comply with Rule 15Ga-1,
Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction
of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(a) by a Rule 15Ga-1 Notice Provider
in a Rule 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice
Provider may have with respect to the related Loan Purchase Agreement, including with respect to any Repurchase Request that is
the subject of a Rule 15Ga-1 Notice.

 

On or before the Closing
Date, the Depositor shall deliver to the Master Servicer a copy of each Loan Purchase Agreement, which the Master Servicer shall
provide to each Sub-Servicer.

 

(b)        Subject
to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and further subject to Section 2.01(b)
and Section 2.01(c) of this Agreement, failure of such Mortgage Loan Seller to deliver the documents referred to in clauses (1),
(2), (7), (8), (18) and (19) in the definition of “Mortgage File” in accordance with this Agreement and the applicable
Loan Purchase Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that
no Document Defect (except a deemed Material Document Defect described above) shall be considered to be a Material Document Defect
unless the document with respect to which the Document Defect exists is required in connection with an imminent enforcement of
the lender’s rights or remedies under

 

    	-134-

    	 

    

 

the
related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant servicing obligation.

 

(c)        In
connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan pursuant to this
Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender
to the applicable repurchasing entity, upon delivery to each of them of a receipt executed by the applicable repurchasing entity
evidencing such repurchase or substitution, all portions of the Mortgage File and other documents (including, without limitation,
the Servicing File), and all Escrow Payments and reserve funds, pertaining to such Mortgage Loan possessed by it, and each document
that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the applicable
Mortgage Loan Seller or its designee in the same manner, but only if the respective documents have been previously assigned or
endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant
to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and
reconveyance of the Mortgage Loan and the security thereof to the Mortgage Loan Seller or its designee; provided that such
tender by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request for Release
and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied. The
Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare, execute and deliver in its own name,
on behalf of the Certificateholders and the Trustee or any of them, the endorsements and assignments contemplated by this Section 2.03(c),
and such other instruments as may be necessary or appropriate to transfer title to an REO Property (including with respect to an
Outside Serviced Trust Loan) in connection with the repurchase of, or substitution for, an REO Mortgage Loan and the Trustee shall
execute and deliver any powers of attorney necessary to permit the Master Servicer to do so; provided, however, that
the Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer or any of its agents or
subcontractors. The parties to this Agreement acknowledge that the related Loan Purchase Agreement provides that in the event a
Qualified Substitute Mortgage Loan is substituted for a Defective Mortgage Loan by the related Mortgage Loan Seller as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to deliver to the Custodian the related Mortgage
File and to the Master Servicer all Escrow Payments and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed
by it and a certification to the effect that such Qualified Substitute Mortgage Loan satisfies all of the requirements of the definition
of “Qualified Substitute Mortgage Loan” in this Agreement.

 

The parties to this Agreement
acknowledge that the related Loan Purchase Agreement provides that if any Mortgage Loan is to be repurchased or replaced as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to amend the Mortgage Loan Schedule (as such term
is defined in the related Loan Purchase Agreement) to reflect the removal of any deleted Mortgage Loan and, if applicable, the
substitution of the related Qualified Substitute Mortgage Loan(s) and deliver or cause the delivery of such amended Mortgage Loan
Schedule (as such term is defined in the related Loan Purchase Agreement) to the parties to this Agreement. Upon any substitution
of a Qualified Substitute Mortgage Loan for a deleted

 

    	-135-

    	 

    

 

Mortgage
Loan, such Qualified Substitute Mortgage Loan shall become part of the Trust Fund and be subject to the terms of this Agreement
in all respects.

 

The related Loan Purchase
Agreement provides the sole remedies available to the Certificateholders, or the Certificate Administrator or the Trustee on behalf
of the Certificateholders, respecting any Document Defect or Breach with respect to any Mortgage Loan.

 

(d)        The
parties to this Agreement acknowledge, with respect to each Outside Serviced Trust Loan, that the related Loan Purchase Agreement
provides that if a “material document defect” (as such term or any analogous term is defined in the related Outside
Servicing Agreement) exists under the related Outside Servicing Agreement with respect to the related Outside Serviced Companion
Loan included in the related Outside Securitization Trust, and such Outside Serviced Companion Loan is repurchased by or on behalf
of the related Mortgage Loan Seller (or other responsible repurchasing entity) from such Outside Securitization Trust as a result
of such “material document defect” (as such term or any analogous term is defined in such Outside Servicing Agreement),
then the related Mortgage Loan Seller will be required to repurchase such Outside Serviced Trust Loan; provided, however, that
such repurchase obligation does not apply to any “material document defect” (as such term or any analogous term is
defined in the related Outside Servicing Agreement) related to the promissory note for such Outside Serviced Companion Loan.

 

Section 2.04     Representations
and Warranties of the Depositor.

 

(a)        The
Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the
Serviced Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian and the
Certificate Administrator, as of the Closing Date, that:

 

(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is
duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property or
the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse
effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute,
deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority
to sell, assign and transfer the Mortgage Loans in accordance with this Agreement; the Depositor has duly authorized the execution,
delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(ii)        Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar

 

    	-136-

    	 

    

 

laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights of indemnification hereunder,
by considerations of public policy;

 

(iii)       Neither
the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions hereof, nor
the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with or result in
a breach of, or constitute a default under, the organizational documents of the Depositor or, after giving effect to the consents
or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any law, governmental
rule, regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions of any indenture
or agreement or other instrument to which the Depositor is a party or by which it is bound or result in the creation or imposition
of any lien, charge or encumbrance upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument
or (B) require any consent of, notice to, or filing with any person, entity or governmental body, which has not been obtained
or made by the Depositor, except where, in any of the instances contemplated by clause (A) above or this clause (B),
the failure to do so will not have a material and adverse effect on the consummation of any transactions contemplated by this Agreement;

 

(iv)       There
is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge, threatened
against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of which could
be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to
carry out the transactions contemplated by this Agreement;

 

(v)        The
Depositor is not transferring the Mortgage Loans to the Trustee with any intent to hinder, delay or defraud its present or future
creditors;

 

(vi)       No
proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;

 

(vii)      Immediately
prior to the transfer of the Mortgage Loans to the Trustee for the benefit of the Certificateholders pursuant to this Agreement,
the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by the related Mortgage
Loan Seller pursuant to the related Loan Purchase Agreement;

 

(viii)     The
Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans (as such was transferred to it
by the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to any Person other than the Trustee; and

 

(ix)        The
Depositor is transferring all of its right, title and interest in and to the Mortgage Loans (as such was transferred to it by the
Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to the Trustee for the benefit of the Certificateholders

 

    	-137-

    	 

    

 

free
and clear of any and all liens, pledges, charges, security interests and other encumbrances created by or through the Depositor.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.

 

Section 2.05     Representations,
Warranties and Covenants of the Master Servicer.

 

(a)        The
Master Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the
Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Special Servicer, the Operating
Advisor, the Custodian and the Certificate Administrator, as of the Closing Date, that:

 

(i)         The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not violate the Master Servicer’s organizational documents or constitute a default (or an event
that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement
or other material instrument to which it is a party or that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this
Agreement or the financial condition of the Master Servicer;

 

(iii)       The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms

 

    	-138-

    	 

    

 

hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ (including bank creditors’) rights generally and (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)        The
Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Master Servicer to perform
its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vi)       No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer that would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement
or the financial condition of the Master Servicer;

 

(vii)      Each
officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by
Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage in compliance with the requirements
of Section 3.08(c) of this Agreement; and

 

(viii)     No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Master Servicer of the transactions contemplated by this Agreement, except for
those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that
previously have been completed.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the
Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.

 

    	-139-

    	 

    

 

Section 2.06     Representations,
Warranties and Covenants of the Special Servicer.

 

(a)        The
Special Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the
Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Master Servicer, the Operating Advisor,
the Custodian and the Certificate Administrator, as of the Closing Date, that:

 

(i)         The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Florida, and the Special Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or by-laws or (B) constitute
a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or that is applicable to it or any of its assets,
in each case, which does or is likely to materially and adversely affect either the ability of the Special Servicer to perform
its obligations under this Agreement or the financial condition of the Special Servicer;

 

(iii)       The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy
considerations regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with
respect to violations of securities laws;

 

(v)        The
Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the Special Servicer to

 

    	-140-

    	 

    

 

perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)       No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer that would
prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement
or the financial condition of the Special Servicer;

 

(vii)      Each
officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the Special Servicer
pursuant to Section 3.22 of this Agreement, would have, responsibilities concerning the servicing and administration of Mortgage Loans
and Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by Section 3.08(c)
of this Agreement or the Special Servicer self-insures for such errors and omissions coverage in compliance with the requirements
of Section 3.08(c) of this Agreement; and

 

(viii)     No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Special Servicer of the transactions contemplated by this Agreement, except for
those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that
previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which are not
required in order for the Special Servicer to enter into this Agreement but may be required (and if so required, will be obtained)
in connection with the Special Servicer’s subsequent performance of this Agreement.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder,
the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling
Class Representative.

 

Section 2.07     Representations
and Warranties of the Trustee.

 

(a)        The
Trustee hereby represents and warrants for the benefit of the Certificateholders, and the Serviced Companion Loan Holders, and
to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian and the Certificate Administrator,
as of the Closing Date, that:

 

    	-141-

    	 

    

 

(i)         The
Trustee is a New York banking corporation, duly organized, validly existing and in good standing under the laws of the State of
New York; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise and
approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)        the
execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will
not violate the Trustee’s articles of association or by-laws or shareholders’ resolutions or constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee or any of its
assets;

 

(iii)       except
to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee or separate
trustee be appointed to act with respect to such property as contemplated by Section 8.08 of this Agreement, the Trustee has the full
power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized the execution,
delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)       this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation
of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited
by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions providing
or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)        the
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court or any order,
law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction,
which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations
of the Trustee or its properties or might have consequences that would materially affect the performance of its duties hereunder
or thereunder;

 

(vi)       no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required, such approval
has been obtained prior to the Closing Date; and

 

    	-142-

    	 

    

 

(vii)      no
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.

 

Section 2.08     Representations
and Warranties of the Certificate Administrator.

 

(a)        The
Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
and the Custodian, as of the Closing Date, that:

 

(i)         The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America; the Certificate Administrator possesses and shall continue to possess all requisite authority,
power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations
under this Agreement;

 

(ii)        the
execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of
this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’
resolutions or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator is a party
or which may be applicable to the Certificate Administrator or any of its assets;

 

(iii)       the
Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)       this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation
of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating
to or

 

    	-143-

    	 

    

 

affecting the rights of creditors generally (B) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)        the
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United
States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the condition
(financial or other) or operations of the Certificate Administrator or its properties or might have consequences that would materially
affect the performance of its duties hereunder or thereunder;

 

(vi)       no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement or if
required, such approval has been obtained prior to the Closing Date; and

 

(vii)      no
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Certificate Administrator
in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other
parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.09     Representations,
Warranties and Covenants of the Operating Advisor.

 

(a)        The
Operating Advisor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Custodian and the
Certificate Administrator, as of the Closing Date, that:

 

    	-144-

    	 

    

 

(i)         The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not violate the Operating Advisor’s organizational documents or constitute a default (or an
event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other instrument to which it is a party or that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this Agreement;

 

(iii)       The
Operating Advisor has the full power and authority to enter into and consummate all transactions contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding the enforceability
of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)        The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Operating Advisor to perform
its obligations under this Agreement;

 

(vi)       No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor that
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and

 

(vii)      No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Operating Advisor of the transactions contemplated by this

 

    	-145-

    	 

    

 

Agreement, except for
any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing Date, and
which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the
Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.

 

Section 2.10     Representations
and Warranties of the Custodian.

 

(a)        The
Custodian hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders and
the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Operating Advisor, as of the Closing Date, that:

 

(i)         The
Custodian is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America; the Custodian possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise
and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)        the
execution and delivery of this Agreement by the Custodian and its performance and compliance with the terms of this Agreement will
not violate the Custodian’s articles of association or by-laws or shareholders’ resolutions or constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
contract, agreement or other instrument to which the Custodian is a party or which may be applicable to the Custodian or any of
its assets;

 

(iii)       the
Custodian has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)       this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation
of the Custodian, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited
by (A) bankruptcy, insolvency, conservatorship,

 

    	-146-

    	 

    

 

reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions providing
or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)        the
Custodian is not in violation of, and the execution and delivery of this Agreement by the Custodian and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court or any order,
law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction,
which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations
of the Custodian or its properties or might have consequences that would materially affect the performance of its duties hereunder
or thereunder;

 

(vi)       no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Custodian of this Agreement or if required, such
approval has been obtained prior to the Closing Date; and

 

(vii)      no
litigation is pending or, to the best of the Custodian’s knowledge, threatened against the Custodian which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Custodian
(or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations
and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or
any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Custodian in any Mortgage Loan or Serviced
Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying
Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative.

 

Section 2.11     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. 

 

(a)        The
Trustee (i) acknowledges the assignment to it of the Mortgage Loans and the delivery of the related Mortgage Files to the Custodian
(to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions
of Sections 2.01 and 2.02 of this Agreement, (ii) concurrently with such delivery described in clause (i),
declares that it holds the Mortgage Loans (exclusive of Excess Interest) for the benefit of the Holders of the Class R Certificates
(in respect of the Lower-Tier Residual Interest) and the holder(s) of the Lower-Tier Regular Interests, and (iii) concurrently
with such delivery described in clause (i), declares that it holds the Excess Interest for the benefit of the Holders of

 

    	-147-

    	 

    

 

the Excess
Interest Certificates. Concurrently with such delivery described in clause (i) of the prior sentence, (i) the Lower-Tier
Regular Interests and the Lower-Tier Residual Interest shall be issued, and the Trustee and Certificate Administrator acknowledge
the issuance thereof, in exchange for the assets of the Lower-Tier REMIC, (ii) the Depositor hereby conveys all right, title
and interest in and to the Lower-Tier Regular Interests and other property constituting the Upper-Tier REMIC to the Trustee, receipt
of which is hereby acknowledged, and (iii) the Trustee acknowledges and hereby declares that it holds the same on behalf of the
Holders of the Class R Certificates (in respect of the Upper-Tier Residual Interest), the Holders of the Regular Certificates and
the holder(s) of the Class PEZ Regular Interests, in exchange for the conveyance described in the immediately preceding clause
(ii), (A) the Class PEZ Regular Interests and the Upper-Tier Residual Interest shall be issued, and (B) the Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, (1) the Regular Certificates,
and (2) the Class R Certificates, representing the Lower-Tier Residual Interest and the Upper-Tier Residual Interest,
registered in the names set forth in such order and duly authenticated by the Certificate Administrator. The Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, the Excess Interest Certificates
in exchange for the Excess Interest.

 

(b)        The
Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without
recourse all the right, title and interest of the Depositor in and to the Class PEZ Regular Interests to the Trustee for the benefit
of the holders of (i) the Class A-S Certificates (to the extent of the Class A-S Percentage Interest of the Class A-S Regular Interest),
(ii) the Class B Certificates (to the extent of the Class B Percentage Interest of the Class B Regular Interest), (iii) the
Class C Certificates (to the extent of the Class C Percentage Interest of the Class C Regular Interest) and (iv) the Class PEZ
Certificates (to the extent of the applicable Class PEZ Percentage Interest of each of the Class PEZ Regular Interests). The Trustee
(i) acknowledges the assignment to it of the Class PEZ Regular Interests and (ii) declares that it holds and will hold the
Class PEZ Regular Interests in trust for the exclusive use and benefit of all present and future Holders of the Exchangeable Certificates.
The Certificate Administrator shall execute and cause the Authenticating Agent to authenticate and deliver to or upon the order
of the Depositor, in exchange for the Class PEZ Regular Interests, the Exchangeable Certificates in authorized Denominations.

 

Section 2.12     Miscellaneous
REMIC and Grantor Trust Provisions.

 

(a)        The
Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB, Class LA-S, Class LB,
Class LC, Class LD, Class LE, Class LF and Class LG Interests are hereby designated as “regular interests”
in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by
the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Code Section 860G(a)(2).

 

(b)        The
Regular Certificates and the Class PEZ Regular Interests are hereby designated as “regular interests” in the Upper-Tier
REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the Class R Certificates)
is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

    	-148-

    	 

    

 

(c)        The
Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC. The
“latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests, the
Regular Certificates and the Class PEZ Regular Interests is the Rated Final Distribution Date.

 

(d)        None
of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator
shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically
contemplated herein.

 

(e)        Each
Class of the Grantor Trust Certificates shall represent undivided beneficial interests in its corresponding portion of the Trust
Fund consisting of, respectively, the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class
C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, and the Excess Interest Grantor Trust Assets, each
of which portions will be treated as part of a “grantor trust” within the meaning of subpart E, part I of subchapter
J of the Code.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS

 

Section 3.01     Master
Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Trust Loans.

 

(a)        The
Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially Serviced
Loans), each as an independent contractor, shall service and administer the Mortgage Loans (other than the Outside Serviced Trust
Loans, which will be serviced, together with the related Outside Serviced Companion Loans, pursuant to the applicable Outside Servicing
Agreement) and the Serviced Companion Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders
or, with respect to each Serviced Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion
Loan Holders as a collective whole as if such Certificateholders and Serviced Companion Loan Holders constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan), subject to the terms and conditions of the related Co-Lender Agreement) as determined in the good faith and reasonable judgment
of the Master Servicer or the Special Servicer, as the case may be, in accordance with: (i) any and all applicable laws; (ii) the
express terms of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced
Loan Combinations, the related Co-Lender Agreement; and (iii) to the extent consistent with the foregoing, the Servicing Standard.
To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement and any related
Co-Lender Agreement or mezzanine loan intercreditor agreement, the Master Servicer and Special Servicer shall seek to maximize
the timely and complete recovery of principal and interest on the Mortgage Loans (other than the Outside Serviced Trust Loans)
and the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full
power and authority, acting alone or, in the case of the Master

 

    	-149-

    	 

    

 

Servicer
only, through Sub-Servicers (subject to paragraph (c) of this Section 3.01 and to Section 3.02 of this Agreement), to do or cause
to be done any and all things in connection with such servicing and administration which it may deem consistent with the Servicing
Standard and, in its judgment exercised in accordance with the Servicing Standard, in the best interests of the Certificateholders
and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such
Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted
a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related
Subordinate Companion Loan), subject to the terms and conditions of the related Co-Lender Agreement), including, without limitation,
with respect to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to the Outside Serviced Trust Loans,
to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion Loan Holders and the Trustee or any
of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain
the lien on each Mortgaged Property and related collateral; (ii) subject to Sections 3.07, 3.09, 3.10 and
3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect to any documents contained in
the related Mortgage File or defeasance of the Mortgage Loan or Serviced Companion Loan; and (iii) any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect
to the Mortgage Loan (and related Serviced Companion Loan) or the related Mortgaged Property; and (B) including with respect
to the Outside Serviced Trust Loans, to direct, manage, prosecute and/or defend any action, suit or proceeding of any kind filed
in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of the Trustee or the Trust. Notwithstanding
the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change
of the terms of any Mortgage Loan, or Serviced Companion Loan except under the circumstances described in Sections 3.07,
3.09, 3.10 and 3.24 of this Agreement or in Section 3.03 of this Agreement. The Master Servicer and Special Servicer shall
service and administer the Mortgage Loans (other than the Outside Serviced Trust Loans), the Serviced Companion Loans and each
related REO Property in accordance with applicable law and the terms thereof and hereof and the terms of any applicable Co-Lender
Agreements and intercreditor agreements and shall provide to the Mortgagors any reports required to be provided to them thereby.

 

Subject to Section 3.11 of
this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master
Servicer or Special Servicer any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement or
such other form as mutually agreed to by the Trustee and the Master Servicer (in the case of the Master Servicer) or Exhibit
AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer (in the case of the
Special Servicer), as applicable, and other documents reasonably acceptable to the Trustee prepared by the Master Servicer and
Special Servicer and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special
Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer, the Special Servicer or any Sub-Servicer shall, without the Trustee’s written consent: (i) initiate
any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or Special
Servicer’s, as applicable, representative capacity, unless prohibited by any requirement of the applicable jurisdiction in
which any such action, suit or proceeding is brought

 

    	-150-

    	 

    

 

and
if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable,
shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit or proceeding
(or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable,
made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to
obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative
capacity; or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered to do
business in any state. Each of the Master Servicer, the Special Servicer and any Sub-Servicer shall indemnify the Trustee for
any and all costs, liabilities and expenses incurred by the Trustee in connection with the negligent or willful misuse of such
powers of attorney by the Master Servicer or the Special Servicer or its agents or subcontractors, as applicable.

 

(b)        Unless
otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment received on
a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date immediately
following the date of receipt of such partial principal prepayment. Unless otherwise provided in the related Loan Documents, the
Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which
shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased
pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following the
receipt of such amounts. If with respect to any Serviced Loan the related Loan Documents permit the lender, at its option, prior
to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or to hold
such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may not apply
such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that
any such amounts may be used, if permitted under the related Loan Documents, to defease the related Serviced Loan or, upon an event
of default under the related Serviced Loan, to prepay the Serviced Loan.

 

(c)        The
Master Servicer may enter into Sub-Servicing Agreements with third parties (including a party that has previously been engaged
as a Subcontractor) with respect to any of its obligations hereunder, provided that (i) any such agreement shall be
consistent with the provisions of this Agreement, (ii) any such agreement shall be consistent with the Servicing Standard,
(iii) other than with respect to any Mortgage Loan Seller Sub-Servicer, the Depositor has consented to the related Sub-Servicer,
(iv) any such agreement shall provide that, following receipt of the applicable Loan Purchase Agreement from the Depositor,
the Master Servicer shall provide a copy of the applicable Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer
shall notify the Master Servicer in writing within five (5) Business Days after such Sub-Servicer discovers or receives notice
alleging a Document Defect or a Breach or receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal,
a Repurchase or a Repurchase Request Rejection; (v) the Master Servicer shall notify the applicable Mortgage Loan Seller of
any such agreement (other than any Sub-Servicing Agreement in place on the Closing Date with a Mortgage Loan Seller Sub-Servicer);
(vi) any assignment of such Sub-Servicing Agreement by the related Sub-Servicer (other than an

 

    	-151-

    	 

    

 

assignment
to the Master Servicer) shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably
withheld, conditioned or delayed); and (vii) any amendment or modification of such Sub-Servicing Agreement shall be subject to
the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed) if the Master
Servicer determines that, as a result of such amendment or modification, the Sub-Servicer would become a “servicer”
within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets. Any such Sub-Servicing
Agreement may permit the Sub-Servicer to delegate its duties to agents or subcontractors so long as the related agreements or
arrangements with such agents or subcontractors are consistent with the provisions of this Section 3.01(c). The Master Servicer shall
pay the servicing fees of any Sub-Servicer and shall provide a copy of each Sub-Servicing Agreement (and any assignment thereof)
to the Trustee. Any Sub-Servicing Agreement entered into by the Master Servicer shall provide that it may be assumed by the Trustee,
if the Trustee has assumed the duties of the Master Servicer or by any successor Master Servicer without cost or obligation to
the assuming party or the Trust Fund, upon the assumption by such party of the obligations of the Master Servicer pursuant to
Section 7.02. The Special Servicer may not enter into Sub-Servicing Agreements; provided that, if and to the extent LNR Partners,
LLC is terminated as Special Servicer by the Controlling Class Representative without cause (i.e., not as a result of a Servicer
Termination Event) and LNR Partners, LLC otherwise satisfies all of the eligibility requirements applicable to special servicers
contained in this Agreement, LNR Partners, LLC may, subject to the consent of the Controlling Class Representative (for so long
as no Control Termination Event has occurred and is continuing), be appointed as a sub-special servicer of a successor Special
Servicer appointed by the Controlling Class Representative. In the event that LNR Partners, LLC is appointed as a sub-special
servicer of a successor Special Servicer pursuant to the proviso of the immediately preceding sentence, such successor Special
Servicer shall be subject to all the provisions of Section 3.01(c) and Section 3.02 of this Agreement; provided
that all references to “Master Servicer” and “Sub-Servicer” under Section 3.01(c) and Section
3.02 shall be deemed to be references to the Special Servicer and LNR Partners, LLC (in its capacity as sub-special servicer),
respectively; and provided, further, that the Depositor’s consent under clause (iii) of the proviso in the
first sentence of Section 3.01(c) shall not be required with respect to the appointment of LNR Partners, LLC as a sub-special
servicer of such successor Special Servicer.

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations involving a Sub-Servicer,
shall be deemed to be between the Master Servicer and such Sub-Servicer alone, and the Trustee, the Certificate Administrator,
the Custodian, the Operating Advisor, the Trust Fund and the Certificateholders shall not be deemed parties thereto and shall have
no claims, rights, obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(d) of this
Agreement and no provision herein may be construed so as to require the Trust Fund to indemnify any such Sub-Servicer.

 

(d)        If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer in accordance with Section 7.02, the Trustee
or such successor, as applicable, to the extent necessary to permit the Trustee or such successor, as applicable, to carry out
the provisions of Section 7.02, shall, without act or deed on the part of the Trustee or such

 

    	-152-

    	 

    

 

successor,
as applicable, succeed to all of the rights and obligations of the Master Servicer under any Sub-Servicing Agreement entered into
by the Master Servicer pursuant to Section 3.01(c) of this Agreement. In such event, the Trustee or the successor Master Servicer, as
applicable, shall be deemed to have assumed all of the Master Servicer’s interest therein (but not any liabilities or obligations
in respect of acts or omissions of the Master Servicer prior to such deemed assumption) and to have replaced the Master Servicer
as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned to the Trustee
or such successor Master Servicer, as applicable, except that the Master Servicer shall not thereby be relieved of any liability
or obligations under such Sub-Servicing Agreement that accrued prior to the succession of the Trustee or the successor Master
Servicer, as applicable.

 

In the event that the
Trustee or any successor Master Servicer, assumes the servicing obligations of the Master Servicer, upon request of the Trustee,
or such successor Master Servicer, as applicable, the Master Servicer shall at its own expense deliver or cause to be delivered
to the Trustee or such successor Master Servicer all documents and records relating to any Sub-Servicing Agreement and the Mortgage
Loans then being serviced thereunder and an accounting of amounts collected and held by it, if any, and will otherwise use its
reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to the Trustee or the successor
Master Servicer, as applicable.

 

(e)        The
parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related Co-Lender
Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Mortgage Loan, and of the
related Serviced Companion Loan Holder under the related Co-Lender Agreement, including: (i) with respect to the allocation
of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder of the
related Mortgage Loan, and to the related Serviced Companion Loan Holder; (ii) with respect to the allocation of expenses
and losses relating to such Serviced Loan Combination to the Trust, as holder of the related Mortgage Loan, and to the related
Serviced Companion Loan Holder; (iii) any consultation, consent and Special Servicer appointment rights of the related Serviced
Companion Loan Holder or its Companion Loan Holder Representative; (iv) any right of a related Companion Loan Holder to cure certain
defaults under the related Serviced Loan Combination; and (v) any right of a related Companion Loan Holder to purchase the related
Split Mortgage Loan from the Trust Fund (together with any other related Serviced Pari Passu Companion Loans, if applicable). With
respect to any Serviced Loan Combination, the Master Servicer (if such Serviced Loan Combination is a Performing Serviced Loan)
or the Special Servicer (if such Serviced Loan Combination has become a Specially Serviced Loan or the related Mortgaged Property
has been converted to an REO Property) shall prepare and provide to the related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative), or the master servicer or special servicer for the related Other Securitization Trust on its behalf,
all notices, reports, statements and communications to be delivered by the holder of the related Mortgage Loan under the related
Co-Lender Agreement, and shall perform all duties and obligations to be performed by a servicer and perform all servicing-related
duties and obligations to be performed by the holder of the related Mortgage Loan pursuant to the related Co-Lender Agreement.
Furthermore, to the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any
Co-Lender Agreement for a Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply
with those

 

    	-153-

    	 

    

 

provisions
as if set forth herein in full. In the event of any conflict between this Agreement and a Co-Lender Agreement with respect to
a Serviced Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari
Passu Loan Combination.

 

(f)         Notwithstanding
anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to make any P&I Advance
on any Companion Loan and (b) if the Mortgage Loan (or the related REO Property) that is part of a Serviced Loan Combination is
no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have any obligation to
make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master Servicer does not
intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would have made if the related
Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify the holder of the related
Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally promptly notify such holder
of any required Property Advance it would have otherwise made upon becoming aware of the need for such Property Advance. Additionally,
at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust Fund, the Master Servicer shall
deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization of the related Serviced Companion
Loan) (i) a copy of the most recent inspection report and the inspection report for the prior calendar year, (ii) copies of all
financial statements collected from the related borrower for the most recent calendar year and the prior calendar year, (iii) a
copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy of all tax and insurance bills
for the current calendar year and the prior calendar year.

 

(g)        Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to each Outside Serviced Trust Loan and each Outside Serviced Companion Loan related to the Outside Serviced Trust Loans are limited
by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of the related Outside Servicer
and the related Outside Special Servicer with respect thereto under the applicable Outside Servicing Agreement. The parties further
recognize the respective rights and obligations of the related Outside Trustee and/or the Outside Serviced Companion Loan Holders
(or the representatives thereof) under each respective Co-Lender Agreement including with respect to the allocation of collections
on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender Agreement. The Master Servicer
shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the enforcement of the rights by
the Trustee (as holder of the Outside Serviced Trust Loans) under each related Co-Lender Agreement and each applicable Outside
Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney granted by the Trustee)
shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside Serviced Companion Loan
by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to, delivering appropriate
requests for release to the Custodian (if any) in order to deliver any portion of the related Mortgage Files to the related
Outside Servicer or related Outside Special Servicer under the applicable Outside Servicing Agreement.

 

    	-154-

    	 

    

 

To the extent that the
Trust, as holder of an Outside Serviced Trust Loan for the benefit of the Certificateholders, is entitled to (i) consent to or
approve any modification, waiver or amendment of such Outside Serviced Trust Loan or (ii) exercise any consultation rights with
respect to “Major Decisions” or “Material Actions” (as such term or any analogous term is defined in the
applicable Outside Servicing Agreement) in connection with such Outside Serviced Trust Loan or any related REO Property or any
consultation rights with respect to the implementation of “Asset Status Reports” (as such term or any analogous term
is defined in the applicable Outside Servicing Agreement), then the following parties (to the extent notified by the appropriate
party to the applicable Outside Servicing Agreement of any matter requiring the exercise of consent, approval or consultation rights)
shall actually exercise such consent, approval or consultation rights, and the respective parties to this Agreement shall take
such actions as are reasonably necessary to allow the following parties to exercise such consent, approval or consultation rights:
(a) the Master Servicer (if such Outside Serviced Trust Loan is not part of a “specially serviced loan” (as such term
or any analogous term is defined in the applicable Outside Servicing Agreement) and only to the extent that the action would not
be considered a Major Decision or a Special Servicer Decision) or the Special Servicer (if such Outside Serviced Trust Loan is
part of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing
Agreement) or if the action would be considered a Major Decision or a Special Servicer Decision) shall exercise such consent or
approval rights, with, in the case of a matter that would be a Major Decision, the consent of the Controlling Class Representative
unless a Control Termination Event exists, in each case in accordance with Section 3.01(i); and (b) the Controlling Class
Representative (unless a Consultation Termination Event exists) shall exercise any such consultation rights entitled to be exercised
by the holder of such Outside Serviced Mortgage Loan.

 

In addition to such consent,
approval or consultation rights, the Controlling Class Representative (if no Control Termination Event has occurred and is continuing)
and the Special Servicer (if a Control Termination Event has occurred and is continuing), on behalf of the Trust, as holder of
each Outside Serviced Trust Loan for the benefit of the Certificateholders, will have the right (exercisable in its sole discretion),
to the extent provided in the related Co-Lender Agreement and/or the applicable Outside Servicing Agreement, to attend (in-person
or telephonically) annual meetings with the related Outside Servicer or Outside Special Servicer, as applicable, upon reasonable
notice and at times reasonably acceptable to the related Outside Servicer or Outside Special Servicer, as applicable, for the purpose
of discussing servicing issues related to such Outside Serviced Loan Combination. For the avoidance of doubt, the foregoing provisions
of this Section 3.01(g) shall not impose any affirmative duties on the Operating Advisor with respect to the Outside Serviced
Loan Combinations.

 

None of the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall have any obligation
or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or any other party to the applicable
Outside Servicing Agreement or to make Property Advances with respect to any of the Outside Serviced Trust Loans or a Companion
Loan related to an Outside Serviced Trust Loan. The obligation of the Master Servicer and the Special Servicer to provide information
to the Trustee or any other Person with respect to the Outside Serviced Trust Loans and any Outside Serviced Companion Loan related
to an Outside Serviced Trust Loan is

 

    	-155-

    	 

    

 

dependent
on their receipt of the corresponding information from the related Outside Servicer or the related Outside Special Servicer, as
applicable.

 

(h)        The
parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the respective
Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related Outside
Serviced Trust Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related Outside
Servicer and Outside Special Servicer in accordance with the applicable Outside Servicing Agreement, and (ii) in the event
that the applicable Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Outside Servicing
Agreement and the related Outside Serviced Trust Loan remains an asset of the Trust Fund, then, as set forth in the related Co-Lender
Agreement, the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable provisions of the
applicable Outside Servicing Agreement as if such agreement was still in full force and effect with respect to the related Outside
Serviced Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to the related Co-Lender
Agreement in accordance with the provisions of such agreement and confirmation has been obtained from the Rating Agencies that
such new servicing agreement would not result in a downgrade, qualification or withdrawal of the then current ratings of any Class
of Certificates then outstanding and any other requirements applicable to the related Outside Serviced Trust Loan.

 

(i)         The
parties hereto acknowledge that each Outside Serviced Trust Loan is subject to the terms and conditions of the related Co-Lender
Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights and obligations
of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with respect to the
allocation of collections and losses on or in respect of the related Outside Serviced Trust Loan and the related Outside Serviced
Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance with the
related Co-Lender Agreement and the applicable Outside Servicing Agreement. The parties hereto further acknowledge that, pursuant
to the related Co-Lender Agreement, each Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s) are to
be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable Outside
Servicing Agreement, and that payments allocated to each Outside Serviced Trust Loan and the related Outside Serviced Companion
Loans pursuant to the applicable Outside Servicing Agreement and the related Co-Lender Agreement are to be made by related Outside
Servicer. Although each Outside Serviced Trust Loan is not serviced and administered hereunder, the Master Servicer and the Special
Servicer hereunder for each such Outside Serviced Trust Loan shall have certain duties as set forth herein and shall constitute
the “Master Servicer” and “Special Servicer” hereunder with respect to each such Outside Serviced Trust
Loan.

 

           If
there are at any time amounts due from the Trust, as holder of an Outside Serviced Trust Loan, to any party under the related Co-Lender
Agreement or the applicable Outside Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account.
If a party to the applicable Outside Servicing Agreement related to an Outside Serviced Trust Loan requests the Master Servicer,
Special Servicer, Trustee, Certificate

 

    	-156-

    	 

    

 

Administrator or Custodian to consent to a modification, waiver or amendment of, or other
loan-level action related to, such Outside Serviced Trust Loan (except a modification, waiver or amendment of the applicable Outside
Servicing Agreement or the related Co-Lender Agreement which shall not be subject to the operation of this sentence but shall instead
be subject to the operation of the second succeeding sentence), the party hereto that receives such request shall promptly deliver
a copy of such request to the Master Servicer and the Special Servicer, and the Master Servicer (if such Outside Serviced Trust
Loan is not part of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside
Servicing Agreement) and only to the extent that the action would not be considered a Major Decision or a Special Servicer Decision)
or the Special Servicer (if such Outside Serviced Trust Loan is part of a “specially serviced loan” (as such term or
any analogous term is defined in the applicable Outside Servicing Agreement) or if the action would be considered a Major Decision
or a Special Servicer Decision) shall exercise such right of consent, with , in the case of a matter that would be a Major Decision,
the consent of the Controlling Class Representative unless a Control Termination Event exists; provided, however,
that, if such Outside Serviced Trust Loan were serviced hereunder and such action would not be permitted without Rating Agency
Confirmation, then the Master Servicer or the Special Servicer (as applicable) shall not exercise such right of consent without
first having obtained such Rating Agency Confirmation (payable at the expense of the party making such request for consent or approval
if such requesting party is a Certificateholder or a party to this Agreement, and otherwise from the Collection Account). Any consultation
rights entitled to be exercised by the holders of such Outside Serviced Mortgage Loan shall be exercised by the Controlling Class
Representative (unless a Consultation Termination Event exists). If a Responsible Officer of the Trustee, Certificate Administrator
or Custodian receives actual notice of a termination event under the applicable Outside Servicing Agreement, then the Trustee,
Certificate Administrator or Custodian, as applicable, shall notify the Master Servicer (in writing), and the Master Servicer shall
act in accordance with the instructions of (prior to the occurrence of a Control Termination Event) the Controlling Class Representative
in accordance with the applicable Outside Servicing Agreement with respect to such termination event (provided that the Master
Servicer shall only be required to comply with such instructions if such instructions are in accordance with the applicable Outside
Servicing Agreement and not inconsistent with this Agreement); provided that, if such instructions are not provided within
a reasonable time period (not to exceed ten (10) Business Days or such lesser response time as is afforded under the applicable
Outside Servicing Agreement) or if a Control Termination Event exists or if the Master Servicer is not permitted by the applicable
Outside Servicing Agreement to follow such instructions, then the Master Servicer shall take such action or inaction (to the extent
permitted by the applicable Outside Servicing Agreement), as directed in writing by the Holders of the Certificates evidencing
at least 25% of the aggregate of all Voting Rights (such direction to be sought and communicated to the Master Servicer by the
Certificate Administrator) within a reasonable period of time that does not exceed such response time as is afforded under the
applicable Outside Servicing Agreement. If the Trustee receives a request (and, if the Master Servicer, Special Servicer or the
Certificate Administrator receives such request, such party shall promptly forward such request to the Trustee) from any party
to the applicable Outside Servicing Agreement for consent to or approval of a modification, waiver or amendment of the applicable
Outside Servicing Agreement and/or the related Co-Lender Agreement, or the adoption of any servicing agreement that is the successor
to and/or in replacement of the applicable Outside Servicing Agreement in effect as of the Closing Date or a

 

    	-157-

    	 

    

 

change in servicer
under the applicable Outside Servicing Agreement, then the Trustee is hereby directed to, and the Trustee shall, grant such consent
or approval if (a) the Trustee shall have received a prior Rating Agency Confirmation from each Rating Agency (payable at the expense
of the party making such request for consent or approval to the Trustee, if a Certificateholder or a party to this Agreement, and
otherwise from the Collection Account) with respect to such consent or approval, and (b) unless a Control Termination Event has
occurred and is continuing, the Trustee shall have obtained the consent of the Controlling Class Representative. During the continuation
of any termination event with respect to the related Outside Servicer or Outside Special Servicer under the applicable Outside
Servicing Agreement, each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall have
the right (but not the obligation) to take all actions to enforce its rights and remedies and to protect the interests, and enforce
the rights and remedies, of the Trust (including the institution and prosecution of all judicial, administrative and other proceedings
and the filings of proofs of claim and debt in connection therewith); provided that, at the direction of the Holders of
Certificates evidencing at least 25% of the aggregate of all Voting Rights, the Trustee shall make a request to the related Outside
Trustee for the termination of the related Outside Servicer or Outside Special Servicer, as applicable, pursuant to the terms of
the applicable Outside Servicing Agreement or if applicable pursuant to the terms of the applicable Outside Servicing Agreement
with respect to a termination event involving the related Outside Servicer, the appointment of a new sub-servicer with respect
to the related Outside Serviced Loan Combination. The reasonable costs and expenses incurred by the Master Servicer, Special Servicer,
the Certificate Administrator, or the Trustee in connection with such enforcement shall be paid by the Master Servicer out of the
Collection Account. The Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer (each, a “Notifying
Party”) shall each promptly forward all material notices or other communications delivered to it in connection with the
applicable Outside Servicing Agreement to each other Notifying Party (unless a Notifying Party has actual knowledge that such other
Notifying Party (i) was copied on such original notice or communication or (ii) actually received such notice or communication),
the Operating Advisor (if a Control Termination Event exists), the Controlling Class Representative (if a Consultation Termination
Event does not exist) and the Depositor and, if such notice or communication is in the nature of a notice or communication that
would be required to be delivered to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s
Website in accordance with Section 11.13) if the related Outside Serviced Trust Loan were a Mortgage Loan that is serviced and administered
under this Agreement, to the Rule 17g-5 Information Provider (who shall promptly post such notice to the Rule 17g-5 Information
Provider’s Website in accordance with Section 11.13). Any obligation of the Master Servicer or Special Servicer, as applicable,
to provide information and collections to the Trustee, the Certificate Administrator, the Controlling Class Representative and
the Certificateholders with respect to any Outside Serviced Trust Loan shall be dependent on its receipt of the corresponding information
and collections from the related Outside Servicer or the related Outside Special Servicer. Each of the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate with the Master Servicer, the Special Servicer
or the Controlling Class Representative, in each case as and when applicable, to facilitate the exercise by such party of any consent,
approval or consultation rights set forth in this Section 3.01; provided, however, the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall have no right or

 

    	-158-

    	 

    

 

obligation to exercise any consent or consultation rights or
obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative.

 

(j)         With
respect to each Outside Serviced Trust Loan, the parties to this Agreement agree as follows:

 

(i)         pursuant
to the applicable Outside Servicing Agreement, the related Outside Servicer is obligated to make “Servicing Advances”
or “Property Advances” and incur “Additional Trust Fund Expenses” (as each such term or any analogous term
is defined in the applicable Outside Servicing Agreement) with respect to such Outside Serviced Trust Loan; the Trust shall be
responsible for its pro rata share (such pro rata share and the pro rata share of the holder(s) of the related
Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan
and the related Outside Serviced Companion Loan(s)) of any “Nonrecoverable Servicing Advance” or “Nonrecoverable
Property Advances” (and advance interest thereon) and any “Additional Trust Fund Expenses” (as each such term
or any analogous term is defined in the applicable Outside Servicing Agreement), but only to the extent that they relate to servicing
and administration of such Outside Serviced Trust Loan, including without limitation, any unpaid “Special Servicing Fees,”
“Liquidation Fees” and “Workout Fees” (as each such term or any analogous term is defined in the applicable
Outside Servicing Agreement) relating to such Outside Serviced Trust Loan; and in the event that the funds received with respect
to the related Outside Serviced Loan Combination are insufficient to cover “Servicing Advances,” “Property Advances”
or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside Servicing
Agreement) relating to the servicing and administration of the related Outside Serviced Loan Combination, (i) the Master Servicer
shall, promptly following notice from the related Outside Servicer, reimburse the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable (such reimbursement,
to the extent owed to the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside
Trustee, may be paid by the Master Servicer to the related Outside Servicer, who shall pay such amounts to the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable), out of general
funds in the Collection Account for the Trust’s pro rata share (such pro rata share and the pro rata
share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances
of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing
Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as each such
term or any analogous term is defined in the applicable Outside Servicing Agreement), and (ii) if the applicable Outside Servicing
Agreement permits the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator
or the related Outside Trustee to reimburse itself from the related Outside Securitization Trust’s general account, then
the parties to this Agreement hereby acknowledge and agree that the related Outside Servicer, the related Outside Special Servicer,
the related Outside Certificate Administrator or the related Outside Trustee, as applicable, may do so and the Master Servicer
shall be required to, promptly following

 

    	-159-

    	 

    

 

notice from the related Outside Servicer, reimburse the related Outside Securitization
Trust out of general funds in the Collection Account for the Trust’s pro rata share (such pro rata share and
the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective
principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable
Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as
each such term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to the servicing and administration
of such Outside Serviced Loan Combination;

 

(ii)        With
respect to each Outside Serviced Trust Loan, each of (i) (as and to the same extent the related Outside Securitization Trust is
required to indemnify each of the following parties in respect of other mortgage loans in the related Outside Securitization Trust
pursuant to the terms of the applicable Outside Servicing Agreement) the related Outside Servicer, the related Outside Special
Servicer, the related Outside Certificate Administrator, the related Outside Trustee, the related Outside Operating Advisor and
the related Outside Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties
are identified as “Indemnified Parties” in the applicable Outside Servicing Agreement in respect of other mortgages
included in related Outside Securitization Trust) and (ii) the related Outside Securitization Trust (such parties in clause (i)
and the related Outside Securitization Trust, collectively, the “Pari Passu Indemnified Parties”) shall be indemnified
against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses incurred in connection with the servicing and administration of such Outside Serviced Trust Loan and the related
Mortgaged Property (or, with respect to the related Outside Operating Advisor, incurred in connection with the provision of services
for such Outside Serviced Trust Loan) under the applicable Outside Servicing Agreement (collectively, the “Pari Passu
Indemnified Items”) to the extent of the Trust’s pro rata share (such pro rata share and the pro
rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal
balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of such Pari Passu Indemnified
Items, and to the extent amounts on deposit in the “Serviced Loan Combination Collection Account”, “Serviced
Pari Passu Companion Loan Custodial Account” or “Whole Loan Custodial Account” (as each such term or any analogous
term is defined in the applicable Outside Servicing Agreement), as applicable, maintained pursuant to the applicable Outside Servicing
Agreement that are allocated to the Outside Serviced Trust Loan are insufficient for reimbursement of such amounts, such Indemnified
Party shall be entitled to be reimbursed by the Trust (including out of general collections in the Collection Account) for the
Trust’s pro rata share of the insufficiency;

 

(iii)       To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement
for an Outside Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply with
those provisions as if set forth herein in full. In the event of any inconsistency between the provisions of this Agreement and
any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, provided

 

    	-160-

    	 

    

 

that in no event shall
the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with
the terms of any Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer, as the case
may be, to violate the Servicing Standard or REMIC Provisions; and

 

(iv)       each
Outside Servicer, each Outside Special Servicer and each Outside Securitization Trust shall be third party beneficiaries of this
Section 3.01(j).

 

(k)        To
the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a Note register
for the related Mortgage Loan in accordance with such Loan Documents.

 

(l)         In
order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (for the purposes of this clause (l), “Applicable
Laws”), the Master Servicer may be required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the parties hereto agrees to
provide to the Master Servicer, upon its reasonable request, from time to time such identifying information and documentation as
may be readily available to such party in order to enable the Master Servicer to comply with Applicable Laws; provided that the
Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection therewith.

 

Section 3.02     Liability of the Master Servicer. Notwithstanding any Sub-Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and any Person acting
as Sub-Servicer (or its agents or subcontractors) or any reference to actions taken through any Person acting as Sub-Servicer
or otherwise, the Master Servicer shall remain obligated and primarily liable for the servicing and administering of the
Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan in accordance with the
provisions of this Agreement without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or
arrangements or by virtue of indemnification from any Person acting as Sub-Servicer (or its agents or subcontractors) to the
same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the
Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan. The Master Servicer shall be
entitled to enter into an agreement with any Sub-Servicer providing for indemnification of the Master Servicer by such
Sub-Servicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such
agreement for indemnification shall be deemed to limit or modify this Agreement.

 

Section 3.03     Collection
of Certain Mortgage Loan Payments. 

 

(a)        The
Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans),
as applicable, shall use commercially reasonable efforts in accordance with the Servicing Standard to collect all payments called
for under the terms and provisions of the Serviced Loans it is obligated to service hereunder (including Special Servicing Fees
(in the case of the Special Servicer only),

 

    	-161-

    	 

    

 

Workout
Fees, Liquidation Fees (in the case of the Special Servicer only) and any other fees payable to the Master Servicer or the Special
Servicer if and to the extent the related Loan Documents require the related Mortgagor to pay such fees), and shall follow the
Servicing Standard with respect to such collection procedures; provided that, with respect to any ARD Mortgage Loan, so
long as the related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the
Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment
of Excess Interest, other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or until the outstanding
principal balance of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full);
provided, further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special Servicer, as the
case may be, may take action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with
the terms of the Loan Documents. For clarification, no obligation of the Master Servicer or the Special Servicer to use commercially
reasonable efforts to collect fees from the related Mortgagor will change the obligation of the Master Servicer to pay such fees
from general collections or other proceeds in accordance with Section 3.06(a) and Section 3.06A(a) of this Agreement, whether
or not such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the related Mortgagor. The
Master Servicer, with respect to the Performing Serviced Loans, and the Special Servicer, with respect to the Specially Serviced
Loans, shall use its reasonable efforts to collect income statements, rent rolls and other reporting information from Mortgagors
(as required under the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect to Performing
Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any
Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced
Trust Loan) or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with respect to
the collection of payments on the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan
as are permitted or required under Section 3.21 of this Agreement.

 

(b)        If
there is any ARD Mortgage Loan included in the Trust Fund, and if the Master Servicer receives Excess Interest directly from the
related Mortgagor or through the Special Servicer, which Excess Interest was collected during the Prepayment Period for any Distribution
Date, or receives notice from the related Mortgagor that the Master Servicer will be receiving Excess Interest during the Prepayment
Period for any Distribution Date, then the Master Servicer shall notify the Certificate Administrator no later than two Business
Days prior to such Distribution Date by means of a clearly labeled item in the CREFC® Loan Periodic Update File.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure
of the related Mortgagor to pay any such Excess Interest. The preceding statements shall not, however, be construed to limit the
provisions of Section 3.03(a) of this Agreement.

 

(c)        With
respect to each Outside Serviced Trust Loan, the Certificate Administrator shall deliver to the related Outside Trustee, the related
Outside Certificate Administrator, the related Outside Special Servicer, the related Outside Servicer and the related Outside Operating
Advisor (A) promptly following the Closing Date, written notice in the form of Exhibit FF attached hereto stating
that, as of the Closing Date, the Trustee is the holder of such Outside Serviced Trust Loan and directing each such recipient to
remit to the Master

 

    	-162-

    	 

    

 

Servicer
all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to,
the holder of such Outside Serviced Trust Loan under the related Co-Lender Agreement and the applicable Outside Servicing Agreement
(which notice shall also provide contact information for the Trustee, the Certificate Administrator, the Master Servicer, the
Special Servicer and each party designated to exercise the rights of the “Non-Controlling Note Holder” under the related
Co-Lender Agreement), accompanied by a copy of an executed version of this Agreement, and (B) notice of any subsequent change
in the identity of the Master Servicer or any party designated to exercise the rights of the “Non-Controlling Note Holder”
under the related Co-Lender Agreement (together with the relevant contact information). The Master Servicer shall, within one
(1) Business Day of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect
to each Outside Serviced Trust Loan, the Mortgaged Property related to each Outside Serviced Trust Loan or any related REO Property;
provided, however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business
Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection Account within
one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall deposit such amounts into the Collection
Account within two (2) Business Days of receipt of such amounts.

 

(d)        With
respect to each Outside Serviced Trust Loan, if the Master Servicer does not receive from the related Outside Servicer any Monthly
Payment or other amounts known by the Master Servicer to be owing on such Outside Serviced Trust Loan in accordance with the terms
of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall provide notice
of such failure to the related Outside Servicer and the related Outside Trustee.

 

Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts.

 

(a)        With
respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to
each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may
become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to
time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the
payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged
Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed
under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in
accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Trust Loan) has failed
to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item
before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property
Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable
Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard

 

    	-163-

    	 

    

 

elect
(but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be
required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with
respect to a Mortgage Loan (other than an Outside Serviced Trust Loan) notwithstanding that the Master Servicer or the Special
Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment
(x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any
event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related
Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property,
if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing
Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s)
(as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall
make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and
assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to
the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

 

(b)        The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination
constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one
or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited
within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable
Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and
any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged
Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage
Loan requires or permits it to be held in an account that is not an Eligible Account) and (subject to any changes in the identities
of the Master Servicer and/or the Trustee) shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer,
on behalf of Deutsche Bank Trust Company Americas, as Trustee for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, the Serviced Companion Loan Holders,
and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)         to
effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of
the related Mortgage Loan or Serviced Loan Combination, as applicable;

 

(ii)        to
transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer,
the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the

 

    	-164-

    	 

    

 

Advance Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)       for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced
Loan Combination, as applicable, and the Servicing Standard;

 

(iv)       to
clear and terminate such Escrow Account upon the termination of this Agreement;

 

(v)        to
pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow
Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced
Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the
related Mortgagors pursuant to the related Loan Documents; and

 

(vi)       to
remove any funds deposited in an Escrow Account that were not required to be deposited therein.

 

(c)        In
the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves
to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the
Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such
discretion.

 

(d)        To
the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of
a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed
pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which
determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require
a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required
to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer
shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the
related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage Loan or Serviced Loan Combination
and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such
actions or remediations are required to be or to have been taken or completed.

 

Section 3.05     Collection
Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account.

 

(a)        The
Master Servicer shall establish and maintain the Collection Account in the Master Servicer’s name on behalf of the Trustee,
for the benefit of the Certificateholders

 

    	-165-

    	 

    

 

and
the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an
Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess Interest) will be assets of the Lower-Tier
REMIC. As and when required under this Agreement, the Master Servicer shall transfer to the Collection Account any amounts to
be transferred thereto from a Loan Combination Custodial Account as contemplated by Section 3.06A(a)(i) of this Agreement,
and the Master Servicer shall deposit in the Collection Account any amounts required to be deposited therein pursuant to Section 3.07(b)
of this Agreement in connection with net losses realized on Permitted Investments with respect to funds held in the Collection
Account. In addition, the Master Servicer shall deposit or cause to be deposited in the Collection Account, within one (1) Business
Day following receipt of properly identified funds, (x) all Net Liquidation Proceeds received on or with respect to a Mortgage
Loan related to a Serviced Loan Combination in connection with any of the events described in clauses (iii) and (iv)
of the definition of “Liquidation Event” in this Agreement, and (y) without duplication, the following payments
and collections received or made by it on or with respect to the Mortgage Loans (other than any Mortgage Loan related to a Serviced
Loan Combination):

 

(i)         all
payments on account of principal on such Mortgage Loans, including the principal component of Unscheduled Payments;

 

(ii)        all
payments on account of interest on such Mortgage Loans (including Excess Interest);

 

(iii)       all
Yield Maintenance Charges on such Mortgage Loans;

 

(iv)       all
amounts with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for deposit in
the Collection Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;

 

(v)        all
Net Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;

 

(vi)       any
amounts received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection Expenses,
(B) any recovery of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other reimbursements in accordance
with the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein;
and

 

(vii)      any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or
Special Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;

 

provided, however,
that to the extent any amounts referred to in clauses (x) or (y) above of this Section 3.05(a) are received
after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit
such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer
shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof).

 

    	-166-

    	 

    

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and
defeasance fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable,
and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to
retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees received with
respect to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master Servicer or
the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees
and/or defeasance fees in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in
the case of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the other
party (i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if
Special Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other
party is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. The Master Servicer and the Special
Servicer shall not deposit any Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect
to any Mortgage Loan into the Collection Account and shall instead apply such fees in accordance with Section 3.14 of this
Agreement. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein,
it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The
Master Servicer shall give written notice to the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer in writing of any subsequent
change thereof.

 

Upon receipt of any of
the amounts described in clauses (i) through (vii) of the last sentence of the second preceding paragraph with respect to
a Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall promptly, but in
no event later than one (1) Business Day after receipt, remit such amounts to the Master Servicer for deposit into the Collection
Account in accordance with the second preceding paragraph, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. With
respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to
the order of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular
item cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any such amounts received
by the Special Servicer with respect to an REO Property that relates to any Mortgage Loan (other than a Mortgage Loan related to
a Serviced Loan Combination) shall initially be deposited by the Special Servicer into the related REO Account (or, at the option
of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to
the Master Servicer for deposit into the Collection Account, all in accordance with Section 3.16 of this Agreement.

 

(b)        The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account and the Upper-Tier Distribution Account
in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders. Each of the

 

    	-167-

    	 

    

 

Distribution
Accounts shall be non-interest bearing and shall be established and maintained as Eligible Accounts or as sub-accounts of a single
Eligible Account. With respect to each Distribution Date, on or before such Distribution Date, the Certificate Administrator shall
be deemed to make or shall make the withdrawals from the Lower-Tier Distribution Account, as set forth in Section 4.01 of this Agreement,
shall be deemed to make the deposits into the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, as set
forth in Section 4.01 hereof, and shall cause the amount of Available Funds (including P&I Advances) and Yield Maintenance Charges
to be distributed in respect of the Certificates, pursuant to Section 4.01 hereof on such date.

 

(c)        The
Certificate Administrator shall establish (upon receipt of written notice that an event that generates Excess Liquidation Proceeds
has occurred) and maintain the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator on behalf
of the Trustee for the benefit of the Certificateholders. The Excess Liquidation Proceeds Reserve Account shall be non-interest
bearing and shall be maintained separate and apart from trust funds for mortgage pass-through certificates of other series administered
by the Certificate Administrator and other accounts of the Certificate Administrator.

 

Upon the disposition
of any REO Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate the Excess Liquidation
Proceeds, if any, realized in connection with such sale and remit to the Certificate Administrator such amount for deposit in the
Excess Liquidation Proceeds Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve Account on each Distribution
Date that exceed amounts reasonably anticipated to be required to offset possible future Realized Losses, as determined by the
Special Servicer, and all amounts held in the Excess Liquidation Proceeds Reserve Account on the final Distribution Date, in each
case after application in accordance with Section 4.01(d)(i) of this Agreement, shall be distributed to the Holders of the Class R Certificates
in respect of the Lower-Tier Residual Interest.

 

(d)        The
Certificate Administrator shall establish and maintain the Exchangeable Distribution Account in the name of the Certificate Administrator
on behalf of the Trustee, for the benefit of the Holders of the Exchangeable Certificates. The Exchangeable Distribution Account
shall be non-interest bearing and shall be established and maintained as an Eligible Account or as a sub-account of an Eligible
Account. The Certificate Administrator shall make or be deemed to have made deposits in and withdrawals from the Exchangeable Distribution
Account in accordance with Article IV of this Agreement.

 

(e)        Prior
to the Master Servicer Remittance Date immediately following the end of the first Prepayment Period during which Excess Interest
is received on any ARD Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b) of this
Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name of the
Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates (if applicable).
The Excess Interest Distribution Account shall be non-interest bearing and shall be established and maintained as an Eligible Account
(or as a subaccount of an Eligible Account). With respect to each Distribution Date, the Master Servicer shall withdraw from the
Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in
the

 

    	-168-

    	 

    

 

Excess
Interest Distribution Account an amount equal to the Excess Interest received during the applicable Prepayment Period. Notwithstanding
the foregoing, there are no ARD Mortgage Loans included in the Trust Fund and, accordingly, no Excess Interest is payable to the
Trust, and any obligation to establish an Excess Interest Distribution Account shall be disregarded.

 

If there are any ARD
Mortgage Loans in the Trust Fund, then following the distribution of Excess Interest to the Holders of the Excess Interest Certificates
on the first Distribution Date after which there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator
may terminate the Excess Interest Distribution Account.

 

(f)         Notwithstanding
anything to the contrary herein, each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution
Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be sub-accounts of a single Eligible
Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals under this
Agreement.

 

Section 3.05A.     Loan
Combination Custodial Account.

 

(a)        The
Master Servicer shall establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate accounts,
which may be sub-accounts of a single account (with respect to each Serviced Loan Combination, the “Loan Combination Custodial
Account”) in which the amounts described in clauses (i) through (viii) below shall be deposited and
held in the name of the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders and the related Serviced
Companion Loan Holder, as their interests may appear; provided that a Loan Combination Custodial Account may be a sub-account
of the Collection Account or another Loan Combination Custodial Account (but shall be deemed to be a separate account for purposes
of applying the terms of this Agreement). Each of the Loan Combination Custodial Accounts shall be an Eligible Account or a subaccount
of an Eligible Account. The Master Servicer shall deposit or cause to be deposited in each Loan Combination Custodial Account,
within one Business Day following receipt of properly identified funds (or, in the case of payments by the Master Servicer, when
otherwise required to be so deposited under this Agreement), the following payments and collections received or made by it on or
with respect to the related Serviced Loan Combination:

 

(i)         all
payments on account of principal on the related Serviced Loan Combination, including the principal component of Unscheduled Payments;

 

(ii)        all
payments on account of interest on the related Serviced Loan Combination;

 

(iii)       all
Yield Maintenance Charges on the related Serviced Loan Combination;

 

(iv)       any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted Investments
with respect to funds held in such Loan Combination Custodial Account;

 

(v)        all
amounts with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to such Loan
Combination Custodial

 

    	-169-

    	 

    

 

Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the related
REO Account pursuant to Section 3.16(b) of this Agreement;

 

(vi)       all
Net Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced Loan Combination
(other than any Net Liquidation Proceeds received on or in respect of the related Mortgage Loan in connection with any of the events
described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement);

 

(vii)      any
amounts received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property Protection
Expenses, or (B) any other reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted
to be retained by the Master Servicer as provided herein; and

 

(viii)     any
other amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account by the
Master Servicer or Special Servicer, including any recovery of any Unliquidated Advances;

 

provided, however,
that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall
use commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt
thereof but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days
of receipt thereof)

 

(b)        The
foregoing requirements for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption
Fees, assumption application fees and defeasance fees need not be deposited in such Loan Combination Custodial Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees and/or defeasance fees received with respect to the Serviced Loan Combinations in accordance with Section 3.12 of this
Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent
Fees, Assumption Fees, assumption application fees and/or defeasance fees in excess of the percentage of such fees to which it
is entitled pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the
Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess
percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable)
the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c),
as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer
or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial
Account and shall instead apply such fees (except to the extent not permitted under the related Co-Lender Agreement) in accordance
with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial Account any amount
not required to be deposited therein, it may at any time withdraw such

 

    	-170-

    	 

    

 

amount
from such Loan Combination Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall
give written notice to the Certificate Administrator, the related Serviced Companion Loan Holders and the Special Servicer of
the location and account number of each Loan Combination Custodial Account and shall notify the Certificate Administrator, the
related Serviced Companion Loan Holder and the Special Servicer in writing of any subsequent change thereof. Each Loan Combination
Custodial Account shall be maintained as a segregated account (or sub-account of such segregated account), separate and apart
from trust funds created for mortgage backed securities of other series and the other accounts of the Master Servicer.

 

(c)        Upon
receipt of any of the amounts described in clauses (i) through (viii) of Section 3.05A(a) with respect
to a Serviced Loan Combination, the Special Servicer shall promptly, but in no event later than one Business Day after receipt,
remit such amounts to the Master Servicer for deposit into the Loan Combination Custodial Account in accordance with Section
3.05A(a), unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not
be deposited because of a restrictive endorsement or other appropriate reason. With respect to any such amounts paid by check to
the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the
Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered
because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect
to an REO Property that relates to a Serviced Loan Combination shall initially be deposited by the Special Servicer into the related
REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer)
and thereafter remitted to the Master Servicer for deposit into the related Loan Combination Custodial Account, all in accordance
with Section 3.17 of this Agreement.

 

Section 3.06     Permitted
Withdrawals From the Collection Account.

 

(a)        The
Master Servicer may make withdrawals from the Collection Account only as described below (the order set forth below not constituting
an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with
the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)         to
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess
Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such
accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this Agreement, respectively;

 

(ii)        to
pay or reimburse the Master Servicer, the Special Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage
Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance
Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such
Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to
this clause (ii)(A) being limited to late collections (including cure payments

 

    	-171-

    	 

    

 

by related Serviced Companion Loan Holders)
of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds,
Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting
which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance
Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and
(y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on
such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan,
and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the
Collection Account), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination
and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or
reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any
such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage
Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any
of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to
the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or
portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the
related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered
from the related Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion
of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general
collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement
thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and
(D) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion
of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C)
above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement
Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with
respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts
and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if
not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D));

 

(iii)       to
pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing
Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this
Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage
Loans (to the extent not

 

    	-172-

    	 

    

 

otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately
preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest
Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the
related Mortgage Loan, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest
or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general
collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced
Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this clause (iii) only from the
interest portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan or REO Property, which Net Liquidation Proceeds
were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation
Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account
pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii)
only if and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial
Account pursuant to Section 3.06A(a)(iii) of this Agreement;

 

(iv)       in
accordance with Section 2.03 of this Agreement, to reimburse the Trustee or the Special Servicer, out of general collections on the
Mortgage Loans and related REO Properties (including with respect to the Outside Serviced Trust Loans) for any unreimbursed expense
reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s
obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate,
but only to the extent that such expenses are not otherwise reimbursable;

 

(v)        to
pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund
with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) and 3.10(e) of this Agreement
and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (provided that
with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv)
of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed pursuant thereto, shall be paid
from the Collection Account as provided in this clause (v));

 

(vi)       to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Special Servicer, the Operating Advisor, CREFC® or the Depositor,
as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), unpaid Trustee/Certificate Administrator
Fees, unpaid Custodian Fees, unpaid Servicing Fees (but only if the related Mortgage Loan has been liquidated or a Final Recovery
Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid
Operating Advisor Consulting Fees (but only to the extent such Operating Advisor

 

    	-173-

    	 

    

 

Consulting Fee is actually received from the related
Mortgagor), unpaid CREFC® Intellectual Property Royalty License Fees and other unpaid items incurred by or owing
to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10,
Section 3.12(c), Section 3.16(a), Section 3.29(k), Section 6.03, Section 7.04,
Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision
of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only
to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify
the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the
foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan that
is part of a Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this
Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed pursuant thereto, shall be paid from the
Collection Account as provided in this clause (vi), and provided, further, that Special Servicing Compensation
with respect to any Serviced Companion Loan (or a successor REO Companion Loan) shall not be payable from the Collection Account
pursuant to this clause (vi));

 

(vii)      to
transfer to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably
determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either
Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;

 

(viii)     to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account as are
contemplated by Section 3.14 of this Agreement;

 

(ix)       to
withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or

 

(x)        to
clear and terminate the Collection Account pursuant to Section 9.01 of this Agreement.

 

If and to the extent
that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph
above for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with respect to a Loan Combination
that represents the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, fee, or Property
Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan),
the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Serviced Companion
Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder)
and deposit all such amounts (collectively, with respect to such Serviced

 

    	-174-

    	 

    

 

Companion
Loan, the “Trust Reimbursement Amount No.1”) collected from or on behalf of the related Serviced Companion
Loan Holder into the Collection Account.

 

The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the parties to, and/or the securitization trust created under, the applicable Outside Servicing
Agreement by the holder of each Outside Serviced Trust Loan pursuant to each Outside Serviced Co-Lender Agreement. In the absence
of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence.

 

The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal
from the Collection Account pursuant to subclauses (i)-(ix) of the second preceding paragraph.

 

The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid
thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the
Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the
item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate
Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement
is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate
the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting
for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan basis.

 

With respect to each
Outside Serviced Trust Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i), the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, from the Collection
Account on the Master Servicer Remittance Date amounts permitted to be paid to the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, therefrom based
upon an Officer’s Certificate received from the related Outside Servicer, the related Outside Special Servicer, the related
Outside Certificate Administrator or the related Outside Trustee, as applicable, on the first Business Day following the immediately
preceding Determination Date, describing the item and amount to which the related Outside Servicer, the related Outside Special
Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, is entitled. The Master
Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor, the Depositor, CREFC®, the Special Servicer and the Master
Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from
time

 

    	-175-

    	 

    

 

to
time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees,
Custodian Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor
Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)),
CREFC® Intellectual Property Royalty License Fees and (for each of such Persons other than CREFC®)
their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity
amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement
(and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer
or the Special Servicer, as applicable).

 

(b)        The
Certificate Administrator shall, upon receipt, deposit in each of the Lower-Tier Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate
Administrator in accordance with Section 3.06(a)(i) of this Agreement and required to be deposited therein. If, as of 3:00 p.m., New
York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the preceding sentence is
required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in
the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation
Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including,
without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer
of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission
sent to telecopy number (704) 715 0036 (or such alternative number provided by the Master Servicer to the Certificate Administrator
in writing) and by telephone at telephone number (800) 326 1334 (or such alternative number provided by the Master Servicer to
the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day;
provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment
at the Prime Rate until such late payment is received by the Certificate Administrator.

 

Section 3.06A.     Permitted
Withdrawals From the Loan Combination Custodial Account.

 

(a)        The
Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described
below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty
Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)        (A)
after the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in
each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO
Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution
Date in any calendar month and were not available for any earlier transfer to the Collection Account

 

    	-176-

    	 

    

 

in such calendar month), to
transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the Trust pursuant
to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including any
applicable Trust Reimbursement Amount, and (B) on the Business Day immediately following the Determination Date in each calendar
month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related
to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in
any calendar month), to remit to the related Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial
Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related
Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount;

 

(ii)        to
pay or reimburse the Master Servicer. the Special Servicer or the Trustee, for Advances made thereby with respect to such Serviced
Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment
or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse
any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related Serviced Companion
Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds,
Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan Combination
or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement Amount (but not
a Nonrecoverable Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest Amounts shall
be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges) or Yield
Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related Serviced
Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I Advance with respect
to the related Mortgage Loan (or a successor REO Mortgage Loan), then neither such Advance nor any related Advance Interest Amounts
shall be reimbursed or paid, as the case may be, out of, or otherwise result in a reduction of, amounts otherwise payable to the
related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan),
except that in the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of Advances or any related
Advance Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to
the extent set forth in, and in accordance with, the related Co-Lender Agreement;

 

(iii)       to
pay on or before each Master Servicer Remittance Date (A) to the Master Servicer as compensation, the aggregate unpaid Servicing
Fee with respect to such Serviced Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest
Shortfalls) in respect of the immediately preceding Interest Accrual Period, to be paid from interest received on the related Mortgage
Loan or Serviced Companion Loan, as applicable, and to pay from time to time to the Master Servicer in

 

    	-177-

    	 

    

 

accordance with Section 3.07(b)
any interest or investment income earned on funds deposited in such Loan Combination Custodial Account and (B) to the Special Servicer
as compensation, any Special Servicing Compensation payable with respect to such Serviced Loan Combination; provided, however,
that no Servicing Fees or Special Servicing Compensation earned with respect to the related Mortgage Loan (or a successor REO Mortgage
Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion
Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) (provided that, in the case
of a Serviced AB Loan Combination, such payments shall be made taking into account the subordinate nature of the related Subordinate
Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), and no Servicing Fees or Special
Servicing Compensation earned with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) shall be
payable out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage
Loan (or a successor REO Mortgage Loan) (it being acknowledged and agreed that this proviso is in no way intended to limit the
rights of the Master Servicer or Special Servicer under the related Co-Lender Agreement to seek payment of any unpaid Servicing
Fees or Special Servicing Compensation, as applicable, with respect to any Serviced Companion Loan from the related Serviced Companion
Loan Holder);

 

(iv)       to
pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related REO Property
pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;

 

(v)        to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay the Master Servicer,
the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Special Servicer or the Depositor, as applicable,
for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid items incurred by or owing to such Person pursuant
to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, the second sentence of Section 3.12(a), the third sentence of Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, the
last sentence of Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07, or any other provision of this Agreement pursuant to
which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable
under such Section and to the extent related to such Serviced Loan Combination and not related to amounts which are solely expenses
of the Trust Fund (such as expenses related to administration of the Trust Fund or REMIC taxes, penalties or interest or preservation
of the REMIC status of each Trust REMIC), it being acknowledged that this clause (v) shall not be deemed to modify the substance
of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons
is or is not entitled to payment or reimbursement; provided, however, that no payment or reimbursement to the Operating Advisor,
the Trustee or the Certificate Administrator or payment or reimbursement of costs and expenses associated with obtaining a Rating
Agency Confirmation, shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced
Companion Loan

 

    	-178-

    	 

    

 

Holder with respect to the related Serviced Companion Loan (or successor REO Companion
Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments or reimbursements shall be made taking into
account the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the
related Co-Lender Agreement), and no payment or reimbursement of costs and expenses associated with obtaining a Companion Loan
Rating Agency Confirmation shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust
with respect to the related Mortgage Loan (or any successor REO Mortgage Loan);

 

(vi)       to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination Custodial
Account as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;

 

(vii)      to
withdraw any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;

 

(viii)     if
the related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization
Trust, to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling
and Servicing Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced
Companion Loan (or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest,
shall be made solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or

 

(ix)        to
clear and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion Loan basis, for the
purpose of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i) - (ix) above.
If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause
of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect
to a Serviced Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage Loan) to an
extent that the Trust has borne some or all of the related Serviced Companion Loan’s allocable share of such cost, expense,
indemnity, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate
Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), the Master Servicer shall
use efforts consistent with the Servicing Standard to collect such amounts disproportionately borne by the Trust out of collections
on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced
Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust
Reimbursement Amount No.2” and, together with Trust Reimbursement Amount No.1, the “Trust Reimbursement Amount”)
collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

    	-179-

    	 

    

 

The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing Agreement, as applicable,
from the applicable Loan Combination Custodial Account, amounts permitted to be paid thereto from such account promptly upon receipt
of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor, a Responsible Officer of the
Trustee or the Certificate Administrator or an officer of such advancing party under such Other Pooling and Servicing Agreement,
as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating
Advisor, the Trustee, the Certificate Administrator or such advancing party under such Other Pooling and Servicing Agreement, as
the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate
Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required).
The Master Servicer may rely conclusively on any such written statement and shall have no duty to re-calculate the amounts stated
therein. The parties seeking payment pursuant to this Section shall each keep and maintain separate accounting for the purpose
of justifying any request for withdrawal from each Loan Combination Custodial Account, on a loan-by-loan basis.

 

The Trustee, the Depositor,
the Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall in all cases have a right
prior to the Certificateholders to any funds on deposit in a Loan Combination Custodial Account from time to time for the reimbursement
or payment of the Servicing Fees (including investment income), or Special Servicing Compensation, Advances, Advance Interest Amounts
and their respective indemnity amounts or expenses hereunder to the extent such fees, indemnity amounts and expenses are to be
reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account pursuant to this Agreement and the related
Co-Lender Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee,
the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable); provided, however,
for the avoidance of doubt, none of the Trustee/Certificate Administrator Fees, the Custodian Fees or the Operating Advisor Fee
shall be paid from funds on deposit in a Loan Combination Custodial Account.

 

After the Determination
Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and
also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the
applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date
in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), the Master
Servicer shall remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account payable
to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage
Loan), including any applicable Trust Reimbursement Amount; and on the Business Day immediately following the Determination Date
in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any
REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before
the Distribution Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion Loan Holder all
amounts on deposit in a Loan

 

    	-180-

    	 

    

 

Combination
Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the
related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount,
in each case, prior to the required remittance from the Collection Account to the Certificate Administrator for deposit into the
Lower-Tier Distribution Account on such Master Servicer Remittance Date.

 

Section 3.07     Investment
of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.

 

(a)        The
Master Servicer, or with respect to any REO Account, the Special Servicer, may direct any depository institution maintaining the
Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject to the second succeeding sentence),
or any REO Account (each of the Collection Account, any Loan Combination Custodial Account, any REO Account and any Mortgagor Account,
for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one
or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later
than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant
to this Agreement. Any direction by the Master Servicer or the Special Servicer to invest funds on deposit in an Investment Account
shall be in writing and shall certify that the requested investment is a Permitted Investment which matures at or prior to the
time required hereby or is payable on demand. In the case of any Reserve Account, Escrow Account or Lock-Box Account (the “Mortgagor
Accounts”), the Master Servicer shall act upon the written request of the related Mortgagor or Manager to the extent
the Master Servicer is required to do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related
documents, provided that in the absence of appropriate written instructions from the related Mortgagor or Manager meeting
the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment
of funds in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on
demand. Any investment of funds in an Investment Account shall be made in the name of the Certificate Administrator (on behalf
of the Trustee for the benefit of the Certificateholders) or in the name of a nominee of the Certificate Administrator. The Certificate
Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master
Servicer (or the Special Servicer, with respect to any REO Accounts) as an independent contractor to the Trust Fund) over
each such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the
Certificate Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer,
if any, necessary to transfer title to such investment to the Certificate Administrator or its nominee. The Certificate Administrator
shall have no responsibility or liability with respect to the investment directions of the Master Servicer or the Special Servicer,
any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer
shall have no responsibility or liability with respect to the investment direction of the Special Servicer, any Mortgagor or Manager
or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment direction of the Master Servicer, any Mortgagor or any property manager or any losses
resulting therefrom, whether from Permitted Investments or otherwise. In

 

    	-181-

    	 

    

 

the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer in the case of REO Accounts), shall: (x) consistent with any notice required to be given
thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an
amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on
such date; and (y) demand payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the
Special Servicer in the case of REO Accounts) that such Permitted Investment would not constitute a Permitted Investment
in respect of funds thereafter on deposit in the related Investment Account. Amounts on deposit in each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account
and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.

 

(b)        All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer,
except with respect to the investment of funds deposited in (i) any Mortgagor Account to the extent required under the Mortgage
Loan (or Serviced Loan Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any REO Account,
which shall be for the benefit of the Special Servicer, and if held in the Collection Account, a Loan Combination Custodial Account
or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable, in accordance
with Section 3.06, Section 3.06A or Section 3.16(b) of this Agreement, as applicable. The Master Servicer (or with respect to
any REO Account, the Special Servicer) shall deposit from its own funds into any applicable Investment Account, the amount of any
loss incurred in respect of any such Permitted Investment immediately upon realization of such loss (except with respect to losses
incurred as a result of the related Mortgagor or Manager exercising its power under the related Loan Documents to direct such investment
in such Mortgagor Account); provided, however, that the Master Servicer or Special Servicer, as applicable, may reduce
the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The
Master Servicer shall also deposit from its own funds in any Mortgagor Account the amount of any loss incurred in respect of Permitted
Investments, except to the extent that amounts are invested for the benefit of the Mortgagor under the terms of the Mortgage Loan
(or Serviced Loan Combination) or applicable law. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer
(in their respective capacities as Master Servicer and Special Servicer, respectively) shall be required to deposit any loss
on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal
or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution
or trust company is not the Person or an Affiliate of the Person maintaining such account hereunder and satisfied the qualifications
set forth in the definition of Eligible Account both (1) at the time such investment was made and (2) as of the date
that is 30 days prior to the insolvency.

 

(c)        Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Trustee may, and upon the request
of Holders of Certificates representing greater than 50% of the Percentage Interests of any Class shall, take such action as may
be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. In
the event the Trustee

 

    	-182-

    	 

    

 

takes
any such action, the Trust Fund shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by the Trustee in connection therewith. In the event that the Trustee does not take any such action,
the Master Servicer may, but is not obligated to, take such action at its own cost and expense.

 

Section 3.08     Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage.

 

(a)        The
Master Servicer on behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard to cause
the related Mortgagor to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Trust Loan) and
each Serviced Companion Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance
Default), and if the Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement concerning
Nonrecoverable Advances and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent available
at commercially reasonable rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended coverage
on the related Mortgaged Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%) of
the then “full replacement cost” of the improvements and equipment (excluding foundations, footings and excavation
costs), without deduction for physical depreciation, and (b) the outstanding principal balance of the related Mortgage Loan
and the related Serviced Companion Loan or such greater amount as is necessary to prevent any reduction in such policy by reason
of the application of co-insurance provisions and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided
such policy shall include a “replacement cost” rider, (ii) insurance providing coverage against 18 months
(or such longer period or with such extended period endorsement as provided in the related Mortgage or other Loan Document) of
rent interruptions and (iii) such other insurance as is required in the related Mortgage Loan and the related Serviced Companion
Loan. Subject to Section 3.16 of this Agreement, the Special Servicer in accordance with the Servicing Standard and to the extent available
at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standard), shall cause
to be maintained for each REO Property (other than an REO Property related to an Outside Serviced Trust Loan) no less insurance
coverage than was previously required of the Mortgagor under the related Loan Documents (except to the extent that the failure
to maintain such insurance coverage is an Acceptable Insurance Default); provided that to the extent the Loan Documents
require the related Mortgagor to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified
Insurer”, the Master Servicer may, without a Rating Agency Confirmation or the approval of the Special Servicer, to the extent
consistent with the Servicing Standard, permit the related Mortgagor to maintain insurance with an insurer that does not meet the
requirements of the Loan Documents so long as the related Mortgagor maintains insurance with an insurer rated at least as indicated
in the definition of “Qualified Insurer”. All insurance for an REO Property shall be from a Qualified Insurer, if available
from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest
available rating who is offering such insurance at commercially reasonable rates. Any amounts collected by the Master Servicer
or the Special Servicer under any such policies (other than amounts required to be applied to the restoration or repair of the
related Mortgaged Property or amounts to be released to the Mortgagor in accordance with the terms of the related Loan Documents) shall
be deposited into

 

    	-183-

    	 

    

 

the Collection Account pursuant to Section 3.05 of this Agreement or the Loan Combination Custodial Account
pursuant to Section 3.05A of this Agreement, as applicable, subject to withdrawal pursuant to Section 3.05,
Section 3.05A, Section 3.06 or Section 3.06A of this Agreement. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to Certificateholders,
be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so
permit. It is understood and agreed that no other additional insurance other than flood insurance or earthquake insurance subject
to the conditions set forth below is to be required of any Mortgagor or to be maintained by the Master Servicer other than pursuant
to the terms of the related Loan Documents and pursuant to such applicable laws and regulations as shall at any time be in force
and as shall require such additional insurance. If the related Mortgaged Property (other than an REO Property and other than with
respect to an Outside Serviced Trust Loan) is located in a federally designated special flood hazard area, the Master Servicer
will use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each
Serviced Loan, and if the related Mortgagor does not so maintain, shall itself obtain (subject to the provisions of this Agreement
concerning Nonrecoverable Advances) and maintain flood insurance in respect thereof. Such flood insurance shall be in an amount
equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and the related Serviced Companion Loan
and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Loan Combination and
as is available for the related property under the national flood insurance program (assuming that the area in which such property
is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related to a Serviced Loan
pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Loan
Combination, the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain,
and if the related Mortgagor does not so maintain will itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable
Advances and for so long as such insurance continues to be available at commercially reasonable rates) and maintain earthquake
insurance in respect thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination or, if not specified, in-place
at origination. If an REO Property (other than an REO Property related to the Outside Serviced Trust Loan) (i) is located
in a federally designated special flood hazard area or (ii) is related to a Serviced Loan with respect to which earthquake
insurance would be appropriate in accordance with the Servicing Standard and such insurance is available at commercially reasonable
rates, the Special Servicer will obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain
flood insurance and/or earthquake insurance in respect thereof providing the same coverage as described in this Section 3.08(a). Out-of-pocket
expenses incurred by the Master Servicer or Special Servicer in maintaining insurance policies pursuant to this Section 3.08 shall
be advanced by the Master Servicer as a Property Advance and shall be reimbursable to the Master Servicer with interest at the
Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties) agrees to prepare and present, on behalf
of itself, the Trustee and the Certificateholders and the Serviced Companion Loan Holders, claims under each related insurance
policy maintained by it pursuant to this Section 3.08(a) in a timely fashion in accordance with the terms of such policy and to take such
reasonable steps as are necessary to receive payment or to permit recovery thereunder. All insurance policies required to be maintained
by the Master Servicer or Special Servicer

 

    	-184-

    	 

    

 

hereunder shall name the Trustee or the Master Servicer or the Special Servicer, on
behalf of the Trustee as the mortgagee, as loss payee, and shall be issued by Qualified Insurers, if available from a Qualified
Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest available rating
who is offering such insurance at commercially reasonable rates. Notwithstanding the foregoing: (A) the Master Servicer shall
not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property and the Special Servicer
shall not be required to maintain any earthquake or environmental insurance policy on any REO Property, in each case unless such
insurance is required to be maintained under the related Loan Documents and is available at commercially reasonable rates; provided,
however, that neither the Master Servicer nor the Special Servicer shall have any obligation to maintain such earthquake
or environmental insurance policy required under the related Loan Documents if the originator of the Serviced Mortgage Loan or
Serviced Loan Combination waived compliance with such insurance requirements (and if the applicable Master Servicer does not cause
the Mortgagor to maintain or does not itself maintain such earthquake or environmental insurance policy on any Mortgaged Property,
the applicable Special Servicer shall have the right, but not the duty, to obtain, at the Trust’s expense, earthquake or
environmental insurance on any Mortgaged Property securing a Specially Serviced Loan or an REO Property so long as such insurance
is available at commercially reasonable rates); (B) with respect to the Master Servicer’s obligation to cause the related
Mortgagor to maintain such insurance, the Master Servicer shall have no obligation beyond using its efforts consistent with the
Servicing Standard to cause any Mortgagor to maintain the insurance required to be maintained or that the lender is entitled to
reasonably require, subject to applicable law, under the related Loan Documents; and (C) in making determinations as to the
availability of insurance at commercially reasonable rates or otherwise, the Master Servicer or the Special Servicer, as applicable,
shall, to the extent consistent with the Servicing Standard, be entitled to rely, at its own expense, on insurance consultants
in making such determination and any such determinations by the Master Servicer or the Special Servicer, as applicable, need not
be made more frequently than annually but in any event shall be made at the approximate date on which the Master Servicer or the
Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation of coverage.

 

Notwithstanding the foregoing,
the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a Mortgagor to be
in default with respect to the failure of the related Mortgagor to obtain, all risk casualty insurance which does not contain any
carve out for terrorist or similar acts, if, and only if, the Special Servicer has determined in accordance with the Servicing
Standard that the failure to maintain such insurance is an Acceptable Insurance Default; provided that, during the period
that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related
to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations hereunder
as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.

 

(b)        
(i)  If the Master Servicer or the Special Servicer obtains and maintains a blanket insurance policy insuring against
fire and hazard losses on all of the Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure
the Outside Serviced Trust Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage
Loan or, if applicable, related Serviced Loan Combination

 

    	-185-

    	 

    

 

(other than any Mortgagor that is required under the related Loan Documents to maintain insurance with an insurer rated better than as
indicated in the definition of “Qualified Insurer” that maintains insurance with an insurer rated at least as indicated
in the definition of “Qualified Insurer”) or the Special Servicer obtains and maintains a blanket insurance policy
insuring against fire and hazard losses on all of the REO Properties (other than REO Properties acquired in respect of the Outside
Serviced Trust Loan), as required under this Agreement, as the case may be, then the Master Servicer or the Special Servicer,
as the case may be, shall conclusively be deemed to have satisfied its respective obligations concerning the maintenance of insurance
coverage set forth in Section 3.08(a) of this Agreement. Any such blanket insurance policy shall be maintained with a Qualified Insurer.
A blanket insurance policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable,
shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property a policy otherwise complying
with the provisions of Section 3.08(a) of this Agreement, and (ii) there shall have been one or more losses which would have been
covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan
Combination Custodial Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan
or Serviced Loan Combination or, in the absence of any such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard. In connection with its activities as Master Servicer or the Special Servicer hereunder, as applicable,
the Master Servicer and the Special Servicer, respectively, agree to prepare and present, on behalf of itself, the Trustee and
Certificateholder and any related Serviced Companion Loan Holder, claims under any such blanket policy which it maintains in a
timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment
or permit recovery thereunder.

 

(ii)        If
the Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property that secures
an Outside Serviced Trust Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect
of an Outside Serviced Trust Loan) to be covered by a master force placed insurance policy and such policy shall be issued by a
Qualified Insurer and provide no less coverage in scope and amount for such Mortgaged Property or REO Property than the insurance
required to be maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or Special Servicer, as the case may
be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance pursuant to Section 3.08(a) of this
Agreement. Such policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable,
shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy
otherwise complying with the provisions of Section 3.08(a), and (ii) there shall have been one or more losses which would have been
covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan
Combination Custodial Account from its own funds the amount not otherwise payable under such policy because of such deductible
to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan and/or related
Serviced Companion Loan(s) related thereto, or, in the absence of any such deductible limitation, the deductible limitation which
is consistent with the Servicing Standard.

 

    	-186-

    	 

    

 

(iii)       In
either case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered
by such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property
or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance. Any legal fees or other out-of-pocket costs incurred in
accordance with the Servicing Standard in connection with any claim under an insurance policy described above (whether by the Master
Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property Advance.

 

(c)        The
Master Servicer and the Special Servicer shall each maintain a fidelity bond in such form as is consistent with the Servicing Standard
and in such amounts that are consistent with the Servicing Standard. The Master Servicer and the Special Servicer each shall be
deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and, by the terms
of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer or the Special Servicer, as applicable.
In addition, the Master Servicer and the Special Servicer shall each keep in force during the term of this Agreement a policy or
policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its
obligations to service the Mortgage Loans and any Serviced Companion Loans hereunder in such form as is consistent with the Servicing
Standard and in such amounts as are consistent with the Servicing Standard. Notwithstanding the foregoing, so long as the long-term
unsecured debt rating or deposit account rating of the Master Servicer (or its corporate parent) or the Special Servicer (or its
corporate parent) is not in any event less than “A3” as rated by Moody’s and “A-” as rated by Fitch,
respectively, the Master Servicer or the Special Servicer may self-insure for the fidelity bond and errors and omissions coverage
otherwise required above. The Master Servicer shall cause each and every Sub-Servicer it has engaged to maintain or cause to be
maintained by an agent or contractor servicing any Mortgage Loan or Serviced Loan Combination on behalf of such Sub-Servicer, a
fidelity bond and an errors and omissions insurance policy which satisfy the requirements for the fidelity bond and the errors
and omissions policy to be maintained by the Master Servicer to comply with the foregoing. All fidelity bonds and policies of errors
and omissions insurance obtained under this Section 3.08(c) shall be issued by a Qualified Insurer.

 

Section 3.09     Enforcement
of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.

 

(a)        Upon
receipt of any request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision, except in the case of
an Outside Serviced Trust Loan, (i) if the Master Servicer receives such request with respect to Performing Serviced Loans (other
than PCC Mortgage Loans and WFBNA Mortgage Loans and any related Serviced Loan Combinations), the Master Servicer shall promptly
deliver a copy of such request to the Special Servicer, (ii) the Special Servicer shall (A) with respect to Specially Serviced
Loans, promptly analyze and process such request, including the preparation of written materials in connection with such analysis,
or (B) with respect to Performing Serviced Loans (other than PCC Mortgage Loans and WFBNA Mortgage Loans and any related Serviced
Loan Combinations), promptly process and analyze such request, including the preparation of written materials in connection with
such analysis (or, if mutually agreed to by the Master Servicer and the Special Servicer, the

 

    	-187-

    	 

    

 

Master
Servicer shall promptly process and analyze such request, including the preparation of written materials, and provide its recommendation
(subject to the Special Servicer’s determination and consent)), and (iii) the Master Servicer shall, with respect to PCC
Mortgage Loans and WFBNA Mortgage Loans (and any related Serviced Loan Combinations) that are Performing Serviced Loans, promptly
process and analyze such request, including the preparation of written materials in connection with such analysis, and provide
its recommendation (subject to the Special Servicer’s determination and consent). If following its receipt of a request
of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision and the processing, analysis and/or recommendation,
as applicable, set forth in the first sentence of this Section 3.09, the Special Servicer has determined, consistent with
the Servicing Standard, that the waiver or consent in respect of such due-on-sale or due-on-encumbrance provision would be in
accordance with the Servicing Standard, then the Master Servicer (if it is processing such request pursuant to the first sentence
of this Section 3.09(a)) or the Special Servicer (if it is processing such request pursuant to the first sentence of this
Section 3.09(a)), as applicable, shall close the related transaction, subject to the consent of the Special Servicer (if
the Master Servicer is processing such request) and the consultation and/or consent rights (if any) of the related Directing Holder
or the consultation rights of any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative)
as provided in this Section 3.09(a) and as otherwise provided in the related Co-Lender Agreement and this Agreement, and
subject to Sections 3.09(b), 3.21, 3.24, 3.25 and Section 3.29; provided, however, that neither
the Master Servicer nor the Special Servicer shall enter into any such agreement to the extent that any terms thereof would result
in (i) the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a
REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for
federal income tax purposes at any time that any Certificate is outstanding or (ii) create any lien on a Mortgaged Property that
is senior to, or on parity with, the lien of the related Mortgage. With respect to (i) Performing Serviced Loans (other than PCC
Mortgage Loans and WFBNA Mortgage Loans and any related Serviced Loan Combinations), the Special Servicer or, if mutually agreed
to by the Special Servicer and the Master Servicer, the Master Servicer (subject to the Special Servicer’s consent) or (ii)
with respect to PCC Mortgage Loans and WFBNA Mortgage Loans (and any related Serviced Loan Combinations) that are Performing Serviced
Loans, the Master Servicer (subject to the Special Servicer’s consent), or (iii) with respect to Specially Serviced Loans,
the Special Servicer, each in a manner consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee
of record, shall, to the extent permitted by applicable law, enforce the restrictions contained in the related Loan Documents
on transfers or further encumbrances of the related Mortgaged Property and on transfers or further encumbrances of interests in
the related Mortgagor, unless following its receipt of a request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance
provision the Master Servicer (to the extent that it is processing such request pursuant to the first sentence of this Section
3.09(a) and with the written consent of the Special Servicer, which consent shall be deemed given if not denied within 15
Business Days (or such other time as required by the related Co-Lender Agreement, but in no event less than 5 Business Days after
the time period set forth in such Co-Lender Agreement for review by any related Companion Loan Holder) after the Special Servicer’s
receipt (unless earlier objected to) of the written recommendation and analysis of the Master Servicer for such action and any
additional information reasonably available to the Master Servicer that the Special Servicer may reasonably

 

    	-188-

    	 

    

 

request for the analysis
of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable to the Master
Servicer and the Special Servicer) or the Special Servicer, as applicable, has determined, consistent with the Servicing Standard,
that the waiver of such restrictions or granting of consent would be in accordance with the Servicing Standard. Promptly after
the Master Servicer (with the written consent of the Special Servicer to the extent required in the preceding sentence) or the
Special Servicer, as applicable, has made any determination to grant a waiver in respect of a due-on-sale or due-on-encumbrance
provision, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Trustee, the Certificate Administrator,
each other party to this Agreement and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section
11.13 of this Agreement, the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the basis for such
determination; provided that, notwithstanding anything herein to the contrary, no such Officer’s Certificate shall be required
to be delivered if the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption pursuant to this
Section 3.09(a) in accordance with the terms of the related Loan Documents and there is no material waiver of any conditions
or any other provisions of the related Loan Documents with respect thereto. With respect to all Serviced Mortgage Loans and each
Serviced Loan Combination, the Special Servicer shall, prior to consenting to a proposed action of the Master Servicer pursuant
to this Section 3.09 that constitutes a Major Decision, and prior to itself taking such an action, obtain the written consent
of the related Outside Controlling Note Holder (to the extent set forth in the related Co-Lender Agreement if a Serviced Outside
Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and
a Control Termination Event does not exist), as applicable, which consent shall be deemed given ten (10) Business Days after receipt
(unless earlier objected to) by such related Directing Holder of the written recommendation of the Master Servicer or the Special
Servicer, as applicable, for such action and any additional information the related Directing Holder may reasonably request for
the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable
to the related Directing Holder and the Master Servicer or the Special Servicer, as applicable. In addition, neither the Master
Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any “due-on-encumbrance”
provision unless (1) the Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the
related request pursuant to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with
respect to such action or (2) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced
Loan Combination) (A) represents less than 2% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has
a principal balance that is equal to or less than $20,000,000, (C) has a Loan-to-Value Ratio equal to or less than 85% (including
any existing and proposed debt), (D) has a Debt Service Coverage Ratio equal to or greater than 1.20x (in each case, determined
based upon the aggregate of the Stated Principal Balance of the Serviced Mortgage Loan or related Serviced Loan Combination, as
applicable, and the principal amount of the proposed additional lien) and (E) is not one of the 10 largest Mortgage Loans (considering
any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although no such Rating
Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000). Further, neither
the Master Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any
“due-on-sale” provision unless the Master Servicer or the Special

 

    	-189-

    	 

    

 

Servicer, as applicable (in each case, if it is
the party processing the related request pursuant to this Section 3.09(a)), shall have received a prior written Rating
Agency Confirmation with respect to such action unless the related Serviced Mortgage Loan (including a Serviced Mortgage Loan
related to a Serviced Loan Combination) (A) represents less than 5% of the principal balance of all of the Mortgage Loans in the
Trust Fund, (B) has a principal balance that is equal to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage
Loans (considering any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although
no such Rating Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000).
For the purposes of this Agreement, due-on-sale provisions shall include, without limitation, sale or transfers of Mortgaged Properties,
in full or in part, or the sale, transfer, pledge or hypothecation of direct or indirect interests in any Mortgagor or its owner,
to the extent prohibited under the related Loan Documents, and due-on-encumbrance provisions shall include, without limitation,
any mezzanine/subordinate financing of any Mortgagor or any Mortgaged Property or any sale or transfer of preferred equity in
any Mortgagor or its owners, to the extent prohibited under the related Loan Documents.

 

The Master Servicer or
the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section
3.09(a)), shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer,
as applicable, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event),
the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event), the Rule 17g-5 Information
Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement)
and, with respect to a Serviced Loan Combination, the related Serviced Companion Loan Holder, of any assumption or substitution
agreement executed pursuant to this Section 3.09(a) and shall forward thereto a copy of such agreement, and shall also deliver
an original to the Custodian of the recorded agreement relating to such assumption or substitution within 15 Business Days following
the execution and receipt thereof by the Master Servicer or the Special Servicer, as applicable.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Master Servicer or the Special Servicer,
as applicable, shall deliver a Review Package to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Information
Provider’s Website in accordance with Section 11.13 of this Agreement.

 

Further, subject to the
terms of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable (in each case,
if it is the party processing the related request pursuant to this Section 3.09(a)), shall use reasonable efforts to ensure
that all costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation,
are paid by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any rating
agency charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional
Trust Fund Expense if such Property Advance would be a Nonrecoverable Advance).

 

    	-190-

    	 

    

 

To the extent not prohibited
by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable, may charge the related
Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that any
such fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the terms of this
Agreement.

 

(b)        Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption
of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance
with respect to such Mortgaged Property.

 

(c)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, neither the Master Servicer nor the
Special Servicer shall agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Mortgage Loan or Serviced Companion Loan
or the related Note, other than pursuant to Section 3.24 of this Agreement.

 

(d)        With
respect to any Mortgage Loan (other than the Outside Serviced Trust Loans) or Serviced Loan Combination which permits release of
Mortgaged Properties through defeasance, and to the extent consistent with the terms of the related Loan Documents:

 

(i)         In
the event such Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the Trustee purchase the
required “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940,
or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), the Master Servicer, an accommodation
Mortgagor pursuant to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense (to the extent consistent
with the related Loan Documents), purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage
Loan or Serviced Loan Combination and deliver to the Master Servicer, in the case of the Mortgagor, or in the case of the Master
Servicer, hold the same on behalf of the Trust Fund and, if applicable, the related Serviced Companion Loan Holder; provided
that, subject to the related Loan Documents, the Master Servicer shall not accept the amounts paid by the related Mortgagor to
effect defeasance until acceptable “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) have been
identified, in each case which are acceptable as defeasance collateral under the then most recently published current guidelines
of the Rating Agencies. Notwithstanding the foregoing, with respect to certain Mortgage Loans originated or acquired by WFBNA that
are subject to defeasance and with respect to all PCC Mortgage Loans that are subject to defeasance (other than the Mortgage Loan
secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Davis Ford Crossing), WFBNA or PCC, as the case may
be, has transferred to a third party or has retained the right to establish or designate the successor borrower and/or to purchase
or cause to be purchased the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In
the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan

 

    	-191-

    	 

    

 

that provides for Retained
Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall provide, within five (5) business days
of receipt of such notice, written notice of such defeasance request to WFBNA or WFBNA’s assignee in the case of the Mortgage
Loans for which WFBNA is the related Mortgage Loan Seller or to PCC or PCC’s assignee in the case of the Mortgage Loans for
which PCC is the related Mortgage Loan Seller. Until such time as WFBNA provides written notice to the contrary, the notice of
a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which WFBNA is the related Mortgage Loan
Seller shall be delivered to Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086-120, 550 South Tryon
Street, 12th Floor, Charlotte, North Carolina 28202, Attention: Defeasance Group Deal Manager, fax number: 704-715-0035, e-mail:
defeasance@wellsfargo.com. Until such time as PCC provides written notice to the contrary, the notice of a defeasance of a Mortgage
Loan with Retained Defeasance Rights and Obligations as to which PCC is the related Mortgage Loan Seller shall be delivered to
Macquarie US Trading LLC d/b/a Principal Commercial Capital, 125 West 55th Street, New York, New York 10019, to the attention of
Joshua Karlin.

 

(ii)        The
Master Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require, delivery
of an Opinion of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents)
to the effect that the Trustee on behalf of the Certificateholders has a first priority security interest in the defeasance deposit
and the “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940,
or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), and the assignment thereof is valid
and enforceable; such opinion, together with any other certificates or documents to be required in connection with such defeasance
shall be in form and substance acceptable to the Master Servicer.

 

(iii)       The
Master Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain, a certificate
(which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from an Independent
certified public accountant certifying that the “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii),
comply with the requirements of the related Loan Agreement or Mortgage.

 

(iv)       To
the extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through defeasance,
the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the Master Servicer
shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master Servicer has
delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this Agreement
for any Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that
represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

 

    	-192-

    	 

    

 

(v)        If
the Mortgage Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an accommodation
Mortgagor to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish at the Mortgagor’s
cost and expense (and shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to consent to such
assumption) a special purpose bankruptcy-remote entity to assume such obligations, as to which the Trustee and the Certificate
Administrator has received a Rating Agency Confirmation (if such confirmation is required pursuant to the then most recently published
guidelines of the Rating Agencies).

 

(vi)       To
the extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay all costs
and expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In the event
that the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs and expenses
shall be Additional Trust Fund Expenses.

 

(vii)      In
no event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency Confirmation
(or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions to approval
of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required under Rating
Agency guidelines (provided that this shall not protect the Master Servicer from any liability that may be imposed as a
result of the violation of applicable law or the Loan Documents).

 

(viii)     The
Master Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the Master
Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger the status of either
Trust REMIC as a REMIC or result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited
to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions
to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”
as set forth in Section 860G(c) of the Code).

 

(e)        Notwithstanding
any other provision of this Section 3.09, without any other approval or consent, the Master Servicer (for Performing Serviced Loans)
or the Special Servicer (for Specially Serviced Loans) may grant and process a Mortgagor’s request for consent to subject
the related Mortgaged Property to an immaterial easement, right of way or similar agreement for utilities, access, parking, public
improvements or another purpose and may consent to subordination of the related Mortgage Loan or Serviced Loan Combination to such
easement, right of way or similar agreement; provided that in each case, the Master Servicer or Special Servicer, as applicable,
(i) shall have determined in accordance with the Servicing Standard that such easement, right of way or similar agreement
will not materially and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest in
the Mortgaged Property and (ii) shall have determined that such easement, right of way or similar

 

    	-193-

    	 

    

 

agreement will not cause
either Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the
Special Servicer may rely on an Opinion of Counsel in making any such determination under clause (ii) above.

 

Section 3.10     Appraisal
Reductions; Realization Upon Defaulted Loans.

 

(a)        Promptly
upon the occurrence of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer shall use reasonable
efforts to obtain an updated Appraisal, the costs of which shall be advanced by, and reimbursable to, the Master Servicer as a
Property Advance (or shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such
Property Advance would be a Nonrecoverable Advance); provided, however, that the Special Servicer shall not be required
to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists an Appraisal which is less than nine
months old unless the Special Servicer determines in accordance with the Servicing Standard that such previously obtained Appraisal
is materially inaccurate. With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still exists,
the Special Servicer shall obtain annual letter updates to any updated Appraisal. Any Appraisal prepared in order to determine
the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request,
to each related Serviced Companion Loan Holder.

 

The Certificate Principal
Amount of each Class of applicable Certificates shall be notionally reduced (solely for purposes of determining the identity of
the Non-Reduced Certificates and the Controlling Class, as well as the occurrence of a Control Termination Event) as of any date
of determination to the extent of the Appraisal Reduction Amount(s) allocated to such Class on the preceding Distribution Date.
The aggregate Appraisal Reduction Amount for any Distribution Date shall be applied to notionally reduce the Certificate Principal
Amounts of the following Classes of Certificates and Class PEZ Regular Interests in the following order of priority: first,
to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates;
fourth, to the Class D Certificates; fifth, to the Class C Regular Interest (and correspondingly, the Class
C Certificates and the Class PEZ Component C, pro rata based on their respective percentage interests therein); sixth,
to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class PEZ Component B, pro rata based
on their respective percentage interests therein); seventh, to the Class A-S Regular Interest (and correspondingly, the
Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective percentage interests therein);
and finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3
Certificates, (iv) Class A-4 Certificates, (v) Class A-5 Certificates and (vi) Class A-AB
Certificates, based on their respective Certificate Principal Amounts (provided in each case that no Certificate Principal Amount
in respect of any such Class may be notionally reduced below zero). With respect to any Appraisal Reduction Amount calculated for
the purposes of determining the Non-Reduced Certificates or the Controlling Class, as well as the occurrence of a Control Termination
Event, the appraised value of the related Mortgaged Property shall be determined on an “as-is” basis.

 

The Special Servicer
shall promptly notify the Certificate Administrator and Master Servicer of the determination of any such Appraisal Reduction Amount,
and the

 

    	-194-

    	 

    

 

Certificate
Administrator shall promptly post notice of the determination of any such Appraisal Reduction Amount on the Certificate Administrator’s
website.

 

Any Appraisal Reduction
Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion
Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any related Serviced
Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding principal balances
of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.

 

The Holders of Certificates
representing the majority of the Certificate Principal Amount of any Class of Control Eligible Certificates whose Certificate Principal
Amount is notionally reduced to less than 25% of the initial Certificate Principal Amount of that Class as a result of an allocation
of an Appraisal Reduction Amount in respect of such Class (such Class, an “Appraised-Out Class”) shall have
the right to challenge the Special Servicer’s Appraisal Reduction Amount determination and, at their sole expense, obtain
a second Appraisal of any Serviced Loan for which an Appraisal Reduction Event has occurred (such Holders, the “Requesting
Holders”). The Requesting Holders shall cause the Appraisal to be prepared on an “as-is” basis by an Appraiser
in accordance with MAI standards, and the Appraisal shall be reasonably acceptable to the Special Servicer in accordance with the
Servicing Standard. The Requesting Holders shall provide the Special Servicer with notice of their intent to challenge the Special
Servicer’s Appraisal Reduction Amount determination within 10 days of the Requesting Holders’ receipt of written
notice of the determination of such Appraisal Reduction Amount.

 

An Appraised-Out Class
shall be entitled to continue to exercise the rights of the Controlling Class until 10 days following its receipt of written
notice of the determination of an Appraisal Reduction Amount, unless the Requesting Holders provide written notice of their intent
to challenge such Appraisal Reduction Amount to the Special Servicer and the Certificate Administrator within such 10-day period
pursuant to the immediately preceding paragraph. If the Requesting Holders provide such notice, then the Appraised-Out Class shall
be entitled to continue to exercise the rights of the Controlling Class until the earliest of (i) 120 days following
the related Appraisal Reduction Event, unless the Requesting Holders provide the second appraisal within such 120-day period, (ii) the
determination by the Special Servicer (described below) that a recalculation of the Appraisal Reduction Amount is not warranted
or that such recalculation does not result in the Appraised-Out Class remaining the Controlling Class and (iii) the occurrence
of a Consultation Termination Event. After the Appraised-Out Class is no longer entitled to exercise the rights of the Controlling
Class, the rights of the Controlling Class shall be exercised by the Class of Control Eligible Certificates immediately senior
to such Appraised-Out Class, if any, unless a recalculation results in the reinstatement of the Appraised-Out Class as the Controlling
Class.

 

In addition to the foregoing,
the Holders of Certificates representing the majority of the Certificate Principal Amount of any Appraised-Out Class shall have
the right, at their sole expense, to require the Special Servicer to order an additional Appraisal of any Serviced Loan for which
an Appraisal Reduction Event has occurred if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged
Properties that would have a material effect on its appraised value, and the Special Servicer shall use its reasonable best efforts
to ensure that

 

    	-195-

    	 

    

 

such
Appraisal is delivered within 30 days from receipt of such Holders’ written request and shall ensure that such Appraisal
is prepared on an “as-is” basis by an Appraiser in accordance with MAI standards; provided that the Special
Servicer shall not be required to obtain such Appraisal if the Special Servicer determines in accordance with the Servicing Standard
that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred that would have a material
effect on such appraised value of the related Mortgaged Property or Mortgaged Properties.

 

Upon receipt of an Appraisal
provided by, or requested by, Holders of an Appraised-Out Class pursuant to this Section and any other information reasonably requested
by the Special Servicer from the Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount,
the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of such additional
Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall recalculate such Appraisal
Reduction Amount based upon such additional Appraisal. If required by any such recalculation, the Appraised-Out Class shall be
reinstated as the Controlling Class. The Special Servicer shall promptly deliver notice to the Certificate Administrator of any
such determination and recalculation, and the Certificate Administrator shall promptly post such notice to the Certificate Administrator’s
Website.

 

Appraisals that are permitted
to be presented by, or obtained by the Special Servicer at the request of, Holders of an Appraised-Out Class shall be in addition
to any Appraisals that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this
Agreement without regard to any appraisal requests made by any Holder of an Appraised-Out Class.

 

(b)        In
connection with any foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance with
Section 3.20 of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property Advance unless
the Master Servicer determines, in its good faith judgment exercised in accordance with the Servicing Standard, that such Advance
would constitute a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master
Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the
Advance Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.

 

Subject to Section 3.21 of
this Agreement, if the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state
where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the
related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial
foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency
judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment
and such determination is evidenced by an Officer’s Certificate delivered to the Trustee, the Certificate Administrator,
any related Outside Controlling Note Holder and (prior to the occurrence and continuance of a Consultation Termination Event) the
Controlling Class Representative.

 

    	-196-

    	 

    

 

In
the event that title to any Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Trust Loan) is
acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, to
a co-trustee or to its nominee (which shall not include the Master Servicer but may be a single member limited liability company
owned by the Trust and managed by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder
of the Lower-Tier Regular Interests and on behalf of the holders of the Certificates and, if applicable, and the related Serviced
Companion Loan Holders. Notwithstanding any such acquisition of title and cancellation of the related Serviced Mortgage Loan,
the related Serviced Mortgage Loan shall (except for purposes of Section 9.01) be considered to be an REO Mortgage Loan
held in the Trust Fund until such time as the related REO Property shall be sold by the Trust Fund and shall be reduced only by
collections net of expenses.

 

(c)        Notwithstanding
any provision to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)        such personal property is
(in the good faith judgment of the Special Servicer) incident to real property (within the meaning of Code Section 856(e)(1))
so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)       the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund)
to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on a Trust REMIC
under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause
the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.

 

(d)        Notwithstanding
any provision to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall, on behalf of the
Trust Fund or, if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect partnership or
membership interest or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the Master Servicer
or the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust
Fund) to the effect that the holding of such partnership or membership interest or other equity interest by the Trust Fund will
not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as
a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax
purposes at any time that any Certificate is outstanding.

 

(e)        Notwithstanding any
provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund or, if applicable,
the related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result of foreclosure or by deed in lieu
of foreclosure or otherwise, obtain title to any direct or indirect partnership or membership interest in any Mortgagor pledged
pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise acquire

 

    	-197-

    	 

    

 

possession
of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Custodian, the Trustee,
the Certificate Administrator or the Trust Fund or the Certificateholders or, if applicable, the related Serviced Companion Loan
Holders, would be considered to hold title to, or be a mortgagee-in-possession of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits, that:

 

(i)        such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder (as a collective
whole) to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and

 

(ii)       there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Trust Fund and
any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account
the subordinate nature of any related Subordinate Companion Loan)) to take such actions with respect to the affected Mortgaged
Property as could be required by such law or regulation.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and any related Serviced Companion Loan Holder. Any such tests shall be deemed part of the environmental
assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

In
the event that the Special Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related
Serviced Companion Loan Holder, the Special Servicer may, in its discretion, establish a single member limited liability company
with the Trust Fund and any related Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.

 

(f)        The
environmental assessment contemplated by Section 3.10(e) of this Agreement shall be prepared within three months of the
determination that such assessment is required by any Independent Person who regularly conducts environmental audits for purchasers

 

    	-198-

    	 

    

 

of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with
the Servicing Standard and, if applicable, any secured creditor impaired property policy issued on or prior to the Closing Date
with respect to any Mortgage Loan (including that the environmental assessment identify any potential pollution conditions (as
defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master Servicer shall advance
the cost of preparation of such environmental assessments unless the Master Servicer determines, in its good faith judgment, that
such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the
Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest
at the Advance Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06 of this Agreement.
Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall be provided to the
Certificateholder of any Regular Certificates and any related Serviced Companion Loan Holder upon written request to the Special
Servicer.

 

(g)        If
the Special Servicer determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion
Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer
determines pursuant to Section 3.10(e)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous
Materials are present, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan
Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged
Property as is required by law or regulation, then the Special Servicer shall take such action as it deems to be in the best economic
interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any
related Serviced Companion Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into
account the subordinate nature of any related Subordinate Companion Loan). The Master Servicer shall pay the cost of any such
compliance, containment, clean-up or remediation from the Collection Account.

 

(h)        The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported
with respect to any Mortgage Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report
to the IRS and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall
report, via IRS Form 1099C, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer
by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee, the Certificate
Administrator and, if affected, to any related Serviced Companion Loan Holder.

 

    	-199-

    	 

    

 

Section
3.11     Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any
Mortgage Loan or Serviced Loan Combination or the receipt by the Master Servicer or the Special Servicer of a notification
that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer
shall immediately notify the Trustee, the Certificate Administrator and the Custodian and, if affected, the related Serviced
Companion Loan Holder by delivery of a certification (which certification shall include a statement to the effect that all
amounts received or to be received in connection with such payment which are required to be deposited in the Collection
Account pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall
request delivery to it of the Mortgage File. No expenses incurred in connection with any instrument of satisfaction or deed
of reconveyance shall be chargeable to the Trust Fund.

 

From
time to time upon request of the Master Servicer or Special Servicer and delivery to the Custodian of a Request for Release, the
Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master
Servicer or Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or
conversion of the Mortgage Loan or Serviced Loan Combination into an REO Property, receipt by the Trustee and the Certificate
Administrator of a certificate of a Servicing Officer stating that such Mortgage Loan or Serviced Loan Combination was liquidated
and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the
Collection Account have been so deposited, or that such Mortgage Loan or Serviced Loan Combination has become an REO Property,
the Custodian shall deliver a copy of the Request for Release to the Master Servicer or Special Servicer, as applicable.

 

Within
three (3) Business Days, after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver
to the Special Servicer any court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer,
its agents or attorneys and reasonably acceptable to the Trustee, necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Loan or Serviced
Loan Combination, or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents
or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be
executed by the Trustee and a statement as to the reason such documents or pleadings are required, and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage or other security agreement,
except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

 

If
from time to time, pursuant to the terms of the Co-Lender Agreement and the applicable Outside Servicing Agreement related to
an Outside Serviced Trust Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside Serviced
Trust Loan, the related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery to it
of the original Note for such Outside Serviced Trust Loan, then such party shall deliver a Request for Release in the form of
Exhibit C attached hereto to the Custodian and the Custodian shall release or cause the release of such original Note to
the requesting party or its designee. In connection with the release of the original Note for an Outside Serviced Trust Loan in
accordance with the preceding sentence, the Custodian shall

 

    	-200-

    	 

    

 

obtain such documentation as is appropriate to evidence the holding
by the related Outside Servicer, the related Outside Special Servicer or such other similar party, as the case may be, of such
original Note as custodian on behalf of and for the benefit of the Trustee.

 

Section
3.12     Servicing Fees, Trustee/Certificate Administrator Fees, Custodian Fees and Special Servicing
Compensation.

 

(a)        As
compensation for its activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan and REO Mortgage
Loan (including the Outside Serviced Trust Loan but excluding the Outside Serviced Companion Loans) and each Serviced Companion
Loans and REO Companion Loan that is included as part of a Serviced Loan Combination and each Interest Accrual Period, to the
Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan
Combination or portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and
Section 3.06(a)(vii) and/or Section 3.06A of this Agreement, as applicable. In addition, the Master Servicer shall
be entitled to receive, as additional servicing compensation, (i) 100% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Performing Serviced Loan agreed to by the Master Servicer pursuant to Section 3.24
of this Agreement that did not require the approval of the Special Servicer, (ii) 50% of any Excess Modification Fees with respect
to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant
to Section 3.24 of this Agreement (regardless of whether the Master Servicer or the Special Servicer processes the related
servicing matter), (iii) 100% of any defeasance fee received in connection with a defeasance of a Serviced Loan as contemplated
under Section 3.09 of this Agreement, (iv) 100% of any Assumption Fees with respect to a Performing Serviced Loan consented
to by the Master Servicer that did not require the approval of the Special Servicer, (v) 50% of any Assumption Fees with respect
to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), (vi) the aggregate Prepayment Interest Excess (exclusive of any portion thereof attributable
to an Outside Serviced Trust Loan), but only to the extent such amount is not required to be included in any Compensating Interest
Payment, in each case to the extent received and not required to be deposited or retained in the Collection Account pursuant to
Section 3.05 of this Agreement, (vii) 100% of Ancillary Fees (other than fees for insufficient or returned checks) actually
received from Mortgagors on Performing Serviced Loans in the case of servicing actions processed by the Master Servicer, (viii)
100% of assumption application fees actually received from Mortgagors on Performing Serviced Loans in the case of assumptions
processed by the Master Servicer, (ix) 100% of Consent Fees with respect to a Performing Serviced Loan that did not require the
approval of the Special Servicer, (x) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to by the Special
Servicer (regardless of whether the Master Servicer or the Special Servicer processes the related servicing matter), (xi) 100%
of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than an Outside Serviced Trust Loan)
other than Excess Penalty Charges accrued during the period such Mortgage Loan is a Specially Serviced Loan, (xii) 100% of fees
for insufficient or returned checks actually received from Mortgagors on all Serviced Loans, and (xiii) in the case of any ARD
Mortgage Loan, 100% of any extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option
to exercise the related Anticipated Repayment Date option pursuant to the related Loan Documents unless the Special

 

    	-201-

    	 

    

 

Servicer’s
consent is required, then 50% of any such extension fee (regardless of whether the Master Servicer or the Special Servicer processes
the related servicing matter); provided, however, that the Master Servicer shall not be entitled to apply or retain
any amounts described in clauses (i) through (v) above as additional compensation with respect to a specific Mortgage Loan or
Serviced Loan Combination, as applicable, with respect to which a default or event of default thereunder has occurred and is continuing
unless and until such default or event of default has been cured (or has been waived in accordance with the terms of this Agreement)
and all delinquent amounts required to have been paid by the Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses
(other than Special Servicing Fees, Workout Fees and Liquidation Fees) both (x) due with respect to such Mortgage Loan or Serviced
Loan Combination, as applicable, and (y) in the case of expense items, that arose within the last 12 months, have been paid. The
Master Servicer shall also be entitled pursuant to, and to the extent provided for in Sections 3.06(a)(iii), Section
3.06(A) and Section 3.07(b), to withdraw from the Collection Account and the Loan Combination Custodial Accounts and
to receive from any Mortgagor Accounts (to the extent not payable to the related Mortgagor under a Mortgage Loan or Serviced Loan
Combination or applicable law) any interest or other income earned on deposits therein. Interest or other income earned on funds
in the Collection Account, Loan Combination Custodial Account and Mortgagor Accounts (to the extent consistent with the related
Loan Documents), shall be paid to the Master Servicer as additional servicing compensation and interest or other income earned
on funds in any REO Account shall be payable to the Special Servicer.

 

Wells
Fargo Bank, National Association and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at
its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in
either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided that
no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is
exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws
and is otherwise made in accordance with the Securities Act and such state securities laws, (ii) the prospective transferor shall
have delivered to the Depositor a certificate substantially in the form attached as Exhibit CC-1 to this Agreement, and
(iii) the prospective transferee shall have delivered to Wells Fargo Bank, National Association and the Depositor a certificate
substantially in the form attached as Exhibit CC-2 to this Agreement. None of the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee
Right under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to
permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. Wells
Fargo Bank, National Association and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge
or other assignment of such Excess Servicing Fee Right shall, and Wells Fargo Bank, National Association hereby agrees, and each
such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed,
in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders,
the Trust, the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee, the Custodian,
the Master Servicer, the Operating Advisor, the Certificate Registrar and the Special Servicer against any liability that may
result if such transfer is not exempt from registration and/or qualification under the

 

    	-202-

    	 

    

 

Securities Act or other applicable federal
and state securities laws or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions
of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to
use or disclose any information received in connection with its acquisition and holding of such Excess Servicing Fee Right in
any manner that could result in a violation of any provision of the Securities Act or other applicable securities laws or that
would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to
time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Person then acting as the Master
Servicer shall pay, out of each amount paid to such Master Servicer as Servicing Fees with respect to each related Mortgage Loan
or REO Mortgage Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within
one (1) Business Day following the payment of such Servicing Fees to the Master Servicer, in each case in accordance with payment
instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not
have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Depositor, the Special Servicer, the Trustee or the Custodian
shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess
Servicing Fee Right.

 

Except
as otherwise provided herein, the Master Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder, including all fees of any Sub-Servicers retained by it.

 

The
Master Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything
herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related
Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced
Pari Passu Companion Loan(s), and in no event shall Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s)
(including an REO Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or
the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, unless otherwise provided in the related
Co-Lender Agreement, in no event shall Servicing Fees with respect to such Serviced Subordinate Companion Loan (including an REO
Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari Passu Companion Loan(s),
the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights, if any, of the Master
Servicer under the related Co-Lender Agreement to seek payment of unpaid Servicing Fees with respect to any Serviced Companion
Loan from the related Serviced Companion Loan Holder.

 

(b)        As
compensation for its activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each Mortgage
Loan to its portion of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay the
Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the Trustee/Certificate
Administrator

 

    	-203-

    	 

    

 

Fee includes all routine expenses of the Trustee, the Certificate Registrar, the Paying Agent, the Certificate Administrator
and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights to the Trustee/Certificate
Administrator Fee may not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s
or Certificate Administrator’s, as applicable, responsibilities and obligations under this Agreement. As compensation for
its activities hereunder, on each Distribution Date the Custodian shall be entitled with respect to each Mortgage Loan to the
Custodian Fee. The Certificate Administrator shall remit to the Custodian the Custodian Fee with respect to each Distribution
Date. Except as otherwise provided herein, the Custodian Fee includes all routine expenses of the Custodian. The Custodian’s
rights to the Custodian Fee may not be transferred in whole or in part except in connection with the transfer of all of the Custodian’s
responsibilities and obligations under this Agreement.

 

(c)        As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
(including each Serviced Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest
Accrual Period to the Special Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or,
in the case of a Serviced Loan Combination or portion thereof, the related Loan Combination Custodial Account as set forth in
Section 3.06(a) and Section 3.06A. The Special Servicer’s rights to the Special Servicing Fee may not be transferred
in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations
under this Agreement. In addition, the Special Servicer shall be entitled to receive, as additional servicing compensation, (i)
50% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan
consented to by the Special Servicer pursuant to Section 3.24 of this Agreement (regardless of whether the Master Servicer
or the Special Servicer processes the related servicing matter), (ii) 100% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Specially Serviced Loan consented to by the Special Servicer pursuant to Section 3.24
of this Agreement, (iii) 100% of any Assumption Fees with respect to a Specially Serviced Loan, (iv) 50% of any Assumption Fees
with respect to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or
the Special Servicer processes the related servicing matter), (v) 100% of Ancillary Fees (other than fees for insufficient or
returned checks) actually received from Mortgagors with respect to (a) Specially Serviced Loans, and (b) Performing Serviced Loans
in the case of servicing actions processed by the Special Servicer, (vi) 100% of assumption application fees actually received
from Mortgagors on (a) Specially Serviced Loans and (b) Performing Serviced Loans in the case of assumptions processed by the
Special Servicer, (vii) 100% of Consent Fees with respect to a Specially Serviced Loan, (viii) 50% of any Consent Fees with respect
to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), (ix) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage
Loan (other than an Outside Serviced Trust Loan) accrued during the period such Mortgage Loan is a Specially Serviced Loan, (x)
any interest or other income earned on deposits in the REO Accounts, and (xi) in the case of any ARD Mortgage Loan, 50% of any
extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related Anticipated
Repayment Date option pursuant to the related Loan Documents (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), unless the Special Servicer’s consent is not required, then

 

    	-204-

    	 

    

 

0% of any such extension
fee. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside Serviced Trust Loans.

 

Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder.

 

The
Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each
Corrected Loan at the Workout Fee Rate on such Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected
Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to any Outside Serviced Trust Loan. The Workout
Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided
that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the
Special Servicer is terminated (other than for cause) or resigns: (1) it shall retain the right to receive any and all Workout
Fees payable in respect of Mortgage Loans or Serviced Loan Combinations that became Corrected Loans prior to the time of that
termination or resignation except the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination
subsequently becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan
or Serviced Loan Combination that was, at the time of that termination or resignation, a Specially Serviced Loan for which the
resigning or terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated
by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was
terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Monthly
Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Monthly
Payments. In either case, the successor special servicer will not be entitled to any portion of such Workout Fees. The Special
Servicer shall also be entitled to additional servicing compensation in the form of a Liquidation Fee (other than with respect
to the Outside Serviced Trust Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds
in the Collection Account or the Loan Combination Custodial Account, as applicable. However, no Liquidation Fee will be payable
with respect to an Outside Serviced Trust Loan or in connection with, or out of, Liquidation Proceeds as set forth in the final
two provisos of the definition of “Liquidation Fee” herein. Notwithstanding anything herein to the contrary, the Special
Servicer shall not be entitled to receive both a Liquidation Fee and a Workout Fee with respect to any specific collections or
proceeds on any Mortgage Loan or Serviced Loan Combination. For purposes of the foregoing provisions of this Section 3.12(c),
a termination and removal of the Special Servicer under Section 6.08 of this Agreement shall be deemed to constitute a
termination without cause.

 

If
at any time a Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its
reasonable efforts to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor
pursuant to the related Loan Documents, including exercising all remedies available under such Loan Documents that would be in
accordance with the Servicing Standard, specifically taking into account the costs or likelihood of success of any such collection
efforts and the Realized Loss that would be incurred by Certificateholders in connection therewith as

 

    	-205-

    	 

    

 

opposed to the Realized
Loss that would be incurred as a result of not collecting such amounts from the related Mortgagor.

 

The
Special Servicer shall not be entitled to any Liquidation Fee with respect to any Outside Serviced Trust Loan or any Outside Serviced
Companion Loan. In addition, the Special Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage
Loan.

 

Notwithstanding
anything herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation
with respect to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with
respect to the related Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect
to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections
with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion
Loan, unless otherwise provided in the related Co-Lender Agreement, in no event shall Special Servicing Compensation with respect
to such Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any
related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended
to limit the rights of the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing
Compensation with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(d)        The
Master Servicer, Special Servicer, the Certificate Administrator, the Custodian and Trustee shall be entitled to reimbursement
from the Trust Fund for the costs and expenses incurred by them in the performance of their duties under this Agreement which
are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Appraisals in connection
with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable
in Section 3.06(a)(vi) of this Agreement.

 

(e)        No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of
any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business
judgment of the Master Servicer, Special Servicer, the Certificate Administrator, the Custodian or the Trustee, as the case may
be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Condemnation Proceeds,
Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent
recovery is permitted from a Serviced Loan Combination hereunder) or from adequate indemnity from other assets comprising the
Trust Fund against such risk or liability.

 

If
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request
or inquiry from a Mortgagor, any

 

    	-206-

    	 

    

 

Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee the cost of which
would not be an expense of the Trust Fund hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such request
or inquiry unless the Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment
of the Master Servicer’s, the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s
or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such
expenses) satisfactory to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the
Trustee as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be, shall have no liability to any
Person for the failure to respond to such request or inquiry.

 

(f)        With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Certificate Administrator,
without charge and within two Business Days following the related Determination Date, an electronic report that discloses and
contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates
during the related Collection Period.

 

(g)        The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees or rebates) from any Person (including, without limitation,
the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion
Loan and any purchaser of any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Serviced Loan, the management or disposition of any REO Property, or the performance of any other
special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that
such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees or the fees received by any Person acting as an
Outside Servicer or Outside Special Servicer as expressly provided for under the applicable Outside Servicing Agreement with respect
to an Outside Serviced Trust Loan, or as master servicer or special servicer as expressly provided for under the applicable Other
Pooling and Servicing Agreement governing the securitization of a Serviced Companion Loan.

 

Section
3.13     Compensating Interest Payments. The Master Servicer shall deliver to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right
of reimbursement therefor, an amount equal to the lesser of (i) the aggregate of all Prepayment Interest Shortfalls incurred
in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans and Serviced Pari
Passu Companion Loans (other than the Specially Serviced Loans and Defaulted Loans), other than Principal Prepayments
received in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, during the most recently ended
Prepayment

 

    	-207-

    	 

    

 

Period, and (ii) the sum of (A) the aggregate Servicing Fees up to a maximum rate of 0.0025% per annum for
the related Distribution Date with respect to each Serviced Mortgage Loan (and related REO Mortgage Loan) and Serviced Pari
Passu Companion Loan (and related REO Companion Loan) for which such Servicing Fees are being paid in such Prepayment
Period and (B) all Prepayment Interest Excesses received during the related Prepayment Period (and net investment earnings
thereon); provided that the Master Servicer shall pay (without regard to clause (ii) above) the aggregate of all
Prepayment Interest Shortfalls otherwise described in clause (i) above incurred in connection with Principal Prepayments
received in respect of the Serviced Mortgage Loans during the most recently ended Prepayment Period to the extent such
Prepayment Interest Shortfalls were the result of the Master Servicer’s failure to enforce the related Loan Documents.
No Compensating Interest Payments shall be made by the Master Servicer for any Outside Serviced Trust Loan, Outside Serviced
Companion Loan or Subordinate Companion Loan. Any Compensating Interest Payments made with respect to a Serviced Pari Passu
Companion Loan will be paid to the related Companion Loan Holder.

 

Section
3.14     Application of Penalty Charges and Modification Fees.

 

(a)        On
or prior to the second Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all Penalty Charges
and Modification Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced Loan Combination)
and not applied pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable, of this Agreement) received
by it with respect to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced Trust Loan (to the extent
allocable to such Outside Serviced Trust Loan pursuant to the related Co-Lender Agreement and remitted to the Master Servicer
by the related Outside Servicer) during the related Prepayment Period, as follows:

 

(i)        first,
to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master Servicer, the Special
Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed Advances that have been determined
to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional Trust Fund Expenses (exclusive
of Special Servicing Fees, Workout Fees and Liquidation Fees) other than Borrower Delayed Reimbursements, in each case, with respect
to such Mortgage Loan or Serviced Loan Combination;

 

(ii)       second,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all Advances
(and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan Combination previously determined to
be Nonrecoverable Advances and previously reimbursed to the Master Servicer and/or the Trustee, as applicable, from amounts on
deposit in the Collection Account (and such amounts will be retained or deposited in the Collection Account as recoveries of such
Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower Delayed Reimbursements;

 

(iii)      third,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all other
Additional Trust Fund

 

    	-208-

    	 

    

 

Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage
Loan or Serviced Loan Combination previously paid from the Collection Account or related Loan Combination Custodial Account (and
such amounts will be retained or deposited in the Collection Account or related Loan Combination Custodial Account as recoveries
of such Additional Trust Fund Expenses) other than Borrower Delayed Reimbursements; and

 

(iv)       fourth,
to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer or the Special Servicer,
as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12 of this
Agreement prior to the applications set forth in clauses (i) through (iii) above;

 

provided
that, notwithstanding the foregoing, in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes
and in the order set forth in the related Co-Lender Agreement.

 

(b)        In
connection with the operation of the provisions of this Section 3.14, not later than the 25th day of the month in which
each Distribution Date occurs (beginning with the 25th day of the month following the first Collection Period in which an Additional
Trust Fund Expense, Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the Special Servicer
a report in the form reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information regarding
(1) the amount of Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the Special Servicer,
as applicable, and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges, Modification Fees
and Assumption Fees, in each case for the related Collection Period or other reporting period as agreed to by the Master Servicer
and the Special Servicer. The Master Servicer shall respond promptly to any inquiries of the Special Servicer with respect to
the contents of any such report and shall provide any supporting information with respect thereto that is reasonably requested
by the Special Servicer.

 

Section
3.15     Access to Certain Documentation. The Master Servicer and Special Servicer shall
provide to the Trustee, the Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence
and continuance of any Consultation Termination Event), the Operating Advisor, the Underwriters, the Initial Purchasers, the
Depositor and any Certificateholders and Serviced Companion Loan Holders that are, in the case of any Certificateholder or
Serviced Companion Loan Holder, federally insured financial institutions, the Federal Reserve Board, the FDIC and the OCC and
the supervisory agents and examiners of such boards and such corporations, and any other governmental or regulatory body to
the jurisdiction of which any Certificateholder or Serviced Companion Loan Holder is subject, access to the documentation
regarding the Mortgage Loans required by applicable regulations of the Federal Reserve Board, FDIC, OCC or any such
governmental or regulatory body, such access being afforded without charge but only upon reasonable request and during normal
business hours at the offices of the Master Servicer or Special Servicer (which access shall be limited, in the case of the
Serviced Companion Loan Holders or any regulatory authority seeking such access in respect of the Serviced Companion Loan
Holders, to records relating to the Serviced Companion Loans). Nothing in this Section 3.15 shall detract from the
obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of

 

    	-209-

    	 

    

 

information
with respect to the Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as provided in
this Section 3.15 as a result of such obligation shall not constitute a breach of this Section 3.15.

 

In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced
Companion Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan
Holder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion
Loan Holder of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including
copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information
or access was required to be given or made available without charge under applicable law. In connection with providing Certificateholders
or beneficial owners of Certificates access to the information described in the preceding paragraph, the Master Servicer and the
Special Servicer shall require (prior to affording such access) a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to
the effect that such Person is a Holder of Certificates or a beneficial holder of book entry Certificates and will keep such information
confidential.

 

Upon
the reasonable request of (1) any Certifying Certificateholder or Serviced Companion Loan Holder, the Master Servicer may provide
(or forward electronically) (at the expense of such Certificateholder or Serviced Companion Loan Holder) copies of any operating
statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer (provided that
in no event shall an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded Controlling
Class Mortgage Loan with respect to which it is a Borrower Party) or (2) any Controlling Class Certificateholder identified to
the Master Servicer in an Investor Certification, the Master Servicer shall provide (or forward electronically) (at the expense
of such Controlling Class Certificateholder) any Excluded Information (not accessible through the Certificate Administrator’s
Website) relating to any Excluded Controlling Class Mortgage Loan with respect to which such Controlling Class Certificateholder
is not an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer may require a
written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master
Servicer generally to the effect that such Person is a Holder of Certificates or Serviced Companion Loan Securities (or any registered
holder or beneficial owner of Serviced Companion Loan Securities) or a beneficial holder of Book-Entry Certificates or a regulator
or a governmental body and will keep such information confidential.

 

In
addition, in connection with providing access to information pursuant to this Section 3.15, each of the Master Servicer
and the Special Servicer may (i) affix a reasonable disclaimer to any information provided by it for which it is not the original
source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable
statement regarding securities law restrictions on such information and/or condition access to information on the execution of
a reasonable confidentiality agreement; (iii) withhold access to confidential information or any intellectual property; and (iv)
withhold access to items of information contained in the Servicing File for any Mortgage Loan or Serviced

 

    	-210-

    	 

    

 

Companion Loan if the
disclosure of such items would constitute a waiver of the attorney-client privilege.

 

Each
of the Master Servicer and the Special Servicer, as appropriate, shall, without charge, make a knowledgeable Servicing Officer
available via telephone to verbally answer questions from any related Serviced Companion Loan Holder, the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event) and the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event), on a monthly basis, during regular business hours at such time
and for such duration as the Master Servicer, the Special Servicer, any related Serviced Companion Loan Holder, the Operating
Advisor (after the occurrence and during the continuance of a Control Termination Event) and the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event) shall reasonably agree, regarding the performance
and servicing of the applicable Serviced Mortgage Loans and/or related REO Properties for which the Master Servicer or the Special
Servicer, as applicable, is responsible. In any event, the Operating Advisor and the related Directing Holder agree to identify
for the Master Servicer and the Special Servicer in advance (but at least two (2) Business Days prior to the related monthly conference)
the applicable Mortgage Loans (or Serviced Loan Combination) and/or REO Properties it intends to discuss. As a condition to such
disclosure, the related Directing Holder shall execute a confidentiality agreement substantially in the form of Exhibit M-4
to this Agreement and an Investor Certification.

 

The
Master Servicer may (but shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion,
make available through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans,
the Serviced Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information,
for review by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.

 

After
the occurrence and during the continuation of a Control Termination Event, the Special Servicer shall deliver to the Operating
Advisor such reports and other information produced or otherwise available to any Outside Controlling Note Holder, the Controlling
Class Representative or Certificateholders generally, as requested by the Operating Advisor in support of the performance of the
Operating Advisor’s obligations under this Agreement in electronic format.

 

The
Operating Advisor hereby agrees that it shall use the information provided to it by the Special Servicer solely for purposes of
performing its duties as Operating Advisor under this Agreement and shall not disclose such information to any other Person or
entity unless (i) with respect to Privileged Information, pursuant to Section 3.29(j) of this Agreement, or (ii) with respect
to any information other than Privileged Information, to the extent necessary to support its conclusions in its Operating Advisor
Annual Report required under Section 3.29 of this Agreement or to discharge its other duties under this Agreement.

 

    	-211-

    	 

    

 

Section
3.16     Title and Management of REO Properties.

 

(a)        In
the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Trust Loan)
is acquired for the benefit of Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the Certificateholders
and the related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such
Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability
company established for that purpose) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy,
the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the Master Servicer),
or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special
Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following the
year in which the Lower-Tier REMIC acquires ownership of such REO Property, within the meaning of Treasury Regulations Section
1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants (or does not deny) an extension of time (an
“REO Extension”) to sell such REO Property or (ii) the Special Servicer obtains an Opinion of Counsel for the
Special Servicer, the Certificate Administrator and the Trustee, addressed to the Special Servicer, the Certificate Administrator
and the Trustee, to the effect that the holding by the Lower-Tier REMIC of such REO Property subsequent to the close of the third
calendar year following the year in which such acquisition occurred will not result in the imposition of taxes on “prohibited
transactions” (as defined in Code Section 860F) of either Trust REMIC, or cause either Trust REMIC to fail to qualify as
a REMIC under the Code for federal income tax purposes at any time that any Lower-Tier Regular Interests or Regular Certificates
are outstanding. If the Special Servicer is granted (or is not denied) the REO Extension contemplated by clause (i) of the immediately
preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special
Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel,
as the case may be. Any expense incurred by the Special Servicer in connection with its receiving the REO Extension contemplated
by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second
preceding sentence shall be an expense of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a)
of this Agreement. The Special Servicer, on behalf of the Trust Fund and any related Serviced Companion Loan Holder, in accordance
with the Servicing Standard, shall dispose of any REO Property held by the Trust Fund (i) prior to the last day of such period
(taking into account extensions) by which such REO Property is required to be disposed of pursuant to the provisions of the immediately
preceding sentence in a manner provided under Section 3.17 of this Agreement and (ii) on the same terms and conditions
as if it were the owner of such REO Property. The Special Servicer shall manage, conserve, protect and operate each REO Property
for the Certificateholders and, if applicable, the related Serviced Companion Loan Holder, solely for the purpose of its prompt
disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Code Section 860G(a)(8) or result in the receipt by the Trust Fund of any “income from non-permitted
assets” within the meaning of Code Section 860F(a)(2)(B) or (i) endanger the status of either Trust REMIC as a REMIC or
(ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund.

 

    	-212-

    	 

    

 

(b)        The
Special Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement,
to do any and all things in connection with any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) as are consistent with the Servicing Standard and the terms of this Agreement, all on such terms and for such period as
the Special Servicer deems to be in the best interests of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
any related Subordinate Companion Loan)), and, in connection therewith, the Special Servicer shall only agree to the payment of
management fees that are consistent with general market standards or to terms that are more favorable. Consistent with the foregoing,
the Special Servicer shall cause or permit to be earned with respect to such REO Property any “net income from foreclosure
property,” within the meaning of Code Section 860G(c), which is subject to tax under the REMIC Provisions only if it has
determined, and has so advised the Certificate Administrator in writing, that the earning of such income on a net after-tax basis
could reasonably be expected to result in a greater recovery on behalf of Certificateholders and, if applicable, the related Serviced
Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion
Loan Holder(s), constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate
nature of any related Subordinate Companion Loan)) than an alternative method of operation or rental of such REO Property that
would not be subject to such a tax. The Special Servicer shall segregate and hold all revenues received by it with respect to
any REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any
REO Property a segregated custodial account (each, an “REO Account”), each of which shall be an Eligible Account
and (subject to any changes in the identities of the Special Servicer and/or the Trustee) shall be entitled “LNR Partners,
LLC, as Special Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders
of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, [IN THE CASE OF
AN REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION: and the related Serviced Companion Loan Holder, as their interests may
appear], REO Account.” The Special Servicer shall be entitled to withdraw for its account any interest or investment income
earned on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer
shall deposit or cause to be deposited in the REO Account within one (1) Business Day after receipt all revenues and proceeds
received by it with respect to any REO Property, and shall withdraw therefrom funds necessary for the proper operation, management
and maintenance of such REO Property and for other Property Protection Expenses with respect to such REO Property, including:

 

(i)        all
insurance premiums due and payable in respect of any REO Property;

 

(ii)       all
real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)      all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property including,
if applicable, the payments of any ground rents in respect of such REO Property; and

 

    	-213-

    	 

    

 

(iv)       any
taxes imposed on either Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05
of this Agreement.

 

To
the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special
Servicer has provided written notice of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency
situation or on an urgent basis, two (2) Business Days, provided that the written notice sets forth the nature of the emergency
or the basis of the urgency) prior to the date that such amounts are due, the Master Servicer shall advance the amount of such
shortfall unless the Master Servicer determines, in its good faith business judgment, that such Advance would be a Nonrecoverable
Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection
Account). If the Master Servicer does not make any such Advance in violation of the immediately preceding sentence, the Trustee
shall make such Advance unless the Trustee determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be
entitled to rely, conclusively, on any determination by the Master Servicer that an Advance, if made, would be a Nonrecoverable
Advance. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith
business judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with
interest at the Advance Rate) made pursuant to the preceding sentence, to the extent set forth in Section 3.06 and/or,
if applicable, Section 3.06A of this Agreement. The Special Servicer shall withdraw from each REO Account and remit to
the Master Servicer for deposit into the Collection Account, or, for a Serviced Loan Combination, the related Loan Combination
Custodial Account, on a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received or collected from each REO Property during the related
Prepayment Period, except that in determining the amount of any such Net REO Proceeds, the Special Servicer may retain in each
REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses. Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)        permit
the Trust Fund to enter into, renew or extend any New Lease, if the New Lease by its terms will give rise to any income that does
not constitute Rents from Real Property;

 

(ii)       permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)      authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the related Mortgage Loan or Serviced Loan Combination became imminent, all within the meaning of
Code Section 856(e)(4)(B); or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by
the Trust Fund, unless such Person is an Independent Contractor;

 

    	-214-

    	 

    

 

unless,
in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, any
related Serviced Companion Loan Holder, the Certificate Administrator and the Trustee (which opinion shall be an expense of the
Trust Fund and, if any related Serviced Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the
effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning
of Code Section 860G(a)(8) (determined without regard to the exception applicable for purposes of Code Section 860D(a)) at any
time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion
of Counsel.

 

The
Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense
of the Trust Fund and payable out of REO Proceeds, for the operation and management of any REO Property, within 90 days of the
Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator
with an Opinion of Counsel that the operation and management of any REO Property other than through an Independent Contractor
shall not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section
860G(a)(8)) (which opinion shall be an expense of the Trust Fund), provided that:

 

(i)        the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than thirty days following
the receipt thereof by such Independent Contractor;

 

(iii)      none
of the provisions of this Section 3.16(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund or the Trustee
on behalf of the Certificateholders and, if applicable, any related Serviced Companion Loan Holder with respect to the operation
and management of any such REO Property; and

 

(iv)       the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such REO Property.

 

The
Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related
to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)        When
and as necessary, the Special Servicer shall send to the Trustee and the Certificate Administrator and the related Serviced Companion
Loan Holder (or the master

 

    	-215-

    	 

    

 

servicer or special servicer for the related Other Securitization Trust on its behalf) a statement
prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes,
resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service
to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property
in accordance with Section 3.16(a) and Section 3.16(b) of this Agreement.

 

(d)        Notwithstanding
anything to the contrary, this Section 3.16 shall not apply to any REO Property related to an Outside Serviced Trust Loan.

 

Section
3.17     Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Trust Loans.

 

(a)        The
parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced Trust Loan)
only (i) on the terms and subject to the conditions set forth in this Section 3.17, (ii) as otherwise expressly provided
in or contemplated by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in the case of a Mortgage Loan related
to a Serviced Loan Combination in accordance with and subject to the provisions of the related Co-Lender Agreement and Section
3.28 of this Agreement and (B) in the case of a Mortgage Loan with a related mezzanine loan or subordinate mortgage loan,
in accordance with and subject to the provisions of the related intercreditor agreement.

 

(b)        Promptly
upon a Serviced Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with the Servicing Standard
that it would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any
related Serviced Pari Passu Companion Loan Holder (as a collective whole as if such Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder, constituted a single lender) to attempt to
sell such Defaulted Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Loan on behalf
of the Certificateholders and, if applicable, any related Serviced Pari Passu Companion Loan Holder in such manner as will be
reasonably likely to realize a fair price. Subject to the other subsections of this Section 3.17, the Special Servicer
shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person
that constitutes a fair price for such Defaulted Loan. The Special Servicer shall notify the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), any related Outside Controlling Note Holder and
the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event) of any inquiries or offers
received regarding the sale of any Defaulted Loan. Any Serviced Pari Passu Companion Loan that is part of a Defaulted Serviced
Loan Combination is to be sold together with the related Mortgage Loan, subject to this Section 3.17 and any additional
requirements set forth in the related Co-Lender Agreement.

 

(c)        The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder (in the case of a Serviced Loan Combination), the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event), any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) and the Operating Advisor

 

    	-216-

    	 

    

 

(after the occurrence and during the continuance of a Control Termination Event) not less
than five (5) Business Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall
be obligated to submit an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted Loan
pursuant hereto.

 

(d)        Whether
any cash offer constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this Agreement shall
be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee,
if the highest offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at
least two other offers are received from independent third parties; and provided, further, notwithstanding the immediately
preceding proviso, the Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan)
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In all cases under this
Agreement, in determining whether any offer received from an Interested Person represents a fair price for any Defaulted Loan,
the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser
conducting any such new Appraisal shall be an Appraiser selected by (i) the Special Servicer if no Interested Person is offering
with respect to a Defaulted Loan and (ii) the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall
be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance. In determining whether any such offer
from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall
take into account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained
pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes
a fair price for any such Defaulted Loan, any Appraiser shall be instructed to take into account, as applicable, among other factors,
the period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of the related Mortgaged
Property and the state of the local economy. Notwithstanding anything contained in this Section 3.17(d) to the contrary,
if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price for the subject
Defaulted Loan, the Trustee may (at its option and at the expense of the Interested Person) designate an independent third party
expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing mortgage loans
similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes
a fair price for such Defaulted Loan. If the Trustee designates such a third party to make such determination, the Trustee will
be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party pursuant to this Section 3.17(d) will be covered
by, and will be reimbursable by the Interested Person; provided that the Trustee will not engage a third party expert whose
fees exceed a commercially reasonable amount as determined by the Trustee.

 

(e)        Subject
to Section 3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g) and Section 3.17(m),
the Special Servicer shall act on behalf of the Trust Fund

 

    	-217-

    	 

    

 

and any affected Serviced Companion Loan Holder in negotiating and
taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all
amounts payable in connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may
retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable, the
Loan Combination Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the Certificate
Administrator or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically
given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated
in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.

 

(f)        Subject
to (x) the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights of a Subordinate
Companion Loan Holder, under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan Combination (or
senior portion thereof), unless and until a Defaulted Loan is sold pursuant to this Section, the Special Servicer shall continue
to service and administer such Defaulted Loan in accordance with the Servicing Standard and this Agreement and shall pursue such
other resolutions or recovery strategies including workout, foreclosure or sale of such Defaulted Loan, as is consistent with
this Agreement and the Servicing Standard.

 

(g)        Any
sale of a Defaulted Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Defaulted Loan
purchased under this Section 3.17 or any Outside Serviced Trust Loan sold in accordance with the related Co-Lender Agreement
or Outside Servicing Agreement, shall be deposited into the Collection Account or the related Loan Combination Custodial Account,
as applicable, and the Custodian, upon receipt of an Officer’s Certificate from the Master Servicer to the effect that such
deposit has been made, shall release or cause to be released to the purchaser of the Defaulted Loan the related Mortgage File,
and the Trustee, the Master Servicer or the Special Servicer, as applicable, shall execute and deliver such instruments of transfer
or assignment, in each case without recourse, as shall be necessary to vest in such purchaser ownership of such Defaulted Loan.
In connection with any such purchase, the Special Servicer and the Master Servicer shall deliver the related Servicing File (to
the extent either has possession of such file) to such purchaser.

 

(h)        The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property related to
an Outside Serviced Trust Loan) only on the terms and subject to the conditions set forth in this Section 3.17.

 

(i)        The
Special Servicer shall use reasonable efforts to solicit offers for each REO Property (other than an REO Property related to an
Outside Serviced Trust Loan) on behalf of the Certificateholders and the related Serviced Companion Loan Holder in such manner
as will be reasonably likely to realize a fair price within the time period specified by Section 3.16 of this Agreement.
Subject to Section 3.17(m) of this Agreement, the Special Servicer shall accept the first (and, if multiple offers are
contemporaneously received, highest) cash offer received

 

    	-218-

    	 

    

 

from any Person that constitutes a fair price for such REO Property.
If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price
for any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) within the time constraints imposed
by Section 3.16 of this Agreement, then the Special Servicer shall dispose of such REO Property upon such terms and conditions
as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection
therewith, shall accept the highest outstanding cash offer, regardless from whom received. The Liquidation Proceeds (net of related
Liquidation Expenses) for any REO Property sold hereunder shall be deposited in the Collection Account or, if applicable, the
related Loan Combination Custodial Account. The Special Servicer shall notify the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event), any related Outside Controlling Note Holder, the Operating Advisor
(after the occurrence and during the continuance of a Control Termination Event) and, in the case of a Serviced Loan Combination,
any related Serviced Companion Loan Holder of any inquiries or offers received regarding the sale of any REO Property hereunder.

 

(j)        The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any
related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating Advisor
(after the occurrence and during the continuance of a Control Termination Event) not less than three (3) Business Days’
prior written notice of its intention to sell any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) hereunder. No Interested Person shall be obligated to submit an offer to purchase any REO Property, and notwithstanding
anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer
to purchase, or purchase, any REO Property pursuant hereto.

 

(k)        Whether
any cash offer constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) for purposes of Section 3.17(i) of this Agreement shall be determined by the Special Servicer, if the highest offeror
is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided
that the Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute
a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third
parties; and provided, further, notwithstanding the immediately preceding proviso, the Purchase Price for any such
REO Property shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In determining
whether any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall be supplied
with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding
9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall
be an Appraiser selected by the Special Servicer if no Interested Person is offering with respect to such REO Property and selected
by the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall be covered by, and shall be reimbursable
to, the Master Servicer as a Property Advance. In determining whether any such offer from a Person other than an Interested Person
constitutes a fair price for any such REO Property, the Special Servicer shall take into account (in addition to

 

    	-219-

    	 

    

 

the results of
any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior
9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such REO Property,
any Appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency
on the related Mortgage Loan or Serviced Loan Combination, the occupancy level and physical condition of such REO Property, the
state of the local economy and the obligation to dispose of such REO Property within the time period specified in Section 3.16
of this Agreement.

 

(l)        Subject
to Section 3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement, the Special Servicer shall
act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other action necessary
or appropriate in connection with the sale of any Defaulted Loan or REO Property (other than an REO Property related to an Outside
Serviced Trust Loan), and the collection of all amounts payable in connection therewith. In connection therewith, the Special
Servicer may charge prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the
preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts
into the Collection Account or, if applicable, the related Loan Combination Custodial Account. Any sale of any Defaulted Loan
or REO Property (other than an REO Property related to an Outside Serviced Trust Loan) shall be final and without recourse to
the Trustee, the Certificate Administrator or the Trust Fund or any related Serviced Companion Loan Holder (except such recourse
to the Trust Fund and the related Serviced Companion Loan Holder imposed by those representations and warranties typically given
in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated in
accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.

 

(m)        Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for a Defaulted Loan if the Special Servicer determines (in consultation with the Controlling Class Representative
(unless a Consultation Termination Event exists or a Serviced Outside Controlled Loan Combination is involved) and any related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved)), in accordance with the Servicing
Standard, that rejection of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, any related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender), and the Special Servicer
may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in its reasonable and good
faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, the related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender) (for example, if the
prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer
making the lower offer are more favorable).

 

    	-220-

    	 

    

 

Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for an REO Property (other than an REO Property related to an Outside Serviced Trust Loan) if the Special Servicer
determines (in consultation with the related Directing Holder (unless, if the Controlling Class Representative is the related
Directing Holder, a Consultation Termination Event exists)), in accordance with the Servicing Standard, that rejection of such
offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced
Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable,
any Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking
into account the subordinate nature of the related Subordinate Companion Loan)), and the Special Servicer may accept a lower cash
offer (from any Person other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance
of such offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to
a Serviced Loan Combination, any related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, any related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced
AB Loan Combination, taking into account the subordinate nature of the related Serviced Subordinate Companion Loan)) (for example,
if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective
buyer making the lower offer are more favorable).

 

(n)        In
no event shall the Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer on the
Trust’s behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan, or any Companion Loan or
any Mortgage Loan.

 

(o)        Notwithstanding
anything herein to the contrary, any party identified in the related Co-Lender Agreement or Outside Servicing Agreement (which,
if the identified party is the holder of an Outside Serviced Trust Loan, shall mean the Controlling Class Representative for so
long as no Control Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the Trust,
shall be entitled to purchase an Outside Serviced Trust Loan in accordance with the terms and conditions set forth in the related
Co-Lender Agreement and Outside Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer or the
Special Servicer on its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan or the related Companion
Loan(s) or any other Mortgage Loan.

 

(p)        Notwithstanding
anything to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17 will remain
subject to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan Holder as
set forth in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor
agreement. The Special Servicer shall determine the price to be paid in accordance with the terms of the related Co-Lender Agreement
or the related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate
Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder
or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor
agreement in connection with each such holders’ purchase rights.

 

    	-221-

    	 

    

 

(q)        With
respect to any Serviced Pari Passu Loan Combination (other than any such Loan Combination that is a Serviced Outside Controlled
Loan Combination), the parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu
Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced
Mortgage Loan in accordance with this Section 3.17, then the Special Servicer will be required to sell each related Serviced
Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and
subject to any rights of the related Directing Holder and/or the holder of any related Serviced Pari Passu Companion Loan hereunder
or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell
any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent
of each related Serviced Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting party
is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered to such related Serviced
Pari Passu Companion Loan Holder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell
such Defaulted Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together
with (1) in the case of any Serviced Pari Passu Loan Combination other than the Hilton Nashville Loan Combination, any material
amendments to such bid packages and (2) in the case of the Hilton Nashville Loan Combination, any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date,
a copy of the most recent appraisal for the subject Serviced Pari Passu Loan Combination, and (1) in the case of any Serviced
Pari Passu Loan Combination other than the Hilton Nashville Loan Combination, any documents in the Servicing File reasonably requested
by such related Serviced Pari Passu Companion Loan Holder that are material to the price of the subject Serviced Pari Passu Loan
Combination and (2) in the case of the Hilton Nashville Loan Combination, any documents in the Servicing File reasonably requested
by such related Serviced Pari Passu Companion Loan Holder; and (d) until the sale is completed, and a reasonable period of time
(but no less time than is afforded to other offerors) prior to the proposed sale date, all information and other documents being
provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer
in connection with the proposed sale; provided, that a related Serviced Pari Passu Companion Loan Holder may waive as to itself
any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative and each related Serviced
Pari Passu Companion Loan Holder will be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser
at any sale of, the subject Defaulted Serviced Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate
of the related Mortgagor.

 

(r)        With
respect to any Serviced Pari Passu Loan Combination that is a Serviced Outside Controlled Loan Combination, the parties hereto
acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes a Defaulted
Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with
this Section 3.17, then the Special Servicer will be required to sell the related Serviced Pari Passu Companion Loan together
with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related
Directing Holder, the Controlling Class Representative and/or the holder of any related non-controlling Serviced Pari Passu Companion
Loan hereunder or under the related

 

    	-222-

    	 

    

 

Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer
shall not sell any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written
consent of the Controlling Class Representative (unless a Consultation Termination Event exists), the related Outside Controlling
Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan (provided that such consent is not
required if the consenting party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer
has delivered to the Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related
non-controlling Serviced Pari Passu Companion Loan: (a) at least 15 Business Days’ prior written notice of any decision
to attempt to sell such Serviced Pari Passu Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of
each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with
any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject
Serviced Pari Passu Loan Combination, and any documents in the Servicing File reasonably requested by the Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan
that are material to the price of the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed, and a
reasonable period of time (but no less time than is afforded to other offerors and the Controlling Class Representative) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, that the
Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan may each waive as to itself any of the delivery or timing requirements set forth in this sentence. The
Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan shall be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser
at any sale of, the subject Serviced Pari Passu Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate
of the related Mortgagor.

 

With
respect to each Serviced AB Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination,
and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17,
then the Special Servicer shall be permitted to sell the related Serviced Subordinate Companion Loan together with such Serviced
Mortgage Loan and any related Serviced Pari Passu Companion Loan as one whole loan in accordance with this Agreement and the related
Co-Lender Agreement, provided that the Special Servicer has received prior written consent from the holder of such Serviced Subordinate
Companion Loan.

 

(s)        With
respect to any Outside Serviced Trust Loan upon becoming a “Defaulted Mortgage Loan” (as such term or any analogous
term is defined pursuant to the terms of the applicable Outside Servicing Agreement), and with respect to any REO Property related
to an Outside Serviced Trust Loan, the liquidation of such Outside Serviced Trust Loan or such REO Property shall be administered
by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement and the related Co-Lender
Agreement. Any such sale of an Outside Serviced Trust Loan or any related REO Property pursuant to the applicable Outside Servicing
Agreement and/or the related Co-Lender Agreement shall be final and without

 

    	-223-

    	 

    

 

recourse to the Trustee or the Trust, and none of
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder
with respect to the purchase price for such Outside Serviced Trust Loan or such REO Property accepted on behalf of the Trust.
Any proceeds of such a sale received by the Trust Fund shall be promptly deposited in the Collection Account.

 

Section
3.18     Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports
to the Serviced Companion Loan Holder.

 

(a)        The
Master Servicer (or, with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect or cause
to be inspected each Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent with the
Servicing Standard, but in any event at least once every calendar year with respect to such Mortgaged Property relating to Serviced
Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year with respect
to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance of less than $2,000,000,
in each case commencing in 2016; provided that the Master Servicer is not required to inspect any Mortgaged Property that
has been inspected by the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced Loan Combination
becomes a Specially Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as soon as practicable
and thereafter at least every calendar year for so long as such condition exists. The cost of any annual inspection, or bi-annual
inspection, as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or Serviced Loan
Combination is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of any inspection
of a Specially Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of
the Collection Account if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred with respect
to such inspection shall be borne by the Trust Fund.

 

(b)        The
Master Servicer shall, as to each Mortgage Loan (excluding an Outside Serviced Trust Loan) which is secured by the interest of
the related Mortgagor under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in any event within
60 days following the later of the Closing Date or its receipt of a copy of the Ground Lease) notify the related ground lessor
of the transfer of such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices
of default under the related Ground Lease should thereafter be forwarded to the Master Servicer.

 

(c)        The
Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced Companion
Loan Holder a written report, prepared in the manner set forth in Section 4.02, of each inspection performed by it with
respect to the related Mortgaged Property and Serviced Companion Loan related thereto.

 

(d)        The
Master Servicer is hereby authorized to exercise any rights granted under the applicable Outside Servicing Agreement in favor
of the Trust (or a party on its behalf) as the holder of each Outside Serviced Trust Loan to obtain information from the related
Outside Servicer (or other similar parties with an obligation to make advances) in connection

 

    	-224-

    	 

    

 

with making nonrecoverability determinations.
The Master Servicer shall promptly deliver to any related Outside Servicer, upon request, such information in the Master Servicer’s
possession as the related Outside Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance
would be “nonrecoverable.”

 

(e)        If
required under the related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion Loan Holder
or provide electronically: (i) copies of operating statements and rent rolls; (ii) annual CREFC® NOI Adjustment
Worksheets (with annual operating statements as exhibits); and (iii) annual CREFC® Operating Statement Analysis
Reports, in each case prepared, received or obtained by it pursuant to this Agreement with respect to the Mortgaged Properties
securing the related Serviced Companion Loan.

 

Section
3.19     Lock-Box Accounts, Escrow Accounts.

 

Except
with respect to the Outside Serviced Trust Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account
in accordance with the related Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit
pursuant to the related letter of credit agreement and the Loan Documents.

 

Notwithstanding
the foregoing, to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee
under the related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or
Serviced Loan Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage
Loan (or Serviced Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result
in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.

 

Section
3.20     Property Advances.

 

(a)        Except
with respect to an Outside Serviced Trust Loan, the Master Servicer (or, to the extent provided in Section 3.20(b) of this
Agreement, the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its duties under
this Agreement or otherwise required pursuant to the terms hereof. The Special Servicer shall give the Master Servicer, the Trustee
and any affected Serviced Companion Loan Holder not less than five (or, in the case of emergency advances pursuant to Section
3.20(e) of this Agreement, two) Business Days’ written notice before the date on which the Master Servicer is requested
to make any Property Advance with respect to a given Specially Serviced Loan or REO Property (other than an REO Property related
to an Outside Serviced Trust Loan). In addition, the Special Servicer shall provide the Master Servicer, the Trustee and any affected
Serviced Companion Loan Holder with such information in its possession as the Master Servicer, the Trustee or such Serviced Companion
Loan Holder, as applicable, may reasonably request to enable the Master Servicer or the Trustee, as applicable, to determine whether
a requested Property Advance would constitute a Nonrecoverable Advance. Any such notice by the Special Servicer to the Master
Servicer of a required Property Advance shall be deemed to be a determination by the Special Servicer that such requested Property
Advance is not a Nonrecoverable Advance, and the Master Servicer shall be entitled to conclusively rely on such determination.
In the absence of a determination by the Special Servicer that a Property Advance is a Nonrecoverable Advance, all

 

    	-225-

    	 

    

 

determinations
of recoverability with respect to Property Advances to be made (or contemplated to be made) by the Master Servicer or the Trustee
will remain with the Master Servicer or the Trustee, as applicable. On the fourth Business Day before each Distribution Date,
the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Property
Advance previously made with respect to a Specially Serviced Loan is a Nonrecoverable Advance promptly after making such determination.
The Master Servicer and the Trustee shall be entitled to conclusively rely on such a determination and shall be bound by any determination
by the Special Servicer that a Property Advance previously made or contemplated to be made with respect to a Specially Serviced
Loan is or would be a Nonrecoverable Advance. Although the Special Servicer may determine whether a Property Advance is a Nonrecoverable
Advance, the Special Servicer will have no right to (i) make an affirmative determination that any Property Advance previously
made or to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse
any determination that may have been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee
from making a determination that any Property Advance constitutes or would constitute a Nonrecoverable Advance; provided that
this sentence will not be construed to limit the Special Servicer’s right to make a determination that a Property Advance
to be made (or contemplated to be made) would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this
Section 3.20. The Master Servicer and the Special Servicer shall consider Unliquidated Advances in respect of prior Property
Advances for the purposes of non-recoverability determinations as if such amounts were unreimbursed Property Advances.

 

For
purposes of distributions to Certificateholders and Serviced Companion Loan Holders and compensation to the Master Servicer or
the Trustee, Property Advances shall not be considered to increase the principal balance of any Mortgage Loan or Serviced Loan
Combination, notwithstanding that the terms of such Mortgage Loan or Serviced Loan Combination so provide.

 

(b)        The
Master Servicer shall notify the Trustee and any related Serviced Companion Loan Holder in writing promptly upon, and in any event
within one (1) Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant
to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person
to whom it will be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and
instructions for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property
Advance, or, if the date for payment has passed or if no such date is specified, then within five (5) Business Days following
such notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement, shall pay the amount of such
Property Advance in accordance with such information and instructions. Any notice to the Trustee pursuant to this Section shall
be deemed to be given to a Responsible Officer of the Trustee if made in accordance with Section 11.04 of this Agreement.

 

(c)        Neither
the Master Servicer nor the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan or Serviced Loan Combination
or REO Property if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance will
be a Nonrecoverable Advance. The determination by any Person with an

 

    	-226-

    	 

    

 

obligation hereunder to make Property Advances that it has
made a Nonrecoverable Advance or that any proposed Property Advance, if made, would constitute a Nonrecoverable Advance or a determination
by the Special Servicer that a Property Advance previously made or proposed to be made is or would, if made, constitute a Nonrecoverable
Advance, shall be made by such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing
Standard and (ii) in the case of the Trustee, in accordance with its good faith business judgment and shall be evidenced by an
Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to (1) the affected Serviced Companion
Loan Holders or their Companion Loan Holder representatives (and the related subsequent master servicer and special servicer,
if applicable), in the case of any Serviced Loan Combination, (2) the Trustee (unless it is the Person making the determination),
(3) the Controlling Class Representative (prior to the occurrence and continuance of a Control Termination Event), (4) in the
case of a Property Advance with respect to any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note
Holder, (5) the Master Servicer (unless it is the Person making the determination), (6) the Special Servicer (unless it is the
Person making the determination), and (7) the Depositor (if the Trustee is making the determination), setting forth the basis
for such determination, together with any other information that supports such determination together with a copy of any Appraisal
of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust Fund,
shall take into account any material change in circumstances of which such Person is aware or such Person has received new information,
either of which has a material effect on the value and shall have been conducted in accordance with the standards of the Appraisal
Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor
operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available
and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar reports that such
Person may have obtained and that support such determination. In connection with a determination by the Special Servicer, the
Master Servicer or the Trustee as to whether a Property Advance previously made or to be made constitutes or would constitute
a Nonrecoverable Advance:

 

(A)        any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)        any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information as reasonably may be required for such purposes;

 

    	-227-

    	 

    

 

(C)        the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed Property
Advance, if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee, the Controlling Class Representative (prior to the occurrence and continuance of
a Consultation Termination Event) and, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination,
the related Outside Controlling Note Holder notice of such determination, which determination shall be conclusive and binding
on the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to reverse any
other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination, that
a Property Advance constitutes or would constitute a Nonrecoverable Advance);

 

(D)        the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a Property
Advance is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively, on
any determination by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;

 

(E)        any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20 with respect
to the non-recoverability of Property Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee; and

 

(F)        notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any Property Advance would be recoverable.

 

(d)        The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by any of
them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii) of this Agreement, together
with any related Advance Interest Amount in respect of such Property Advances, and the Master Servicer and the Special Servicer,
as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain the reimbursement of
such Property Advances from the related Mortgagors to the extent permitted by applicable law and the related Loan Documents.

 

(e)        Notwithstanding
anything to the contrary contained in this Agreement, if a Property Advance is required to be made under this Agreement with respect
to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), the Special
Servicer shall request that the Master Servicer make such Property Advance, such request to be made, in writing, at least five
(5) Business Days (or, in an

 

    	-228-

    	 

    

 

emergency situation or on an urgent basis, two (2) Business Days, provided that the written
request sets forth the nature of the emergency or the basis of the urgency) in advance of the date on which such Property Advance
is required to be made hereunder and to be accompanied by such information and documentation regarding the subject Property Advance
as the Master Servicer may reasonably request, subject to the Master Servicer’s right to determine that such Property Advance
does not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have the obligation to make any
such Property Advance that it is so requested by the Special Servicer to make, within five (5) Business Days (or, in an emergency
situation or on an urgent basis, two (2) Business Days) of the Master Servicer’s receipt of such request. The Special Servicer
shall have no obligation to make any Property Advance; provided, that in an urgent or emergency situation requiring the
making of a Property Advance, the Special Servicer may make such Property Advance, and the Master Servicer shall reimburse the
Special Servicer for such Property Advance in accordance with Section 3.20(f) of this Agreement. The Master Servicer shall
be entitled to reimbursement for any Advance made by it at the direction of the Special Servicer, together with interest thereon
at the same time, in the same manner and to the same extent as the Master Servicer is entitled with respect to any other Advances
made thereby.

 

(f)        Within
five (5) Business Days of making a Property Advance pursuant to the proviso to the penultimate sentence of Section 3.20(e),
the Special Servicer shall deliver to the Master Servicer request for reimbursement for such Property Advance, along with all
information and documentation regarding the subject Property Advance as the Master Servicer may reasonably request, and the Master
Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any such unreimbursed
Property Advances (other than any Property Advance determined by the Master Servicer, in accordance with Section 3.20(c)
of this Agreement, to be a Nonrecoverable Property Advance) made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), together with interest thereon at the Advance Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within ten (10) Business
Days of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an
account designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer
of any Property Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.20(f),
the Master Servicer shall for all purposes of this Agreement be deemed to have made such Property Advance at the same time as
the Special Servicer actually made such Property Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed
for such Property Advance, together with interest thereon at the Advance Rate, at the same time, in the same manner and to the
same extent as the Master Servicer would otherwise have been entitled if it had actually made such Property Advance at the time
the Special Servicer did. Notwithstanding the foregoing provisions of this Section 3.20(f), the Master Servicer shall not
be required to reimburse the Special Servicer for any Property Advance if the Master Servicer determines in accordance with Section
3.20(c) of this Agreement that such Property Advance, although not characterized by the Special Servicer as a Nonrecoverable
Property Advance, is in fact a Nonrecoverable Property Advance. The Master Servicer shall notify the Special Servicer in writing
of such determination and, if applicable, such Nonrecoverable Property Advance shall be reimbursed to the Special Servicer pursuant
to Section 3.06(a) of this Agreement

 

    	-229-

    	 

    

 

Section
3.21     Appointment of Special Servicer; Asset Status Reports.

 

(a)        LNR
Partners, LLC is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans (other than
the Outside Serviced Trust Loans) and each Serviced Loan Combination.

 

(b)        The
Special Servicer, at the earlier of (x) within 60 days after a Servicing Transfer Event occurs and (y) prior to taking action
with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) with respect
to a Specially Serviced Loan, shall prepare a report (the “Asset Status Report”) for the related Mortgage Loan
or Serviced Loan Combination. Each Asset Status Report will be delivered in electronic format to the Operating Advisor (but only
after the occurrence and during the continuance of a Control Termination Event), the related Directing Holder (but, if the Controlling
Class Representative is the related Directing Holder, only prior to the occurrence and continuance of a Consultation Termination
Event and only for so long as the related Specially Serviced Loan is not an Excluded Mortgage Loan), the Certificate Administrator,
the related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider; provided,
however, the Special Servicer shall not be required to deliver an Asset Status Report to the related Directing Holder if
they are the same entity. Such Asset Status Report shall be consistent with the Servicing Standard and set forth the following
information to the extent reasonably determinable:

 

(i)        summary
of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;

 

(ii)       if
a Servicing Transfer Event has occurred and is continuing:

 

(A)        a
discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with
the Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties
or other collateral for the Mortgage Loan or Serviced Loan Combination and whether outside legal counsel has been retained;

 

(B)        the
most current rent roll and income or operating statement available for the related Mortgaged Properties;

 

(C)        the
Special Servicer’s recommendations on how the related Mortgage Loan might be returned to performing status or otherwise
realized upon;

 

(D)        a
copy of the last obtained Appraisal of the Mortgaged Property;

 

(E)        the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Loan Combination;

 

    	-230-

    	 

    

 

(F)        a
description of any amendment, modification or waiver of a material term of any ground lease; and

 

(G)        if
the Special Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there was a violation
of a non-recourse carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination not to pursue
a deficiency judgment against the related Mortgagor or guarantor;

 

(iii)      a
description of any such proposed or taken actions;

 

(iv)       the
alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken
actions;

 

(v)        the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(vi)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions; and

 

(vii)      such
other information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing Standard.

 

If
any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s) (other than any Excluded Mortgage Loan) are involved and a Control Termination
Event does not exist), as applicable, does not disapprove an Asset Status Report in writing within 10 Business Days of receiving
such Asset Status Report, then the related Directing Holder shall be deemed to have approved such Asset Status Report and the
Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however,
that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard or the terms of the
applicable Loan Documents. If the related Directing Holder disapproves such Asset Status Report within 10 Business Days of receipt
(and, if the Controlling Class Representative is the related Directing Holder, a Control Termination Event does not exist), the
Special Servicer will revise such Asset Status Report and deliver to the Operating Advisor (after the occurrence and during the
continuance of a Control Termination Event), related Directing Holder (but, if the Controlling Class Representative is the related
Directing Holder, only prior to the occurrence and continuance of a Consultation Termination Event), the Certificate Administrator,
any related Serviced Companion Loan Holder(s) (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider a
new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The Special Servicer
shall revise such Asset Status Report as described above until the related Directing Holder shall fail to

 

    	-231-

    	 

    

 

disapprove such revised
Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report (but, if the Controlling
Class Representative is the related Directing Holder, only if a Control Termination Event does not exist) or until the Special
Servicer makes a determination, consistent with the Servicing Standard, that such objection is not in the best interests of all
the Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders,
and/or Serviced Companion Loan Holder(s), if applicable, constitute a single lender (and, in the case of a Serviced AB Loan Combination,
taking into account the subordinate nature of the related Subordinate Companion Loan)). The Special Servicer may, from time to
time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall
have been prepared, reviewed and not rejected pursuant to the terms of this Section. If the related Directing Holder does not
approve an Asset Status Report within 60 Business Days from the first submission thereof, the Special Servicer shall take such
action as directed by the related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder,
only if a Control Termination Event does not exist), provided such action does not violate the Servicing Standard. Notwithstanding
the foregoing, if the Special Servicer determines that emergency action is necessary to protect the related Mortgaged Property
or the interests of the Certificateholders and any related Serviced Companion Loan Holder(s), or if a failure to take any such
action at such time would be inconsistent with the Servicing Standard, the Special Servicer may take actions with respect to the
related Mortgaged Property before the expiration of a 10 Business Day period if the Special Servicer reasonably determines in
accordance with the Servicing Standard that failure to take such actions before the expiration of a 10 Business Day period would
materially and adversely affect the interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (if applicable)
and the Special Servicer has made a reasonable effort to contact the related Directing Holder (during the period that such Directing
Holder has approval rights). The foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard.
Any Asset Status Report or Excluded Information delivered with respect to an Excluded Controlling Class Mortgage Loan shall be
labeled by the Special Servicer with “Excluded Controlling Class Mortgage Loan” followed by the loan number and loan
name.

 

After
the occurrence and during the continuance of a Control Termination Event, the Special Servicer shall consult on a non-binding
basis with the Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status
Report and the Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of
each Asset Status Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders
(including any Certificateholders that were previously included in the Control Eligible Classes), as a collective whole as if
such Certificateholders constituted a single lender. In addition, after the occurrence and during the continuance of a Control
Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, the Special Servicer shall
also consult on a non-binding basis with the Controlling Class Representative in connection with each related Asset Status Report
(other than any Asset Status Report with respect to an Excluded Mortgage Loan) prior to finalizing and executing such Asset Status
Report and the Controlling Class Representative shall be permitted to propose alternative courses of action within 10 days of
receipt of each Asset Status Report (other than any Asset Status Report with respect to an Excluded Mortgage Loan). Furthermore,
with respect to a Serviced Loan Combination, at all

 

    	-232-

    	 

    

 

times if and to the extent so provided in the related Co-Lender Agreement,
any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) shall be entitled to consult
on a non-binding basis with the Special Servicer and propose alternative courses of action in respect of any Asset Status Report;
provided that, in the case of a Serviced Outside Controlled Loan Combination, a related Serviced Pari Passu Companion Loan
Holder (or its Companion Loan Holder Representative) may be the related Outside Controlling Note Holder. The Special Servicer
shall consider any such proposals from (a) the Operating Advisor (during the continuance of a Control Termination Event) (b) the
Controlling Class Representative (during the continuance of a Control Termination Event but prior to the occurrence and continuance
of a Consultation Termination Event, and only with respect to any Serviced Loan that is not an Excluded Mortgage Loan) or (c)
with respect to any Serviced Companion Loan, any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder
Representative) (if and when provided in the related Co-Lender Agreement), as applicable, and determine whether any changes to
its proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the
other terms of this Agreement. In the event that the Operating Advisor, the Controlling Class Representative, the related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative), or the related Outside Controlling Note Holder, as applicable,
does not propose alternative courses of action within 10 days after receipt of such Asset Status Report, the Special Servicer
shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding
anything to the contrary herein, after the occurrence and during the continuance of a Consultation Termination Event, the Controlling
Class Representative shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with
respect to any matter set forth therein. After the occurrence and during the continuance of a Control Termination Event, the Controlling
Class Representative shall have no right to consent to any Asset Status Report under this Section 3.21(b).

 

(c)        Subject
to Section 3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special Servicer shall
have the authority to meet with the related Mortgagors and take any actions consistent with the Servicing Standard and the most
recent Asset Status Report for the related Mortgage Loan.

 

(d)        Upon
request of any Certificateholder (or any Beneficial Owner, if applicable, which shall have provided the Certificate Administrator
with an Investor Certification), the Certificate Administrator shall mail, without charge, to the address specified in such request
a copy of the Final Asset Status Report for each Specially Serviced Loan.

 

(e)        Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor
only each related Final Asset Status Report.

 

(f)        Notwithstanding
the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor,
any Serviced Companion Loan Holder, any Companion Loan Holder Representative or the related Directing Holder that would require
or cause the Special Servicer to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the
Special Servicer to violate provisions of this

 

    	-233-

    	 

    

 

Agreement, require or cause the Special Servicer to violate the terms of any Mortgage
Loan or Serviced Loan Combination, expose any Certificateholder or any party to this Agreement or their Affiliates, officers,
directors or agents to any claim, suit or liability, cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust
to fail to qualify as a grantor trust for federal income tax purposes, result in the imposition of a “prohibited transaction”
or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of any Special Servicer’s
responsibilities under this Agreement or any Co-Lender Agreement. In addition, the Special Servicer is under no obligation to
act upon any recommendation of the Operating Advisor.

 

(g)        [Reserved].

 

Section
3.22     Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping. 

 

(a)        Upon
determining that any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written notice
thereof to the Special Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination), the
Operating Advisor, the Certificate Administrator, the Trustee, the related Directing Holder (prior to the occurrence and continuance
of a Consultation Termination Event with respect to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider and shall deliver
a copy of the Servicing File to the Special Servicer and concurrently provide a copy of such Servicing File to the Operating Advisor
and shall use its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original
documents constituting the Mortgage File, but including copies thereof) and records (including records stored electronically on
computer tapes, magnetic discs and the like) relating to such Serviced Loan and reasonably requested by the Special Servicer to
enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the date such Serviced Loan
became a Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Serviced
Loan until the Special Servicer has commenced the servicing of such Serviced Loan, which shall occur upon the receipt by the Special
Servicer of the Servicing File. With respect to each such Serviced Loan that becomes a Specially Serviced Loan, the Master Servicer
shall instruct the related Mortgagor to continue to remit all payments in respect of such Serviced Loan to the Master Servicer.
The Master Servicer shall forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to the
Special Servicer who shall send such notice to the related Mortgagor.

 

Upon
determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give written notice
thereof to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion
Loan Holder, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect
to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13
of this Agreement, the Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing

 

    	-234-

    	 

    

 

File to
the Master Servicer, such Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the
definition of Specially Serviced Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate
and the obligations of the Master Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially
Serviced Loan shall resume. In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to
make payments to the Special Servicer, upon such determination, the Special Servicer shall instruct the related Mortgagor to remit
all payments in respect of such Specially Serviced Loan directly to the Master Servicer.

 

(b)        In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in
the possession of the Special Servicer) and copies of any additional related Serviced Loan information, including correspondence
with the related Mortgagor, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer
as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)        Notwithstanding
the provisions of subsections (a) and (b) of this Section 3.22, the Master Servicer shall maintain ongoing payment records
with respect to each of the Specially Serviced Loans and shall provide the Special Servicer and the Operating Advisor with any
information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement to
the extent such information is within the Master Servicer’s possession. The Special Servicer shall provide the Master Servicer
and the Operating Advisor with any information reasonably required by the Master Servicer or the Operating Advisor to perform
its duties under this Agreement to the extent such information is within the Special Servicer’s possession.

 

Section
3.23     Interest Reserve Account. The Certificate Administrator shall establish and maintain
the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the
Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible
Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in
2016) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall
remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans
that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to
one day’s interest at the related Mortgage Rate, less the Administrative Cost Rate, on the Stated Principal Balance of
each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such
Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all
amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or
prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of
each calendar year, the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all
Withheld Amounts on deposit in the Interest Reserve Account.

 

    	-235-

    	 

    

 

Section
3.24      Modifications, Waivers and Amendments.

 

(a)        (i)
With respect to Performing Serviced Loans, the Master Servicer (subject to the Special Servicer’s processing (in the case
of a Mortgage Loan other than a WFBNA Mortgage Loan or a PCC Mortgage Loan) and/or consent (in the case of any Mortgage Loan)
if the related modification, waiver or amendment constitutes a Special Servicer Decision or Major Decision), or (ii) with respect
to Specially Serviced Loans, the Special Servicer, in each case subject to any applicable consultation rights of the Operating
Advisor, any applicable consent and/or consultation rights of the related Directing Holder (if any) and, to the extent required
in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Serviced Companion Loan
Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term of any Serviced Loan if such modification,
waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification”
of such Serviced Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause either Trust REMIC
to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter
J of the Code for federal income tax purposes or (2) result in the imposition of a tax upon either Trust REMIC or the Trust Fund
(including but not limited to the tax on “prohibited transactions” as defined in Code Section 860F(a)(2) and the tax
on contributions to a REMIC set forth in Code Section 860G(d), but not including the tax on “net income from foreclosure
property” under Code Section 860G(c)).

 

In
addition, with respect to Performing Serviced Loans, to the extent any modification, waiver, amendment or other action constitutes
(i) a Major Decision pursuant to Section 6.09(a) of this Agreement or (ii) a Special Servicer Decision, the Master Servicer
(if it is processing the request for such matter) shall obtain the consent of the Special Servicer, and, in each case, to the
extent any modification, waiver, amendment or other action constitutes a Major Decision pursuant to Section 6.09(a) of
this Agreement, the Special Servicer shall obtain the consent of the related Outside Controlling Note Holder (if a Serviced Outside
Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and
a Control Termination Event does not exist), as applicable. The Special Servicer shall also obtain the consent of the related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative
(if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable, with respect to any
modification, waiver, amendment or other action that constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement
with regard to any Specially Serviced Loan.

 

No
modification, waiver or amendment of any Co-Lender Agreement related to a Serviced Loan, or an action to enforce rights with respect
thereto, in each case, in a manner that materially and adversely affects the rights, duties and obligations of the Special Servicer
shall be permitted without the prior written consent of the Special Servicer.

 

The
Special Servicer shall process any modification, waiver, amendment or other action that constitutes a Major Decision or Special
Servicer Decision with respect to (a) any Specially Serviced Loan and (b) any Performing Serviced Loan other than the WFBNA Mortgage
Loans and the PCC Mortgage Loans (unless the Special Servicer and the Master

 

    	-236-

    	 

    

 

Servicer mutually agree that the Master Servicer
shall process such request, subject to the consent of the Special Servicer). The Master Servicer shall process any modification,
waiver, amendment or other action that constitutes a Major Decision or Special Servicer Decision with respect to (a) any Performing
Serviced Loan that is a WFBNA Mortgage Loan or a PCC Mortgage Loan and (b) any Performing Serviced Loan other than the WFBNA Mortgage
Loans and the PCC Mortgage Loans (if the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall
process such request), subject, in the case of each of clause (a) and (b), to the consent of the Special Servicer.

 

With
respect to Performing Serviced Loans other than the WFBNA Mortgage Loans and the PCC Mortgage Loans, the Master Servicer, prior
to taking action with respect to any modification, waiver, amendment or other action that constitutes a Major Decision or Special
Servicer Decision (or making a determination not to take action with respect to a Major Decision or Special Servicer Decision)
with respect to such Performing Serviced Loan, shall refer the request to the Special Servicer, and the Special Servicer shall
process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall
process such request subject to the consent of the Special Servicer.

 

When
the Special Servicer’s consent is required with respect to any modification, waiver, amendment or other action that the
Master Servicer is processing with regard to any Performing Serviced Loan, the Master Servicer shall promptly provide the Special
Servicer with written notice of its request for such modification, waiver, amendment or other action, accompanied by the Master
Servicer’s written recommendation and analysis and any and all information in the Master Servicer’s possession or
reasonably available to it that the Special Servicer or the related Directing Holder may reasonably request in order to withhold
or grant its consent, and in all cases the Special Servicer shall be entitled (subject to, in each case if applicable, the consultation
rights of the Operating Advisor, the consent and/or consultation rights of the related Directing Holder and/or the consultation
rights of any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) to approve or disapprove such
modification, waiver, amendment or other action. Subject to Section 3.10 of this Agreement, the Special Servicer shall
have 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender
Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) (or 60 days with
respect to an Acceptable Insurance Default), from the date that the Special Servicer receives the information it requested from
the Master Servicer, to analyze and approve such modification, waiver, amendment or other action and, prior to the end of such
15 Business Day period or such longer period if required by the applicable Co-Lender Agreement or 60-day period, as applicable,
the Special Servicer shall notify the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and a Control Termination Event
does not exist), as applicable, of such request for approval of each such modification, waiver, amendment or other action that
constitutes a Major Decision and provide its written analysis and recommendation with respect thereto. Following such notice,
the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable,
shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) from the date it

 

    	-237-

    	 

    

 

receives from the Special Servicer the recommendation and analysis of the Master Servicer or the Special Servicer, as applicable,
and any other information it may reasonably request (or, with respect to a Serviced Loan Combination, such longer time period
as may be provided in the related Co-Lender Agreement) to approve any recommendation of the Special Servicer or the Master Servicer
relating to any request for approval. In any such event, if the related Directing Holder does not respond to a request for approval
by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination, such longer time period as may be provided
in the related Co-Lender Agreement) or 20th day, as applicable, after receipt of the applicable recommendation and analysis and
other requested information as set forth in the preceding sentence, the Special Servicer or the Master Servicer, as applicable,
may deem its recommendation approved by the related Directing Holder, and if the Special Servicer does not respond to a request
for approval within the required 15 Business Days (or, with respect to a Serviced Loan Combination, such longer time period if
required by the related Co-Lender Agreement) or 60 days, as applicable, the Master Servicer may deem its recommendation approved
by the Special Servicer.

 

(b)        All
modifications, waivers or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent with
the Servicing Standard. The Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing
the related modification, waiver or amendment pursuant to Section 3.24(a)), shall notify in writing the Trustee, the Certificate
Administrator, the Depositor, any related Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling
Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event) and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification,
waiver or amendment of any term of any Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related
Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event) and the Operating Advisor (after the occurrence and during the
continuance of a Control Termination Event) and an original to the Custodian of the recorded agreement relating to such modification,
waiver or amendment within 15 Business Days following the execution and recordation thereof. For the avoidance of doubt, the requirement
with respect to the delivery of assumption or substitution agreements shall be governed by Section 3.09.

 

(c)        Any
modification of any Loan Documents that requires obtaining a Rating Agency Confirmation pursuant to such Loan Documents, or any
modification that would eliminate, modify or alter the requirement of obtaining a Rating Agency Confirmation in such Loan Documents,
shall not be made without obtaining a Rating Agency Confirmation. The Rating Agency Confirmation shall be obtained at the related
Mortgagor’s expense in accordance with the related Loan Agreement or, if not so provided in such Loan Agreement or if such
Mortgagor does not pay, at the expense of the Trust Fund.

 

(d)        Promptly
after any Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall request from
the Certificate Administrator the name of the current Controlling Class Representative and, if applicable, shall

 

    	-238-

    	 

    

 

request from
the Master Servicer the name of the current related Serviced Companion Loan Holder. Upon receipt of the name of such current Controlling
Class Representative from the Certificate Administrator, the Special Servicer shall notify the Controlling Class Representative
that such Mortgage Loan became a Specially Serviced Loan. Upon receipt of the name of such current related Serviced Companion
Loan Holder from the Master Servicer, the Special Servicer shall notify the related Serviced Companion Loan Holder that the related
Serviced Loan Combination became a Specially Serviced Loan. The Certificate Administrator shall be responsible for providing the
name of the current Controlling Class Representative only to the extent the Controlling Class Representative has identified itself
as such to the Certificate Administrator; provided that if the Controlling Class Representative is determined pursuant
to the proviso in the definition of “Controlling Class Representative”, then (i) the Certificate Administrator shall
determine which Class is the Controlling Class and (ii) the Special Servicer shall request from the Certificate Administrator,
and the Certificate Administrator shall request from the Depository at the expense of the Trust, the list of Beneficial Holders
of the Controlling Class, and the Certificate Administrator shall provide such list to the Special Servicer and the Master Servicer
at the expense of the Trust Fund.

 

(e)        [Reserved].

 

(f)        The
Special Servicer or Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification,
extension, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the
terms of this Agreement and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional
services performed in connection with such request and any related costs and expenses incurred by it; provided that the
charging of such fee would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

(g)        Notwithstanding
anything set forth in this Agreement, in no event shall the Special Servicer be permitted to:

 

(i)        extend
the Maturity Date of a Serviced Loan beyond a date that is 3 years prior to the Rated Final Distribution Date; or

 

(ii)       if
the Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is 20 years
or, to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground lease,
10 years prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally by the
related Mortgagor.

 

(h)        In
connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage
or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or
condemnation, if the related Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or
require the Mortgagor to provide such calculation to the Master Servicer or the Special Servicer, as applicable) the loan-to-value
ratio of the remaining

 

    	-239-

    	 

    

 

Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the
remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Serviced Mortgage Loan,
then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern
value, if any. In connection with approving any such release or taking, the Master Servicer or Special Servicer, as applicable,
shall calculate the loan-to-value ratio in a manner consistent with the prior sentence, and if such calculation is greater than
125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal in an amount equal to or greater
than a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions unless the related Mortgagor
provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

(i)        If
and to the extent that the Trust, as holder of an Outside Serviced Trust Loan, is entitled to exercise any consent and/or consultation
rights with respect to modifications, waivers and amendments or certain other major decisions under the applicable Outside Servicing
Agreement, (a) such consent rights shall be exercised by the Master Servicer (if such Outside Serviced Trust Loan is not part
of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing
Agreement) and only to the extent that the action would not be considered a Major Decision or a Special Servicer Decision) or
the Special Servicer (if such Outside Serviced Trust Loan is part of a “specially serviced loan” (as such term or
any analogous term is defined in the applicable Outside Servicing Agreement) or if the action would be considered a Major Decision
or a Special Servicer Decision), with, in the case of a matter that would be a Major Decision, the consent of the Controlling
Class Representative unless a Control Termination Event exists, in each case in accordance with Section 3.01(i) and (b)
any consultation rights entitled to be exercised by the holders of such Outside Serviced Mortgage Loan shall be exercised by the
Controlling Class Representative (unless a Consultation Termination Event exists).

 

Section
3.25     Additional Obligations With Respect to Certain Mortgage Loans.

 

(a)        With
respect to each Mortgage Loan (other than an Outside Serviced Trust Loan) with a Stated Principal Balance in excess of $35,000,000,
in connection with any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special Servicer,
as applicable, to the extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and shall condition
its consent to such replacement on the Mortgagor paying for such Rating Agency Confirmation.

 

(b)        With
respect to any Mortgage Loan (other than an Outside Serviced Trust Loan), if any mezzanine loan is directly or indirectly secured
by any equity interest of the related Mortgagor, the Master Servicer (if the related Mortgage Loan is a Performing Serviced Loan)
or the Special Servicer (if the related Mortgage Loan is a Specially Serviced Loan) shall perform the obligations of the Trust,
as holder of the related Mortgage Loan, or its servicer or agent under the related mezzanine loan intercreditor agreement.

 

    	-240-

    	 

    

 

Section
3.26     Certain Matters Relating to the Outside Serviced Trust Loans.

 

With
respect to each Outside Serviced Trust Loan, in the event that any of the related Outside Trustee, the related Outside Servicer
or the related Outside Special Servicer shall be replaced in accordance with the terms of the applicable Outside Servicing Agreement,
the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the related Outside Trustee,
the related Outside Servicer or the related Outside Special Servicer, as the case may be, in each case with reasonable promptness
following request therefor by a party to the applicable Outside Servicing Agreement.

 

Section
3.27     Additional Matters Regarding Advance Reimbursement.

 

(a)        Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account,
the Master Servicer or the Trustee, at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement
for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a)(ii)(B) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for some or all such portion of the Nonrecoverable Advance during the one-month
Prepayment Period ending on the then-current Determination Date, for successive one-month periods for a total not to exceed 12
months; provided that any deferral in excess of 6 months shall be subject to the consent of the Controlling Class Representative
(or, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination, the related Outside Controlling
Note Holder) (unless, if the Controlling Class Representative is the consenting party, a Control Termination Event has occurred
and is continuing, in which case the Controlling Class Representative must be consulted with unless a Consultation Termination
Event has occurred and is continuing). If the Master Servicer or the Trustee makes such an election in its sole discretion to
defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable
Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection
Period (subject, again, to the same sole discretion option to defer; it is acknowledged that, in such a subsequent period, such
Nonrecoverable Advance shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of this Agreement). In connection
with a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable
Advance or portion thereof during the one-month Prepayment Period ending on the related Determination Date for any Distribution
Date, the Master Servicer or the Trustee shall further be authorized to wait for principal collections to be received before making
its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof) until
the end of such Prepayment Period; provided, however, if, at any time the Master Servicer or the Trustee, as applicable,
determines that the reimbursement of a Nonrecoverable Advance during a one-month Prepayment Period will exceed the full amount
of the principal portion of general collections deposited in the Collection Account for such Distribution Date, then the Master
Servicer or the Trustee, as applicable, shall, through a posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 11.13 of this Agreement, give the Rating Agencies at least 15 days’ notice prior to any reimbursement
to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1)
the Master

 

    	-241-

    	 

    

 

Servicer or the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice
could jeopardize the Master Servicer’s or the Trustee’s, as applicable, ability to recover such Nonrecoverable Advances,
(2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as applicable,
that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement
of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer has not timely received from
the Trustee information requested by the Master Servicer to consider in determining whether to defer reimbursement of a Nonrecoverable
Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee, as applicable, shall, through
a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, give Rating
Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable
to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 11.13 of
this Agreement, the Master Servicer or the Trustee, as applicable, shall have no liability for any loss, liability or expense
resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence. Any election by the
Master Servicer or the Trustee to refrain from reimbursing itself for any Nonrecoverable Advance (together with interest thereon)
or portion thereof with respect to any Collection Period shall not be construed to impose on the Master Servicer or the Trustee
any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other Person to such an election)
with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right of the Master Servicer or
the Trustee to otherwise be reimbursed for such Nonrecoverable Advance immediately (together with interest thereon). Any such
election by the Master Servicer, or the Trustee shall not be construed to impose any duty on the other such party to make such
an election (or any entitlement in favor of any Certificateholder or any other Person to such an election). Any such election
by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof
with respect to any one or more Prepayment Periods shall not limit the accrual of interest on such Nonrecoverable Advance for
the period prior to the actual reimbursement of such Nonrecoverable Advance. None of the Master Servicer, the Trustee or the other
parties to this Agreement will have any liability to one another or to any of the Certificateholders for any such election that
such party makes to refrain or not to refrain from reimbursing itself as contemplated by this paragraph or for any losses, damages
or other adverse economic or other effects that may arise from such an election nor will such election constitute a violation
of the Servicing Standard or any duty under this Agreement. The Master Servicer’s or the Trustee’s, as applicable,
election, if any, to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders
and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the
Certificateholders. Nothing herein shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable
Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06 of this Agreement
or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.

 

(b)        If
the Master Servicer is required to make a Property Advance, but does not do so within 15 days after the Property Advance is required
to be made, then the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual knowledge of the failure,
to give the Master Servicer notice of its failure; and (ii) if the failure continues for three more

 

    	-242-

    	 

    

 

Business Days, to make the
Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.

 

Section
3.28     Serviced Companion Loan Intercreditor Matters.

 

(a)        If,
pursuant to Section 2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage Loan that relates
to a Serviced Loan Combination is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder
thereof shall be bound by the terms of the related Co-Lender Agreement and shall assume the rights and obligations of the holder
of the Note that represents the related Mortgage Loan under such Co-Lender Agreement. All portions of the related Mortgage File
and (to the extent provided under the related Loan Purchase Agreement) other documents pertaining to such Mortgage Loan shall
be endorsed or assigned to the extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as the holder
of the Note that represents the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and (except for
the actual Note) on behalf of the holder of the Note that represents the Serviced Companion Loan. Thereafter, such Mortgage File
shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian appointed thereby for the benefit
thereof, on behalf of itself and the holder of the related Serviced Companion Loan as their interests appear under the related
Co-Lender Agreement. If the related Servicing File is not already in the possession of such party, it shall be delivered to the
master servicer or special servicer, as the case may be, under any separate servicing agreement for the Serviced Loan Combinations.

 

(b)        With
respect to each Serviced Companion Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Serviced Companion
Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Serviced Companion
Loan Holder or its Companion Loan Holder Representative or is exercisable in conjunction with any related Serviced Companion Loan
Holder, then (i) neither the Operating Advisor nor the Controlling Class Representative shall be permitted to exercise such right
or (ii) to the extent provided in the related Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative,
as applicable, shall be required to exercise such right in conjunction with any related Serviced Companion Loan Holder or its
Companion Loan Holder Representative, as applicable. Additionally, notwithstanding anything in this Agreement to the contrary,
the Master Servicer or Special Servicer, as applicable, shall consult with, seek the approval of, or obtain the consent of the
holder of any Serviced Companion Loan or its Companion Loan Holder Representative with respect to any matters with respect to
the servicing of such Serviced Companion Loan to the extent required under related Co-Lender Agreement and shall not take such
actions requiring consent of or consultation with the Serviced Companion Loan Holder or its Companion Loan Holder Representative
without such consent or consultation. In addition, notwithstanding anything to the contrary, the Master Servicer or Special Servicer,
as applicable, shall deliver reports and notices to the Serviced Companion Loan Holder or its Companion Loan Holder Representative
(or the master servicer or special servicer for the related Other Securitization Trust on behalf of the Serviced Companion Loan
Holder) as required under the Co-Lender Agreement.

 

    	-243-

    	 

    

 

(c)        With
respect to each Serviced Loan Combination, the Master Servicer shall prepare, or cause to be prepared, on an ongoing basis a statement
setting forth, to the extent applicable to such Serviced Loan Combination:

 

(i)        (A)
the amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately identifying
the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor or other
principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein and
information on distributions made with respect to the related Serviced Loan Combination;

 

(ii)       the
amount of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount of Default
Interest allocable to the related Serviced Loan Combination;

 

(iii)      the
amount of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest, principal
and other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full amount that
would be distributable to such Serviced Companion Loan Holder if there were sufficient amounts available therefor, the amount
of the shortfall and the allocation thereof between interest and principal and the amount of the shortfall, if any, under the
related Serviced Loan Combination;

 

(iv)       the
principal balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving effect to
the distribution of principal on the most recent Distribution Date; and

 

(v)        the
amount of the servicing fees paid to the Master Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

 

Not
later than each Distribution Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion
Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic
means and by such other means of delivery as required under the related Co-Lender Agreement. 

Section
3.29     Appointment and Duties of the Operating Advisor.

 

(a)        Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.

 

(b)        The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
Specially Serviced Loans, consult with the Special Servicer and perform each other obligation of the Operating Advisor as set
forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit of, the Certificateholders
(as a collective whole as if such Certificateholders (and, with respect to any Serviced Pari Passu Loan Combination, any related
Serviced Pari Passu Companion Loan Holder(s)) constituted a single lender), and not any particular Class of Certificateholders,
as

 

    	-244-

    	 

    

 

determined by the Operating Advisor in the exercise of its good faith and reasonable judgment (the “Operating Advisor
Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer or any
other Person in connection with this Agreement.

 

(c)        Prior
to the occurrence and continuance of a Control Termination Event, the Operating Advisor shall promptly review (i) all information
available to Privileged Persons on the Certificate Administrator’s Website with respect to the Special Servicer, assets
on the CREFC® Servicer Watch List and the applicable Specially Serviced Loans and (ii) each related Final Asset
Status Report.

 

(d)        (i)
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall review the Special
Servicer’s operational practices in light of the Servicing Standard and the requirements of this Agreement, with respect
to the resolution and/or liquidation of the applicable Specially Serviced Loan(s).

(ii)       After
the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any
annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08
and Section 10.09 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant
to Section 10.10 of this Agreement, any Asset Status Report and other information (other than any communications between
the related Directing Holder or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable,
and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer, the
Operating Advisor shall (if any applicable Serviced Mortgage Loan(s) were Specially Serviced Loan(s)s during the prior calendar
year) prepare and deliver to the Depositor, the Rule 17g-5 Information Provider (which shall promptly post such Operating Advisor
Annual Report on the Rule 17g-5 Information Provider’s Website), the Trustee and the Certificate Administrator (which shall
promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website), within 120 days of the end
of the prior calendar year an annual report (the “Operating Advisor Annual Report”), substantially in the form
of Exhibit R of this Agreement (which form may be modified or altered as to either its organization or content by the Operating
Advisor, subject to compliance of such form with the terms and provisions of this Agreement; provided, further,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement) setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties
under this Agreement during the prior calendar year on a platform-level basis with respect to the resolution and liquidation of
such Specially Serviced Loan(s) and with respect to each Asset Status Report delivered to the Operating Advisor by the Special
Servicer during the prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, Section
3.29(b) of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the
Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution
or liquidation of the applicable Specially Serviced Loan(s), and (B) comply with all of the confidentiality requirements applicable
to the Operating Advisor described in this Agreement. Such Operating Advisor Annual Report shall be

    	-245-

    	 

    

 

delivered to the Trustee,
the Certificate Administrator, the Rule 17g-5 Information Provider and the Depositor, and the Certificate Administrator and the
Rule 17g-5 Information Provider shall promptly, upon receipt, post such Operating Advisor Annual Report on the Certificate Administrator’s
Website and the Rule 17g-5 Information Provider’s Website, respectively; provided, however, that the Operating
Advisor shall deliver to the Special Servicer, the Controlling Class Representative (if a Serviced Loan other than a Serviced
Outside Controlled Loan Combination is addressed and a Consultation Termination Event does not exist) and the related Outside
Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is addressed), any annual report produced by the Operating
Advisor at least ten (10) calendar days prior to its delivery to the Depositor, the Trustee and the Certificate Administrator.
The Operating Advisor may, but shall not be obligated to, revise the Operating Advisor Annual Report based on any comments received
from the Special Servicer or the Controlling Class Representative. Only as used in connection with the Operating Advisor Annual
Report, the term “platform-level basis” refers to the Special Servicer’s performance of its duties as they relate
to the resolution and liquidation of Specially Serviced Loans, taking into account the Special Servicer’s specific duties
under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with
reasonable consideration by the Operating Advisor of any annual compliance statement and any assessment of compliance delivered
to the Operating Advisor pursuant to Section 10.08 and Section 10.09 of this Agreement, as applicable, any attestation
report delivered to the Operating Advisor pursuant to Section 10.10 of this Agreement, any Asset Status Report and other
information (other than any communications between the related Directing Holder or any Serviced Companion Loan Holder (or its
Companion Loan Holder Representative), as applicable, and the Special Servicer that would be Privileged Information) delivered
to the Operating Advisor by the Special Servicer pursuant to this Agreement. Notwithstanding anything in this Agreement to the
contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall be based on the provisions
of this Agreement, (ii) so long as LNR Partners, LLC is acting as Special Servicer, it shall not be required to provide its written
policies and procedures to the Operating Advisor, except that, in the event the Operating Advisor’s assessment determines
that the Special Servicer has not materially performed its obligations under this Agreement with respect to a particular Mortgage
Loan, and LNR Partners, LLC rebuts or defends such assessment based upon its compliance with its written policies and procedures,
LNR Partners, LLC shall produce to the Operating Advisor the relevant portions of LNR Partners, LLC’s written policies and
procedures, and (iii) the Operating Advisor’s assessment may not take into account the fact that the Operating Advisor did
not have access to the LNR Partners, LLC written policies and procedures. Nothing set forth herein shall limit or affect the scope
of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual Report,
provided that the Operating Advisor’s access to or reliance upon LNR Partners LLC’s written policies and procedures
shall be subject to terms of the immediately preceding sentence. Notwithstanding the foregoing, no Operating Advisor Annual Report
shall be required from the Operating Advisor with respect to the Special Servicer if during the prior calendar year no Asset Status
Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or REO Property.

 

    	-246-

    	 

    

 

(e)        Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount
with respect to, and net present value calculations used in the Special Servicer’s determination of the course of action
to be taken in connection with the workout or liquidation of, a Specially Serviced Loan, to the Operating Advisor after such calculations
have been finalized. The Operating Advisor shall review such calculations but may not opine on, or otherwise call into question
such Appraisal Reduction Amount and/or net present value calculations; provided, however, if the Operating Advisor
discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and
the related Directing Holder (if the Directing Holder is not a Borrower Party with respect to the related Specially Serviced Loan)
of such error.

 

(f)        After
the occurrence and during the continuance of a Control Termination Event, after the calculation but prior to the utilization by
the Special Servicer of any of the calculations with respect to an applicable Specially Serviced Loan related to (i) Appraisal
Reduction Amounts or (ii) net present value used in the Special Servicer’s determination of the course of action to be taken
in connection with the workout or liquidation of such Specially Serviced Loan, the Special Servicer shall forward such calculations,
together with any supporting material or additional information necessary in support thereof (including such additional information
reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any
Privileged Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing
such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In
connection with this Section 3.29, in the event the Operating Advisor does not agree with the mathematical calculations
or the application of the non-discretionary portions of the applicable formulas required to be utilized for such calculation,
the Operating Advisor and the Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical
calculations or the application of the non-discretionary portions of the applicable formulas in arriving at those mathematical
calculations or any disagreement within five (5) Business Days of delivery of such calculations to the Operating Advisor. In the
event the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of
such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement
and the Certificate Administrator shall determine which calculation is to apply. In making such determination, the Certificate
Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust Fund.

 

(g)        After
the occurrence and during the continuance of a Control Termination Event, the Special Servicer shall consult (on a non-binding
basis) with the Operating Advisor in connection with any Major Decision with respect to a Serviced Mortgage Loan and consider
alternative actions recommended by the Operating Advisor, but only to the extent consultation with, or consent of, the Controlling
Class Representative would have been required prior to the occurrence and continuance of such Control Termination Event with respect
to such Serviced

 

    	-247-

    	 

    

 

Mortgage Loan; provided that the Operating Advisor may consult regarding a Serviced Outside Controlled
Loan Combination only if and to the extent that the holder of the related Split Mortgage Loan is granted consultation rights under
the related Co-Lender Agreement.

 

(h)        Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries relating to the Operating Advisor Annual Reports or actions by
the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced
in any Operating Advisor Annual Report and made by Privileged Persons from time to time in accordance with the terms of Section
4.02(a) of this Agreement.

 

(i)        Subject
to the Privileged Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged Information
received from the Special Servicer, the related Directing Holder or any related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative) in connection with the exercise of the rights of the related Directing Holder or such related Serviced
Companion Loan Holder under this Agreement (including, without limitation, in connection with the review and/or approval of any
Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information.

 

(j)        The
Operating Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any
Person (including Certificateholders other than the Controlling Class Representative), other than (1) to the extent expressly
required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged
Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information
from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged
Information to any Person without the prior written consent of the Special Servicer and, unless an applicable Consultation Termination
Event has occurred and is continuing, the related Directing Holder other than pursuant to a Privileged Information Exception.

 

(k)        On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account, pursuant to Section 3.06 of this Agreement. In addition, the Operating Advisor Consulting
Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation
rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the
Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor Consulting
Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When the Operating
Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer,
as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating
Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it

 

    	-248-

    	 

    

 

determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.

 

Section
3.30     Rating Agency Confirmation.

 

(a)        Notwithstanding
the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this
Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating
Agency for such Rating Agency Confirmation and if, within 10 Business Days of the Rating Agency Confirmation request being posted
to the Rule 17g-5 Information Provider’s Website, any Rating Agency has not granted such request, rejected such request
or provided a Rating Agency Declination, then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation
again, and (ii) if there is no response to such second Rating Agency Confirmation request from the applicable Rating Agency within
five (5) Business Days of such second request, whether in the form of granting or rejecting such Rating Agency Confirmation request
or providing a Rating Agency Declination, then: (x) with respect to any condition in any Loan Document or related intercreditor
agreement or Co-Lender Agreement requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the
servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting
Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with
respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing
Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing
(but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the
Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of
a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under
this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action
would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor,
then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating
Agency Confirmation shall not apply; (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition
shall be considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer
or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed
securitization transaction serviced by the applicable servicer prior to the time of determination, if Moody’s is the non-responding
Rating Agency; (2) the applicable replacement master servicer has a master servicer rating of at least “CMS3” from
Fitch or the applicable replacement special servicer has a special servicer rating of at least “CSS3” from Fitch,
if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master
servicer or special servicer as the

 

    	-249-

    	 

    

 

sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage
backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding
Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to
be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the
replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial
mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating
advisor prior to the time of determination.

 

Any
Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor
or Trustee, as applicable, pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating
the nature of the Rating Agency Confirmation request, and shall contain all back-up material reasonably necessary for the Rating
Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided
in electronic format in accordance with Section 11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator,
Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies
in accordance with Section 11.13(b).

 

Promptly
following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s
or the Special Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without
receiving any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable)
shall provide electronic written notice in accordance with Section 11.13(b) of the action taken for the particular item
at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required
to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b).

 

(b)        For
the purposes of clause (ii) of Section 3.30(a), and notwithstanding anything to the contrary in Section 3.30(a),
with respect to the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral
acceptable for use as defeasance collateral), release or substitution of any collateral, any applicable Rating Agency Confirmation
requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x) by
the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable), provided
that the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall in any event review the other conditions required under the related Loan Documents
with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard
that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

    	-250-

    	 

    

 

(c)        For
all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a)
above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed
unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)        With
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to
the servicing and administration of any or all of the related Serviced Loans or any related REO Property (the “Relevant
Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this
Agreement, then, except as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating
Agency Confirmation as a condition precedent to such action from each Companion Loan Rating Agency. Each Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted
to be waived by the Master Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the
Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5
Information Provider’s counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed
to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization
Trust), at the expense of the related Other Securitization Trust to the extent not borne by the related Mortgagor, and in such
format as the sender and recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at
least two (2) Business Days before it is sent to the applicable Companion Loan Rating Agency, (ii) all materials forwarded to
the Rule 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the
applicable Relevant Action at approximately the same time that such materials are forwarded to the Rule 17g-5 Information Provider,
and (iii) any other materials that the applicable Companion Loan Rating Agency may reasonably request in connection with such
Companion Loan Rating Agency Confirmation promptly following such request.

 

(e)        Each
of the Master Servicer and the Certificate Administrator shall, promptly following receipt of written request from the Special
Servicer, provide to the Special Servicer the contact information for the master servicer, the special servicer, the trustee,
the certificate administrator and the Rule 17g-5 Information Provider’s counterpart for an Other Securitization Trust, in
each case to the extent known to it.

 

Section
3.31     General Acknowledgement Regarding Companion Loan Holders. Each Certificateholder acknowledges
and agrees, by its acceptance of its Certificates, that: (i) each Companion Loan Holder may have special relationships and interests
that conflict with those of Holders of one or more Classes of Certificates; (ii) each Companion Loan Holder may act solely in
its own interests; (iii) no Companion Loan Holder has any duty to the Holders of any Class of Certificates; and (iv) no Companion
Loan Holder shall have any liability

 

    	-251-

    	 

    

 

whatsoever
for having so acted in its own interests, and no Certificateholder may take any action whatsoever against any Companion Loan Holder
or any director, officer, employee, agent or principal thereof for such Companion Loan Holder’s having so acted in its own
interests.

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS 

 

Section
4.01     Distributions.

 

(a)        (i)
On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified in the first paragraph
of Section 4.06(a) of this Agreement. On each Master Servicer Remittance Date in March of any calendar year, the Certificate
Administrator shall withdraw from the Interest Reserve Account the related Withheld Amounts pursuant to Section 3.23 of
this Agreement, and shall deposit any such amounts in the Lower-Tier Distribution Account. On each Distribution Date, the amounts
that have been transferred to the Lower-Tier Distribution Account from the Collection Account or as P&I Advances or Compensating
Interest Payments or pursuant to the preceding two sentences shall be deemed distributed on the Lower-Tier Regular Interests to
the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii) and Section 4.01(c)(ii) of this Agreement. Thereafter,
such amounts shall be considered to be held in the Upper-Tier Distribution Account until distributed to the Certificateholders.

 

(ii)       All
distributions made in respect of interest on any Class of Regular Certificates (other than the Class X Certificates) and any Class
PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding
Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions made in respect of interest on any
Class of the Class X Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section
9.01, and allocable to any particular Component of such Class of Certificates in accordance with the last paragraph of Section
4.01(b), shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of such
Component’s Corresponding Lower-Tier Regular Interest. All distributions made in respect of principal of any Class of Regular
Certificates (other than the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section
4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier
REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement
hereto. All distributions of reimbursements of Realized Losses made in respect of any Class of Regular Certificates (other than
the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section
4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of its Corresponding Lower-Tier Regular Interest. For the avoidance of doubt, (i) payments of interest and principal,
and reimbursements of

 

    	-252-

    	 

    

 

Realized Losses, on the Class A-S Certificates and the Class PEZ Component A-S of the Class PEZ Certificates
under this Section 4.01 shall be deemed to have been first distributed in respect of the Class LA-S Interest to the Upper-Tier
REMIC in respect of the Class A-S Regular Interest, (ii) payments of interest and principal, and reimbursements of Realized Losses,
on the Class B Certificates and the Class PEZ Component B of the Class PEZ Certificates under this Section 4.01 shall be
deemed to have been first distributed in respect of the Class LB Interest to the Upper-Tier REMIC in respect of the Class B Regular
Interest and (iii) payments of interest and principal, and reimbursements of Realized Losses, on the Class C Certificates and
the Class PEZ Component C of the Class PEZ Certificates under this Section 4.01 shall be deemed to have been first distributed
in respect of the Class LC Interest to the Upper-Tier REMIC in respect of the Class C Regular Interest.

 

On
each Distribution Date, the Class R Certificates shall receive distributions of any amounts remaining in the Lower-Tier Distribution
Account in respect of the Lower-Tier Residual Interest after all payments have been made to the Certificate Administrator as the
holder of the Lower-Tier Regular Interests in accordance with this Section 4.01(a)(ii) and Section 4.01(c)(ii).

 

(b)        On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit
in the Upper-Tier Distribution Account in respect of interest, principal and reimbursement of Realized Losses, to the extent of
Available Funds, and distribute such amounts to the Holders of each Class of Regular Certificates, to the Holders of the Class
R Certificates and to the Exchangeable Distribution Account in respect of the Class PEZ Regular Interests in the amounts and in
the order of priority set forth below:

 

(i)        to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A and Class X-B Certificates,
in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution
Amounts for those Classes;

 

(ii)       to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates in reduction of
the Certificate Principal Amounts thereof in the following priority:

 

(A)        to
the Holders of the Class A-AB Certificates, in an amount equal to the lesser of the Principal Distribution Amount for such Distribution
Date and the amount necessary to reduce the aggregate Certificate Principal Amount of the Class A-AB Certificates to the Class
A-AB Scheduled Principal Balance for such Distribution Date;

 

(B)        to
the Holders of the Class A-1 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clause (A) above until the outstanding Certificate Principal Amount of the Class A-1 Certificates
has been reduced to zero;

 

    	-253-

    	 

    

 

(C)        to
the Holders of the Class A-2 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) and (B) above until the outstanding Certificate Principal Amount of the Class
A-2 Certificates has been reduced to zero;

 

(D)        to
the Holders of the Class A-3 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (C) above until the outstanding Certificate Principal Amount of the Class
A-3 Certificates has been reduced to zero;

 

(E)        to
the Holders of the Class A-4 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (D) above until the outstanding Certificate Principal Amount of the Class
A-4 Certificates has been reduced to zero;

 

(F)        to
the Holders of the Class A-5 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (E) above until the outstanding Certificate Principal Amount of the Class
A-5 Certificates has been reduced to zero; and

 

(G)        to
the Holders of the Class A-AB Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (F) above until the outstanding Certificate Principal Amount of the Class
A-AB Certificates has been reduced to zero;

 

(iii)      to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates, up to an amount
equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to reduce the Certificate
Principal Amount of each such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the
date the related Realized Loss was allocated to such Class;

 

(iv)       to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in respect of interest, up to an amount
equal to the Interest Distribution Amount of the Class A-S Regular Interest;

 

(v)        to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class A-S
Regular Interest is reduced to zero;

 

    	-254-

    	 

    

 

(vi)       to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class A-S Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class A-S Regular Interest compounded monthly from the date the related
Realized Loss was allocated to the Class A-S Regular Interest;

 

(vii)      to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, in respect of interest, up to an amount equal
to the Interest Distribution Amount for the Class B Regular Interest;

 

(viii)     to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class B
Regular Interest is reduced to zero;

 

(ix)       to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class B Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class B Regular Interest compounded monthly from the date the related Realized
Loss was allocated to the Class B Regular Interest;

 

(x)        to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, in respect of interest, up to an amount equal
to the Interest Distribution Amount for the Class C Regular Interest;

 

(xi)       to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class C
Regular Interest is reduced to zero;

 

(xii)      to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class C Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class C Regular Interest compounded monthly from the date the related Realized
Loss was allocated to the Class C Regular Interest;

 

(xiii)     to
the respective Holders of the Class D and Class X-D Certificates, in respect of interest, up to an amount equal to, and pro
rata in accordance with, the respective Interest Distribution Amounts for such Classes;

 

(xiv)      to
the Holders of the Class D Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed

 

    	-255-

    	 

    

 

pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xv)       to
the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;

 

(xvi)      to
the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;

 

(xvii)     to
the Holders of the Class E Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xviii)    to
the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;

 

(xix)      to
the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;

 

(xx)       to
the Holders of the Class F Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xxi)      to
the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;

 

(xxii)     to
the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;

 

(xxiii)    to
the Holders of the Class G Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

    	-256-

    	 

    

 

(xxiv)     to
the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class; and

 

(xxv)      to
the Holders of the Class R Certificates in respect of the Upper-Tier REMIC Residual Interest, any amounts remaining in the Upper-Tier
Distribution Account.

 

Notwithstanding
the foregoing, on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments
described in priority (ii) above, remaining Available Funds at such level shall be distributed up to an amount equal to the Principal
Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5 and Class A-AB Certificates, pro rata, based on their respective Certificate Principal Amounts, in reduction of their
respective Certificate Principal Amounts (and the schedule for the Class A-AB principal distributions shall be disregarded). Any
remaining Available Funds will then be allocated as provided in priorities (iii) through (xxv) above.

 

All
distributions of interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to clause (b)(i)
above or Section 4.01(d), shall be deemed to have been made in respect of all the Components of such Class, pro rata
in accordance with the respective amounts of interest that would be payable on such Components on such Distribution Date based
on one-twelfth of the Class X Strip Rate of such Component multiplied by its respective Component Notional Amount, reduced by
its share of any Excess Prepayment Interest Shortfall for such Distribution Date, together with any amounts thereof remaining
unpaid from previous Distribution Dates.

 

(c)        (i)
On any Distribution Date, any Yield Maintenance Charge collected on the Mortgage Loans as of the related Determination Date (or,
in the case of any Outside Serviced Trust Loan(s), received hereunder as of the Business Day immediately preceding the related
Master Servicer Remittance Date) and on deposit in the Collection Account as of the close of business on the Business Day immediately
preceding the related Master Servicer Remittance Date will be distributed to the Holders of the respective Classes of Certificates
(excluding the Class X-D, Class E, Class F, Class G and Class R Certificates) as follows: (A) first such Yield Maintenance
charge shall be allocated between (x) the group (the “YM Group A”) of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates and the Class A-S Regular Interest (and correspondingly the Class
A-S and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class A-S Regular Interest) and
(y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of
the Class X-B Certificates, the Class B Regular Interest (and correspondingly the Class B and Class PEZ Certificates, pro rata
based on their respective percentage interests in the Class B Regular Interest), the Class C Regular Interest (and correspondingly
the Class C and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class C Regular
Interest) and the Class D Certificates, pro rata, based on the aggregate amount of principal distributed with respect to
the Classes of Regular Certificates (other than the Class X

 

    	-257-

    	 

    

 

Certificates) and Class PEZ Regular Interests in each YM Group on
such Distribution Date, and (B) then the portion of such Yield Maintenance Charge allocated to each YM Group shall be further
allocated as among the Classes of Regular Certificates and Class PEZ Regular Interests in such YM Group, in the following manner:
(1) each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest in such YM Group
shall entitle the applicable Certificateholders to receive on the applicable Distribution Date, on a pro rata basis according
to entitlements, that portion of such Yield Maintenance Charge equal to the product of (x) a fraction, the numerator of which
is the amount distributed as principal to such Class of Regular Certificates or Class PEZ Regular Interest on such Distribution
Date, and the denominator of which is the total amount of principal distributed to all of the Regular Certificates (other than
the Class X Certificates) and Class PEZ Regular Interests in such YM Group on such Distribution Date, (y) the Base Interest Fraction
for the related Principal Prepayment and such Class of Regular Certificates or Class PEZ Regular Interest and (z) the amount of
such Yield Maintenance Charge allocated to such YM Group, and (2) any Yield Maintenance Charges allocated to such YM Group collected
during the related Prepayment Period remaining after such distributions will be distributed to the Class of Class X Certificates
in such YM Group.

 

On
each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class A-S Regular Interest shall be further
allocated between and distributed on the Class A-S Certificates and the Class PEZ Component A-S (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class A-S Percentage Interest and Class A-S-PEZ Percentage Interest, respectively.
On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class B Regular Interest shall be further
allocated between and distributed on the Class B Certificates and the Class PEZ Component B (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class B Percentage Interest and Class B-PEZ Percentage Interest, respectively.
On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class C Regular Interest shall be further
allocated between and distributed on the Class C Certificates and the Class PEZ Component C (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class C Percentage Interest and Class C-PEZ Percentage Interest, respectively.

 

After
the Distribution Date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Certificate Principal Amounts
of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates and the Class PEZ Regular Interests
have been reduced to zero, all Yield Maintenance Charges collected with respect to the Mortgage Loans will be distributed to the
Holders of the Class X-B Certificates.

 

(ii)       Any
Yield Maintenance Charge that is to be distributed to the Regular Certificates or Class PEZ Regular Interests on any Distribution
Date shall be deemed distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests
then receiving a principal distribution, pro rata, based on the respective amounts of those principal distributions.

 

    	-258-

    	 

    

 

(d)        On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Excess Liquidation Proceeds Reserve Account
and shall distribute such amounts in the following priority:

 

(i)        first,
to the Holders of the Regular Certificates and to the Exchangeable Distribution Account with respect to the Class PEZ Regular
Interests (in the same order as distributions are made pursuant to Section 4.01(b) of this Agreement) up to an amount equal
to all amounts remaining due and payable on the Regular Certificates and Class PEZ Regular Interests, and any Realized Loss allocable
to such Certificates or Class PEZ Regular Interests, after application of the Available Funds for such Distribution Date; and

 

(ii)       second,
to the Holders of the Class R Certificates, in accordance with the last sentence of Section 3.05(c) of this Agreement.

 

Amounts
paid with respect to the Mortgage Loans from the Excess Liquidation Proceeds Reserve Account pursuant to the preceding clause
(i) shall first be deemed to have been distributed to reimburse the Lower-Tier REMIC in respect of any Realized Losses or other
shortfalls allocated to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests in reimbursement of Realized Losses
previously allocated thereto and payment of other amounts due thereon.

 

(e)        On
each Distribution Date, following the deemed distributions of principal or in reimbursement of previously allocated Realized Losses
made in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)(ii), the Lower-Tier Principal Balance of
each Lower-Tier Regular Interest (after taking account of such deemed distributions) shall be reduced as a result of Realized
Losses to equal the Certificate Principal Amount of its Corresponding Certificates that will be outstanding immediately following
such Distribution Date.

 

(f)        The
Certificate Principal Amount of each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular
Interest will be reduced without distribution on any Distribution Date, as a write-off, to the extent of any Realized Loss (for
purposes of this calculation only, not giving effect to any reductions of the Stated Principal Balance for payments of principal
collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement Amounts pursuant to Section 3.06
of this Agreement to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) allocated to such Class of Certificates or Class PEZ Regular Interest on such Distribution Date. On each Distribution
Date, any Realized Loss for such Distribution Date will be allocated to the following Classes of Regular Certificates and Class
PEZ Regular Interests in the following order, until the Certificate Principal Amount of each such Class of Certificates or Class
PEZ Regular Interest is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates;
third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Regular Interest
(and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based on their respective percentage
interests therein); sixth, to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class
PEZ Component B, pro rata based on their respective percentage interests therein); seventh, to the Class A-S Regular
Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective
percentage interests therein); and,

 

    	-259-

    	 

    

 

finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii)
Class A-3 Certificates, (iv) Class A-4 Certificates, (v) Class A-5 Certificates and (vi) Class A-AB Certificates based on their
respective Certificate Principal Amounts. Any amounts recovered in respect of any amounts previously written off as Realized Losses
will be distributed to the Classes of Certificates and Class PEZ Regular Interests to which Realized Losses have been allocated
in order of their seniority and shall be deemed to be distributed to the Corresponding Lower-Tier Regular Interests (and any amounts
so distributed on any Class PEZ Regular Interest shall be deemed to be distributed on the Class of Class A-S, Class B or Class
C Certificates corresponding to that Class PEZ Regular Interest and the corresponding Class PEZ Component of the Class PEZ Certificates,
pro rata based on their respective percentage interests in such Class PEZ Regular Interest). Reimbursement of previously allocated
Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction
in the Certificate Principal Amount of the Class of Principal Balance Certificates or Class PEZ Regular Interest in respect of
which any such reimbursement is made. If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were
reimbursed from principal collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction
of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution
Date related to the Prepayment Period during which the recovery occurred) the amount of such recovery will be added to the Certificate
Principal Amount(s) of the Class or Classes of Regular Certificates (other than the Class X Certificates) and/or the Class PEZ
Regular Interest(s) that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to
Section 4.01(b) of this Agreement, in each case up to the lesser of the unallocated portion of such recovery and the amount
of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates or Class PEZ Regular Interest, and
the Interest Shortfall with respect to each affected Class of Regular Certificates or Class PEZ Regular Interest for the next
Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date
if the restored write-down for such Class of Regular Certificates or Class PEZ Regular Interest had never been written down (and,
to the extent that the Certificate Principal Amount of, and any interest payable on, any Class of Regular Certificates or Class
PEZ Regular Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any
interest payable on, the Corresponding Lower-Tier Regular Interest). If the Certificate Principal Amount of any Class of Regular
Certificates (other than the Class X Certificates) or Class PEZ Regular Interest (or the Lower-Tier Principal Balance of any Lower-Tier
Regular Interest) is so increased, the amount of unreimbursed Realized Losses of such Class of Certificates or Class PEZ Regular
Interest (or such Lower-Tier Regular Interest, as the case may be) shall be decreased by such amount.

 

The
Notional Amount of the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to
reflect reductions of the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-AB Certificates and the Class A-S Regular Interest and of the Lower-Tier Principal Balances of the Lower-Tier Regular Interests
designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB and Class LA-S Interests, in any event
resulting from allocations of Realized Losses. The Notional Amount of the Class X-B Certificates and the Component Notional Amount
of the Class X-B Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class B Regular Interest
and of the Lower-Tier

 

    	-260-

    	 

    

 

Principal Balance of the Lower-Tier Regular Interest designated as the Class LB Interest, in any event resulting
from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and the Component Notional Amount of the
Class X-D Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class D Certificates and
of the Lower-Tier Principal Balance of the Lower Tier-Regular Interest designated as the Class LD Interest, in any event resulting
from allocations of Realized Losses.

 

(g)        All
amounts distributable, or reductions allocable on account of Realized Losses, to a Class of Certificates pursuant to this Section
4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based
on their respective Percentage Interests. Such distributions shall be made on each Distribution Date other than the Termination
Date to each Certificateholder of record on the related Record Date (a) by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor,
if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five (5) Business Days
prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice
to Certificateholders of such final distribution. The Certificate Administrator shall be responsible for making all distributions
on the Certificates contemplated hereunder.

 

(h)        Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
no later than the fifteenth day of the month preceding the month in which the final distribution with respect to any Class of
Certificates is expected to be made (or, if the Certificate Administrator has not received notice of such Anticipated Termination
Date by such time, promptly following the Certificate Administrator’s receipt of such notice), mail to each Holder of such
Class of Certificates, on such date a notice to the effect that:

 

(i)        the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(ii)       if
such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates, or on the Corresponding
Lower-Tier Regular Interest, from and after such Distribution Date;

 

provided,
however, that the Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of
the appropriate

 

    	-261-

    	 

    

 

non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section
4.01(h) shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the
Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates
for cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of
such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent,
take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. If
within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder or by the Certificate Administrator as a result of such Certificateholder’s failure
to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h). Any funds not distributed
on such Distribution Date shall be set aside and held uninvested in trust for the benefit of Certificateholders not presenting
and surrendering their Certificates in the aforesaid manner.

 

(i)        [Reserved].

 

(j)        The
Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated among the various Classes of Regular
Certificates, the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S,
pro rata based on their respective percentage interests therein), the Class B Regular Interest (and correspondingly, the
Class B Certificates and the Class PEZ Component B, pro rata based on their respective percentage interests therein) and
the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based
on their respective percentage interests therein), pro rata, based upon the respective Interest Accrual Amounts with respect
to such Classes of Regular Certificates and Class PEZ Regular Interests for such Distribution Date. The portion of any Excess
Prepayment Interest Shortfall for any Distribution Date so allocable to a Class of Class X Certificates shall, in turn, be allocated
among the various Components of such Class of Class X Certificates, pro rata, based upon the respective amounts of Accrued
Component Interest with respect to such Components for such Distribution Date. The portion of any Excess Prepayment Interest Shortfall
for any Distribution Date so allocated to any Class of Regular Certificates, any Class PEZ Regular Interest or any Component of
a Class of Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier Regular Interest
for such Class of Regular Certificates, Class PEZ Regular Interest or Component, as applicable.

 

    	-262-

    	 

    

 

(k)        Amounts
distributed on the Class PEZ Regular Interests pursuant to Section 4.01(b) and Section 4.01(d) shall be further
distributed from the Exchangeable Distribution Account to the Holders of the Exchangeable Certificates as set forth below:

 

(i)        On
each Distribution Date, simultaneously with the distributions made on the Class A-S Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class A-S Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class A-S Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:

 

(A)        first,
concurrently, to the Holders of the Class A-S Certificates in respect of interest, up to an amount equal to the Class A-S Percentage
Interest of the amount distributed in respect of interest on the Class A-S Regular Interest under Section 4.01(b)(iv) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component A-S,
up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of interest on the Class A-S
Regular Interest under Section 4.01(b)(iv) and Section 4.01(d)(i);

 

(B)        second,
concurrently, to the Holders of the Class A-S Certificates in respect of principal, up to an amount equal to the Class A-S Percentage
Interest of the amount distributed in respect of principal on the Class A-S Regular Interest under Section 4.01(b)(v) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component A-S,
up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of principal on the Class
A-S Regular Interest under Section 4.01(b)(v) and Section 4.01(d)(i); and

 

(C)        third,
concurrently, to the Holders of the Class A-S Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class A-S Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular
Interest under Section 4.01(b)(vi) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect
of unreimbursed Realized Losses on Class PEZ Component A-S, up to an amount equal to the Class A-S-PEZ Percentage Interest of
the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular Interest under Section 4.01(b)(vi)
and Section 4.01(d)(i).

 

(ii)       On
each Distribution Date, simultaneously with the distributions made on the Class B Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class B Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class B Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:

 

(A)        first,
concurrently, to the Holders of the Class B Certificates in respect of interest, up to an amount equal to the Class B Percentage
Interest of the amount distributed in respect of interest on the Class B Regular Interest under 

 

    	-263-

    	 

    

 

Section 4.01(b)(vii) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component B, up
to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of interest on the Class B Regular
Interest under Section 4.01(b)(vii) and Section 4.01(d)(i);

 

(B)        second,
concurrently, to the Holders of the Class B Certificates in respect of principal, up to an amount equal to the Class B Percentage
Interest of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.01(b)(viii)
and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component
B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of principal on the Class
B Regular Interest under Section 4.01(b)(viii) and Section 4.01(d)(i); and

 

(C)        third,
concurrently, to the Holders of the Class B Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class B Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest
under Section 4.01(b)(ix) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of
unreimbursed Realized Losses on Class PEZ Component B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount
distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under Section 4.01(b)(ix) and Section
4.01(d)(i).

 

(iii)      On
each Distribution Date, simultaneously with the distributions made on the Class C Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class C Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class C Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:

 

(A)        first,
concurrently, to the Holders of the Class C Certificates in respect of interest, up to an amount equal to the Class C Percentage
Interest of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.01(b)(x) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component C, up
to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in respect of interest on the Class C Regular
Interest under Section 4.01(b)(x) and Section 4.01(d)(i);

 

(B)        second,
concurrently, to the Holders of the Class C Certificates in respect of principal, up to an amount equal to the Class C Percentage
Interest of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.01(b)(xi) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component C,
up to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in

 

    	-264-

    	 

    

 

respect of principal on the Class C
Regular Interest under Section 4.01(b)(xi) and Section 4.01(d)(i); and

 

(C)        third,
concurrently, to the Holders of the Class C Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class C Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest
under Section 4.01(b)(xii) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of
unreimbursed Realized Losses on Class PEZ Component C, up to an amount equal to the Class C-PEZ Percentage Interest of the amount
distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under Section 4.01(b)(xii) and Section
4.01(d)(i).

 

(iv)       The
various amounts distributable on the Class PEZ Certificates on each Distribution Date under the foregoing subsections of this
Section 4.01(k) shall be so distributed in a single, aggregate distribution.

 

(l)        The
various amounts distributable on the Class PEZ Certificates on each Distribution Date under Article IV in respect of amounts allocated
to any of the Class PEZ Components pursuant to the terms of this Agreement shall be so distributed in a single, aggregate distribution
to the Holders of the Class PEZ Certificates on such Distribution Date. In addition, the Class PEZ Certificates shall be allocated
the aggregate amount of Realized Losses, Prepayment Interest Shortfalls and other interest shortfalls (including those resulting
from Appraisal Reduction Events) that are allocated to the Class PEZ Components pursuant to the terms of this Agreement.

 

(m)        On
each Distribution Date, any Excess Interest received during the related Prepayment Period with respect to any ARD Mortgage Loans
shall be distributed to the Holders of the Excess Interest Certificates from the Excess Interest Distribution Account.

 

Section
4.02     Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer.

 

(a)        Based
on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution Date, the Certificate
Administrator shall provide or make available a report, including reports in substantially the form attached hereto as Exhibit
D (the “Distribution Date Statement”), setting forth, among other things, the following information:

 

(A)        the
amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates
and applied to reduce the respective Certificate Principal Amount thereof;

 

(B)        the
amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates allocable to (A)
Interest Distribution Amount, (B) Yield Maintenance Charges and (C) Excess Interest;

 

    	-265-

    	 

    

 

(C)        the
amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;

 

(D)        the
aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination Date, and
the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with respect
to each Mortgage Loan as of the related Determination Date;

 

(E)        the
aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained by or
paid to the Special Servicer in respect of the related Collection Period, Prepayment Period or Interest Accrual Period, as applicable;

 

(F)        the
aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the percentage
of the Cut-Off Date Principal Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;

 

(G)        the
number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the outstanding
Mortgage Loans, at the close of business on the related Determination Date;

 

(H)        as
of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent one month, (B) delinquent
two months, (C) delinquent three or more months, (D) that are Specially Serviced Loans but are not delinquent or (E) as to which
foreclosure proceedings have been commenced;

 

(I)        the
aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is expected to be subject
to a bankruptcy proceeding;

 

(J)        with
respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect to the
Outside Serviced Trust Loans) during the related Prepayment Period, the Stated Principal Balance and unpaid principal balance
of such Mortgage Loan as of the date such Mortgaged Property became an REO Property and the most recently determined Appraised
Value and date upon which the Appraisal was performed;

 

(K)        as
to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Prepayment Period,
the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during the related
Prepayment Period and the portion thereof included in the Available Funds for such Distribution Date;

 

(L)        with
respect to any REO Property (including with respect to the Outside Serviced Trust Loans) included in the Trust Fund as of the
close of

 

    	-266-

    	 

    

 

business on the last day of the related Prepayment Period, the Loan Number of the related Mortgage Loan, the book value
of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses) and other
amounts, if any, received on such REO Property during the related Prepayment Period and the portion thereof included in the Available
Funds for such Distribution Date and the most recently determined Appraised Value and date upon which the Appraisal was performed;

 

(M)        with
respect to any REO Property (including with respect to the Outside Serviced Trust Loans) sold or otherwise disposed of during
the related Prepayment Period, the Loan Number of the related Mortgage Loan, and the amount of Liquidation Proceeds and other
amounts, if any, received in respect of such REO Property during the related Prepayment Period, the portion thereof included in
the Available Funds for such Distribution Date and the balance of the Excess Liquidation Proceeds Reserve Account for such Distribution
Date;

 

(N)        the
Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution
Date;

 

(O)        any
unpaid Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest after giving
effect to the distributions made on such Distribution Date;

 

(P)        the
Pass-Through Rate for each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution Date;

 

(Q)        the
original Certificate Principal Amount or Notional Amount as of the Closing Date and the Certificate Principal Amount or Notional
Amount, as the case may be, of each Class of Regular Certificates and Class PEZ Regular Interest immediately before and immediately
after such Distribution Date, separately identifying any reduction in the Certificate Principal Amount or Notional Amount, as
the case may be, of each such Class of Regular Certificates and Class PEZ Regular Interest due to Realized Losses;

 

(R)        the
Certificate Factor for each Class of Regular Certificates or Class PEZ Regular Interest immediately following such Distribution
Date;

 

(S)        the
Principal Distribution Amount for such Distribution Date;

 

(T)        the
aggregate amount of Principal Prepayments made during the related Prepayment Period, and the aggregate amount of any Prepayment
Interest Excesses received and Prepayment Interest Shortfalls incurred in connection therewith;

 

(U)        the
aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the Trust Fund
during the related Prepayment Period, and any Realized Loss for such Distribution Date;

 

    	-267-

    	 

    

 

(V)        any
Appraisal Reduction Amounts on a loan-by-loan basis, and the total Appraisal Reduction Amounts, as of the related Determination
Date;

 

(W)        identification
of any material modification, extension or waiver of a Mortgage Loan;

 

(X)        identification
of any material breach of the representations and warranties given with respect to a Mortgage Loan by the applicable Mortgage
Loan Seller;

 

(Y)        the
identity of the Operating Advisor;

 

(Z)        the
amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee, the Custodian Fee and the CREFC®
Intellectual Property Royalty License Fee paid with respect to such Distribution Date;

 

(AA)       an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(BB)       
the identity of the Controlling Class;

 

(CC)       
the identity of the Controlling Class Representative;

 

(DD)       such
additional information as contemplated by Exhibit D to this Agreement; and

 

(EE)       the
information required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust Fund that were
subject of a demand to repurchase or replace for breach of the representations and warranties in any of the Loan Purchase Agreements.

 

In
the case of information furnished pursuant to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar
amount in the aggregate for all Certificates of each applicable Class and per single Certificate of a specified minimum denomination.
The form of any Distribution Date Statement may change over time.

 

On
each Distribution Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to
each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution
Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates in respect
of the related Trust REMIC on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have
been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as
from time to time in force. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for
the accuracy or completeness of any information supplied to it by a Mortgagor or any Mortgage Loan Seller (including the information
in the Prospectus Supplement) or any other

 

    	-268-

    	 

    

 

third party that is included in any reports, statements, materials or information prepared
or provided by the Master Servicer or the Special Servicer, as applicable.

 

The
Certificate Administrator shall make available each month via the Certificate Administrator’s Website, to any Privileged
Person (or, in the case of item (vii) below, solely to Certificateholders and Beneficial Owners and provided that the Prospectus
Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR filings referred
to below (collectively, the “Public Documents”) will be available to the general public, and provided further
that, except as otherwise provided herein, any Privileged Person that is a Borrower Party shall only be entitled to access the
Public Documents), the following items:

 

(i)        the
following “deal documents”:

 

(A)        the
Prospectus and the Prospectus Supplement;

 

(B)        this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase
Agreements and any amendments and exhibits hereto or thereto; and

 

(C)        CREFC®
Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)       the
following “Commission EDGAR filings”:

 

(A)        any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)      the
following “periodic reports”:

 

(A)        the
Distribution Date Statements;

 

(B)        the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent it has received
or prepared such report or file; and

 

(C)        all
Operating Advisor Annual Reports;

 

(iv)       the
following “additional documents”:

 

(A)        the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to Section
3.21 of this Agreement; and

 

(B)        any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

    	-269-

    	 

    

 

(v)        the
following “special notices”:

 

(A)        all
Special Notices;

 

(B)        notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(C)        notice
of final payment on the Certificates;

 

(D)        all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(E)        notice
of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, an Outside Servicer, an Outside Special Servicer or an Outside Trustee (and appointments of successors to the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, an Outside Servicer, an Outside
Special Servicer or an Outside Trustee);

 

(F)        any
and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(G)        notice
of the termination of the Trust;

 

(H)        notice
of the occurrence and continuance of a Control Termination Event;

 

(I)        notice
of the occurrence and continuance of a Consultation Termination Event;

 

(J)        the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the officer’s certificates
delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to
Section 10.09 of this Agreement; and

 

(K)        the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vi)       the
Investor Q&A Forum; and

 

(vii)      solely
to Certificateholders and Beneficial Owners, the Investor Registry.

 

Notwithstanding
the foregoing, if the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party with respect
to any Excluded Controlling

 

    	-270-

    	 

    

 

Class Mortgage Loan, such Person shall not have access to any Excluded Information related to such
Excluded Controlling Class Mortgage Loan.

 

Any
Person that is a Borrower Party shall be entitled to access (a) the Public Documents, and (b) in the case of the Controlling Class
Representative or a Controlling Class Certificateholder, if any such Person is an Excluded Controlling Class Holder, upon delivery
to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical
form of an investor certification substantially in the form of Exhibit M-1C and a notice in the form of Exhibit M-1D
hereto certifying to the effect that it is an Excluded Controlling Class Holder, all information (other than Excluded Information)
available on the Certificate Administrator’s Website.

 

In
the case of the Controlling Class Representative or Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an investor certification substantially in the form of Exhibit M-1B hereto certifying to the effect
that it is not an Excluded Controlling Class Holder, such Controlling Class Representative or a Controlling Class Certificateholder
shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may each rely on (i) an investor certification in the form of Exhibit
M-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is not an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage Loan or (ii) an investor certification
in the form of Exhibit M-1C hereto from the Controlling Class Representative or a Controlling Class Certificateholder to
the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage
Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling
Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee in writing substantially in the form of Exhibit M-1D to the effect that such party is an
Excluded Controlling Class Holder and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled
to any Excluded Information related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate
Administrator’s Website. Any Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor
identifies and delivers to the Certificate Administrator shall be delivered to the Certificate Administrator via email in one
or more separate files labeled “Excluded Controlling Class Mortgage Loan” followed by the applicable loan name and
loan number, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded
Information from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master
Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume
that the Controlling Class Representative and all Controlling Class Certificateholders are not Excluded Controlling Class Holders
except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as
applicable, has received notice from the Controlling Class Representative or a Controlling Class Certificateholder that it has
become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator shall be liable for any communication to the Controlling Class Representative or Controlling Class Certificateholder
or disclosure of Excluded Information if the Master Servicer, the Special

 

    	-271-

    	 

    

 

Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Mortgage Loan
(including, in the case of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for
posting to the Certificate Administrator’s Website and/or any failure to label any such information provided to the Certificate
Administrator).

 

Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
rely on any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder, as applicable,
substantially in the form of Exhibit M-1B to the effect that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Mortgage Loan to the related Mortgagor
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Mortgagor or the related
Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Mortgagor, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order
to comply with the obligations described in clause (i) above.

 

The
Certificate Administrator makes no representations or warranties as to the accuracy or completeness of information provided pursuant
to this Section and assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for
any information distributed by the Certificate Administrator for which it is not the original source. In connection with providing
access to the Certificate Administrator’s internet website, the Certificate Administrator may require registration and acceptance
of a disclaimer and may require a recipient of any of the information set forth above (other than the Public Documents) to execute
a confidentiality agreement (which may be in the form of a web page “click-through”). The Certificate Administrator
shall not be liable for the dissemination of information in accordance with this Agreement. The Certificate Administrator shall
not be liable for the dissemination of information in accordance herewith. Notwithstanding anything herein to the contrary, the
Certificate Administrator shall not be liable for any disclosure of Excluded Information relating to an Excluded Controlling Class
Mortgage Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered
to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating
to an Excluded Controlling Class Mortgage Loan.

 

The
Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s
website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant
to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower
Party.

 

    	-272-

    	 

    

 

The
Certificate Administrator shall provide assistance in using the Certificate Administrator’s Website through the Certificate
Administrator’s customer service desk at telephone number 1-888-422-2066.

 

The
Certificate Administrator may provide such information through means other than (and in lieu of) the Certificate Administrator’s
Website; provided that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and
each of the Serviced Companion Loan Holders shall have received notice of such alternative means (which notice may be given via
the Certificate Administrator’s Website).

 

Any
Person that is a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall
be entitled to access only the Prospectus Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements
and the Commission EDGAR filings on the Certificate Administrator’s Website which are being made available to the general
public. The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information
regarding the Mortgage Loans at a website maintained by the Master Servicer.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate and requests in writing a statement containing the information
as to the applicable Class set forth in clauses (A), (B) and (C) of the description of Distribution Date Statements above aggregated
for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other
information as the Certificate Administrator determines to be necessary to enable Certificateholders to prepare their tax returns
for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the
Code as from time to time are in force.

 

The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners may (i)(a) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(b) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared
by that party and being made available pursuant to this Section 4.02(a), the Mortgage Loans (or any Serviced Loan Combination)
or the Mortgaged Properties and (c) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Report (collectively, “Inquiries”), and (ii) view Inquiries
that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Operating
Advisor, the Master Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry to the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following
receipt thereof.

 

    	-273-

    	 

    

 

Within
a commercially reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate
Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt
of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the
Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole
discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry (A) would not be in the best interests
of the Trust and/or the Certificateholders, (B) would be in violation of applicable law, this Agreement or the applicable Loan
Documents, (C) would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, or (D) would reasonably be expected
to result in the waiver of an attorney client privilege or the disclosure of attorney work product or (iii) it is otherwise, for
any reason, not advisable to answer, it shall not be required to answer such Inquiry and, in the case of the Operating Advisor,
the Master Servicer or the Special Servicer, shall promptly notify the Certificate Administrator. The Certificate Administrator
shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. The Certificate Administrator
shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate
Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will
not reflect questions, answers and other communications which are not submitted via the Certificate Administrator’s Website.
Answers posted on the Investor Q&A Forum shall be attributable only to the respondent, and no other Person will certify as
to the accuracy, or will have any responsibility or liability for the content of any such information. No party to this Agreement
shall disclose Privileged Information in the Investor Q&A Forum.

 

The
Certificate Administrator shall make available to any Certificateholder and Beneficial Owner (other than a Mortgagor, a Manager
of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor), the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and e-mail address, as well as certain optional fields such as address, phone, and
Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any

 

    	-274-

    	 

    

 

information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

Notwithstanding
the foregoing, in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer
or the Certificate Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC®
reports, inspection reports, reports required under each Co-Lender Agreement and other specific periodic reports otherwise required).
If the Master Servicer, the Special Servicer or the Certificate Administrator elects to provide any ad hoc or non-standard reports,
it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.

 

Upon
filing with the IRS, the Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066
for each Trust REMIC and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and
shall provide from time to time such information and computations with respect to the entries on such forms as any Holder of the
Class R Certificates may reasonably request.

 

The
specification of information to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms
of this Agreement requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders
and Beneficial Owners) shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby
authorized to furnish, to any Privileged Person any other information (such other information, collectively, “Additional
Information”) with respect to the Mortgage Loans or Serviced Loan Combination, the Mortgaged Properties or the Trust
Fund as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation
or other manner from time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional
Information shall only be furnished with the consent or at the request of the Depositor (except pursuant to clause (E) below or
to the extent such information is requested by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled
to indicate the source of all information furnished by it, and the Certificate Administrator may affix thereto any disclaimer
it deems appropriate in its sole discretion (together with any warnings as to the confidential nature and/or the uses of such
information as it may, in its sole discretion, determine appropriate), (C) the Certificate Administrator may notify any Privileged
Person of the availability of any such information in any manner as it, in its sole discretion, may determine, (D) the Certificate
Administrator shall be entitled (but not obligated) to require payment from each recipient of a reasonable fee for, and its out-of-pocket
expenses incurred in connection with, the collection, assembly, reproduction or delivery of any such Additional Information, and
(E) the Certificate Administrator shall be entitled to distribute or make available such Additional Information in accordance
with such reasonable rules and procedures as it may deem necessary or appropriate (which may include the requirement that an agreement
that provides such information shall be used solely for purposes of evaluating the investment characteristics or valuation of
the Certificates be executed by the recipient, if and to the extent the Certificate Administrator deems the same to be necessary
or appropriate). Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish
or distribute any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any
liability for furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator

 

    	-275-

    	 

    

 

shall be entitled (but not required) to request and receive direction from the Depositor as to the manner of delivery of any such
Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any
consent, direction or request given to it pursuant to this Section be made in writing.

 

The
Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg,
L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited or such other vendor chosen
by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit M-3 to this Agreement,
all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to this Section 4.02(a) to Privileged Persons.

 

(b)        No
later than the Business Day prior to each Distribution Date, subject to the third from last paragraph of this subsection (b),
the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor, the Special
Servicer and any master servicer of a securitization of a Companion Loan in electronic form mutually acceptable to the Certificate
Administrator, the Operating Advisor, the Special Servicer and the Master Servicer the following reports or information (and any
other files as may be, or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor
Reporting Package (IRP) from time to time): (1) a CREFC® REO Status Report, (2) a CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report, (3) CREFC® Total Loan Report, (4) the CREFC®
Servicer Watch List/Portfolio Review Guidelines, (5) the CREFC® Financial File, (6) the CREFC®
Property File, (7) except for the first two Distribution Dates, the CREFC® Comparative Financial Status Report,
(8) the CREFC® Loan Level Reserve/LOC Report, (9) the CREFC® Advance Recovery Report and (10) the
CREFC® Delinquent Loan Status Report.

 

No
later than the Business Day prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative
Financial Status Report for each Mortgage Loan or related Mortgaged Property as of the Determination Date immediately preceding
the preparation of such report for each of the following three periods (but only to the extent the related Mortgagor is required
by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information): (a) the most
current available year-to-date; (b) each of the previous two full fiscal years stated separately (to the extent such information
is in the Master Servicer’s possession); and (c) the “base year” (representing the original analysis of information
used as of the Cut-Off Date).

 

No
later than 2:00 p.m., New York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor a CREFC® Loan Periodic Update File setting forth
certain information with respect to the Mortgage Loans and Mortgaged Properties.

 

The
Master Servicer shall prepare the initial CREFC® Financial File and the initial CREFC® Loan Periodic
Update File based on the initial data with respect to each

 

    	-276-

    	 

    

 

Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the
respective Loan Purchase Agreements and the Supplemental Servicer Schedule.

 

The
Master Servicer shall provide to the Certificate Administrator and the Operating Advisor the CREFC® Loan Setup
File within 60 days of the first Distribution Date hereunder to the extent it has received from the Mortgage Loan Sellers one
or more spreadsheets (with the data fields filled) containing the data necessary for the completion of the aggregate pool-wide
CREFC® Loan Setup File.

 

In
addition, the Master Servicer or Special Servicer, as applicable, shall prepare with respect to each Mortgaged Property and REO
Property, in each case other than with respect to any Outside Serviced Trust Loan:

 

(i)        Within
30 days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing with the calendar quarter
ending September 30, 2015, a CREFC® Operating Statement Analysis Report (but only to the extent the related Mortgagor
is required by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information) for
such Mortgaged Property or REO Property as of the end of such calendar quarter; provided, however, that any analysis
or report with respect to the first calendar quarter of each year shall not be required to the extent provided in the then current
applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines provide
that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property
unless such Mortgaged Property is analyzed on a trailing 12-month basis, or if the related Serviced Mortgage Loan is on the CREFC®
Servicer Watch List). The Master Servicer or Special Servicer, as applicable, shall deliver to the Certificate Administrator,
the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related
Other Securitization Trust on its behalf) by electronic means the CREFC® Operating Statement Analysis Report upon
request; and

 

(ii)       Within
30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans) or the Master Servicer (with respect
to Performing Serviced Loans) of an annual operating statement for each calendar year, commencing with the calendar year ending
December 31, 2015, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required
by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information), presenting the
computation to “normalize” the full year net operating income and debt service coverage numbers used by the Master
Servicer in preparing the CREFC® Comparative Financial Status Report above. The Special Servicer or the Master
Servicer shall deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion Loan Holder
(or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic means the
CREFC® NOI Adjustment Worksheet upon request. Notwithstanding anything to the contrary contained herein, with respect
to any Mortgage Loan related to any Significant Obligor, the Master Servicer shall be required to complete any CREFC files, reports
and/or templates necessary in order to comply with the Master Servicer’s obligations under Section 10.11

 

    	-277-

    	 

    

 

of this
Agreement and the Exchange Act filing obligations of the Depositor and/or any Other Depositor, as applicable, with respect to
such Significant Obligor.

 

The
Certificate Administrator shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement), to each Certificateholder,
to each party hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator
with an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC®
NOI Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination
and delivered to the Certificate Administrator.

 

Upon
request (and in any event, not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator
(as to the Collection Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special
servicer for the related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial
Account as of the close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate Administrator
required by this Agreement to be made by the Master Servicer have been made (or, in the case of any such required remittance that
has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding
Master Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such
Master Servicer Remittance Date, the aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination
Custodial Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of withdrawal
specified in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator and
(solely as to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate
Administrator or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced
Loan Combinations in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master
Servicer by the Special Servicer with respect to Specially Serviced Loans and REO Properties).

 

Further,
the Master Servicer shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession
of the Master Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer
to perform its obligations under this Agreement with respect to those Mortgage Loans serviced by the Master Servicer.

 

The
obligation of the Master Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Master Servicer having received from the Special Servicer in a timely manner the related reports and information in the
possession of the Special Servicer necessary or required to enable the Master Servicer to prepare and deliver such reports. The
Master Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the Special
Servicer to the Master Servicer

 

    	-278-

    	 

    

 

pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this
Agreement.

 

The
obligation of the Special Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Special Servicer having received from the Master Servicer in a timely manner the related reports and information in the
possession of the Master Servicer necessary or required to enable the Special Servicer to prepare and deliver such reports. The
Special Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the
Master Servicer to the Special Servicer pursuant to this Agreement and accepted by the Special Servicer in good faith pursuant
to this Agreement.

 

With
respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information
to the same Persons as described above in this Section 4.02(b) and according to the same time frames as described above
in this Section 4.02(b), with reasonable promptness following such Master Servicer’s receipt of such information
from the related Outside Servicer under the applicable Outside Servicing Agreement.

 

(c)        Not
later than 5:00 p.m. New York time on each Determination Date, the Special Servicer shall forward to the Master Servicer, for
each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Trust Loan), a CREFC®
Special Servicer Loan File. The Special Servicer shall also deliver to the Certificate Administrator, upon the reasonable
written request of the Certificate Administrator, any and all additional information in the possession of the Special Servicer
relating to the Specially Serviced Loans and the REO Properties (other than an REO Property related to an Outside Serviced Trust
Loan).

 

The
Special Servicer shall cooperate with the Master Servicer and provide the Master Servicer with the information in the possession
of the Special Servicer reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer
to perform its obligations under this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an
REO Property related to an Outside Serviced Trust Loan).

 

The
Master Servicer may make available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant
to this Agreement. The Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combination available
on any website that it has established.

 

With
respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information
to the extent received from the related Outside Servicer or the related Outside Special Servicer, as applicable, to the same Persons
as described above in this Section 4.02(c) and according to the same time frames as described above in this Section
4.02(c), with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside
Servicer under the related Outside Servicing Agreement.

 

    	-279-

    	 

    

 

(d)        The
Master Servicer shall withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty License
Fee to CREFC® in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit in the Collection
Account.

 

Section
4.03     Compliance With Withholding Requirements. 

 

(a)        Notwithstanding
any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to
payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event the Paying Agent
or its agent withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder
pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any
amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

(b)        Each
Beneficial Owner and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges
that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax
may apply. Each such Beneficial Owner and Certificateholder further agrees, upon request, to provide any certifications that may
be required under applicable law, regulations or procedures to evidence its status for United States withholding tax purposes
and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under
the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable),
such recipient shall deliver to the Paying Agent, with a copy to each of the Trustee and the Certificate Administrator, at the
time or times prescribed by the Code and at such time or times reasonably requested by the Paying Agent or the Trustee, such documentation
prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably
requested by the Paying Agent, the Trustee or the Certificate Administrator to comply with their respective obligations under
FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the
amount to deduct and withhold from such payment. For these purposes, “FATCA” means Section 1471 through 1474
of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or
similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under
such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including
any amendments made to FATCA after the date of this Agreement.

 

Section
4.04     REMIC Compliance.

 

(a)        The
parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify
it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions, and
the

 

    	-280-

    	 

    

 

provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate
Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each
Trust REMIC and shall on behalf of each Trust REMIC: (i) prepare, timely deliver to the Trustee for execution (and the Trustee
shall timely execute) and file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar
year as the taxable year for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state
or local income tax laws; (ii) make an election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066 for
its first taxable year ending December 31, 2015, in accordance with the REMIC Provisions; (iii) prepare and forward, or cause
to be prepared and forwarded, to the Certificateholders (other than the Holders of the Excess Interest Certificates) and the IRS
and applicable state and local tax authorities all information reports as and when required to be provided to them in accordance
with the REMIC Provisions of the Code; (iv) if the filing or distribution of any documents of an administrative nature not addressed
in clauses (i) through (iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the
status of each Trust REMIC as a REMIC or is otherwise required by the Code, prepare, sign and file or distribute, or cause to
be prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions
or the Code or comparable provisions of state and local law; (v) obtain a taxpayer identification number for the Upper-Tier REMIC
and Lower-Tier REMIC on IRS Form SS-4, and, within thirty days of the Closing Date, furnish or cause to be furnished to the IRS,
on IRS Form 8811 or as otherwise may be required by the Code, the name, title and address of the Person that the holders of the
Certificates may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative
of each Trust REMIC for this purpose), together with such additional information as may be required by such IRS Form, and shall
update such information at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business
Days of the Closing Date to provide any information reasonably requested by the Master Servicer or the Certificate Administrator
and necessary to make such filing); and (vi) maintain such records relating to each Trust REMIC as may be necessary to prepare
the foregoing returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on
a calendar year and on an accrual basis.

 

The
Holder of the largest Percentage Interest in the Class R Certificates shall be the tax matters person of each Trust REMIC pursuant
to Treasury Regulations Section 1.860F-4(d). If more than one Holder should hold an equal Percentage Interest in the Class R Certificates
larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax
matters person. The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person of each Trust
REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented
to the Certificate Administrator’s appointment in such capacity and agrees to execute any documents required to give effect
thereto, and any fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or
judicial proceeding shall be paid by the Trust Fund.

 

The
Certificate Administrator shall not intentionally take any action or intentionally omit to take any action within its control
and the scope of its duties if, in taking or omitting to take such action, the Certificate Administrator knows that such action
or omission (as

 

    	-281-

    	 

    

 

the case may be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on
a Trust REMIC (other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement).

 

Notwithstanding
any provision of this paragraph or the three preceding paragraphs to the contrary, the Certificate Administrator shall not be
required to take any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision
of this Agreement, nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly
required or authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility
or liability with respect to any act or omission of the Depositor or the Master Servicer which does not enable the Certificate
Administrator to comply with any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated
by clauses (i) through (iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow
the occurrence of any “prohibited transactions” within the meaning of Code Section 860F(a), unless the party seeking
such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such
occurrence would not (a) result in a taxable gain, (b) otherwise subject a Trust REMIC to tax (other than a tax at the highest
marginal corporate tax rate on net income from foreclosure property), or (c) cause either Trust REMIC to fail to qualify as a
REMIC for federal income tax purposes; (ii) not allow a Trust REMIC to receive income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by such Trust REMIC (provided, however, that the receipt
of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause);
and (iii) not permit the creation of any “interests,” within the meaning of the REMIC Provisions, in the Upper-Tier
REMIC other than the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest, the Class C Regular Interest
and the Upper-Tier REMIC Residual Interest, or in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Lower-Tier
Residual Interest. None of the Trustee, the Master Servicer, the Special Servicer or the Depositor shall be responsible or liable
for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the
Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying any
information within the Depositor’s, the Master Servicer’s or the Special Servicer’s control (other than any
confidential information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this
Section 4.04.

 

(b)        The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates, the Class A-S Regular Interest,
the Class B Regular Interest and the Class C Regular Interest: (i) each Mortgage Loan will pay principal and interest in accordance
with its terms and scheduled payments will be timely received on their Due Dates, provided that the Mortgage Loans in the
aggregate will prepay in accordance with the Prepayment Assumption; (ii) none of the Master Servicer, the Special Servicer, the
Depositor and the Class R Certificateholder will exercise the right described in Section 9.01 of this Agreement to cause
early termination of the Trust Fund; and (iii) no Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan
Seller pursuant to Article II of this Agreement.

 

    	-282-

    	 

    

 

Section
4.05     Imposition of Tax on the Trust REMICs.

 

In
the event that any tax, including interest, penalties or assessments, additional amounts or additions to tax, is imposed on a
Trust REMIC, such tax shall be charged against amounts otherwise distributable with respect to the Regular Certificates, the Class
PEZ Regular Interests and the Class R Certificates; provided that any taxes imposed on any net income from foreclosure
property pursuant to Code Section 860G(d) or any similar tax imposed by a state or local jurisdiction shall instead be treated
as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such taxes
are paid, the Special Servicer from time to time shall withdraw from the REO Account and transfer to the Certificate Administrator
for deposit into the Distribution Accounts amounts reasonably determined by the Certificate Administrator to be necessary to pay
such taxes, and the Certificate Administrator shall return to the Special Servicer the excess determined by the Certificate Administrator
from time to time of the amount in excess of the amount necessary to pay such taxes); provided that any such tax imposed
on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Available Funds as
provided in Section 3.06(a)(vii) of this Agreement and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from the Distribution Account in
determining the amount of Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax
as is legally owed by a Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at
the expense of the Trust Fund, any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The Certificate Administrator is hereby authorized to and shall segregate or cause to
be segregated, into a separate non-interest bearing account, (i) the net income from any “prohibited transaction”
under Code Section 860F(a) or (ii) the amount of any contribution to a Trust REMIC after the Startup Day that is subject to tax
under Code Section 860G(d) and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof,
if any, to the related Distribution Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator
shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates in respect
of the related residual interest and shall distribute such retained amounts to the Holders of Regular Certificates or to the Certificate
Administrator in respect of the Lower-Tier Regular Interests and the Class PEZ Regular Interests until they are fully reimbursed
and then to the Holders of the Class R Certificates in respect of the related residual interest. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any taxes imposed on a Trust REMIC
except to the extent such tax is attributable to a breach of a representation or warranty of the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee in contravention of this Agreement in both cases, provided, further, that
such breach, act or omission could result in liability under Section 6.03, in the case of the Master Servicer or the Special
Servicer, as applicable, or Section 4.04 or Section 8.01, in the case of the Certificate Administrator or the Trustee.
Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall
not be responsible for the Certificate Administrator’s, the Authenticating Agent’s, the Certificate Registrar’s,
the Paying Agent’s or the Trustee’s breaches, acts or omissions, and the Trustee shall not be responsible for the
breaches, acts or omissions of the Certificate Administrator, the Master Servicer, the Special Servicer, the Authenticating Agent,
the

 

    	-283-

    	 

    

 

Certificate Registrar or the Paying Agent, and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer, the Special Servicer and, in each case if a different entity than the Certificate
Administrator, the Authenticating Agent, the Certificate Registrar or the Paying Agent.

 

Section
4.06     Remittances; P&I Advances.

 

(a)        On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

 

(i)        remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Yield Maintenance Charges
applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer in the Prepayment Period relating
to such Distribution Date (or, in the case of an Outside Serviced Trust Loan, received by the Master Servicer as of the close
of business on the Business Day immediately preceding the applicable Master Servicer Remittance Date and not previously so remitted
to the Certificate Administrator);

 

(ii)       remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Available Funds applicable
to the Mortgage Loans (other than the amounts referred to in clause (iv) below and clause (d) of the definition of “Available
Funds”);

 

(iii)      remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee;

 

(iv)       make
a P&I Advance by remittance to the Certificate Administrator for deposit into the Lower-Tier Distribution Account, in an amount
equal to the sum of the Applicable Monthly Payments for each Mortgage Loan (including any REO Mortgage Loan and any Mortgage Loan
related to a Loan Combination, but not a Companion Loan) to the extent such amounts were not received on such Mortgage Loan as
of the close of business on the Determination Date (without regard to any grace period) in the same month as such Master Servicer
Remittance Date), except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty
License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to
CREFC®; and

 

(v)        remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the related Distribution
Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii)
through Section 3.06(a)(ix) of this Agreement.

 

Neither
the Master Servicer nor the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest,
Excess Interest or Yield Maintenance Charges, or delinquent Monthly Payments on the Companion Loans. The amount required to be
advanced in respect of delinquent payments of interest on any Mortgage Loan as to which an Appraisal Reduction Amount exists will
equal the product of (i) the amount otherwise required to be advanced by the Master Servicer with respect to delinquent payments
of interest without giving effect to such Appraisal Reduction Amounts, and (ii) a fraction, the numerator of which is

 

    	-284-

    	 

    

 

the Stated
Principal Balance of such Mortgage Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction
Amount, and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection
Period. Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.

 

Any
amount advanced by the Master Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance
for all purposes of this Agreement and the Master Servicer shall be entitled to reimbursement (with interest at the Advance Rate).
The Special Servicer shall have no obligation to make any P&I Advance.

 

The
Certificate Administrator shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time,
on the Master Servicer Remittance Date, the Certificate Administrator has not received the amount of a required P&I Advance
hereunder. If as of 11:00 a.m., New York City time, on any Distribution Date the Master Servicer shall not have made the P&I
Advance required to have been made on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this
Agreement, the Certificate Administrator shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City
time, on such Business Day deposit into the Lower-Tier Distribution Account in immediately available funds an amount equal to
the P&I Advances otherwise required to have been made by the Master Servicer.

 

Neither
the Master Servicer nor the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which
a P&I Advance is otherwise required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable,
or the Special Servicer determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an
obligation hereunder to make P&I Advances that it has made (or in the case of a determination by the Special Servicer, that
the Master Servicer or the Trustee has made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master
Servicer or the Trustee that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by
such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii)
in the case of the Trustee, in its good faith business judgment, and shall be evidenced by an Officer’s Certificate as set
forth in Section 4.06(b). In connection with a determination by the Special Servicer, the Master Servicer or the Trustee
as to whether a P&I Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:

 

(A)        any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

    	-285-

    	 

    

 

(B)        any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information for such purposes;

 

(C)        the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed P&I
Advance, if made, would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee and the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event) notice of such determination, which determination shall be conclusive and binding on the
Master Servicer and the Trustee;

 

(D)        although
the Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer will have no right
to (i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated to be made) by
the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the
Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance
constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to limit the Special
Servicer’s right to make a determination that a P&I Advance to be made (or contemplated to be made) would be, or a previously
made Advance is, a Nonrecoverable Advance, as described in this Section 4.06;

 

(E)        any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with respect
to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee;

 

(F)        the
Master Servicer shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability
determination made by the Master Servicer on or prior to such date;

 

(G)        the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a P&I
Advance, if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has failed to
make a P&I Advance for reasons other than a determination by the Master Servicer or Special Servicer that such Advance would
be a Nonrecoverable Advance, the Trustee shall make such advance within the time periods required by this Section 4.06
unless the Trustee, in its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes
a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;

 

    	-286-

    	 

    

 

(H)        the
Special Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer the
Special Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date or
required to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable
P&I Advance, and the Master Servicer and the Trustee shall be entitled to conclusively rely on such determination; and

 

(I)        notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any P&I Advance would be recoverable.

 

The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with
interest thereon) to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer
and Special Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related
Mortgagors to the extent permitted by applicable law and the related Mortgage Loan.

 

With
respect to P&I Advances and each Outside Serviced Trust Loan, the Master Servicer and the Trustee shall be entitled to rely
on the “appraisal reduction amount” calculated by the related Outside Special Servicer or the related Outside Servicer
in accordance with the terms of the applicable Outside Servicing Agreement.

 

(b)        The
determination by the Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable P&I
Advance or that any proposed P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage Loan (or
with respect to any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable P&I
Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date
to the Trustee (unless it is the Person making the determination), the Controlling Class Representative (prior to the occurrence
and continuance of a Consultation Termination Event), the holder of any related Pari Passu Companion Loan or its Companion Loan
Holder Representative (in the case of a Pari Passu Loan Combination), the Master Servicer (unless it is the Person making the
determination), the Special Servicer (unless it is the Person making the determination) and, if the Trustee is making the determination,
the Depositor, setting forth the basis for such determination, together with any other information that supports such determination
together with a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall
be an expense of the Trust, shall take into account any material change in circumstances of which such Person is aware or such
Person has received new information, either of which has a material effect on the value and shall have been conducted in accordance
with the standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and
further accompanied by related Mortgagor operating statements and financial statements,

 

    	-287-

    	 

    

 

budgets and rent rolls of the related
Mortgaged Property (to the extent available and/or in such Person’s possession) and any engineers’ reports, environmental
surveys or similar reports that such Person may have obtained and that support such determination. The Master Servicer and the
Special Servicer shall consider Unliquidated Advances with respect to prior P&I Advances for the purpose of nonrecoverability
determinations as if such amounts were unreimbursed P&I Advances.

 

(c)        With
respect to each Outside Serviced Trust Loan, if (1) the related Outside Servicer has determined that a proposed debt service advance
with respect to such Outside Serviced Trust Loan or a related Outside Serviced Companion Loan, if made, would be, or any outstanding
debt service advance previously made with respect to such Outside Serviced Companion Loan is, as applicable, a “nonrecoverable
advance,” and the related Outside Servicer has provided written notice of such determination to the Master Servicer, or
(2) if the Master Servicer or the Special Servicer has determined that a P&I Advance with respect to the Outside Serviced
Trust Loan related to such related Outside Serviced Companion Loan would be a Nonrecoverable P&I Advance, then neither the
Master Servicer nor the Trustee shall make any additional P&I Advance with respect to such Outside Serviced Trust Loan until
the Master Servicer or the Special Servicer, as applicable, has consulted with the related Outside Servicer under the applicable
Outside Servicing Agreement and they agree that circumstances with respect to such Mortgage Loans have changed such that a proposed
future debt service advance would not be a “nonrecoverable advance.” With respect to each Outside Serviced Trust Loan,
if the Master Servicer has determined that a proposed P&I Advance with respect to such mortgage loan would be a Nonrecoverable
Advance, the Master Servicer shall provide the related Outside Servicer written notice of such determination within two (2) Business
Days after such determination was made.

 

In
connection with each Outside Serviced Trust Loan, any determination by the Master Servicer that any P&I Advance made or to
be made with respect to such Outside Serviced Trust Loan (or any successor REO Mortgage Loan with respect thereto) is or, if made,
would be a Nonrecoverable P&I Advance may be made independently from any determinations (or the absence of any determinations)
made under the applicable Outside Servicing Agreement regarding nonrecoverability of debt service advances on the related Outside
Serviced Companion Loan.

 

(d)        If
the Trustee, the Master Servicer or the Special Servicer has received written notice from Moody’s, Fitch or KBRA to the
effect that continuation of the Master Servicer or the Special Servicer in such capacity would result in the downgrade, qualification
or withdrawal of any rating then assigned by Moody’s, Fitch or KBRA, as applicable, to any Class of Certificates and citing
servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or material factor in such rating
action, and such notice is not rescinded within 60 days, then the Trustee, the Master Servicer or the Special Servicer, as applicable,
shall promptly notify the other such parties and the Certificate Administrator, and the Certificate Administrator shall promptly
notify the Serviced Companion Loan Holder and the applicable master servicer of any Serviced Companion Loan.

 

    	-288-

    	 

    

 

Section
4.07     Grantor Trust Reporting.

 

(a)        The
Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(b)        The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return of the Exchangeable Certificates, and shall otherwise comply with
Treasury Regulations Section 301.7701-4(c). The Certificate Administrator shall timely file or cause to be timely filed with the
IRS Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of
the respective Classes of the Grantor Trust Certificates, their allocable share of income and expense with respect to the Class
A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class
PEZ Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets and proceeds thereof, respectively, as such amounts
are received or accrue, as applicable.

 

(c)        (i)
The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations
to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the
Certificate Administrator on a timely basis. With respect to each Class of Exchangeable Certificates, the Certificate Administrator
is hereby directed to assume that DTC is the only “middleman” as defined by the WHFIT Regulations unless it has actual
knowledge to the contrary or the Depositor provides the Certificate Administrator with the identities of the other “middlemen”
that are Certificateholders. The Certificate Administrator will not be liable for any tax reporting penalties that may arise under
the WHFIT Regulations in the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.

 

(ii)       The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall
make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition,
the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)      The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for
any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not in its possession
being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate
Administrator. Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a
WHFIT, by acceptance of its interest in such class of securities, will be deemed to have

 

    	-289-

    	 

    

 

agreed to provide the Certificate Administrator
with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt
of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(d)        To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate
Administrator’s Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP Number so
published will represent the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith efforts to
keep the website accurate and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP Number, the
Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator shall
not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.

 

Section
4.08     Calculations.

 

Provided
that the Certificate Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer,
the Certificate Administrator shall be responsible for performing all calculations necessary in connection with the actual and
deemed distributions to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant
to Section 4.02(a) and the actual and deemed allocations of Realized Losses to be made pursuant to Section 4.01.
The Certificate Administrator shall calculate the Principal Distribution Amount and Interest Distribution Amounts for each Distribution
Date and shall allocate such amounts among Certificateholders in accordance with this Agreement. Absent actual knowledge of an
error therein, the Certificate Administrator shall have no obligation to recompute, recalculate or otherwise verify any loan-level
information provided to it by the Master Servicer. The calculations by the Certificate Administrator contemplated by this Section
4.08 shall, in the absence of manifest error, be deemed to be correct for all purposes hereunder.

Article
V

THE CERTIFICATES

 

Section
5.01     The Certificates. (a) The Certificates consist of the Class A-1 Certificates, the
Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5 Certificates, the Class A-AB
Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class A-S Certificates,
the Class B Certificates, the Class PEZ Certificates, the Class C Certificates, the Class D Certificates, the Class E
Certificates, the Class F Certificates, the Class G Certificates and the Class R Certificates.

 

Each
Class of Certificates will be substantially in the forms annexed hereto as Exhibits A-1 through A-18 respectively,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement
or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to

 

    	-290-

    	 

    

 

comply, or facilitate
compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates,
as evidenced by their execution thereof. The Public Certificates (other than the Class X-A and Class X-B Certificates) shall be
issued in minimum denominations of $10,000 and integral multiples of $1 in excess thereof. However, in connection with an exchange
of Class A-S, Class B and Class C Certificates for Class PEZ Certificates and vice versa, each of the Class A-S, Class B, and
Class C Certificates exchanged (whether surrendered or received) in such exchange shall be in denominations of at least $10,000
initial Certificate Principal Amount, and the Class PEZ Certificates exchanged shall equal the aggregate Certificate Principal
Amount of the Class A-S, Class B and Class C Certificates being exchanged therefor (i.e. in excess of $30,000 initial Certificate
Principal Amount). The Private Certificates (other than the Class X-D and Class R Certificates) shall be issued in minimum denominations
of $100,000 and integral multiples of $1 in excess thereof. The Class X-A, Class X B and Class X-D Certificates shall be issued,
maintained and transferred only in minimum denominations of authorized initial notional amounts of not less than $1,000,000 and
in integral multiples of $1 in excess thereof. If the initial Certificate Principal Amount or initial Notional Amount, as applicable,
of any Class of Certificates (exclusive of the Class R Certificates) does not equal an integral multiple of $1, then a single
additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Principal Amount
or initial Notional Amount, as applicable, that includes the excess of (i) the initial Certificate Principal Amount or initial
Notional Amount, as applicable, of such Class over (ii) the largest integral multiple of $1 that does not exceed such amount.
The Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class R Certificates
and in integral multiples of 1% in excess thereof.

 

(b)        One
authorized signatory shall sign the Certificates for the Certificate Administrator by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Administrator countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Administrator (who may be the same officer who executed the Certificate) manually countersigns the Certificate.
The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section
5.02     Form and Registration.

 

(a)        Each
Class of Public Certificates shall be represented by a single, global certificate in definitive, fully registered form without
interest coupons, substantially in the applicable form set forth as an exhibit hereto, which shall be deposited with the Certificate
Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository
or a nominee of the Depository. The aggregate Certificate Principal Amount of a Global Certificate may from time to time be increased
or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter
provided.

 

    	-291-

    	 

    

 

(b)        Unless
and until Definitive Certificates are issued in respect of a Class of Global Certificates, beneficial ownership interests in such
Certificates will be maintained and transferred on the book-entry records of the Depository and Depository Participants, and all
references to actions by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions
received from the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures and, except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders
of such Class of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as the
registered Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures.

 

(c)        No
transfer of any Private Certificate shall be made unless that transfer is made pursuant to an effective registration statement
under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a
transaction which does not require such registration or qualification. If a transfer is to be made in reliance upon an exemption
from the Securities Act, and under the applicable state securities laws, then:

 

(i)        The
Certificates of each Class of the Private Certificates (other than the Class R Certificates) sold in offshore transactions in
reliance on Regulation S under the Act shall initially be represented by a temporary global certificate in definitive, fully registered
form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the Private
Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for the Depository,
and registered in the name of the Depository or the nominee of the Depository for the account of designated agents holding on
behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period commencing on the later of the commencement
of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary Regulation
S Global Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial
interest in a Temporary Regulation S Global Certificate may be exchanged for an interest in the related permanent global certificate
of the same Class of Private Certificates (a “Regulation S Global Certificate”) in the applicable form set
forth as an exhibit hereto in accordance with the procedures set forth in Section 5.03(f) of this Agreement. During the
Restricted Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Global Certificate shall
only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership
Certification. After the expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary
Regulation S Global Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial
interest in the Regulation S Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate
Principal Amount of a Temporary Regulation S Global Certificate or a Regulation S Global Certificate may from time to time be
increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter
provided.

 

    	-292-

    	 

    

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate
Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(ii)       The
Certificates of each Class of Private Certificates (other than the Class R Certificates) offered and sold to Qualified Institutional
Buyers in reliance on Rule 144A shall be represented by a single, global certificate in definitive, fully registered form without
interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”),
which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository,
and registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate Principal Amount of a Rule
144A Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate
Registrar, as custodian for the Depository, as hereinafter provided.

 

(iii)      The
Certificates of each Class of Private Certificates offered and sold in the United States to investors that are Institutional Accredited
Investors that are not Qualified Institutional Buyers and the Class R Certificates (collectively, the “Non-Book Entry
Certificates”) shall be in the form of Definitive Certificates, substantially in the applicable form set forth as an
exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar who shall
deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)        Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within
90 days of such notice; (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the
rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is
necessary or appropriate for the Trustee to obtain possession of the Certificates of such Class; or (iii) in the case of a Private
Certificate, all of the applicable requirements of Section 5.03 of this Agreement are satisfied; provided, however,
that under no circumstances will certificated Private Certificates be issued to beneficial owners of a Temporary Regulation S
Global Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with respect to any
Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any Global Certificate
of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates
of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A
Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate
Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under this Agreement.

 

    	-293-

    	 

    

 

(e)        If
any Beneficial Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a Qualified Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S.
person” (as that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited Investor but
not a Qualified Institutional Buyer, then the transferee shall take delivery in the form of a Non-Book Entry Certificate, subject
to the restrictions on the transfer of such Non-Book Entry Certificate in Section 5.03(h) of this Agreement. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer complies with the provisions
of Section 5.03(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for a Non-Book Entry Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the denomination of such Global Certificate equal to the denomination of such Non-Book Entry Certificate issued
in exchange therefor or upon transfer thereof.

 

Section
5.03     Registration of Transfer and Exchange of Certificates.

 

(a)        The
Certificate Administrator shall keep or cause to be kept at its principal offices books (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity,
being the “Certificate Registrar”). In such capacities, the Certificate Administrator shall be responsible
for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates of each
Class of Private Certificates represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and
a Rule 144A Global Certificate and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the
Depositor, the Master Servicer and the Special Servicer any notices from the Certificateholders.

 

(b)        Subject
to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer of any Certificate,
the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)        Rule
144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A
Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time during the Restricted
Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate
of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take
delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may,
subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial
interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in

 

    	-294-

    	 

    

 

Section 5.11 of this Agreement, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in
the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate
to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding
the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate in the
form of Exhibit E to this Agreement given by the holder of such beneficial interest stating that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance
with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Principal Amount of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount
of the Temporary Regulation S Global Certificate by the aggregate Certificate Principal Amount of the beneficial interest in the
Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such
instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation
S Global Certificate equal to the reduction in the Certificate Principal Amount of the Rule 144A Global Certificate, and to debit,
or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A
Global Certificate that is being exchanged or transferred.

 

(d)        Rule
144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time following the Restricted Period to
exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate of the same
Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take delivery thereof
in the form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures of the Depository,
exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of
(1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate
Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate in an amount equal to
the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the
Depository’s procedures containing information regarding the participant account of the Depository to be credited with such
increase and (3) a certificate in the form of Exhibit F to this Agreement given by the holder of such beneficial interest,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Principal Amount
of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount of the Regulation
S Global Certificate by the aggregate Certificate Principal Amount of the beneficial interest in the Rule 144A Global Certificate
to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest
in the Regulation S Global Certificate equal to the reduction in the Certificate Principal Amount of the Rule 144A Global Certificate,
and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest
in the Rule 144A Global Certificate that is being exchanged or transferred.

 

    	-295-

    	 

    

 

(e)        Temporary
Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial
interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar
as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate
or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest
in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of
Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.11 of this Agreement, of (1) instructions from Euroclear or Clearstream, if applicable,
and the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest
in the Rule 144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation
S Global Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an
interest in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the
Rule 144A Global Certificate at any time during the Restricted Period, a certificate in the form of Exhibit G to this Agreement
given by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation
S Global Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Global Certificate is a Qualified
Institutional Buyer and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then the
Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Principal Amount of the
Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate
Principal Amount of the Rule 144A Global Certificate by the aggregate Certificate Principal Amount of the beneficial interest
in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, and the Certificate Registrar
shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of the Person
specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate
Principal Amount of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to debit, or cause to
be debited, from the account of the Person making such transfer the beneficial interest in the Temporary Regulation S Global Certificate
or Regulation S Global Certificate that is being transferred.

 

(f)        Temporary
Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate
as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S.
Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate
substantially in the form of Exhibit H to this Agreement from the holder of a beneficial interest in such Temporary Regulation
S Global Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of
the same Class or Private Certificates. The Certificate Registrar shall effect such exchange by

 

    	-296-

    	 

    

 

delivering to the Depository for
credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global Certificate, representing
the aggregate Certificate Principal Amount of interests in the Temporary Regulation S Global Certificate initially exchanged for
interests in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the
certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive
evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant
to the terms of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the Temporary
Regulation S Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse
the Temporary Regulation S Global Certificate to reflect the reduction in the Certificate Principal Amount represented thereby
by the amount so exchanged and shall endorse the Regulation S Global Certificate to reflect the corresponding increase in the
amount represented thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Global Certificate,
and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation
S Global Certificate and Rule 144A Global Certificate authenticated and delivered hereunder.

 

(g)        Non-Book
Entry Certificate to Global Certificate. If a holder of a Non-Book Entry Certificate that is a Private Certificate (other
than a Class R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in
a Global Certificate of the same Class, or to transfer all or part of such Non-Book Entry Certificate to an institution that is
entitled to take delivery thereof in the form of an interest in a Global Certificate, such holder may, subject to the rules and
procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book
Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt
by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) such Non-Book
Entry Certificate, duly endorsed as provided herein, (2) instructions from such holder directing the Certificate Registrar, as
registrar, to credit, or cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion
of the Certificate Principal Amount of the Non-Book Entry Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit
I to this Agreement (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate),
in the form of Exhibit J to this Agreement (in the event that the applicable Global Certificate is the Regulation S Global
Certificate) or in the form of Exhibit K to this Agreement (in the event that the applicable Global Certificate is the
Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part
of such Non-Book Entry Certificate, and shall, if applicable, direct the Certificate Administrator to execute, authenticate and
deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Principal Amount of the portion
retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such Global Certificate by
the aggregate Certificate Principal Amount of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or
cause to be credited, to the account of the institution specified in such instructions a beneficial interest in the applicable
Global Certificate equal to the Certificate Principal Amount of the portion of the Non-Book Entry Certificate so canceled.

 

    	-297-

    	 

    

 

(h)        Exchanges
of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book
Entry Certificate (other than a Public Certificate) wishes at any time to transfer its interest in such Rule 144A Global Certificate,
Regulation S Global Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form
of a Non-Book Entry Certificate, then the Certificate Registrar shall refuse to register such transfer unless it receives (and
upon receipt, may conclusively rely upon): (i) an investment representation letter from the proposed transferee substantially
in the form attached as Exhibit L-4 to this Agreement; and (ii) if required by the Certificate Registrar, an opinion of
counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without registration under the
Securities Act, together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder
desiring to effect such transfer and/or the proposed transferee on which such opinion of counsel is based (such opinion of counsel
shall not be an expense of the Trust or of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee or the Certificate Registrar in their respective capacities as such).

 

(i)        Other
Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate (other than as otherwise set forth
in Section 5.02(d) of this Agreement), such Certificates may be exchanged only in accordance with such procedures as are
substantially consistent with the provisions of clauses (c) through (f) and (h) above (including the certification requirements
intended to ensure that such transfers comply with Rule 144A or Regulation S under the Act, at the case may be) and such other
procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)        Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made
pursuant to the provisions of clause (e) above.

 

(k)        If
Private Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating
to compliance with the Act, or if a request is made to remove such legend on Certificates, the Private Certificates so issued
shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate
Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or
Regulation S under the Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted”
within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.

 

(l)        All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)        No
Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be (i) an employee
benefit plan or other plan

 

    	-298-

    	 

    

 

subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section
4975 (each, a “Plan”), or (ii) any entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, an insurance company
that is using the assets of separate accounts or general accounts which include Plan assets (or which are deemed to include assets
of Plans) or other Person acting on behalf of any such Plan or using the assets of a Plan (each, a “Plan Investor”)
to purchase such Certificate. In addition, no ERISA Restricted Certificate or interest therein may be purchased by or transferred
to any prospective purchaser or transferee that is or will be a Plan or Plan Investor, unless (i) such purchaser or transferee
is an insurance company, (ii) the source of funds used to acquire or hold such ERISA Restricted Certificate or interest therein
is an “insurance company general account,” as such term is defined in PTCE 95-60, and (iii) the conditions in Sections
I and III of PTCE 95-60 have been satisfied. Furthermore, no ERISA Restricted Certificate or Class R Certificate or interest therein
may be purchased by or transferred to any prospective purchaser or transferee that is or will be a governmental plan (as defined
in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar
to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”),
or to any Person acting on behalf of any such plan or using the assets of such plan to acquire such Certificate or interest therein
unless, in the case of an ERISA Restricted Certificate, its acquisition, holding and disposition of such Certificate or an interest
therein would not constitute or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer
thereof by an Initial Purchaser or the Depositor, each prospective transferee of an ERISA Restricted Certificate or a Class R
Certificate in Non-Book Entry Certificate form shall deliver to the transferor, the Depositor, the Certificate Registrar, the
Certificate Administrator and the Trustee representation letters, substantially in the form of Exhibit L-3 and Exhibit
L-4 to this Agreement. Each beneficial owner of a Certificate (other than a Class R Certificate) or any interest therein will
be deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein, that either (i)
it is not a Plan or Plan Investor, (ii) in the case of a Certificate other than an ERISA Restricted Certificate, it has acquired
and is holding the Certificates in reliance on the Underwriter Exemption, and that it understands that there are certain conditions
to the availability of the Underwriter Exemption, including that the Certificates must be rated, at the time of purchase, not
lower than “BBB-” (or its equivalent) by a rating agency that meets the requirements of the Underwriter Exemption
and that such Certificate is so rated and that it is an Institutional Accredited Investor or (iii) (1) it is an insurance company,
(2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance company general account,”
as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Each beneficial
owner of a Certificate or an interest therein which is a governmental plan or other plan subject to Similar Law shall be deemed
to have represented, by virtue of its acquisition or holding of such Certificate or interest therein that the acquisition, holding
and disposition of such Certificate or an interest therein by the purchaser will not constitute or otherwise result in a non-exempt
violation of Similar Law. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void
ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.

 

(n)        Each
Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership
Interest to have agreed to

 

    	-299-

    	 

    

 

be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:

 

(i)        Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in
the first sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who is acting as
an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding
owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest
as soon and as fully as possible.

 

(ii)       No
Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and
such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, other than in connection with the initial Transfer thereof to the Initial Purchasers, the
Certificate Registrar shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed
transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached
as Exhibit L-1 to this Agreement (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual
Ownership Interest, it may incur tax liabilities in excess of cash flows generated by the residual interest, (3) the proposed
transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee
will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Tax Person,
(5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee
Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting
as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed
transferee expressly agrees to be bound by and to comply with the provisions of this Section 5.03(n) and (y) other than
in connection with the initial issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial Purchaser
in connection with the initial offering of the Certificates, require a statement from the proposed transferor substantially in
the form attached as Exhibit L-2 to this Agreement (the “Transferor Letter”), that the proposed transferor
has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know
that the proposed transferee’s statements in the preceding clauses (x)(B)(1) or (3) are false.

 

    	-300-

    	 

    

 

(iii)       Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (n)(ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership Interest
or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such
Residual Ownership Interest or such agent such information necessary to the application of Code Section 860E(e) as may be required
by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect to such Class
R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar, the Certificate
Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred
to above; provided, however, such Persons shall in no event be excused from furnishing such information.
 

(iv)       The
Class R Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional
Buyers.
 

(o)        Any
attempted or purported transfer in violation of the transfer restrictions set forth in this Article V shall be null and
void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with
respect to the applicable Certificates.
 

Section
5.04     Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate
is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there is delivered to the Certificate Registrar, the Trustee and the
Certificate Administrator such security or indemnity as may be required by it to save it harmless, then, in the absence of
actual notice that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall direct the
Certificate Administrator to execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance
of any new Certificate under this Section 5.04, the Certificate Registrar and the Certificate Administrator may
require the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.04 shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.
 

Section
5.05     Persons Deemed Owners. The Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator and the Certificate

 

    	-301-

    	 

    

 

Registrar, and any agent of any of them, may treat
the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions as provided in this Agreement and for all other purposes whatsoever, and neither the Master Servicer, the
Special Servicer, the Operating Advisor, the Trustee, the Certificate Registrar, nor any agent of any of them shall be
affected by any notice to the contrary; provided, however, that to the extent that a party to this Agreement
responsible for distributing any report, statement or other information required to be distributed to Certificateholders has
been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other
information to such Beneficial Owner (or prospective transferee).
 

Section
5.06     Appointment of Paying Agent. The Certificate Administrator may appoint (and, if it
does not so appoint, shall act as) a paying agent for the purpose of making distributions to Certificateholders pursuant to Section
4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent, if other than the Certificate
Administrator or the Master Servicer, to execute and deliver to the Master Servicer and the Certificate Administrator an
instrument that is consistent in all material respects with this Agreement and in which such Paying Agent shall agree with
the Master Servicer and the Certificate Administrator that such Paying Agent will hold all sums held by it for the payment to
Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums have been paid to the
Certificateholders or disposed of as otherwise provided herein. The initial Paying Agent shall be the Certificate
Administrator. The Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“BBB+” by Fitch and “Baa1” by Moody’s, or shall be otherwise acceptable to each
Rating Agency.
 

Section 5.07     Access
to Certificateholders’ Names and Addresses; Special Notices.
 

(a)        If
any Certifying Certificateholder, any Serviced Companion Loan Holder or the Master Servicer (for purposes of this Section 5.07,
an “Applicant”) applies or requests in writing to the Certificate Registrar, and such application or request
states that the Applicant desires to communicate with the Certificateholders, the Certificate Registrar shall promptly furnish
or cause to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record
Date as they appear in the Certificate Register, at the expense of the Applicant.
 

(b)        Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator that the Certificate Administrator
and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure of any information as to the
names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.
 

(c)        Upon
the written request of any Certifying Certificateholder or Serviced Companion Loan Holder that (a) states that such Certificateholder
or Serviced Companion Loan Holder desires the Certificate Administrator to transmit a notice to all Certificateholders stating
that such Certificateholder wishes to be contacted by other Certificateholders, setting forth the relevant contact information
and briefly stating the reason for the requested contact and (b) provides a copy of the Special Notice which such Certifying Certificateholder
or Serviced

 

    	-302-

    	 

    

 

Companion
Loan Holder proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s
Website and shall mail such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate
Register. The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall
be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees
that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure
of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.08     Actions
of Certificateholders.
 

(a)        Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken
by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Certificate Administrator and, when required, to
the Depositor, the Master Servicer or the Special Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Trustee, the Certificate Administrator,
the Depositor, the Special Servicer and the Master Servicer, if made in the manner provided in this Section.
 

(b)        The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator deems sufficient.
 

(c)        Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Special Servicer or the
Master Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.
 

(d)        The
Certificate Administrator or Certificate Registrar may require such additional proof of any matter referred to in this Section
5.08 as it shall deem necessary.
 

Section
5.09     Authenticating Agent. The Certificate Administrator may appoint an Authenticating
Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be
an entity organized and doing business under the laws of the United States of America or any state, having a principal office
and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least
$15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state
authorities. The Certificate Administrator shall serve as the initial Authenticating Agent and the Certificate Administrator
hereby accepts such appointment.
 

    	-303-

    	 

    

 

Any entity into which
the Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Authenticating Agent shall be party, or any entity succeeding to the corporate agency
business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Certificate Administrator or the Authenticating Agent.
 

The Authenticating
Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator
and the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written
notice of termination to the Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section
5.09, the Certificate Administrator promptly shall appoint a successor Authenticating Agent, which shall be acceptable to the
Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 5.09.
 

The Authenticating
Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator. The appointment
of an Authenticating Agent shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate
Administrator shall remain responsible for all acts and omissions of the Authenticating Agent.
 

Section
5.10     Appointment of Custodian; Eligibility Requirements for the Custodian. Wells Fargo
Bank, National Association is hereby appointed to serve as the initial Custodian. The Custodian shall at all times be a
corporation or association organized and doing business under the laws of any state or the United States of America, a
depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at
least $10,000,000, shall have a long-term debt rating of at least “BBB+” by Fitch and “Baa1” from
Moody’s, and shall be qualified to do business in the jurisdiction in which it holds any Mortgage File. The Custodian,
if the Custodian is not the Trustee, shall maintain a fidelity bond in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied
with this provision if one of its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity
bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the
term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its
officers and employees in connection with its obligations hereunder in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and
omissions insurance obtained under this Section 5.10 shall be issued by a Qualified Insurer, or by any other insurer
with respect to which the Rating Agencies have provided to the Custodian (with a copy to the Trustee) a Rating Agency
Confirmation. In case at any time the

 

    	-304-

    	 

    

 

Custodian
shall cease to be eligible in accordance with the provisions of this Section, the Custodian shall resign immediately in the manner
and with the effect specified in Section 8.07.

 

Section
5.11     Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause
to be maintained an office or offices or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and
this Agreement may be served. The Certificate Registrar initially designates its office at 480 Washington Boulevard, 30th
Floor, Jersey City, New Jersey 07310, Attention - Citibank Agency & Trust, CGCMT 2015-P1, as its office for such
purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders of any change in the location
of the Certificate Register or any such office or agency.
 

Section 5.12     Exchanges
of Exchangeable Certificates.
 

(a)        At
all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage
Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S Regular Interest,
Class B Regular Interest and Class C Regular Interest, respectively. At all times, the Class PEZ Certificates shall represent beneficial
ownership interests in the Class PEZ Components.
 

(b)        On
the Closing Date, the Grantor Trust shall issue the several Classes of Exchangeable Certificates. Each Class of Exchangeable Certificates
shall be initially issued on the Closing Date with the respective aggregate Certificate Principal Amount set forth for such Class
in the Preliminary Statement.
 

(c)        Following
the Closing Date and subject to the conditions set forth in Section 5.12(d), (i) if a Certificateholder holds Class A-S
Certificates, the Class B Certificates and the Class C Certificates in an Exchangeable Proportion, then those Exchangeable Certificates
may be exchanged on the books of the Depository for Class PEZ Certificates that represent the same Tranche Percentage Interest
in each Class PEZ Regular Interest as the Certificates to be surrendered and (ii) a Certificateholder that holds Class PEZ Certificates
may exchange its Certificates on the books of the Depository for Class A-S Certificates, Class B Certificates and Class C Certificates
that evidence the same Tranche Percentage Interest in the Class PEZ Regular Interests as the Class PEZ Certificates being surrendered.
 

(d)        An
exchange of Exchangeable Certificates may only occur if the Class A-S, Class B and Class C Certificates being surrendered or received
in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01. No exchange of
Exchangeable Certificates may occur pursuant to this Section 5.12 after the date when the then-current Certificate Principal
Amount of the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and, to the extent evidencing an interest
in the Class A-S Regular Interest, the Class PEZ Certificates) has been reduced to zero as a result of the payment in full of all
interest and principal thereon. There shall be no limitation on the number of exchanges of Exchangeable Certificates authorized
pursuant to this Section 5.12. In addition,

 

    	-305-

    	 

    

 

the Depositor
shall have the right to make or cause exchanges on the Closing Date pursuant to instructions delivered to the Certificate Administrator
on the Closing Date.

 

(e)        At
the request of the Holder of a Class or Classes of Exchangeable Certificates, and upon the surrender of such Exchangeable Certificates
(in the case of an exchange of Class A-S, Class B and Class C Certificates for Class PEZ Certificates, in the applicable Exchangeable
Proportion), the Certificate Administrator, on behalf of the Trustee, shall deliver (by the means set forth in the penultimate
sentence of Section 5.12(h)) the corresponding Exchangeable Certificates to which such Certificateholder is entitled as
set forth in Section 5.12(c).
 

(f)         In
connection with any exchange of Exchangeable Certificates, the Certificate Registrar shall reduce the outstanding aggregate Certificate
Principal Amount of the Class or Classes of Exchangeable Certificates surrendered by the applicable Holder on the Certificate Register
and shall increase the outstanding aggregate Certificate Principal Amount of the related Class or Classes of Exchangeable Certificates
received by such Holder in such exchange on the Certificate Register, and the Certificate Registrar or the Certificate Administrator,
as applicable, shall approve the instructions at the Depository and make appropriate notations on the Global Certificate for each
Class of Exchangeable Certificates to reflect such reductions and increases.
 

(g)        In
order to effect an exchange of Exchangeable Certificates, the Certificateholder shall notify the Certificate Administrator by e-mail
at “ctssfexchanges@citi.com” and setting forth the proposed Exchange Date) no later than three (3) Business
Days before the proposed exchange date (the “Exchange Date”). The Exchange Date may be any Business Day other
than the first or last Business Day of the month. An exchange notice must (i) be set forth on the applicable Certificateholder’s
letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the following information: the CUSIP Number of each Exchangeable
Certificate to be exchanged and each Exchangeable Certificate to be received; the original and outstanding Certificate Principal
Amount of the Exchangeable Certificates to be exchanged and the original and outstanding Certificate Principal Amount of the Exchangeable
Certificates to be received; the Certificateholder’s Depository participant number; and the proposed Exchange Date. After
receiving the notice, the Certificate Administrator shall e-mail the Certificateholder (at such address specified in writing by
such Certificateholder) with wire payment instructions relating to the exchange fee and expenses set forth in Section 5.12(h).
The Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system” at the Depository
to effect the exchange of the applicable Exchangeable Certificates. A notice shall become irrevocable on the second (2nd) Business
Day before the proposed Exchange Date. Exchangeable Certificates shall be exchangeable on the books of the Depository for the corresponding
Exchangeable Certificates on and after the Closing Date, by notice to the Certificate Administrator substantially in the form of
Exhibit EE.
 

(h)        In
connection with each exchange (other than any exchanges on the Closing Date pursuant to instructions from the Depositor), the Certificateholder
shall pay the Certificate Administrator an exchange fee of $5,000 (together with any other expenses related to such exchange (including
fees charged by Depository)) and such fee and expenses must be received by the Certificate Administrator prior to the Exchange
Date or the Certificate

 

    	-306-

    	 

    

 

Administrator shall
not be required to complete the requested exchange. The Certificate Administrator shall make the first distribution on an Exchangeable
Certificate received by a Certificateholder in any exchange on the Distribution Date in the month following the month of exchange
to the Certificateholder of record as of the applicable Record Date for such Certificate and Distribution Date. If an Exchange
Date occurs in any month before the Distribution Date in such month, then any distributions to be made on such Distribution Date
on any Certificates surrendered in the exchange shall be so made to the Certificateholder of record as of the applicable Record
Date for such Certificates and such Distribution Date. Neither the Certificate Administrator, the Trustee nor the Depositor shall
have any obligation to ensure the availability of the applicable Certificates in the market to accomplish any exchange.

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor and the Controlling Class Representative
 

Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating
Advisor. The Depositor, the Master Servicer, the Special Servicer and the Operating Advisor each shall be liable in
accordance herewith only to the extent of the obligations specifically imposed by this Agreement. Each of the Master
Servicer, the Special Servicer and the Operating Advisor shall indemnify the Depositor (and any employee, director or officer
of the Depositor), the Trust Fund and the Serviced Companion Loan Holders and hold the Depositor (and any employee, director
or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders harmless against any loss, liability or
reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties
(i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Master
Servicer, the Special Servicer or the Operating Advisor, as the case may be, or by reason of negligent disregard of the
Master Servicer’s, the Special Servicer’s or the Operating Advisor’s, as the case may be, obligations or
duties hereunder, or (ii) as a result of the breach by the Master Servicer, the Special Servicer or the Operating Advisor, as
the case may be, of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust
Fund and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, and
any member, manager, employee, director or officer of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator or the Operating Advisor and hold the Trust Fund and the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Operating Advisor and any member, manager, employee, director or officer of either the
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor harmless against any loss, liability or
reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties
(i) in connection with any willful misconduct, bad faith, fraud and/or negligence in the performance of duties of the
Depositor or by reason of negligent disregard of the Depositor obligations or duties hereunder, or (ii) as a result of the
breach by the Depositor of any of its representations or warranties contained herein.
 

Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating
Advisor. Subject to the following paragraph, each of the Master

 

    	-307-

    	 

    

 

Servicer, the Special Servicer and the Operating Advisor
shall keep in full effect its existence, rights and good standing as a national banking association, a corporation or a
limited liability company, as applicable, under the laws of the state of its organization and shall not jeopardize its
ability to do business in each jurisdiction in which the Mortgaged Properties are located, to the extent necessary to perform
its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the Certificates or
any of the Mortgage Loans and to perform its respective duties under this Agreement.
 

Each of the Master
Servicer, the Special Servicer and the Operating Advisor may be merged or consolidated with or into any Person, or transfer all
or substantially all of its assets (which may be limited to all or substantially all of its assets related to commercial mortgage
loan servicing or, in the case of the Operating Advisor, may be limited to all or substantially all of its assets related to acting
as a trust advisor or operating advisor for commercial mortgage securitizations) to any Person, in which case any Person resulting
from any merger or consolidation to which it shall be a party, or any Person succeeding to its business, shall be the successor
of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, and shall be deemed to have assumed
all of the liabilities of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, if each
of the Rating Agencies has provided a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer
or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
is the surviving entity under applicable law, then the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
shall not, as a result of the merger, be required to provide a Rating Agency Confirmation.
 

Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor and Others. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or
any of the directors, members, managers, officers, employees or agents of the Depositor, the Master Servicer, the Special
Servicer or the Operating Advisor shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan
Holders or any other Person for any action taken, or for refraining from the taking of any action, in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any such Person against liability which would
be imposed by reason of (i) any breach of warranty or representation by such respective party in this Agreement or (ii) any
willful misconduct, bad faith, fraud or negligence on the part of such respective party in the performance of its obligations
and duties hereunder or by reason of negligent disregard on the part of such respective party of its obligations or duties
hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any director, member, manager,
officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may rely in
good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person
respecting any matters arising hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and
any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the
Operating Advisor shall be indemnified and held harmless by the Trust Fund (which indemnification amounts shall be payable
out of the Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a
Serviced Loan Combination and then out of the Collection Account, provided that, to the extent

 

    	-308-

    	 

    

 

that the amount relates
to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related
Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination
Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter
use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount
so paid from the Collection Account) against any loss, liability, penalty, fine, forfeiture, claim, judgment or expense
(including reasonable legal fees and expenses) incurred in connection with, or relating to, this Agreement or the
Certificates, other than any loss, liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable
legal fees and expenses) (i) incurred by reason of willful misconduct, bad faith, fraud or negligence in the performance of
obligations or duties hereunder or by reason of negligent disregard of obligations or duties hereunder, in each case by the
Person being indemnified, (ii) with respect to any such party, resulting from the breach by such party of any of its
representations or warranties contained herein, (iii) specifically required to be borne by the party seeking
indemnification without right of reimbursement pursuant to the terms hereof or (iv) which constitutes an Advance that is
otherwise reimbursable hereunder. None of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor
shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its
respective duties under this Agreement and in its opinion does not expose it to any expense or liability for which
reimbursement is not reasonably assured; provided, however, that each of the Depositor, the Master Servicer,
the Special Servicer and the Operating Advisor may in its discretion undertake any such action related to its obligations
hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the reasonable legal expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (payable out of the
Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan
Combination and then out of the Collection Account, provided that to the extent that the amount relates to a Serviced Loan
Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan
and is paid from the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are
insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use amounts
otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid
from the Collection Account), and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be
entitled to be reimbursed therefor from the Collection Account or the applicable Loan Combination Custodial Account, as
applicable, as provided in Section 3.06 and Section 3.06A of this Agreement.
 

Each of the related
Outside Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be entitled to reimbursement
out of general collections in the Collection Account for the Trust’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of an Outside Serviced Loan Combination as to which the securitization
trust created under the applicable Outside Servicing Agreement or any of the parties thereto are entitled to be reimbursed pursuant
to the terms of the applicable Outside Servicing Agreement and the related Co-Lender Agreement (to the extent

 

    	-309-

    	 

    

 

amounts on deposit
in the related “Serviced Whole Loan Custodial Account” (as defined in the applicable Outside Servicing Agreement) are
insufficient for reimbursement of such amounts).
 

Section 6.04     Limitation
on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.
 

(a)        Each
of the Master Servicer, the Special Servicer and the Operating Advisor may assign its respective rights and delegate its respective
duties and obligations under this Agreement; provided that, with respect to any of the Master Servicer, the Special Servicer
or the Operating Advisor: (i) the successor accepting such assignment and delegation (A) shall be an established mortgage finance
entity, bank or other entity regularly engaged in the servicing of commercial mortgage loans (or, in the case of the Operating
Advisor, an Eligible Operating Advisor), organized and doing business under the laws of any state of the United States, the District
of Columbia or the United States, authorized under such laws to perform the duties of a servicer of mortgage loans or of an operating
advisor, as applicable, or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement and, in the case of a Serviced Loan Combination, under the related Co-Lender Agreement, and (B) shall execute
and deliver to the Trustee and the Certificate Administrator an agreement which contains an assumption by such Person of the due
and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer, the
Special Servicer or the Operating Advisor, as the case may be, under this Agreement from and after the date of such agreement;
(ii) each Rating Agency has delivered to the Trustee a Rating Agency Confirmation; (iii) the Master Servicer, the Special Servicer
or the Operating Advisor shall not be released from its obligations under this Agreement that arose prior to the effective date
of such assignment and delegation under this Section 6.04; (iv) the rate at which the Operating Advisor Fee, the Servicing
Fee or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall not exceed the rate then in
effect; (v) for so long as no Control Termination Event has occurred and is continuing, the successor Special Servicer is acceptable
to the Controlling Class Representative (and, if a Serviced Outside Controlled Loan Combination is affected, the successor Special
Servicer is acceptable to the related Outside Controlling Note Holder); and (vi) the resigning Master Servicer, Special Servicer
or Operating Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto, the
Trust and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser
or transferee shall be the successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.
 

(b)        Except
as provided in this Section 6.04, the Master Servicer, the Special Servicer and the Operating Advisor shall not resign from
their respective obligations and duties hereby imposed on them except upon determination that such duties hereunder are no longer
permissible under applicable law; provided that, on and after the time the Trustee receives notice of resignation by the
Master Servicer or the Special Servicer upon determination that such duties hereunder are no longer permissible under applicable
law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall, subject to the terms and provisions
of Section 7.02 of this Agreement as if the resigning party was a Terminated Party, be its successor in all respects in
its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer or the Special Servicer, as the
case may be, had received a notice of termination. Any such determination permitting the resignation of the Master Servicer, the
Special Servicer or

 

    	-310-

    	 

    

 

the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee
and the Certificate Administrator. Notwithstanding the foregoing, at any time (i) the aggregate Stated Principal Balance of the
Mortgage Loans (including REO Mortgage Loans) is equal to or less than 1% of the aggregate Cut-Off Date Principal Balance of the
Mortgage Pool initially included in the Trust Fund or (ii) after the Certificate Principal Amounts of the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class PEZ, Class C and Class D Certificates have been reduced
to zero, the Operating Advisor may resign from its obligations and duties hereunder, without payment of any penalty, cost or expense,
and no replacement Operating Advisor shall be required to be appointed in connection with, or as a condition to, such resignation.
 

Except as provided
in the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer or the Operating
Advisor as contemplated herein shall become effective until the Trustee (solely with respect to the Master Servicer or the Special
Servicer) or a successor Master Servicer, Special Servicer or Operating Advisor shall have assumed the Master Servicer’s,
the Special Servicer’s or the Operating Advisor’s, as applicable, responsibilities, duties, liabilities and obligations
hereunder. If no successor Master Servicer, Special Servicer or Operating Advisor can be obtained to perform such obligations for
the same compensation to which the terminated Master Servicer, Special Servicer or Operating Advisor would have been entitled,
additional amounts payable to such successor Master Servicer, Special Servicer or Operating Advisor shall be treated as a shortfall
resulting in Realized Losses; provided that, for so long as no Consultation Termination Event has occurred and is continuing,
the Trustee shall consult with the Controlling Class Representative prior to the appointment of a successor Master Servicer, Special
Servicer or Operating Advisor at a servicing or operating advisor compensation in excess of that permitted to the terminated Master
Servicer, Special Servicer or Operating Advisor, as applicable.
 

If the Trustee or
an Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Master
Servicer other than itself or an Affiliate pursuant to this Section 6.04, it may reduce the Excess Servicing Fee Rate to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 6.04.
 

Section
6.05     Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the
Master Servicer and Special Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the
Trustee, the Certificate Administrator and, subject to Section 11.13 of this Agreement, each Rating Agency, upon
reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and
obligations hereunder and access to its officers responsible for such obligations, if reasonably related to the performance
of the obligations of such Person under this Agreement. Upon request, if reasonably related to the performance of the
obligations of such Person under this Agreement, the Master Servicer and the Special Servicer shall furnish to the Depositor,
each of the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Trustee

 

    	-311-

    	 

    

 

and the Certificate
Administrator its most recent publicly available annual financial statements or those of its public parent. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in
default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such
Person hereunder or exercise its rights hereunder, provided that the Master Servicer and the Special Servicer shall
not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee. In the
event the Depositor or its designee undertakes any such action it will be reimbursed by the Trust Fund from the Collection
Account as provided in Section 3.06 and Section 6.03 of this Agreement to the extent not recoverable from the
Master Servicer or the Special Servicer, as applicable. None of the Depositor, the Trustee, the Certificate Administrator,
the Master Servicer (with respect to the Special Servicer) or the Special Servicer (with respect to the Master Servicer)
shall have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer,
and no such Person is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer under
this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall have any responsibility or liability
for any action or failure to act by the Depositor, the Trustee or the Certificate Administrator and neither such Person is
obligated to monitor or supervise the performance of the Depositor, the Trustee or the Certificate Administrator under this
Agreement or otherwise.
 

Each of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such reports, certifications
and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or
the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder, provided
that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information not required
to be prepared hereunder.
 

Neither the Master
Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to
this Section.
 

Section
6.06     Master Servicer, Special Servicer as Owner of a Certificate. The Master Servicer or
an Affiliate of the Master Servicer or the Special Servicer or an Affiliate of the Special Servicer may become the Holder (or
with respect to a Global Certificate, Beneficial Owner) of any Certificate with the same rights it would have if it were not
the Master Servicer or the Special Servicer or an Affiliate thereof, except as otherwise expressly provided herein. If, at
any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special
Servicer is the Holder or Beneficial Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take
action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms hereof and
would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may
seek the approval of the Certificateholders and any affected Serviced Companion Loan Holder to such action by delivering to
the Trustee and the Certificate Administrator a written notice that (i) states that it is delivered pursuant to this Section
6.06, (ii) identifies the Percentage Interest in each Class of Certificates beneficially owned by the

 

    	-312-

    	 

    

 

Master Servicer or
the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer, and (iii) describes in reasonable detail
the action that the Master Servicer or the Special Servicer proposes to take. The Certificate Administrator, upon receipt of
such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special
Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator
shall reasonably determine. If at any time Certificateholders holding greater than 50% of the Voting Rights of all
Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates
or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder shall have consented in writing to
the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be
entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the
Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the
Master Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, except in the case of unusual circumstances.
 

Section
6.07     Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of
each Rating Agency including, but not limited to, surveillance fees.
 

Section 6.08     Termination
of the Special Servicer Without Cause.
 

(a)        At
any time prior to the occurrence and continuance of a Control Termination Event (or if a Control Termination Event has occurred
but is no longer continuing), the Controlling Class Representative shall be entitled to terminate the rights (subject to Section
3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under
this Agreement with respect to the Serviced Loans or the Serviced Loan Combinations, as applicable (exclusive of any Serviced Outside
Controlled Loan Combination and any Excluded Mortgage Loan), with or without cause, upon ten (10) Business Days’ notice to
the Special Servicer, the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the
Special Servicer with respect to a Serviced Loan Combination, the related Companion Loan Holder(s).
 

With respect to any
Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder shall be entitled at any time to terminate
the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of
the Special Servicer under this Agreement solely with respect to such Serviced Outside Controlled Loan Combination, with or without
cause, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Certificate Administrator and
the Trustee and any other related Companion Loan Holder(s).
 

Upon a termination
(pursuant to the first or the second paragraph of this Section 6.08(a)) or a resignation (pursuant to Section 6.04(b)
of this Agreement) of the Special Servicer with respect to the applicable Serviced Loan(s), the Controlling Class Representative
(with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling
Note Holder (with respect to a Serviced Outside Controlled Loan

 

    	-313-

    	 

    

 

Combination), as applicable, shall appoint a successor Special
Servicer with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan Combination) or the related Serviced
Outside Controlled Loan Combination, as the case may be; provided, however, that (i) such successor shall meet the requirements
set forth in Section 7.02 of this Agreement, (ii) the Controlling Class Representative (with respect to the Serviced Loans
other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling Note Holder (with respect to a
Serviced Outside Controlled Loan Combination), as applicable, shall (at no expense to the Trust) obtain and deliver to the Certificate
Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer
and (iii) in the case of the appointment of a successor Special Servicer with respect to a Serviced Loan Combination, the Controlling
Class Representative (with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related
Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination), as applicable, shall (at no expense
to the Trust or any related Other Securitization Trust) obtain and deliver to the certificate administrator (if any) and the trustee
for each related Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee) a Companion Loan Rating
Agency Confirmation with respect to such proposed successor acting as a Special Servicer for each related Serviced Companion Loan.
 

Following the occurrence
and during the continuance of a Control Termination Event, upon (i) the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of the Certificates (other than the Class R Certificates) requesting a vote to terminate
and replace the Special Servicer (with respect to all of the Serviced Loans other than any Serviced Outside Controlled Loan Combination)
with a proposed successor Special Servicer, (ii) payment by such Holders to the Certificate Administrator of the reasonable fees
and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such
Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination of the
existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket costs
and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website and by mailing
at their addresses appearing in the Certificate Register. Upon the written direction of (a) Holders of Certificates (other than
the Class R Certificates) evidencing at least 75% of the Voting Rights of the Certificates (other than the Class R Certificates)
or (b) Holders of Non-Reduced Certificates evidencing more than 50% of the Voting Rights of each Class of Non-Reduced Certificates
(considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component with the same
alphabetical designation as a single “Class” for such purpose), the Trustee shall terminate all of the rights (subject
to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer
under this Agreement with respect to the Serviced Loans (other than any Serviced Outside Controlled Loan Combination), and the
proposed successor Special Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans (other
than any Serviced Outside Controlled Loan Combination) all as if a removal and replacement were occurring pursuant to Section
7.01 and Section 7.02 of this Agreement; provided that if such written direction is not provided within 180 days
of the initial request for a vote to terminate and replace the Special Servicer, then such written direction shall have no force
and effect. The provisions set forth in the foregoing

 

    	-314-

    	 

    

 

sentences of this paragraph shall be binding upon and inure to the benefit
of solely the Certificateholders and the Trustee as between each other. The Special Servicer shall not have any cause of action
based upon or arising from any breach or alleged breach of such provisions. As between the Special Servicer, on the one hand, and
the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination
or not vote for the termination of the Special Servicer.
 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices
on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register to receive e-mail
notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate
Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting
such notices.
 

(b)        At
any time after the occurrence and during the continuance of a Consultation Termination Event, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special
Servicer, a written recommendation in the form of Exhibit T attached hereto (which form may be modified or supplemented
from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such form
with the terms and provisions of this Agreement; provided that in no event shall the information or any other content included
in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its position (along
with relevant information justifying its recommendation) and recommending a replacement special servicer with respect to the Serviced
Loans (other than any Serviced Outside Controlled Loan Combination unless the related Outside Controlling Note Holder so consents),
meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to succeed the then-current
Special Servicer if appointed in accordance herewith. In any such event, the Certificate Administrator shall promptly post a copy
of such recommendation on the Certificate Administrator’s Website and by mail send notice of such recommendation to all Certificateholders,
asking them to vote whether they wish to remove the Special Servicer with respect to the applicable Serviced Loan(s). Upon (i)
the written direction (as evidenced by votes cast) of Holders of each Class of Non-Reduced Certificates evidencing greater than
50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates (considering each Class of the Class A-S, Class B
and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single “Class”
for such purpose) within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on the which
the aforementioned notice was mailed to the Certificateholders) and (ii) receipt of Rating Agency Confirmation from each Rating
Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all
of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations
of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s), (y) appoint the recommended successor
Special Servicer and (z) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable
fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation and administering such vote
shall be an Additional Trust Fund Expense. If the Certificate Administrator does not

 

    	-315-

    	 

    

 

receive
the required written direction contemplated by clause (i) of the second preceding sentence within 180 days of the initial request
for such vote (which, for the avoidance of doubt, is the date on the which the aforementioned notice was mailed to the Certificateholders),
then the Trustee shall have no obligation to remove the Special Servicer and such recommendation shall lapse and have no force
or effect. Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to
succeed to the obligations of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s), and to
act as the Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer
with respect to any termination pursuant to this Section 6.08(b). The Special Servicer for a Serviced Outside Controlled
Loan Combination may not be replaced pursuant to this paragraph unless the related Outside Controlling Note Holder so consents.

 

(c)        In
no event may a successor Special Servicer be a current or former Operating Advisor or any Affiliate of such current or former Operating
Advisor. Further, such successor must be a Person that (i) satisfies all of the eligibility requirements applicable to special
servicers contained in this Agreement and, in the case of a Serviced Loan Combination, in the related Co-Lender Agreement, (ii)
is not obligated or allowed to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect
of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the recommendation by the
Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iii) is not entitled to waive any compensation
from the Operating Advisor and (iv) is not entitled to receive any fee from the Operating Advisor for its appointment as successor
Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders.
 

(d)        The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, the initial Special Servicer specified in Section 3.21(a)
of this Agreement shall not be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable
to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection with the
replacement of a Special Servicer shall be paid by the Controlling Class Representative, the Certificateholders or the Serviced
Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.
 

(e)        No
termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor
Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which contains
an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Special Servicer under this Agreement from and after the date of such agreement, (ii) the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special
Servicer as set forth in Section 10.02(a) and (iii) subject to Section 11.13 of this Agreement, each Rating Agency
has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if required pursuant to Section
6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator and their respective
counterparts with respect to the Other Securitization Trust a Companion

 

    	-316-

    	 

    

 

Loan Rating Agency Confirmation, in each case with respect
to such termination and appointment of a successor.
 

(f)        Any
successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a) of
this Agreement mutatis mutandis as of the date of its succession.
 

(g)        In
the event that the Special Servicer is terminated pursuant to this Section 6.08, the Trustee shall, by notice in writing
to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the applicable Mortgage
Loan(s) and/or Serviced Loan Combinations and the proceeds thereof, other than any rights the Special Servicer may have hereunder
as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the right to
receive all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received
to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination
and the right to the benefits of Section 6.03 of this Agreement and the right to receive ongoing Workout Fees in accordance
with the terms hereof).
 

(h)        If
a replacement special servicer is appointed with respect to a Serviced Loan Combination or any related REO Property in accordance
with Article VII or this Section 6.08 such that there are multiple parties acting as Special Servicer hereunder,
then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special
Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable
Loan Combination Special Servicer, insofar as such duties and obligations relate to the subject Serviced Loan Combination or any
related REO Property, and shall mean the General Special Servicer, in all other cases (provided, that in Section 3.15 and
Article VII of this Agreement, the term “Special Servicer” shall mean each of the Loan Combination Special Servicers
and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents,
instruments and/or other items, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer,
insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Loan Combination or
any related REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting
the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to
Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv)
when used in the context of the Special Servicer being replaced pursuant to this Section 6.08 by the Controlling Class Representative
or the applicable Certificateholders, the term “Special Servicer” shall mean the General Special Servicer or the applicable
Loan Combination Special Servicer, if applicable; (v) when used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the
Loan Combination Special Servicers and the General Special Servicer; and (vi) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer”

 

    	-317-

    	 

    

 

shall mean the applicable Loan Combination Special Servicer or the General Special
Servicer, as applicable.
 

(i)         References
in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations of special servicer
with respect to the Mortgage Pool (exclusive of any Serviced Loan Combination or related REO Property as to which a different Loan
Combination Special Servicer has been appointed with respect thereto).
 

(j)         Notwithstanding
anything to the contrary contained in this Section 6.08, with respect to any Excluded Special Servicer Mortgage Loan, if
any, the Special Servicer shall resign with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and
continuance of a Control Termination Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan,
the Controlling Class Representative shall appoint (and replace with or without cause) the Excluded Mortgage Loan Special Servicer,
as successor to the resigning Special Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this
Agreement. If such Excluded Special Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder
(by Certificate Principal Amount) that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause)
the Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement.
If a Control Termination Event has occurred and is continuing but prior to the occurrence and continuance of a Consultation Termination
Event, the largest Controlling Class Certificateholder that is not an Excluded Controlling Class Certificateholder shall have the
right to appoint the Excluded Mortgage Loan Special Servicer. If a Consultation Termination Event has occurred and is continuing,
neither the Controlling Class Representative nor any other Controlling Class Certificateholder shall be entitled to remove or replace
the Special Servicer with respect to any Excluded Special Servicer Mortgage Loan, and an Excluded Mortgage Loan Special Servicer
shall be appointed with respect to such Excluded Special Servicer Mortgage Loan in accordance with the immediately succeeding paragraph
of this Section 6.08.
 

If a Consultation
Termination Event has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded Special
Servicer Mortgage Loan, at the expense of the Trust Fund, the Certificate Administrator shall promptly provide written notice of
such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s Website and the Excluded
Mortgage Loan Special Servicer shall be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates
that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates exercise their
right to vote). If such Excluded Mortgage Loan Special Servicer has not been appointed pursuant to the preceding sentence within
30 days after the Special Servicer has provided its written notice of resignation, the Certificate Administrator shall provide
written notice to the resigning Special Servicer that such Excluded Mortgage Loan Special Servicer has not been appointed and such
resigning Special Servicer shall appoint such Excluded Mortgage Loan Special Servicer.
 

If at any time the
Special Servicer that had acted as the Special Servicer for an Excluded Special Servicer Mortgage Loan prior to it becoming an
Excluded Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the

 

    	-318-

    	 

    

 

related
Mortgaged Property becoming REO Property or an assumption of the Excluded Special Servicer Mortgage Loan) with respect to an Excluded
Special Servicer Mortgage Loan, (1) the related Excluded Mortgage Loan Special Servicer shall resign, (2) the related Mortgage
Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer shall become the Special Servicer
again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation
with respect to such Mortgage Loan earned on and after such Mortgage Loan is no longer an Excluded Special Servicer Mortgage Loan.
 

The Excluded Mortgage
Loan Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage
Loan and will be entitled to all Special Servicing Compensation with respect to such Excluded Special Servicer Mortgage Loan earned
during such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan.
 

If a Servicing Officer
of the Master Servicer, a related Excluded Mortgage Loan Special Servicer, or the Special Servicer, as applicable, has actual knowledge
that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class Mortgage Loan or an Excluded Special
Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Mortgage Loan Special Servicer or Special Servicer,
as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.
 

Section 6.09     The
Directing Holder and the Controlling Class Representative.
 

(a)        The
related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class
Representative (if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable, shall
be entitled to advise the Special Servicer (1) with respect to the applicable Serviced Loan(s) that are Specially Serviced Loan(s)
and (2) with respect to the applicable Serviced Loan(s) that are Performing Serviced Loan(s), as to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer for a Major Decision. In addition, notwithstanding anything
herein to the contrary, except as set forth in, and in any event subject to Section 6.09(b) and the second and third paragraphs
of this Section 6.09(a), (a) the Master Servicer shall not be permitted to take any of the actions constituting a Major
Decision unless it has obtained the consent of the Special Servicer, who shall have 15 Business Days (or 60 days with respect to
the determination of an Acceptable Insurance Default) (from the date that the Special Servicer receives the information from the
Master Servicer) to analyze and make a recommendation regarding such Major Decision (provided that if the Special Servicer
does not consent, or notify the Master Servicer that it will not consent, to such Major Decision within the required 15 Business
Days or 60 days, as applicable, the Special Servicer shall be deemed to have consented to such Major Decision), and (b)
for so long as no Control Termination Event exists, the Special Servicer shall not be permitted to consent to the Master Servicer’s
taking any of the actions constituting a Major Decision nor will the Special Servicer itself be permitted to take any of the actions
constituting a Major Decision as to which the related Directing Holder has objected in writing within ten (10) Business Days (or
in the case of a determination of an Acceptable Insurance Default, twenty (20) days) after receipt of the written recommendation
and analysis from the Special Servicer (provided that if such written objection has not been received

 

    	-319-

    	 

    

 

by the Special Servicer
within such ten (10) Business Day period or twenty (20) day period, as applicable, then the related Directing Holder will be deemed
to have approved such action); and provided, further, that, as to both clause (a) and clause (b) above,
in the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by this Agreement
to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring
consent of the related Directing Holder, is necessary to protect the interests of the Certificateholders and, with respect to any
Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and,
with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender (and,
with respect to a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan)), the Special Servicer or Master Servicer, as applicable, may take any such action without waiting for the Directing Holder’s
(or, if applicable, the Special Servicer’s) response. Notwithstanding the foregoing, if the Controlling Class Representative
is the related Directing Holder, the Special Servicer is not required to obtain the consent of the Controlling Class Representative
prior to taking, or consenting to the Master Servicer’s taking of, any Major Decision following the occurrence and during
the continuance of a Control Termination Event; provided that, after the occurrence and during the continuance of a Control
Termination Event, the Special Servicer shall consult (on a non-binding basis) with the Controlling Class Representative (other
than with respect to any Excluded Mortgage Loan and until the occurrence and continuance of a Consultation Termination Event) and
the Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the Controlling Class
Representative and the Operating Advisor, but only to the extent such consultation with, or consent of, the Controlling Class Representative
would have been required prior to the occurrence and continuance of such Control Termination Event; and provided, further,
that the Controlling Class Representative (with respect to any Serviced Outside Controlled Loan Combination that does not include
an Excluded Mortgage Loan and for so long as no Consultation Termination Event exists) and the Operating Advisor (if a Control
Termination Event exists) may consult regarding a Serviced Outside Controlled Loan Combination only if and to the extent that the
holder of the related Split Mortgage Loan is granted consultation rights under the related Co-Lender Agreement. For the avoidance
of doubt, with respect to any Serviced Outside Controlled Loan Combination, the Special Servicer shall be responsible for obtaining
any consent or deemed consent of the related Outside Controlling Note Holder for “Major Decisions” (as such term or
any analogous term is defined in the related Co-Lender Agreement) to the extent such consent is required under this Agreement or
under the terms of the related Co-Lender Agreement. Notwithstanding the foregoing, the Controlling Class Representative shall have
no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.
 

In addition, each
of (x) the Controlling Class Representative (with respect to each Serviced Loan other than a Serviced Outside Controlled Loan Combination
and any Excluded Mortgage Loan, provided that a Control Termination Event does not exist) and (y) the related Outside Controlling
Note Holder (with respect to a Serviced Outside Controlled Loan Combination) may direct the Special Servicer to take, or to refrain
from taking, such other actions with respect to the applicable Serviced Loan(s) as such party may reasonably deem advisable or
as to which provision is otherwise made herein. Notwithstanding anything herein to the contrary, no such direction, and no objection,
advice or consultation contemplated by the

 

    	-320-

    	 

    

 

preceding paragraph or this paragraph, may require or cause the Master Servicer or the
Special Servicer to violate any provision of any related Loan Documents, any related Co-Lender Agreement, any intercreditor agreement,
applicable law, this Agreement or the REMIC Provisions, including without limitation each of the Master Servicer’s and the
Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trust Fund or the Trustee to liability, or materially expand the scope of the Master
Servicer’s or the Special Servicer’s responsibilities under this Agreement or any Co-Lender Agreement or cause the
Master Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of the Master Servicer
or the Special Servicer is not in the best interests of the Certificateholders and/or the Serviced Companion Loan Holders.
 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by a Directing Holder or any advice from a Directing
Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Loan Documents,
any related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law, the REMIC Provisions or this Agreement, including
without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal
to consent or advise and notify in writing such Directing Holder, the Trustee and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of a Directing Holder that does not violate any law or the
Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer
or the Special Servicer.
 

For so long as no
Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled to, with respect
to each Outside Serviced Trust Loan other than any Excluded Mortgage Loan, exercise the consent or approval rights set forth in
Section 3.01(i) of this Agreement; and for so long as no Consultation Termination Event has occurred and is continuing,
the Controlling Class Representative shall be entitled to, with respect to each Outside Serviced Trust Loan other than any Excluded
Mortgage Loan, exercise any consultation rights permitted under the related Co-Lender Agreement in respect of “Major Decisions”
(or any analogous concept) and the implementation of “Asset Status Reports” (or any analogous concept) under, and within
the meaning of, the applicable Outside Servicing Agreement and attend an annual meeting with the related Outside Servicer and the
related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Trust Loan is entitled to such
rights pursuant to the related Co-Lender Agreement.
 

The Directing Holder
will have no liability to the Trust Fund or Certificateholders for any action taken, or for refraining from the taking of any action,
pursuant to this Agreement, or for error in judgment; provided, however, that the Controlling Class Representative
will not be protected against any liability to any Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations
or duties.
 

    	-321-

    	 

    

 

By its acceptance
of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) a Directing
Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) a Directing Holder may act solely in its own interests (or, in the case of the Controlling Class Representative, in the interests
of the Holders of the Controlling Class); (iii) a Directing Holder does not have any liability or duties to the Holders of any
Class of Certificates (other than, in the case of the Controlling Class Representative, the Controlling Class); (iv) a Directing
Holder may take actions that favor its own interests (or in the case of the Controlling Class Representative, the interests of
the Holders of the Controlling Class) over the interests of the Holders of one or more other Classes of Certificates; and (v) a
Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative, to a Controlling
Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and that no Certificateholder
may take any action whatsoever against any Directing Holder or any affiliate, director, officer, employee, shareholder, member,
partner, agent or principal thereof for having so acted; provided, however, that the rights of a Directing Holder
are subject to any related mezzanine intercreditor agreement.
 

(b)        Notwithstanding
anything to the contrary contained herein:
 

(i)         after
the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative shall have no right
to consent to any action taken or not taken by any party to this Agreement;
 

(ii)        after
the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative shall remain entitled to receive any notices, reports or information to
which it is entitled pursuant to this Agreement with respect to the applicable Serviced Loan(s) (other than any Excluded Mortgage
Loan), and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling Class Representative
in connection with any action to be taken or refrained from taking with respect to the applicable Serviced Loan(s) (other than
any Excluded Mortgage Loan), but only to the extent such consultation with, or consent of, the Controlling Class Representative
would have been required prior to the occurrence and continuance of such Control Termination Event; provided, however, that
the Controlling Class Representative shall not be permitted to consult with respect to any Serviced AB Loan Combination while any
related Subordinate Companion Loan Holder is the related Outside Controlling Note Holder;
 

(iii)       after
the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class Representative shall have
no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports
or information required to be delivered to all Certificateholders) or any other rights as a Directing Holder; and
 

(iv)       no
person may exercise any of the rights and powers of the Controlling Class Representative with respect to an Excluded Mortgage Loan.
 

    	-322-

    	 

    

 

(c)        Notwithstanding
anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain from taking any action
pursuant to instructions from a Serviced Companion Loan Holder (or its Companion Loan Holder Representative) that would cause any
one of them to violate applicable law, the terms of the related Serviced Loan Combination, the related Co-Lender Agreement, this
Agreement, including the Servicing Standard, or the REMIC Provisions or that would (i) expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Operating Advisor, the Certificate Administrator
or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (ii) materially expand
the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iii) cause the Master Servicer or
the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders or the Servicing
Standard.
 

(d)        Each
Certificateholder and Beneficial Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase
of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Administrator
and to notify the Certificate Administrator of the transfer of any Control Eligible Certificate (or the beneficial ownership of
any Control Eligible Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any
such Certificateholder (or Beneficial Owner) or its designee at any time appointed Controlling Class Representative is hereby deemed
to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible
Certificate) to notify the Certificate Administrator when such Certificateholder (or Beneficial Owner) or designee is appointed
Controlling Class Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator
shall notify the Special Servicer, the Master Servicer, the Operating Advisor and the Trustee of the identity of the Controlling
Class Representative, any resignation or removal thereof and/or any new Holder or Beneficial Owner of a Control Eligible Certificate.
In addition, upon the request of the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable,
the Certificate Administrator shall provide the identity of the then-current Controlling Class and a list of the Certificateholders
(or Beneficial Owners, if applicable, at the expense of the Trust if such expense arises in connection with an event as to which
the Controlling Class Representative or the Controlling Class has consent or consultation rights pursuant to this Agreement or
in connection with a request made by the Operating Advisor in connection with its obligation under Section 3.29(d)(ii) of
this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative, and otherwise
at the expense of the requesting party) of the Controlling Class to such requesting party, and each of the Master Servicer, Special
Servicer, Operating Advisor and the Trustee shall be entitled to rely on the information so provided by the Certificate Administrator.
 

In the event of a
change in the Controlling Class, the Certificate Administrator shall promptly contact the current Holder of the Controlling Class
(or its designee) or one of its affiliates or, if applicable, any successor Controlling Class Representative or Controlling Class
Certificateholder(s), and determine whether such entity is the Holder (or Beneficial Owner) of at least a majority of the Controlling
Class (in effect after such change in Controlling Class) by Certificate Principal Amount. If at any time the current Holder of
the Controlling Class (or its designee) or one of its Affiliates, or any successor Controlling Class Representative

 

    	-323-

    	 

    

 

or Controlling
Class Certificateholder(s) is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate
Principal Amount and the Certificate Administrator has neither (i) received notice of the then-current Controlling Class Certificateholders
of at least a majority of the Controlling Class by Certificate Principal Amount nor (ii) received notice of a replacement Controlling
Class Representative pursuant to this Agreement, then a Control Termination Event and a Consultation Termination Event shall be
deemed to have occurred and shall be deemed to continue until such time as the Certificate Administrator receives either such notice.
 

Upon receipt of notice
of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice thereof to each other
party to this Agreement.
 

On the Closing Date,
the initial Controlling Class Representative shall deliver to the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor a certification substantially in the form of Exhibit M-1E to this Agreement. Upon
the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall
also deliver to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor
a certification substantially in the form of Exhibit M-1E to this Agreement prior to being recognized as the new Controlling
Class Representative.
 

(e)        Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable)
shall be entitled to rely on such selection unless a majority of the Certificateholders of the Controlling Class, by Certificate
Principal Amount, or such Controlling Class Representative shall have notified the Certificate Administrator, the Master Servicer
and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling Class Representative
or the selection of a new Controlling Class Representative. Upon receipt of written notice of, or other knowledge of, the resignation
of a Controlling Class Representative, the Certificate Administrator shall request the Certificateholders of the Controlling Class
to select a new Controlling Class Representative.
 

(f)        If
at any time a book-entry certificate belongs to the Controlling Class, the Certificate Administrator shall notify the related Beneficial
Owner or Beneficial Owners (through the Depository, unless the Certificate Administrator shall have been previously provided with
the name and address of such Beneficial Owner or Beneficial Owners) of such event and shall request that it be informed of any
change in the identity of the related Beneficial Owner from time to time.
 

(g)        Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor and
the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect to the identity
of the Certificateholders of the Controlling Class and the Controlling Class Representative.
 

    	-324-

    	 

    

 

(h)        Notwithstanding
anything to the contrary contained herein, at any time when the Class E Certificates are the Controlling Class Certificates, the
Holder of more than 50% of the Controlling Class Certificates (by Certificate Principal Amount) may waive its right to act as
or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative or cause
the exercise of any of the rights of the Controlling Class Representative set forth in this Agreement, by irrevocable written
notice delivered to the Depositor, Certificate Administrator, Trustee, Master Servicer, Special Servicer and Operating Advisor
(any such Holder or group of affiliated Holders that makes such an election, the “Opting-Out Party”). Any such
waiver shall remain effective, and a Control Termination Event and a Consultation Termination Event shall be deemed to have occurred
and shall be deemed to continue, with respect to such Holder and such Class until such time as either (x) the Class E Certificates
are no longer the Controlling Class of Certificates or (y) the Opting-Out Party has (i) sold a majority of the Class E Certificates
(by Certificate Principal Amount) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator,
Trustee, Master Servicer, Special Servicer and Operating Advisor that (a) the Opting-Out Party retains no direct or indirect voting
rights with respect to the Class E Certificates that it does not own, (b) there is no voting agreement between the Opting-Out
Party and the transferee and (c) the Opting-Out Party retains no direct or indirect economic interest in the Class E Certificates
(such sale and certification, a “Class E Transfer”). Following any such Class E Transfer, or if the Class E
Certificates are no longer the Controlling Class of Certificates, the successor holder of more than 50% of the Controlling Class
of Certificates (by Certificate Principal Amount) shall again have the rights of a Controlling Class Representative as set forth
herein without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder shall also have
the right as provided in this Section 6.09(h) to irrevocably waive its right to act as or appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Representative or to cause the exercise of any of the rights of the
Controlling Class Representative as set forth in this Agreement. No successor Certificateholder described above in this paragraph
shall have any consent rights with respect to any Serviced Mortgage Loan that became a Specially Serviced Loan prior to the Class
E Transfer and had not also become a Corrected Loan prior to such Class E Transfer until such time as such Serviced Mortgage Loan
becomes a Corrected Loan.

Article
VII

DEFAULT
 

Section 7.01     Servicer
Termination Events. 
 

(a)        “Servicer
Termination Event,” wherever used herein, means any one of the following events:
 

(i)         (A)
any failure by the Master Servicer to make any deposit or payment required to be made by the Master Servicer to the Collection
Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time such deposit
or remittance is required to be made under the terms of this Agreement, which failure is not remedied within one (1) Business Day
or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into, the Distribution
Account, the Excess Interest Distribution Account or the

 

    	-325-

    	 

    

 

Exchangeable Distribution Account any amount required to be so deposited
or remitted, which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or
 

(ii)        any
failure by the Special Servicer to deposit into any REO Account, within two (2) Business Days after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or the Loan Combination Custodial Account, as
applicable, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and within one (1) Business
Day after the time specified by, the terms of this Agreement; or
 

(iii)       any
failure on the part of the Master Servicer or the Special Servicer, as applicable, duly to observe or perform in any material respect
any of its other covenants or obligations contained in this Agreement which continues unremedied for a period of 30 days (10 days
in the case of the Master Servicer’s failure to make a Property Advance or 20 days in the case of a failure to pay the premium
for any insurance policy required to be maintained under this Agreement or such shorter period (not less than two (2) Business
Days) as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insurance,
as applicable) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or to the Master Servicer or the
Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders of Certificates of any
Class evidencing, as to such Class, not less than 25% of the Voting Rights allocable thereto (considering each Class of the Class
A-S, Class B and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single
“Class” for such purpose) or, if affected thereby, by a Serviced Companion Loan Holder; provided, however,
if any such failure with a 30-day cure period is capable of being cured and the Master Servicer or Special Servicer, as applicable,
is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that the Master Servicer,
or Special Servicer, as applicable, has commenced to cure such failure within the initial 30-day period and has certified that
it has diligently pursued, and is continuing to pursue, a full cure); or
 

(iv)       any
breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or any Serviced Companion Loan Holder and
which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be remedied,
has been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator
or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by
the Holders of Certificates entitled to not less than 25% of the Voting Rights or, if affected thereby, by a Serviced Companion
Loan Holder; provided, however, if such breach is capable of being cured and the Master Servicer or the Special Servicer,
as applicable, is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that
the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within

 

    	-326-

    	 

    

 

the initial 30-day period and
has certified that it has diligently pursued, and is continuing to pursue, a full cure); or
 

(v)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer or the Special
Servicer, as applicable, and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period
of 60 days; or
 

(vi)       the
Master Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its
property; or
 

(vii)      the
Master Servicer or the Special Servicer, as applicable, shall admit in writing its inability to pay its debts generally as they
become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment
for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of
the foregoing; or
 

(viii)     any
of Moody’s, Fitch or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A)
qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan
Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses
(A) or (B), publicly citing servicing concerns with the Master Servicer or the Special Servicer, as applicable, as the sole or
material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has
not been withdrawn by such Rating Agency (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency),
within 60 days of such event); or
 

(ix)       with
respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least “CMS3”
from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the Special Servicer ceases
to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating is not reinstated within
60 days, as the case may be; or
 

(x)        the
Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master Servicer
or the Special Servicer after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S), shall (A) for so
long as the Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver the items required
to be delivered by this Agreement to

 

    	-327-

    	 

    

 

enable the Certificate Administrator or Depositor to comply with the reporting obligations
of the Trust under the Exchange Act or (B) for so long as any Other Securitization Trust is subject to the reporting requirements
of Regulation AB or the Exchange Act, fail to deliver any Exchange Act reporting items required to be delivered by such servicer
to the related Other Depositor or related Other Exchange Act Reporting Party pursuant to Article X of this Agreement, in the case
of each of clauses (A) and (B), within (a) with respect to the delivery of any item relating to a Reportable Event, two (2) Business
Days of such failure to comply with Article X or (b) with respect to the delivery of any other item, five (5) Business Days
of such failure to comply with Article X (any primary servicer or Sub-Servicer that defaults in accordance with this Section
7.01(a)(x) shall be terminated at the direction of the Depositor);
 

then, and in each and every such case,
so long as a Servicer Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written direction
of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or, solely in the case of a Serviced Loan Combination,
upon the written direction of an affected Serviced Companion Loan Holder) to the Trustee, then the Trustee shall, terminate the
Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be a Servicer Termination
Event with respect to the pool of Mortgage Loans under clauses (i), (ii), (iii), (iv), (viii) or (ix) above if the failure, default
or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan Holder or a rating on any Serviced
Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related Serviced Companion Loan and any
related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or event on the part of the Master Servicer,
have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination Event with respect to the related
Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the part of the Special Servicer, be able
to require termination of the Special Servicer with respect to, but only with respect to, the related Serviced Loan Combination.
 

In the event that
the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01,
the Master Servicer shall also be terminated as Special Servicer.
 

(b)        If
the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination Event under
Section 7.01(a)(viii) or Section 7.01(a)(ix) and if the Master Servicer to be terminated pursuant to Section 7.01(c)
provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days following
such termination notice, then the Master Servicer shall continue to service as Master Servicer hereunder until a successor Master
Servicer is selected in accordance with this Section 7.01(b). Upon receipt of the “request for proposal” materials,
Trustee shall promptly thereafter (using such “request for proposal” materials provided by the Master Servicer pursuant
to Section 7.01(c)) solicit good faith bids for the rights to service the Mortgage Loans and the Serviced Loan Combinations
under this Agreement from at least three (3) Persons qualified to act as a successor Master Servicer hereunder in accordance with
Section 6.04 (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders
cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that, the Master
Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and

 

    	-328-

    	 

    

 

provided, further,
that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the
Mortgage Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of
such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the notice of termination of the Master Servicer. The Trustee shall select the Qualified Bidder with the highest cash bid
(the “Successful Bidder”) to act as successor Master Servicer hereunder; provided, however, that
if the Trustee does not receive a Rating Agency Confirmation from each Rating Agency within 10 days after the selection of such
Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the above-described 45-day time
period) until such confirmation is obtained. The Trustee shall request the Successful Bidder to enter into this Agreement as successor
Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer.
 

Upon the assignment
and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the
Successful Bidder, the Trustee shall remit or cause to be remitted to the Master Servicer to be terminated pursuant to Section
7.01(c) of this Agreement, the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket”
expenses incurred in connection with obtaining such bid and transferring servicing).
 

The Master Servicer
to be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket expenses incurred
in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations, which expenses
are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.
 

If the Successful
Bidder has not entered into this Agreement as successor Master Servicer within the above-described time period or no Successful
Bidder was identified within the above-described time period, the Master Servicer to be terminated pursuant to Section 7.01(c)
shall reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with
such bid process and the Trustee shall have no further obligations under this Section 7.01(b). The Trustee thereafter may
act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.
 

(c)        In
the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee shall,
by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated Party”),
terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and Serviced Loan Combination
and the proceeds thereof, other than any rights the Master Servicer or Special Servicer may have hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued
or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such amounts
bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the
benefits of Section 6.03 and subsection (b) above notwithstanding any such termination). On or after the receipt by the
Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the Certificates
(except that the Terminated Party shall retain its rights as a Certificateholder in

 

    	-329-

    	 

    

 

the event and to the extent that it is a Certificateholder)
or the Mortgage Loans and Serviced Loan Combination or otherwise, shall pass to and be vested in the Trustee pursuant to and under
this Section and, without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at
the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete
the transfer and endorsement or assignment of the Mortgage Loans and Serviced Loan Combination and related documents, or otherwise.
The Master Servicer and the Special Servicer each agrees that, in the event it is terminated pursuant to this Section 7.01,
to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Trustee
(or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or the successor
Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of this Agreement) with
all documents and records requested by the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section
7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant
to Section 7.02 of this Agreement) to enable the Trustee or other successor to its responsibilities hereunder to assume
its functions hereunder, and to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting the
termination and transfer of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor
Master Servicer or successor Special Servicer or the Trustee, as applicable, for administration by it of all cash amounts which
shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, any
Loan Combination Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage
Loans and Serviced Loan Combination, and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer
(which may include the Trustee), as applicable, all documents and records reasonably requested by it, such documents and records
to be provided in such form as the Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including
electromagnetic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable
costs and expenses actually incurred by the Trustee, the Custodian, the Certificate Administrator or the successor Master Servicer
or successor Special Servicer in connection with transferring Mortgage Files, Servicing Files and related information, records
and reports to the successor Master Servicer or Special Servicer and amending this Agreement to reflect (as well as providing appropriate
notices to Mortgagors, ground lessors, insurers and other applicable third parties regarding) such succession as successor Master
Servicer or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or
the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor
Master Servicer or Special Servicer (as the case may be) has not reimbursed the Trustee, the Certificate Administrator or the successor
Master Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense
shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability
for such expenses.
 

(d)        Notwithstanding
Sections 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the part of the Master Servicer affects
a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class of the related Serviced Companion
Loan Securities and the Master Servicer is not otherwise terminated in accordance

 

    	-330-

    	 

    

 

with Section 7.01(c), or (2) a Servicer
Termination Event on the part of the Master Servicer occurs that affects only a Serviced Companion Loan, the related Serviced Companion
Loan Holder or the rating on a class of the related Serviced Companion Loan Securities, the Master Servicer may not be terminated
in accordance with Section 7.01(c), but, at the written direction of the related Serviced Companion Loan Holder, the Master
Servicer shall appoint, within 30 days of such direction, a sub-servicer (or, if the related Serviced Loan Combination is currently
being sub-serviced, to replace, within 30 days of such direction, the then current sub-servicer with a new sub-servicer). In connection
with the Master Servicer’s appointment of any sub-servicer at the direction of a Serviced Companion Loan Holder in accordance
with this Section 7.01(d), the Master Servicer shall obtain a Rating Agency Confirmation from each Rating Agency. The related
sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion
Loan Holder in accordance with this Section 7.01(d) shall be responsible for all duties, and shall be entitled to all compensation
(other than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the related Serviced Loan
Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the Mortgage Loan that
is part of the related Serviced Loan Combination calculated at 0% per annum with respect to such Mortgage Loan (and any related
REO Mortgage Loan). Such sub-servicing agreement (a) may be terminated without cause and without payment of any fee and (b) shall
also provide that such sub-servicer shall agree to become the master servicer under a separate servicing agreement for the applicable
Serviced Loan Combination in the event that such Serviced Loan Combination is no longer to be serviced and administered hereunder,
which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing
compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable
Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and
the sole source of funds thereunder. If any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion
Loan Holder in accordance with this Section 7.01(d) shall at any time resign or be terminated, the Master Servicer shall
be required to promptly appoint a substitute sub-servicer and obtain a Rating Agency Confirmation. In the event a successor Master
Servicer is acting hereunder and that successor Master Servicer desires to terminate the sub-servicer appointed under this Section
7.01(d), the terminated Master Servicer that was responsible for the Servicer Termination Event that led to the appointment
of such sub-servicer shall be responsible for all costs incurred in connection with such termination, including the payment of
any termination fee.
 

(e)        If
the Trustee, the Certificate Administrator or the Master Servicer has received written notice (which, for the purposes of this
clause (e), shall include any publications by Moody’s, Fitch or KBRA of which the Trustee, the Certificate Administrator
or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from Moody’s, Fitch or KBRA that
the Master Servicer no longer is an approved master servicer then such party shall promptly notify the others and the Special Servicer,
and the Certificate Administrator shall notify the related Serviced Companion Loan Holder of the same.
 

Section
7.02     Trustee to Act; Appointment of Successor. On and after the time the Master Servicer
or the Special Servicer receives a notice of termination pursuant to Section 7.01, the Trustee shall, subject to the
following provisions of this Section 7.02, be its

 

    	-331-

    	 

    

 

successor in all respects in its capacity as Master Servicer or
Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising
thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof; provided, however,
that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission
of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or
responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks,
information or moneys shall not be considered a default by such successor hereunder. The Trustee, as successor Master
Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master Servicer or Special
Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s
termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of
the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as Master Servicer or
Special Servicer. The Trustee shall not be liable for any of the representations, liabilities or warranties of the Master
Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the
Master Servicer pursuant to Section 3.07 of this Agreement nor shall the Trustee be required to purchase any Mortgage
Loan or Serviced Loan Combination hereunder. As compensation therefor, the Trustee as successor Master Servicer or successor
Special Servicer shall be entitled to the Servicing Fee or Special Servicing Compensation, as applicable, and all funds
relating to the Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession to
which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as
applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer and the Trustee shall
at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay
Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid
interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above and subject to Section
6.08, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of
Certificates entitled to at least 25% of the aggregate Voting Rights so request in writing to the Trustee, or if the Rating
Agencies do not provide Rating Agency Confirmations with respect to the Trustee so acting, promptly appoint, or petition a
court of competent jurisdiction to appoint, any established mortgage loan servicing institution for which a Rating Agency
Confirmation from each Rating Agency has been obtained (at the expense of the terminated Master Servicer or Special Servicer,
as applicable, or, if the expense is not so recovered, at the expense of the Trust Fund), as the successor to the Master
Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Master Servicer or Special Servicer hereunder; provided that, the related Outside
Controlling Note Holder shall have the right to approve a successor Special Servicer with respect to any Serviced Outside
Controlled Loan Combination, and prior to the occurrence and continuance of a Control Termination Event, the Controlling
Class Representative shall have the right to approve a successor Special Servicer with respect to the other Serviced Loans.
No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until (i) the
assumption by such successor of all the Master

 

    	-332-

    	 

    

 

Servicer’s or Special Servicer’s responsibilities, duties and
liabilities hereunder and (ii) in the case of the appointment of a successor Special Servicer, the Depositor and,
if applicable, each related Other Depositor shall have received the written notice and information with respect to such
successor Special Servicer as set forth in Section 10.02(a). Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be
prohibited by law from so acting, the Trustee shall act in such capacity as herein above provided. Pending the appointment of
a successor to the Special Servicer, unless the Master Servicer is also the Special Servicer, the Master Servicer shall act
in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on Mortgage Loans and Serviced Companion Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the
Terminated Party hereunder; provided, further, that if no successor to the Terminated Party can be obtained to
perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and such
amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses; and provided, further
that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the
Controlling Class Representative (and, if a Serviced Outside Controlled Loan Combination is affected, the Trustee shall
consult with the related Outside Controlling Note Holder) prior to the appointment of a successor to the Terminated Party at
such amounts in excess of that permitted the Terminated Party. The Depositor, the Trustee, the Master Servicer or Special
Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.
 

If the Trustee or
an Affiliate acts pursuant to this Section 7.02 as successor to the terminated Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the terminated Master
Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee Rate to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 7.02.
 

Section 7.03     Notification
to Certificateholders.
 

(a)        Upon
any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer,
the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing
in the Certificate Register, to the Serviced Companion Loan Holders, and electronically, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information Provider.
 

(b)        Within
30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer
of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of Certificates
and any affected Serviced Companion Loan Holder (to the extent the Certificate Administrator has received the notice information
for such Serviced Companion Loan

 

    	-333-

    	 

    

 

Holder after a request therefor) and electronically, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information Provider notice of such
Servicer Termination Event or Operating Advisor Termination Event, unless such Servicer Termination Event or Operating Advisor
Termination Event shall have been cured or waived.
 

Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as such Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01, shall have the right, in its own name as trustee of an express trust, to take all actions now or hereafter existing
at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and
remedies, of the Certificateholders and the Serviced Companion Loan Holders (including the institution and prosecution of all
judicial, administrative and other proceedings and the filing of proofs of claim and debt in connection therewith). In such
event, the legal fees, expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer or Special Servicer,
as applicable, fails to remedy, after the presentation of reasonable documentation, the Trustee shall be entitled to be
reimbursed for such expenses, costs and liability from the Collection Account or the Loan Combination Custodial Account, as
applicable, as provided in Section 3.06 and Section 3.06A of this Agreement; provided that the Master
Servicer or the Special Servicer, as applicable, shall not be relieved of such liability for such expenses, costs and
liabilities. Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be
exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy and no delay
or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any
Servicer Termination Event of the Master Servicer or the Special Servicer.
 

Section
7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events;
Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the
Certificates (and, if such Servicer Termination Event is on the part of a Special Servicer, with respect to the related
Serviced Loan Combination only, by each affected Serviced Companion Loan Holder) may, on behalf of all Holders of
Certificates, waive any Servicer Termination Event on the part of the Master Servicer, Special Servicer or any Operating
Advisor Termination Event on the part of the Operating Advisor in the performance of its obligations hereunder and its
consequences, except a Servicer Termination Event in connection with making any required deposits (including, with respect to
the Master Servicer, P&I Advances) to or payments from the Collection Account, a Loan Combination Custodial Account or
the Lower-Tier Distribution Account or in remitting payments as received, in each case in accordance with this
Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event or
Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs
and expenses incurred by the Certificate Administrator in connection with such default and prior to such waiver shall be
reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, promptly upon demand
therefor and if not reimbursed to the Certificate Administrator within 90 days of such demand, from the Trust Fund; provided
that the Trust Fund shall be reimbursed by the Master Servicer,

 

    	-334-

    	 

    

 

the Special Servicer or the Operating Advisor, as applicable,
to the extent such amounts are reimbursed to the Certificate Administrator from the Trust Fund. Notwithstanding the
foregoing, (a) a Servicer Termination Event under any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this
Agreement may be waived only by all of the Certificateholders of the affected Classes (considering each Class of the Class
A-S, Class B and Class C Certificates together with the Class PEZ Component of the same alphabetical designation as a single
“Class” for such purpose), and (b) a Servicer Termination Event under Section 7.01(a)(x) of this Agreement
may be waived only with the consent of the Depositor, together with (in the case of each of clauses (a) and (b)) the consent
of each Serviced Companion Loan Holder, if any, that is affected by such Servicer Termination Event.
 

The foregoing paragraph
notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated to each affected
Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion Loan Holder
related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination Event,
then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan Holder
will be entitled to request that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan Holder’s
request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace, within 60
days of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with
respect to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer
at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain
a Rating Agency Confirmation from each Rating Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing
agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder
in accordance with this Section 7.05 shall be responsible for all duties, and shall be entitled to all compensation (other
than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the applicable Serviced Loan
Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the related Mortgage
Loan calculated at 0% per annum. Such Sub-Servicing Agreement (a) may be terminated without cause and without the payment of any
fee and (b) shall also provide that such sub-servicer shall become the master servicer under a separate servicing agreement for
the applicable Serviced Loan Combination in the event that the Serviced Loan Combination is no longer to be serviced and administered
hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification
and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact
that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered
thereunder and the sole source of funds thereunder. Such sub-servicer (a) may be terminated without cause and without the payment
of any fee and (b) shall meet the requirements of Section 3.01 of this Agreement. If any sub-servicer appointed by the Master
Servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall at any time resign
or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer with respect to which a Rating
Agency Confirmation has been obtained at the expense of the applicable resigning or terminated sub-servicer (and any applicable
Sub-Servicing Agreement shall so provide), and if the resigning or terminated sub-servicer fails to

 

    	-335-

    	 

    

 

cover such expense, the Master
Servicer shall do so. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to
terminate the sub-servicer appointed under this Section 7.05, the terminated Master Servicer that was responsible for the
Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection
with such termination, including the payment of any termination fee.
 

Section 7.06     Termination
of the Operating Advisor.
 

(a)        An
“Operating Advisor Termination Event” means any one of the following events whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body:
 

(i)         any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of 30 days
after the date on which written notice of such failure shall have been given to the Operating Advisor by the Trustee or to the
Operating Advisor and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all
then outstanding Certificates; provided, however, that with respect to any such failure which is not curable within
such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long
as it has commenced to cure such failure with the initial 30-day period and has provided the Trustee and the Certificate Administrator
with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;
 

(ii)        any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;
 

(iii)       any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;
 

(iv)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;
 

(v)        the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or
 

    	-336-

    	 

    

 

(vi)       the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations.
 

Upon receipt by the
Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator
shall promptly provide written notice to all Certificateholders by posting such notice on its internet website, unless the Certificate
Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event shall occur then, and in
each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied, either the Trustee
(i) may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights of each
Class of Non-Reduced Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor under
this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive all amounts
accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor. Notwithstanding anything herein to the contrary, the Depositor shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination
Event of which the Depositor becomes aware.
 

(b)        Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the Voting Rights of the Non-Reduced Certificates
requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible
Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred
by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide
written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on its internet website,
and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Operating
Advisor. Upon the written direction of holders of Certificates evidencing more than 50% of the Voting Rights of the Non-Reduced
Certificates that exercise their right to vote (provided that Holders of at least 50% of the Voting Rights of the Non-Reduced
Certificates exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating Advisor
under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing sentences of this
Section 7.06(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between
each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of
such provisions. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.
The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial
Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register
to receive e-mail notifications when such notices are posted on the Certificate Administrator’s Website; provided
that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable
expenses of posting such notices.
 

    	-337-

    	 

    

 

(c)        On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect
the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating
Advisor resigns pursuant to Section 6.04 of this Agreement (excluding resignation under the circumstances contemplated in
Section 6.04(b) where no successor Operating Advisor is required to be appointed) or (2) the Trustee delivers such written
notice of termination to the Operating Advisor, the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating
Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the
case of a termination pursuant to Section 7.06(b) of this Agreement; provided, however, that if the Trustee
is the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor
Operating Advisor. The Trustee shall provide written notice of the appointment of an Operating Advisor to the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Depositor , any related Outside Controlling Note
Holder and, if a Consultation Termination Event does not exist, the Controlling Class Representative within one Business Day of
such appointment, and the Certificate Administrator shall provide written notice of such appointment to each Certificateholder
within one Business Day of the receipt of such notice of appointment from the Trustee. Except as contemplated by Section 7.06(b)
of this Agreement, the appointment of the Operating Advisor shall not be subject to the vote, consent or approval of the holder
of any Class of Certificates.
 

The Operating Advisor
shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Sponsor or an Affiliate of any of them. If
any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating
Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall appoint
a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which successor Operating Advisor
may be an Affiliate of the Trustee. Notwithstanding the foregoing, if the Trustee is unable to find a successor Operating Advisor
within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement. Unless and
until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor and the provisions in this Agreement
relating to consultation with respect to the Operating Advisor shall not be applicable until a replacement Operating Advisor is
appointed hereunder.
 

(d)        Upon
any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating Advisor,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Depositor, any related
Outside Controlling Note Holder, the Controlling Class Representative (if a Consultation Termination Event does not exist) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider. In the event that the Operating Advisor resigns or is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such resignation or
termination (including

 

    	-338-

    	 

    

 

the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such resignation or termination).

 

Article
VIII

CONCERNING THE TRUSTEE and The Certificate Administrator
 

Section 8.01     Duties
of the Trustee, the Custodian and the Certificate Administrator.
 

(a)        The
Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge
and after the curing or waiver of all Servicer Termination Events which may have occurred, undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall be construed as a
duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and Section 7.04 of this Agreement, shall exercise such of
the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs. The Certificate Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty. The Custodian undertakes to perform at all times such duties
and only such duties as are specifically set forth in this Agreement and no permissive right of the Custodian shall be construed
as a duty.
 

(b)        Each
of the Trustee, the Custodian and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee, the Custodian or the Certificate Administrator, as applicable,
which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether
they conform on their face to the requirements of this Agreement to the extent specifically set forth herein; provided,
however, none of the Trustee, the Custodian or the Certificate Administrator shall be responsible for the accuracy or content
of any such resolution, certificate, statement, opinion, report, document, order or other instrument provided to it hereunder if
accepted in good faith. If any such instrument is found not to conform on its face to the requirements of this Agreement in a material
manner, the Trustee, the Custodian or the Certificate Administrator, as applicable, shall request a corrected instrument, and if
the instrument is not corrected to the Trustee’s, the Custodian’s or the Certificate Administrator’s, as applicable,
reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator or the Custodian, as applicable, requested
the corrected instrument or upon direction from the Trustee if the Trustee requested the corrected instrument) will provide notice
thereof to the Certificateholders.
 

(c)        None
of the Trustee, the Custodian, the Certificate Administrator or any of their respective officers, directors, employees, agents
or “control” persons within the meaning of the Act shall have any liability arising out of or in connection with this
Agreement, provided that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed
to relieve the Trustee, the Custodian or the Certificate Administrator, as applicable, or

 

    	-339-

    	 

    

 

any such person, from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct or its own bad faith; and provided,
further, that:
 

(i)         Prior
to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the
Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred, the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, none of the Trustee,
the Custodian or the Certificate Administrator shall be liable except for the performance of such duties and obligations as are
specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee,
the Custodian or the Certificate Administrator and, in the absence of bad faith on the part of the Trustee, the Custodian or the
Certificate Administrator, the Trustee, the Custodian or the Certificate Administrator, as applicable, may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates, statements,
reports, opinions, documents, orders or other instruments furnished to the Trustee, the Custodian or the Certificate Administrator,
as applicable, that conform on their face to the requirements of this Agreement without responsibility for investigating the contents
thereof;
 

(ii)        None
of the Trustee, the Custodian or the Certificate Administrator shall be personally liable for an error of judgment made in good
faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee, the Custodian or the Certificate
Administrator, as applicable, was negligent in ascertaining the pertinent facts;
 

(iii)       Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 50% of the
Percentage Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting Rights
of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee
or the Certificate Administrator, as applicable, or exercising any trust or power conferred upon the Trustee or the Certificate
Administrator, as applicable, under this Agreement;
 

(iv)       None
of the Trustee, , the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, agents
or control persons shall be responsible for any act or omission of any Paying Agent or Certificate Registrar that is not the same
Person as, or an Affiliate of, the Trustee, the Custodian or the Certificate Administrator, as applicable, and that is selected
other than by the Trustee, the Custodian or the Certificate Administrator, as applicable, performed or omitted in compliance with
any custodial or other agreement, or any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating
Advisor, any Serviced Companion Loan Holder, the Directing Holder or the Controlling Class Representative or any other third Person,
including, without limitation, in connection with actions taken pursuant to this Agreement;
 

    	-340-

    	 

    

 

(v)        None
of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation to appear in, prosecute or defend
any legal action unless such action is incidental to its respective duties as Trustee, Custodian or Certificate Administrator,
as applicable, in accordance with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall
be expenses and costs of the Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement
is not reasonably assured, and the Trustee, the Custodian or the Certificate Administrator, as applicable, shall be entitled to
be reimbursed therefor from the Collection Account, unless such legal action arises (i) as a result of any willful misconduct,
bad faith, fraud or negligence in the performance of duties of the Trustee, the Custodian or the Certificate Administrator, as
the case may be, or by reason of negligent disregard of the Trustee’s, the Custodian’s or the Certificate Administrator’s,
as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Trustee, the Custodian or the Certificate
Administrator, as the case may be, of any of its representations or warranties contained herein; provided, however,
that the Trustee, the Custodian or the Certificate Administrator may in its discretion undertake any such action related to its
obligations hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder;
 

(vi)       None
of the Trustee, the Custodian nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person unless a Responsible Officer of the Trustee, the Custodian or the Certificate Administrator, as applicable, obtains
actual knowledge of such failure or receives written notice of such act, failure to act or breach from any other party to this
Agreement, any Certificateholder or Beneficial Owner, a Serviced Companion Loan Holder, the Directing Holder or the Controlling
Class Representative; and
 

(vii)      Except
in the event of the Trustee’s, the Custodian’s or Certificate Administrator’s, as applicable, willful misconduct,
bad faith or fraud, in no event shall the Trustee or the Certificate Administrator be liable for special, punitive, indirect or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee, the Custodian
or the Certificate Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action.
 

None of the provisions
contained in this Agreement shall require the Trustee, the Custodian or the Certificate Administrator, in its capacity as Trustee,
the Custodian or the Certificate Administrator, as applicable, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee, the Custodian or the Certificate Administrator, as applicable, the repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. None of the provisions contained in this Agreement shall in any event require
the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer (other
than the obligations to make Advances under Sections 3.20 and 4.06 of this Agreement), the Special Servicer or the
Certificate Administrator under this Agreement, except during such time, if any, as the Trustee shall be the successor to, and
be vested with the rights, duties, powers and privileges of, the

 

    	-341-

    	 

    

 

Master Servicer, the Special Servicer or the Certificate Administrator
in accordance with the terms of this Agreement. None of the provisions contained in this Agreement shall in any event require the
Certificate Administrator or the Custodian to perform, or be responsible for the manner of performance of, any of the obligations
of the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor under this Agreement. Neither the Trustee nor
the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance of its
obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any
investment of funds pursuant to this Agreement (other than any funds invested with it in its commercial capacity or at its discretion).
 

(d)        The
Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate Administrator
written confirmation of whether any Control Termination Event or Consultation Termination Event occurred during the previous calendar
year and the Certificate Administrator shall deliver such confirmation, based on information in its possession, to the requesting
party within ten (10) Business Days of such request. Further, the Certificate Administrator shall post a “special notice”
on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of notice) of the commencement
or cessation of any Control Termination Event or Consultation Termination Event.
 

Section 8.02     Certain
Matters Affecting the Trustee, the Custodian and the Certificate Administrator.
 

(a)        Except
as otherwise provided in Section 8.01 of this Agreement:
 

(i)         Each
of the Trustee, the Custodian and the Certificate Administrator may request and/or rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties and none of the Trustee, the Custodian nor
the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;
 

(ii)        Each
of the Trustee, the Custodian and the Certificate Administrator may consult with counsel and any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and
in accordance with such Opinion of Counsel;
 

(iii)       (A)         None
of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation to institute, conduct or defend any
litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee, the Custodian or the Certificate
Administrator, as applicable, security or indemnity reasonably satisfactory to the Trustee, the Custodian or the Certificate Administrator,
as applicable, against the costs, expenses and liabilities which may be incurred therein or thereby; and
 

    	-342-

    	 

    

 

(B)        the
right of the Trustee, the Custodian or the Certificate Administrator, as applicable, to perform any discretionary act enumerated
in this Agreement shall not be construed as a duty, and none of the Trustee, the Custodian or the Certificate Administrator shall
be answerable for other than its negligence or willful misconduct in the performance of any such act;
 

provided that subject to
the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer
Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise
such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;
 

(iv)       None
of the Trustee, the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, Affiliates,
agents or “control” persons within the meaning of the Act shall be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee, the Custodian or the Certificate Administrator, as applicable,
to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;
 

(v)        Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such other percentage
as is specified herein) of the Percentage Interests of any affected Class; provided, however, that if the payment
within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security afforded
to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable indemnity
against such expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event
or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer
or the Operating Advisor, respectively and if such investigation results from such Servicer Termination Event or Operating Advisor
Termination Event, and otherwise by the Certificateholders requesting the investigation;
 

(vi)       Each
of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder; and
 

(vii)      For
purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event only when
a Responsible

 

    	-343-

    	 

    

 

Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or obtains actual
knowledge of such event.
 

(b)        Following
the Startup Day, neither the Trustee nor the Certificate Administrator shall, except as expressly required by any provision of
this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator, as applicable,
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause either Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding or subject
a Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.
 

(c)        All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator,
as applicable, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in its
name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.
 

Neither the Trustee
nor the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility of any Mortgage Loan
for purposes of this Agreement.
 

(d)        None
of the Trustee, the Custodian or the Certificate Administrator shall be responsible for delays or failures in performance resulting
from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war).
 

(e)        For
so long as the Person that serves as the Trustee or the Certificate Administrator hereunder also serves as Rule 17g-5 Information
Provider, Authenticating Agent, Paying Agent and/or Certificate Registrar, the rights, indemnities, immunities, benefits (other
than compensation), privileges and protections afforded to that Person in its capacity as Trustee or Certificate Administrator,
as applicable, hereunder shall also be afforded to such Person in its capacity as Rule 17g-5 Information Provider, Authenticating
Agent, Paying Agent and/or Certificate Registrar, as the case may be.
 

(f)        Notwithstanding
anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Trustee, the Custodian
or the Certificate Administrator that the Trustee, the Custodian or the Certificate Administrator, as applicable, deems to contain
confidential, proprietary, and/or sensitive information may be encrypted. The recipient (the “E-mail Recipient”)
of the encrypted e-mail communication will be required to complete a registration process. Instructions on how to register and/or
retrieve an encrypted message will be included in the first secure e-mail sent by the Trustee, the Custodian or the Certificate
Administrator, as applicable, to the E-mail Recipient.
 

    	-344-

    	 

    

 

(g)        No
provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee, the Custodian
or the Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance
of its duties or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking
or omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which
determination may be based on Opinion of Counsel).
 

(h)        In
order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Section 326
of the USA PATRIOT Act (for purposes of this clause (h), “Applicable Law”), each of the Trustee, the Custodian and
the Certificate Administrator is required to obtain, verify, record and update certain information relating to individuals and
entities that maintain a business relationship with the Trustee, the Custodian or the Certificate Administrator, as applicable.
Accordingly, each of the parties hereto agrees to provide to the Trustee, the Custodian or the Certificate Administrator, as applicable,
upon its request from time to time, such identifying information and documentation as may be available for such party in order
to enable the Trustee, the Custodian or the Certificate Administrator, as applicable, to comply with Applicable Law.
 

Section
8.03     None of the Trustee, the Custodian Or the Certificate Administrator Is Liable for
Certificates or Mortgage Loans. The recitals contained herein and in the Certificates (other than the signature and
authentication of the Certificate Administrator on the Certificates) shall not be taken as the statements of the Trustee, the
Custodian, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, and the
Trustee, the Custodian, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor
assume no responsibility for their correctness. The Trustee, the Custodian, the Certificate Administrator, the Master
Servicer, the Special Servicer and the Operating Advisor make no representations or warranties as to the validity or
sufficiency of this Agreement, of the Certificates or any prospectus used to offer the Certificates for sale or the validity,
enforceability or sufficiency of any Mortgage Loan or related document. None of the Trustee, the Custodian or the Certificate
Administrator shall at any time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Mortgage, any Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability to generate the
payments to be distributed to Certificateholders under this Agreement. Without limiting the foregoing, none of the Trustee,
the Custodian or the Certificate Administrator shall be liable or responsible for: the existence, condition and ownership of
any Mortgaged Property; the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the
duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the
Trustee’s capacity as Master Servicer or Special Servicer) or the enforceability thereof; the existence of any Mortgage
Loan or the contents of the related Mortgage File on any computer or other record thereof (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the
Trustee’s capacity as Master Servicer or Special Servicer); the validity of the assignment of any Mortgage Loan to the
Trust Fund or of any intervening assignment; the completeness of any Mortgage File (except for the Custodian’s review
thereof pursuant to Section 2.02); the performance or enforcement of any

 

    	-345-

    	 

    

 

Mortgage Loan (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in
the Trustee’s capacity as Master Servicer or Special Servicer); the compliance by the Depositor, the Master Servicer,
the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in any related
document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of notice or other
discovery of any non-compliance therewith or any breach thereof; any investment of moneys by or at the direction of the
Master Servicer or any loss resulting therefrom (other than if the Trustee shall assume the duties of the Master Servicer or
the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or
Special Servicer), it being understood that the Trustee shall remain responsible for any Trust Fund property that it may hold
in its individual capacity; the acts or omissions of any of the Depositor, the Master Servicer, the Special Servicer or the
Operating Advisor (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or
any Sub-Servicer or any Mortgagor; any action of the Master Servicer, the Special Servicer or the Operating Advisor (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer taken in the name
of the Trustee except to the extent such action is taken at the express written direction of the Trustee; the failure of the
Master Servicer or the Special Servicer or any Sub-Servicer to act or perform any duties required of it on behalf of the
Trust Fund or the Trustee as applicable hereunder; or any action by or omission of the Trustee taken at the instruction of
the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the
Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or
Special Servicer) unless the taking of such action is not permitted by the express terms of this Agreement; provided, however,
that the foregoing shall not relieve the Trustee, the Custodian or the Certificate Administrator, as applicable, of its
obligation to perform its duties as specifically set forth in this Agreement. None of the Trustee, the Custodian or the
Certificate Administrator shall be accountable for the use or application by the Depositor of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the Master Servicer or
the Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from the Collection
Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock Box Account, the Escrow Accounts,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution Account or
any other account maintained by or on behalf of the Master Servicer or the Special Servicer, other than any funds held by the
Trustee, the Custodian or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate Administrator
shall have responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless in the case of the
Trustee, the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation
hereunder which includes as a component thereof the payment or distribution of interest for a stated period at a stated rate
“to the extent permitted by applicable law,” the Trustee or the Certificate Administrator, as applicable, shall
assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator,
as applicable, has

 

    	-346-

    	 

    

 

actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the
impermissibility) to the effect that such payment is not permitted by applicable law.
 

Section
8.04     Trustee, Custodian and Certificate Administrator May Own Certificates. The Trustee,
the Custodian, the Certificate Administrator and any agent of the Trustee, the Custodian, or the Certificate Administrator,
each, in its individual capacity or any other capacity, may become the owner or pledgee of Certificates, and may deal with
the Depositor and the Master Servicer in banking transactions, with the same rights it would have if it were not Trustee, the
Custodian, the Certificate Administrator or such agent, as the case may be.
 

Section 8.05     Payment
of Trustee/Certificate Administrator Fees, Custodian Fees and Expenses; Indemnification.
 

(a)        As
compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate Administrator
Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for the performance
of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator Fee,
which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate Administrator
shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. As compensation for the performance
of its duties hereunder, the Custodian shall be paid the Custodian Fee, which shall cover recurring and otherwise reasonably anticipated
expenses of the Custodian. The Trustee/Certificate Administrator Fee and the Custodian Fee shall each be paid monthly on a Mortgage
Loan-by-Mortgage Loan basis. The Trustee/Certificate Administrator Fee (which in each case shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s and the Certificate
Administrator’s sole form of compensation for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties of the Trustee or the Certificate Administrator, as
applicable, hereunder. The Custodian Fee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) shall constitute the Custodian’s sole form of compensation for all services rendered by it in
the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Custodian
hereunder. No Trustee/Certificate Administrator Fee or Custodian Fee shall be payable with respect to any Companion Loan. In the
event that the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant
to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled.
 

(b)        Each
of the Trustee, the Certificate Administrator and the Custodian shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made
by the Trustee, the Certificate Administrator or the Custodian, as applicable, pursuant to and in accordance with any of the provisions
of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not
regularly in its employ) to the extent such payments are “unanticipated expenses” as described in

 

    	-347-

    	 

    

 

clause (d) below,
except any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided,
however, that, subject to Section 8.01 and Section 8.02 of this Agreement, none of the Trustee, the Certificate
Administrator or the Custodian shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid
the Trustee/Certificate Administrator Fee, the Custodian Fee, the Trustee’s expenses, the Certificate Administrator’s
expenses or the Custodian’s expenses, as applicable.
 

The Master Servicer
and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses incurred
or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special
Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the
Special Servicer, in accordance with any of the provisions of this Agreement (and including the reasonable fees and expenses and
disbursements of its counsel and all other persons not regularly in its employ), except any such expenses as may arise from the
negligence or bad faith of the Trustee.
 

(c)        Each
of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian, the Trustee,
the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying Party”) shall indemnify
the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian
and their respective Affiliates and each of the directors, officers, employees and agents of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates (each,
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party
or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective
willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective obligations or duties hereunder
or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator shall indemnify each of the Master
Servicer and the Special Servicer and its Affiliates and each of the directors, officers, employees and agents of each of the Master
Servicer and the Special Servicer and its Affiliates (each, a “Servicer Indemnified Party”), and hold each of
them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and
related costs, judgments, and any other costs, fees and expenses that the Servicer Indemnified Party may sustain in connection
with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Servicer Indemnified
Party in any action or proceeding between the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar, the
Custodian or the Certificate Administrator, as applicable, and the Servicer Indemnified Party or between the Servicer Indemnified
Party and any third party or otherwise) related to the Trustee’s, the Authenticating Agent’s, the Paying Agent’s,
the Certificate Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful misconduct,
bad faith, fraud and/or negligence in the performance of each of its respective duties hereunder or by

 

    	-348-

    	 

    

 

reason of negligent disregard
of its respective obligations and duties hereunder. Each of the Authenticating Agent, the Paying Agent, the Certificate Registrar,
the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, any employee, director or officer of
the Depositor, and the Trust Fund and hold the Depositor, any employee, director or officer of the Depositor, and the Trust Fund
harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and
expenses) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance
of duties of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator
or the Trustee, as the case may be, or by reason of negligent disregard of the Authenticating Agent, the Paying Agent’s,
the Certificate Registrar’s, the Custodian’s, the Certificate Administrator’s or the Trustee’s, as the
case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Authenticating Agent, the Paying Agent,
the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, of any of its representations
or warranties contained herein.
 

(d)        The
Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel and of all persons not regularly in its employ incurred by the Indemnified Party in any action or proceeding between
the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect
of this Agreement or the Certificates, in each case to the extent and only to the extent, such payments are expressly reimbursable
under this Agreement, or are unanticipated expenses (as defined below), other than (i) those resulting from the negligence, fraud,
bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder, of the Indemnified Party and (ii)
except to the extent such amounts are not paid pursuant to this Section 8.05, those as to which such Indemnified Party is
entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated expenses” shall include any
fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate trustee or co-trustee or certificate
administrator appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as
of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including reasonable attorneys’
fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced by an Indemnified Party in connection
with (i) a default under any Mortgage Loan and (ii) any litigation arising out of this Agreement, including, without limitation,
under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and Section
7.01 of this Agreement. The right of reimbursement of the Indemnified Parties under this Section 8.05(d) shall be senior
to the rights of all Certificateholders.
 

(e)        Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation
or removal of the Trustee, the Custodian or the Certificate Administrator, as applicable, as regards rights accrued prior to such
resignation or removal and (with respect to any acts or omissions during their respective tenures) the resignation, removal or
termination of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent or the Certificate Registrar.
 

    	-349-

    	 

    

 

(f)        This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.
 

Section
8.06     Eligibility Requirements for the Trustee and the Certificate Administrator. Each of
the Trustee and the Certificate Administrator hereunder shall at all times be a corporation or association organized and
doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least
$50,000,000, and subject to supervision or examination by federal or state authority, and the Trustee shall not be an
Affiliate of any other member of the Restricted Group (other than an Underwriter and, during any period when the Trustee has
assumed the duties of the Master Servicer pursuant to Section 7.02 , the Master Servicer). Further, (i) the Trustee is
required to maintain a rating on its unsecured long term debt of at least (A) “A” by Fitch and (B)
“A1” by Moody’s (or “A2” by Moody’s if the Trustee has a short term debt rating of at
least “P-1” from Moody’s; provided, however, that solely with respect to Deutsche Bank
Trust Company Americas as the initial Trustee, for so long as the Master Servicer maintains a rating on its unsecured long
term debt of at least “A2” by Moody’s and a short term debt rating of at least “P-1” from
Moody’s, the initial Trustee will be deemed to have met the eligibility requirement in this clause (i)(B) if it
maintains a rating on its unsecured long term debt of at least “Baa2” by Moody’s and a short term debt
rating of at least “P-2” from Moody’s) (or such other rating with respect to which the Rating Agencies have
provided a Rating Agency Confirmation) (provided that this proviso will not impose on the Master Servicer any obligation to
maintain such rating), and (ii) the Certificate Administrator is required to maintain a rating on its unsecured long term
debt of at least (A) “BBB+” by Fitch and (B) “Baa2” by Moody’s (or such other rating with
respect to which the Rating Agencies have provided a Rating Agency Confirmation). In addition, the Trustee shall satisfy the
requirements for a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment Company Act. If a corporation
or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
 

In the event that
the place of business from which the Trustee, the Custodian or the Certificate Administrator, as applicable, administers the Trust
Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a Trust REMIC (other than a tax
corresponding to a tax imposed under the REMIC Provisions) the Trustee, the Custodian or the Certificate Administrator, as applicable,
shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such
tax from its own funds and continue as Trustee, Custodian or Certificate Administrator, as applicable, or (iii) administer the
Trust Fund from a state and local jurisdiction that does not impose such a tax.
 

In case at any time
the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of this Section, the
Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in
Section 8.07.
 

    	-350-

    	 

    

 

Section
8.07     Resignation and Removal of the Trustee, the Custodian or the Certificate
Administrator. Each of the Trustee, the Custodian and the Certificate Administrator may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to the other such party, the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificateholders, the Serviced Companion Loan Holders and, for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider. Upon such notice of resignation, the Master Servicer shall promptly appoint a successor Trustee,
Custodian or the Certificate Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating
Agency Confirmation to the resigning Trustee, Custodian or Certificate Administrator, as applicable, and the successor
Trustee, Custodian or Certificate Administrator, as applicable. If no successor Trustee, the Custodian or
Certificate Administrator, as applicable, shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee, Custodian or Certificate Administrator, as applicable, may
petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian or Certificate
Administrator, as applicable. The Trustee, the Custodian or the Certificate Administrator, as applicable, will bear all
reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its resignation
(including, but not limited to, the costs of assigning Mortgage Loans by reason of change in Trustee).
 

If at any time either
the Trustee, the Custodian or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 or Section 5.10, as applicable, and shall fail to resign after written request therefor by the Depositor or Master
Servicer, or if at any time either the Trustee, the Custodian or the Certificate Administrator shall become incapable of acting,
or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee, the Custodian or the Certificate Administrator, as applicable,
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee, the Custodian or the
Certificate Administrator, as applicable, or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then the Depositor may remove the Trustee, the Custodian or the Certificate Administrator, as applicable, and promptly appoint
a successor Trustee, the Custodian or the Certificate Administrator, as applicable, by written instrument, which shall be delivered
to the Trustee, the Custodian or the Certificate Administrator, as applicable, so removed and to the successor Trustee, Custodian
or Certificate Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights of all
of the Certificates may at any time remove the Trustee, the Custodian or the Certificate Administrator and appoint a successor
Trustee, Custodian or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor,
one complete set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the Certificate Administrator
or the Custodian), one complete set to the Certificate Administrator (in connection with the removal of the Trustee or the Custodian),
one complete set to the Custodian (in connection with the removal of the Trustee or the Certificate Administrator), one complete
set to the Trustee, Custodian or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee,
Custodian or Certificate Administrator, as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion
Loan Holders.
 

    	-351-

    	 

    

 

In the event that
the Trustee, the Custodian or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all
of its rights and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combination shall be terminated,
other than any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive
all fees, expenses and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement,
with respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective until
the payment of such amounts to the Trustee, the Custodian or the Certificate Administrator, as applicable). The Trustee, the Custodian
or the Certificate Administrator, as applicable, will bear all reasonable costs and expenses of each other party hereto and each
Rating Agency in connection with its termination or removal; provided that if the Trustee, the Custodian or the Certificate
Administrator, as applicable, is terminated without cause by the Holders of Certificates evidencing more than 50% of the Voting
Rights of all Certificates as provided in the immediately preceding paragraph, then such Holders will be required to pay all the
reasonable costs and expenses of the Trustee, the Custodian or the Certificate Administrator, as applicable, necessary to effect
the transfer of the rights and obligations (including, if applicable, custody of any Mortgage Files in its possession) of the Trustee,
the Custodian or Certificate Administrator, as applicable, to a successor trustee or certificate administrator.
 

Any resignation or
removal of the Trustee, the Custodian or the Certificate Administrator and appointment of a successor Trustee, Custodian or Certificate
Administrator, as applicable, pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance
of appointment by the successor Trustee, Custodian or successor Certificate Administrator, as applicable, as provided in Section
8.08.
 

Upon the resignation
or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph of this Section
8.07), at its own expense, ensure that prior to its transfer of duties to any successor (to the extent such Loan Document was
assigned or endorsed to the Trustee), (A) the original executed Note for each Mortgage Loan, is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered holders of Citigroup Commercial Mortgage
Trust 2015-P1, Commercial Mortgage Pass Through Certificates, Series 2015-P1” or in blank, and (B) in the case of the other
Loan Documents, are assigned (and, other than in connection with the removal of the Trustee without cause, recorded as appropriate)
to such successor, and such successor shall review the documents delivered to it or the Custodian with respect to each Mortgage
Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has
been made. The outgoing Trustee shall provide copies of the documentation provided for in items (A) and (B) above to the Master
Servicer, in each case to the extent such copies are not already in the Master Servicer’s possession. If the Trustee is removed
without cause, the Loan Documents identified in clause (B) of the preceding sentence shall, if appropriate, be recorded by the
successor trustee if so required by the Master Servicer or the Special Servicer and at the expense of the Trust (for so long as
no Control Termination Event is continuing, with the consent of the Controlling Class Representative, and during the continuance
of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, after consultation
with the Controlling Class Representative).
 

    	-352-

    	 

    

 

Section 8.08     Successor
Trustee, Successor Custodian or Successor Certificate Administrator.
 

(a)        Any
successor Trustee, Custodian or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee, Custodian
or Certificate Administrator, as applicable, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee, Custodian or Certificate Administrator, as applicable, shall become effective
and such successor Trustee, Custodian or Certificate Administrator, as applicable, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect
as if originally named as Trustee, Custodian or Certificate Administrator, as applicable, herein, provided that a Rating
Agency Confirmation shall be obtained from each Rating Agency with respect to the appointment of such successor Trustee, Custodian
or Certificate Administrator. The predecessor Custodian shall deliver to the successor Custodian all Mortgage Files and related
documents and statements held by it hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
and the predecessor Trustee, Custodian or Certificate Administrator, as applicable, shall execute and deliver such instruments
and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee,
Custodian or Certificate Administrator, as applicable, all such rights, powers, duties and obligations. No successor Trustee or
Certificate Administrator shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance
such successor Trustee or Certificate Administrator, as applicable, shall be eligible under the provisions of Section 8.06.
No successor Custodian shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such
successor Custodian shall be eligible under the provisions of Section 5.10.
 

Upon acceptance of
appointment by a successor Trustee, Custodian or Certificate Administrator, as applicable, as provided in this Section 8.08,
the Depositor shall mail notice of the succession of such Trustee, Custodian or Certificate Administrator, as applicable, hereunder
to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Companion Loan Holders. If the
Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee, Custodian or Certificate
Administrator, the successor Trustee, Custodian or Certificate Administrator, as applicable, shall cause such notice to be mailed
at the expense of the Depositor.
 

(b)        Any
successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements
set forth in Section 8.06 hereof. Any successor Custodian appointed pursuant to this Agreement shall satisfy the eligibility
requirements set forth in Section 5.10 hereof.
 

Section
8.09     Merger or Consolidation of the Trustee, the Custodian or the Certificate
Administrator. Any entity into which the Trustee, the Custodian or the Certificate Administrator may be merged or
converted, or with which the Trustee, the Custodian or the Certificate Administrator, as applicable, may be consolidated, or
any entity resulting from any merger, conversion or consolidation to which the Trustee, the Custodian or the Certificate
Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust

 

    	-353-

    	 

    

 

business of the Trustee, the
Custodian or the Certificate Administrator, as applicable, shall be the successor of the Trustee, the Custodian or the
Certificate Administrator, as applicable, hereunder, provided such entity shall be eligible under the provisions of Section
8.06 (in the case of the Trustee or the Certificate Administrator) or Section 5.10 (in the case of the Custodian),
as applicable, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.
 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions
hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust
Fund, the assets thereof or any property securing the same may at the time be located, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons to act (at the
expense of (i) the Trustee, if the need to appoint such co-trustee(s) arises from any change in the identity, organization,
status, power, conflicts, internal policy or other development with respect to the Trustee, and/or (ii) the Trust Fund, if
the need to appoint such co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust
Fund; provided, however, that in the event the need to appoint such co-trustee(s) arises from a combination of or none of the
events described in clause (i) and clause (ii), the expense will be split evenly between the Trustee and the
Trust Fund) as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and
trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not be in existence or
shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a
Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such
appointment. Except as required by applicable law, the appointment of a co-trustee or separate trustee shall not relieve the
Trustee of its responsibilities, obligations and liabilities hereunder. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders
of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
 

In the case of any
appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately
without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act
or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall
be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such
separate trustee or co-trustee solely at the direction of the Trustee.
 

The Depositor and
the Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee, or if the separate
trustee or co-trustee

 

    	-354-

    	 

    

 

is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate
trustee or co-trustee.
 

Any notice, request
or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. In no event shall any such separate trustee or co-trustee be entitled to any provision
relating to the conduct of, affecting the liability of, or affording protection to, such separate trustee or co-trustee that imposes
a standard of conduct less stringent than that imposed on the Trustee hereunder, affording greater protection than that afforded
to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.
 

Any separate trustee
or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.
 

Section 8.11     Access
to Certain Information.
 

(a)        The
Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating Advisor and the related
Directing Holder) access to any documentation (other than any Privileged Information) regarding the Mortgage Loans or the other
assets of the Trust Fund that are in its possession or within its control. Such access shall be afforded without charge but only
upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian.
 

(b)        The
Certificate Administrator (or, in the case of the Mortgage Files, the Custodian) shall maintain at its offices (and, upon reasonable
prior written request and during normal business hours, shall make available, or cause to be made available) for review by any
Privileged Person originals and/or copies of the following items (to the extent such items were prepared by or delivered to the
Certificate Administrator (or the Custodian, as applicable) in electronic format):
 

(i)         the
Prospectus and the Prospectus Supplement;
 

(ii)        this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase
Agreements and any amendments and exhibits hereto or thereto;
 

    	-355-

    	 

    

 

(iii)       all
Certificate Administrator reports made available to holders of each relevant class of Certificates since the Closing Date;
 

(iv)       all
Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to Certificateholders
pursuant to Section 4.02 of this Agreement since the Closing Date;
 

(v)        the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section
10.10 of this Agreement;
 

(vi)       the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;
 

(vii)      the
most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 3.18 of this Agreement;
 

(viii)     any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;
 

(ix)       the
Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the Serviced
Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer or any Outside
Special Servicer and delivered to the Custodian pursuant to Section 3.24 of this Agreement;
 

(x)        the
summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b) of this
Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer
or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with
the other information specified in Section 4.02(b) of this Agreement;
 

(xi)       any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;
 

(xii)      notice
of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee (and appointments of successors thereto);
 

    	-356-

    	 

    

 

(xiii)     all
Special Notices;
 

(xiv)     any
Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format; and
 

(xv)      any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.
 

The Certificate Administrator
shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable written request of any of
the parties set forth in the previous sentence.
 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

Article
IX

TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE
 

Section 9.01     Termination;
Optional Mortgage Loan Purchase.
 

(a)        The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Custodian, the Certificate Administrator and the Trustee created hereby with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as hereinafter set forth and to make any required remittances to the Serviced Companion Loan Holders in the month in which the
final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur
of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (c),
(ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living
on the date hereof. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account
by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.
 

(b)        In
connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding shall be terminated
and the assets of the Lower-Tier REMIC shall be sold or otherwise disposed of in connection therewith, pursuant to a “plan
of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated by the provisions
hereof pursuant to which the applicable Notice of

 

    	-357-

    	 

    

 

Termination is given and requiring that the assets of the Lower-Tier REMIC shall
be sold for cash and that each such Trust REMIC shall terminate on a Distribution Date occurring not more than 90 days following
the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination
given pursuant to Section 9.01(c) shall constitute the adoption of the plan of complete liquidation as of the date such
notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax returns of each
Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate Administrator shall be responsible
for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period ending with such termination, and
shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the period for which it maintains its
own tax returns or other reasonable period.
 

(c)        The
Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may
(or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer
or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price (excluding the amount described
in clause (g) of the definition of “Purchase Price”) of all the Mortgage Loans (exclusive of REO Mortgage Loans)
included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust,
as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the
reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).
 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the

 

    	-358-

    	 

    

 

Anticipated Termination Date. All costs and expenses incurred by any and all parties
to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund
pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to this subsection (c).
 

(d)        If
the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) of this Section 9.01, the
Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably
anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will
be made (i) to the Holders of outstanding Regular Certificates, and to the Trustee in respect of the Lower-Tier Regular Interests,
notwithstanding that such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate Principal
Amount or Lower-Tier Principal Balance, as applicable, of each such Class of Certificates and Lower Tier Regular Interest, together
with amounts required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if no
such Regular Certificates or any Class PEZ Regular Interests are then outstanding, to the Holders of the Class R Certificates)
and (ii) to the Holders of the Grantor Trust Certificates, of any amount remaining in the Collection Account, the Lower-Tier Distribution
Account, the Upper-Tier Distribution Account, the Excess Interest Distribution Account, the Exchangeable Distribution Account and/or
the Excess Liquidation Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a) the receipt or
collection of the last payment due on any Mortgage Loan included in the Trust Fund or (b) the liquidation or disposition pursuant
to Section 3.17 of this Agreement of the last asset held by the Trust Fund.
 

(e)        Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to affected
Certificateholders at their addresses shown in the Certificate Register (with a copy to the Master Servicer, the Special Servicer
and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the
Rule 17g-5 Information Provider) as soon as practicable after the Certificate Administrator shall have received, given or been
deemed to have received a Notice of Termination but in any event not more than thirty days, and not less than ten days, prior to
the Anticipated Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:
 

(i)         specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;
 

(ii)        specify
the amount of any such final distribution, if known; and
 

(iii)       state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.
 

If the Trust Fund
is not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice
thereof to each affected Certificateholder.
 

    	-359-

    	 

    

 

(f)        Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall
not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with this Section 9.01.
 

(g)        For
purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate the Trust Fund pursuant
to subsection (h), and then the Holders of the Controlling Class representing more than 50% of the Certificate Principal Amount
of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holders of Class R Certificates
representing more than 50% of the Percentage Interests in such Class, in each of the last four cases, pursuant to subsection (c).
 

(h)        Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Principal Amount of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates
and the Class PEZ Regular Interests are reduced to zero, the Remaining Certificateholder shall have the right to exchange all of
its Certificates (but excluding the Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than
60 days prior to the anticipated date of exchange; provided that such Remaining Certificateholder shall pay the Master Servicer
an amount equal to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Principal Amount of the then-outstanding
Sequential Pay Certificates as of the day of the exchange and (C) three, divided by (ii) 360. In the event that the Remaining Certificateholder
elects to exchange all of the Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property
(and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining
in the Trust Fund in accordance with the preceding sentence, such Remaining Certificateholder, not later than the Termination Date,
shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee hereunder through
the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, the Exchangeable Distribution

 

    	-360-

    	 

    

 

Account or a Distribution Account, but only to the extent that such amounts are not already on deposit in the Collection Account.
Upon confirmation that such final deposits have been made and following the surrender of all remaining Certificates (other than
the Class R Certificates) by the Remaining Certificateholder on the Termination Date, the Custodian shall, upon receipt of a Request
for Release from the Master Servicer, release or cause to be released to the Remaining Certificateholder or any designee thereof,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by the Remaining Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties
(and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining
in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Section 9.01. Thereafter, the Trust Fund
and the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee (other than the making of certain payments
to Certificateholders and Serviced Companion Loan Holders, sending of certain notices, the maintenance of books and records and
the preparation and filing of final tax returns), shall terminate. Such transfers shall be subject to any rights of any Sub-Servicers
to service (or to perform select servicing functions with respect to) the Mortgage Loans. For federal income tax purposes, the
Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining
Certificate Principal Amount of its remaining Certificates (other than the Class R Certificates), plus accrued and unpaid interest
with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed in respect of the
Lower-Tier Regular Interests and such Certificates. The remaining Mortgage Loans and REO Properties (or the Trust’s interests
therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust Fund pursuant to this Section
9.01.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
 

Section 10.01     Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article X of this Agreement
is to facilitate compliance by the Depositor and any Other Depositor with the provisions of Regulation AB and the related rules
and regulations of the Commission. The Depositor shall not, and no Other Depositor may, exercise its rights to request delivery
of information or other performance under these provisions other than in good faith, or for purposes other than compliance with
the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply
with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under these
provisions on the basis of such evolving interpretations of Regulation AB. In connection with the Citigroup Commercial Mortgage
Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, and any Serviced Companion Loan Securities, each
of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor
and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including
any of its assignees or designees), any and

 

    	-361-

    	 

    

 

all statements, reports, certifications, records and any other information in its
possession or reasonably available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate
Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit the Depositor or any Other
Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, as applicable,
and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor or any Other Depositor, as
applicable, to be necessary in order to effect such compliance.
 

Section 10.02     Succession;
Sub-Servicers; Subcontractors.
 

(a)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition
to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to the Master Servicer,
the Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the Master Servicer, the
Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Master
Servicer, the Special Servicer or any such Sub-Servicer, the Master Servicer (other than if pursuant to an appointment under Section
7.01 or Section 7.02 of this Agreement) or the Special Servicer, as applicable, shall provide to the Depositor, as well
as any Other Depositor as to which the applicable Companion Loan is affected, at least five (5) Business Days prior to the effective
date of such succession or appointment as long as such disclosure prior to such effective date would not be violative of any applicable
law or confidentiality agreement, and otherwise no later than one (1) Business Day after such effective date of succession, (x)
written notice to the Depositor and each such Other Depositor of such succession or appointment and (y) in writing and in form
and substance reasonably satisfactory to the Depositor and each such Other Depositor, all information relating to such successor
servicer reasonably requested by the Depositor or any such Other Depositor in order to comply with its reporting obligation under
Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange
Act).
 

(b)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Master
Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each of the Master
Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes
of this Section 10.02(b), Section 10.02(c), Section 10.02(d) and Section 10.17, a “Servicer”)
utilizes one or more Subcontractors to perform certain of its obligations hereunder, such Servicer shall promptly upon request
provide to the Depositor, as well as any Other Depositor as to which the applicable Serviced Companion Loan is affected, a written
description (in form and substance satisfactory to the Depositor and each such Other Depositor) of the role and function of each
Subcontractor that is a Servicing Function Participant utilized by such Servicer during the preceding calendar year, specifying
(i) the identity of such Subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance
provided by each such Subcontractor. Each Servicer shall cause any Subcontractor determined to be a Servicing Function Participant
used by such Servicer for the

 

    	-362-

    	 

    

 

benefit of the Depositor to comply with the provisions of Section 10.09 and Section 10.10
of this Agreement to the same extent as if such Subcontractor were such Servicer. Such Servicer shall obtain from each such Subcontractor
(or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer)
and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required to
be delivered by such Subcontractor under Section 10.09 and Section 10.10 of this Agreement, in each case, as and
when required to be delivered.
 

(c)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement,
such Servicer shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning of
Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within the
meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then the engagement
of such Subcontractor shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator,
as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Subcontractor and sub-servicing
agreement and, if such Subcontractor is engaged by the Master Servicer or the Special Servicer, such Subcontractor shall be deemed
to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related Sub-Servicing
Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the Master Servicer or the Special
Servicer) or sub-servicing agreement (with respect to any other Servicer) shall be delivered to the Depositor, the Certificate
Administrator and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement. Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator,
as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately
and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under
the Exchange Act are required to be filed under the Exchange Act).
 

(d)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special Servicer engages a
Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance of any of the duties
of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and the related Sub-Servicing
Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer)
is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer, an assignment to the Master Servicer)
or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer, as applicable, determines that,
as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable, would become a “servicer”
within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets, then the Master
Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice

 

    	-363-

    	 

    

 

of such amendment, modification
or assignment to the Depositor and the Certificate Administrator, as well as any Other Depositor as to which the applicable Companion
Loan is affected at least five (5) Business Days prior to the effective date of such amendment, modification or assignment (or
if such prior notice would be violative of applicable law or any applicable confidentiality agreement, no later than the time required
under Section 10.07 of this Agreement). Such notice shall contain all information reasonably necessary, and in such form
as may be necessary, to enable the Certificate Administrator, as well as any Other Exchange Act Reporting Party as to which the
applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant
to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).
 

(e)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection
with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or
Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate
Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at
least ten (10) Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative
of applicable law or any applicable confidentiality agreement, no later than the time required under Section 10.07 of this
Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to the Depositor and each Other Depositor in writing
and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary
for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting Party to accurately and timely report the
event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement or otherwise (if such reports under the Exchange
Act are required to be filed under the Exchange Act).
 

Section 10.03     Filing
Obligations.
 

(a)        The
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall
(and shall cause (or, in the case of a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) each
Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with the Depositor and each Other
Depositor in connection with the satisfaction of the Trust’s and each Other Securitization Trust’s reporting requirements
under the Exchange Act. Pursuant to Section 10.04, Section 10.05 and Section 10.07, the Certificate Administrator
shall prepare for execution by the Depositor any Forms 10-D, 10-K and 8-K required by the Exchange Act with respect to the Trust,
in order to permit the timely filing thereof, and the Certificate Administrator shall file (via the Commission’s Electronic
Data Gathering and Retrieval System) such Forms executed by the Depositor.
 

(b)        In
the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor or
Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this

 

    	-364-

    	 

    

 

Agreement, the Certificate Administrator shall promptly as soon
as practicable, but in no event later than twenty-four (24) hours after determination (but if the next calendar day is not a Business
Day, then in no event later than 10:00 a.m., New York time, on the next Business Day), notify the Depositor, such Other Depositor
or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D and 10-K, the Depositor and the Certificate Administrator
will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25
of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will, upon receipt of all required Form 8-K Disclosure
Information, include such disclosure information on the next succeeding Form 10-D to be filed for the Trust. In the event that
any previously filed Form 8-K or Form 10-K needs to be amended, the Certificate Administrator will notify the Depositor thereof,
and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare any necessary
Form 8-K/A or Form 10-K/A. In the event that any previously filed Form 10-D needs to be amended, the Certificate Administrator
shall notify the Depositor thereof, and such other parties as needed, and the parties hereto shall cooperate to prepare any necessary
Form 10-D/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by an officer of the Depositor.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.03 related to the timely preparation and filing of Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
upon such parties observing all applicable deadlines in the performance of their duties under this Article X. The Certificate
Administrator shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to
properly prepare, arrange for execution and/or timely file any such Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form
10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis,
any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments
to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.
 

Section 10.04     Form
10-D Filings.
 

(a)        Within
15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator
shall prepare and file on behalf of the Trust any Form 10-D then required by the Exchange Act, in form and substance as then required
by the Exchange Act. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement
attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date Statement any information
relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution
Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant
to the following paragraph, be (i) reported by the parties set forth on Exhibit U to this Agreement to the Depositor, the
Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-D Disclosure
is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and each such Other Depositor, and the Certificate
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure
absent such reporting, direction and approval.
 

    	-365-

    	 

    

 

For so long as the
Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one (1) Business Day
after the related Distribution Date (using commercially reasonable efforts), but in no event later than noon (New York City time)
on the third Business Day after the related Distribution Date, (i) certain parties to this Agreement, as set forth on Exhibit
U to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor, and each Other Exchange
Act Reporting Party and Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting
purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required
by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party) in EDGAR-compatible format (to the extent
available to such party in such format), or in such other format as otherwise agreed upon by the Certificate Administrator, the
Depositor and each such Other Exchange Act Reporting Party, each such Other Depositor and such parties, the form and substance
of the Additional Form 10-D Disclosure, if applicable, (ii) the parties listed on Exhibit U to this Agreement shall include
with such Additional Form 10-D Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each
Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor
of such party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification
in the form attached as Exhibit W to this Agreement and (iii) the Depositor shall approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D with respect to the Trust; provided
that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit U
of its obligations to provide Additional Form 10-D Disclosure that is true and accurate in all material respects and in compliance
with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder.
The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit
U to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-D Disclosure information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the
Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D with respect to the Trust
pursuant to this paragraph.
 

The Certificate Administrator
shall include in any Form 10-D filed by it with respect to the Trust (i) the information required by Rule 15Ga-1(a) of the Exchange
Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution of a Qualified
Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(a) of this Agreement, (ii) a reference to the
most recent Form ABS-15G filed by the Depositor and the Commission’s assigned “Central Index Key” for the Depositor,
which information the Depositor shall deliver to the Certificate Administrator, and (iii) a reference to the most recent Form ABS-15G
filed by each Mortgage Loan Seller and the Commission’s assigned “Central Index Key” for each such filer, which
information each Mortgage Loan Seller is required to deliver to the Certificate Administrator pursuant to Section 6(i) of the applicable
Loan Purchase Agreement.
 

    	-366-

    	 

    

 

(b)        After
preparing a Form 10-D with respect to the Trust, the Certificate Administrator shall forward electronically a copy of such Form
10-D to the Depositor for review. Within two (2) Business Days after receipt of such copy, but no later than the 9th
calendar day after the related Distribution Date or, if the 9th calendar day after the related Distribution Date is
not a Business Day, the immediately preceding Business Day, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-D. Within two (2) Business Days after receipt
of such copy, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution
Date, an officer of the Depositor shall sign the Form 10-D with respect to the Trust and return an electronic or fax copy of such
signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt
of such signed Form 10-D (in electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved
by the Depositor and shall proceed with filing such report with the Commission. If a Form 10-D with respect to the Trust cannot
be filed on time or if a previously filed Form 10-D with respect to the Trust needs to be amended, the Certificate Administrator
will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the Commission, the Certificate
Administrator will make available on its internet website a final executed copy of each Form 10-D with respect to the Trust prepared
and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage
Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number:
(212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street,
7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M.
O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor
may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.04 related to the timely preparation and filing of Form 10-D with respect to the Trust is contingent upon such
parties observing all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator
shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any Form 10-D with respect to the Trust, where such failure results because required disclosure
information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator after the delivery
deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.
 

(c)        Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.04(b) of this Agreement.
 

    	-367-

    	 

    

 

Section
10.05     Form 10-K Filings. (a) Within 90 days after the end of each fiscal year of the
Trust (it being understood that the fiscal year of the Trust ends on December 31 of each year) or such earlier date as may be
required by the Exchange Act (the “10-K Filing Deadline”), commencing within 90 days after December 31,
2015, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-K then required by the Exchange
Act, in form and substance as then required by the Exchange Act. Each such Form 10-K with respect to the Trust shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator (in the form
required by this Agreement) within the applicable time frames set forth in this Agreement:
 

(i)         an
annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer, as described
under Section 10.08;
 

(ii)        (A)
the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section
10.09; and
 

(B)        if
any such report on assessment of compliance with Servicing Criteria described under Section 10.09 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if such report on assessment of compliance
with Servicing Criteria described under Section 10.09 is not included as an exhibit to such Form 10-K, disclosure that such
report is not included and an explanation why such report is not included;
 

(iii)       (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.10;
and
 

(B)        if
any registered public accounting firm attestation report described under Section 10.10 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and
 

(iv)       a
certification in the form attached to this Agreement as Exhibit X, with such changes as may be necessary or appropriate
as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except
as described below, be signed by the senior officer of the Depositor in charge of securitization.
 

Any disclosure or
information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K
Disclosure”) shall, pursuant to the second following paragraph, be (i) reported by the parties set forth on Exhibit
V to this Agreement to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange Act Reporting
Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor
and such Other Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Additional Form 10-K Disclosure, absent such reporting, direction and approval.
 

    	-368-

    	 

    

 

Not later than the
end of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement and the Mortgage
Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such party, if any,
during such fiscal year. Not later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Certificate
Administrator shall, upon request (which can be in the form of electronic mail and which may be continually effective), provide
to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement, including the name and
address of any new party to this Agreement.
 

For so long as the
Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than March 1, commencing
in March 2016, (i) the parties listed on Exhibit V to this Agreement shall be required to provide (and (i) with respect
to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable
efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function Participant
of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to provide) to the Certificate
Administrator, the Depositor and each Other Exchange Act Reporting Party and Other Depositor to which the particular Additional
Form 10-K Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or a Responsible Officer,
as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in-house legal department of such party), in EDGAR-compatible format (to the extent available to such party in such format)
or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor, each such Other Exchange Act
Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure
described on Exhibit V to this Agreement applicable to such party, (ii) the parties listed on Exhibit V to this Agreement
shall include with such Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer (or, in the
case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer)
and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include, an Additional
Disclosure Notification in the form attached as Exhibit W to this Agreement, and (iii) the Depositor will approve, as to
form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K with respect
to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed
on Exhibit V of its obligations to provide Additional Form 10- K Disclosure that is true and accurate in all material respects
and in compliance with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated
thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Exhibit V to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and expenses
incurred by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K with respect
to the Trust pursuant to this paragraph.
 

    	-369-

    	 

    

 

After preparing a
Form 10-K with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy of such Form
10-K to the Depositor for review no later than March 15 in the year immediately following the year as to which such Form 10-K relates,
or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after receipt
of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any
changes or approval to such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with respect
to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which such Form
10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after
receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m. (New York City time) on the third
Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign the Form 10-K with respect to the
Trust and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Upon receipt of such signed Form 10-K (in electronic form or by fax copy), the Certificate
Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission.
If a Form 10-K with respect to the Trust cannot be filed on time or if a previously filed Form 10-K with respect to the Trust needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b). Promptly after filing
with the Commission, the Certificate Administrator will make available on the Certificate Administrator’s Website a final
executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The signing party at the Depositor can be
contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:
Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global
Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943,
e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New
York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com,
or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.05 related to the timely preparation and filing of Form 10-K with respect
to the Trust is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged
or utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of their duties under this
Section 10.05. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of
or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-K with respect to the
Trust, where such failure results because required disclosure information was either not delivered to the Certificate Administrator
or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting from its
own negligence, bad faith or willful misconduct.
 

(b)        Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the registrant was required to file

 

    	-370-

    	 

    

 

such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.05(a) of this Agreement.
 

Section
10.06     Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall
include a Sarbanes-Oxley Certification in the form attached to this Agreement as Exhibit X required to be included
therewith pursuant to the Sarbanes-Oxley Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Custodian and the Trustee shall provide (and (i) with respect to any Servicing Function Participant of
such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing
Function Participant to provide, and (ii) with respect to any other Servicing Function Participant of such party (other than
any party to this Agreement), shall cause such Servicing Function Participant to provide) to the Person who signs the
Sarbanes-Oxley Certification for the Trust or any Other Securitization Trust (the “Certifying Person”) no
later than March 15 in the year immediately following the year as to which such Form 10-K relates or, if March 15 is not
a Business Day, on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit
Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4, Exhibit Y-5, Exhibit Y-6 and Exhibit
Y-7 as applicable, on which the Certifying Person, the entity for which the Certifying Person acts as an officer, and
such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. With respect to each Outside Serviced Trust Loan serviced under an Outside Servicing
Agreement, the Master Servicer shall use commercially reasonable efforts to procure, and upon receipt deliver to the
Certifying Person, a Sarbanes-Oxley back-up certification, similar in form and substance to the certifications referenced in
the preceding sentence, from the related Outside Servicer, the related Outside Special Servicer, the related Outside Paying
Agent and the related Outside Trustee. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of
this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting
Servicer shall provide a certification to the Certifying Person pursuant to this Section 10.06 with respect to the
period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case
may be.
 

Section
10.07     Form 8-K Filings. Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the
Depositor, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 8-K, as required by the
Exchange Act, provided that the Depositor shall file the initial Form 8-K with respect to the Trust in connection with
the issuance of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required
to be included on Form 8-K (“Form 8-K Disclosure Information”) that is approved by the Depositor shall,
pursuant to the following paragraph, be reported by the applicable parties set forth on Exhibit Z to this Agreement to
the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such
Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, and the Certificate Administrator

 

    	-371-

    	 

    

 

will have
no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K
with respect to the Trust, absent such reporting, direction and approval.
 

For so long as the
Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, to the extent a Servicing
Officer or Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in-house legal department of such party), within one (1) Business Day after the occurrence of a Reportable Event (using commercially
reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day after the occurrence
of a Reportable Event, (i) the parties set forth on Exhibit Z to this Agreement shall be required to provide (and (i) with
respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to provide)
to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which the particular
Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to the extent available
to such party in such format) or in such other format as otherwise agreed upon by the Depositor, the Certificate Administrator,
each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties any Form 8-K Disclosure Information
described on Exhibit Z to this Agreement as applicable to such party, if applicable (ii) the parties listed on Exhibit
Z to this Agreement shall include with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer
(or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer)
and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include, an Additional
Disclosure Notification in the form attached hereto as Exhibit W, and (iii) the Depositor will approve, as to form and substance,
or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K with respect to the Trust;
provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on
Exhibit Z of its obligations to provide Form 8 K Disclosure Information that is true and accurate in all material respects
and in compliance with all applicable requirements of the Securities Act and the Exchange Act and the rules and regulations promulgated
thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Exhibit Z of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K
Disclosure Information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the Certificate
Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K with respect to the Trust pursuant to
this paragraph.
 

Upon receipt of any
notice of execution of an Outside Servicing Agreement with respect to an Outside Serviced Trust Loan or notice of any Reportable
Event with respect to any Outside Service Provider of an Outside Serviced Trust Loan, the Trustee or the Certificate Administrator,
as the case may be, shall promptly notify the Depositor of such notice and cooperate with the Depositor to prepare and file on
behalf of the Trust any Form 8-K, as required by the Exchange Act.
 

    	-372-

    	 

    

 

After preparing any
Form 8-K with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable Event (but in no
event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately preceding
paragraph). Promptly, but no later than the close of business on the third Business Day after the related Reportable Event, the
Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval
of such Form 8-K. No later than noon on the fourth Business Day after the related Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K with respect to the Trust and return an electronic or fax copy of such signed Form 8-K
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form 8-K with respect
to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the Trust needs to be amended, the Certificate
Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the
Commission, the Certificate Administrator will, make available on its internet website a final executed copy of each Form 8-K with
respect to the Trust, to the extent such Form 8-K has been prepared and filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York,
New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with
a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that
the performance by the Certificate Administrator of its duties under this Section 10.07 related to the timely preparation
and filing of Form 8-K with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 10.07. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare and/or timely file any Form 8-K with respect to the Trust,
where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence,
bad faith or willful misconduct.
 

In the case of a Form
8-K that is filed by or on behalf of the Trust as a result of the termination, removal, resignation or any other replacement of
the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the proposed successor
Master Servicer, Special Servicer, Trustee or Certificate Administrator, as applicable, shall, as a condition to such succession
and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such termination,
removal, resignation or other replacement pursuant to this Agreement, provide to the Certificate Administrator and the Depositor
on or before the date of such proposed succession the following: (i) any information (including, but not limited to, disclosure
information) required for the Trust to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02
of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information
that are substantially similar to those delivered by the initial Master Servicer,

 

    	-373-

    	 

    

 

the Special Servicer, the Trustee or the Certificate
Administrator, as the case may be, or their respective counsel, in connection with the information concerning such party in the
Prospectus Supplement and/or any other disclosure materials relating to this Trust.
 

Section
10.08     Annual Compliance Statements. The Master Servicer, the Special Servicer, the
Certificate Administrator, the Custodian and, if it has made an Advance during the applicable calendar year, the Trustee
shall furnish (and each of the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator (i)
with respect to any Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Additional Servicer to furnish, and (ii) with respect to any other Additional Servicer of
such party (other than any party to this Agreement), shall cause such Additional Servicer to furnish) (each such Additional
Servicer and each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee
(if applicable), a “Certifying Servicer”) to the Certificate Administrator, the Serviced Companion Loan
Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other
Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of an Officer’s Certificate
furnished by the Special Servicer and after the occurrence and during the continuance of a Control Termination Event) and the
Depositor on or before March 15 of each year, commencing in March 2016, an Officer’s Certificate (together with a copy
thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the Depositor, the
Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the
applicable Certifying Servicer) stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s
activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under
this Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement in the case of an Additional
Servicer, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based
on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable
Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects
throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material
respect, specifying each such failure known to such officer and the nature and status thereof. The Master Servicer and the
Special Servicer shall, and the Master Servicer and the Special Servicer shall cause (or, in the case of an
Additional Servicer that is a Mortgage Loan Seller Sub-Servicer, shall use its commercially reasonable efforts to cause) each
Additional Servicer hired by it to, forward a copy of each such statement to, prior to the occurrence and continuance of a
Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13, the Rule 17g-5 Information Provider. Promptly after receipt of
each such Officer’s Certificate, the Depositor (and, in the case of a Serviced Companion Loan that is part of an Other
Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such
Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any
failures by such Certifying Servicer, respectively, or any related Additional Servicer with which the Master Servicer or the
Special Servicer, as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or the
Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable
sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each
Certifying Servicer that serviced a

 

    	-374-

    	 

    

 

Mortgage Loan or Companion Loan during the applicable period, whether or not the
Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is required to be delivered.
 

With respect to each
Outside Serviced Trust Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall request,
and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer” (as such
terms are defined in the applicable Outside Servicing Agreement), as applicable, of the related Outside Servicer, Outside Special
Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s Certificate
in form and substance similar to the Officer’s Certificate described in this Section or such other form as is set forth in
the Outside Servicing Agreement.
 

Section 10.09     Annual
Reports on Assessment of Compliance With Servicing Criteria.
 

(a)        On
or before March 15 of each year commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts
to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, any Servicing Function Participant and,
if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, as the case may be, a “Reporting
Servicer”) to the Certificate Administrator, the Trustee, the Serviced Companion Loan Holders (or, in the case of a Serviced
Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party),
the Operating Advisor (only in the case of a report furnished by the Special Servicer and only after the occurrence and during
the continuance of a Control Termination Event) and the Depositor, a report on an assessment of compliance with the Relevant Servicing
Criteria (together with a copy thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the Depositor,
the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the applicable
Certifying Servicer) that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with
the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement
that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section
10.09 shall be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.
 

    	-375-

    	 

    

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit
O to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor
and each Other Depositor may review each such report and, if applicable, consult with the each Reporting Servicer as to the nature
of any material instance of noncompliance with the Relevant Servicing Criteria, and (ii) the Certificate Administrator shall confirm
that the assessments, taken individually address the Relevant Servicing Criteria for each party as set forth on Exhibit O
to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt, the Trustee shall have no obligation
or duty to determine whether any such report (other than any such report furnished by the Trustee or any Servicing Function Participant
of the Trustee) is in form and substance in compliance with the requirements of Regulation AB.
 

(b)        On
the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and the
Operating Advisor each acknowledge and agree that Exhibit O to this Agreement sets forth the Relevant Servicing Criteria
for such party.
 

(c)        No
later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee
shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting Party and each Other Depositor as
to the name of each Servicing Function Participant utilized by it, and the Certificate Administrator shall notify the Depositor
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, and each
such notice will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to
Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation
pursuant to Section 10.10 of this Agreement) of each Servicing Function Participant engaged by it. The fiscal year for the
Trust shall be January 1 through and including December 31 of each calendar year.
 

(d)        In
the event the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made,
or is required to make, an Advance during the applicable period) or the Operating Advisor is terminated or resigns pursuant to
the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant
is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant
of such party to provide (and the Master Servicer, the Special Servicer and the Certificate Administrator shall, with respect to
any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing
Function Participant (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance
pursuant to this Section 10.09, coupled with an attestation as required in

 

    	-376-

    	 

    

 

Section 10.10 of this Agreement with respect
to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
(if it has made, or is required to make, an Advance during such period of time) or the Operating Advisor was subject to this Agreement
or the period of time that the applicable Servicing Function Participant was subject to such other servicing agreement.
 

With respect to each
Outside Serviced Trust Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall use
commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment of compliance
as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer, Outside
Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and in form
and substance similar to the annual report on assessment of compliance described in this Section 10.09 and the attestation described
in Section 10.10.
 

Section
10.10     Annual Independent Public Accountants’ Servicing Report. On or before March
15 of each year, commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall cause (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable
efforts to cause such Servicing Function Participant to cause, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to cause)
a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the
Certificate Administrator, the Custodian, the Trustee, the Operating Advisor or the applicable Servicing Function
Participant, as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a
report (together with a copy thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the
Depositor, the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party
and the applicable party required to furnish, or cause to be furnished, such report under this Section 10.10) to the
Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of
an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating
Advisor (only in the case of a report furnished on behalf of the Special Servicer and after the occurrence and during the
continuance of a Control Termination Event) and the Depositor, and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, to the effect that (i) it
has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes an
assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria and (ii) on the basis of an
examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the Public
Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s compliance with
the Relevant Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall opinion
regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. In the event that an
overall

 

    	-377-

    	 

    

 

opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to
express such an opinion. Each such related accountant’s attestation report shall be made in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use
and not contain restricted use language. Copies of such statement will be provided to any Certificateholder, upon the written
request thereof, by the Certificate Administrator.
 

Promptly after receipt
of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable),
the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor may review the report and,
if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
(if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing Function Participant with which
it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans, as the case may be, in
the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the
Custodian’s, the Trustee’s (if applicable), the Operating Advisor’s or the applicable Servicing Function Participants’
obligations hereunder or under the applicable sub servicing or primary servicing agreement, and (ii) the Certificate Administrator
shall confirm that each accountants’ attestation report submitted pursuant to this Section relates to an assessment of compliance
meeting the requirements of Section 10.09 of this Agreement and notify the Depositor of any exceptions.
 

Section 10.11     Significant
Obligors
 

(a)        [Reserved.]
 

(b)        With
respect to any Significant Obligor with respect to an Other Securitization Trust, to the extent that the Master Servicer or the
Special Servicer, as applicable, is in receipt of the updated financial statements of such Significant Obligor for any calendar
quarter (other than the fourth calendar quarter of any calendar year), beginning with the first calendar quarter following receipt
of notice from the Other Depositor that such Significant Obligor with respect to such Other Securitization Trust exists, or the
updated financial statements of such Significant Obligor for any calendar year, beginning for the calendar year following such
notice from the Other Depositor, as applicable, the Master Servicer or Special Servicer, as applicable, shall deliver to the Other
Depositor and the Other Exchange Act Reporting Party of such Other Securitization Trust, on or prior to the day that occurs two
(2) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or four (4) Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12)
or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or fourteen (14) or more Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant
Obligor, together with the net operating income of such Significant Obligor for the applicable period as calculated by the Master
Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve
(12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than fourteen (14)

 

    	-378-

    	 

    

 

Business Days
prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant
Obligor, together with the net operating income of such Significant Obligor for the applicable period as reported by the related
Mortgagor in such financial statements.
 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of any Significant Obligor with respect to an Other Securitization Trust by the date on which such financial information
is required to be delivered under the related Loan Documents, the Master Servicer (i) shall use efforts consistent with the Servicing
Standard (taking into account, in addition, the ongoing reporting obligations of the related Other Depositor under the Exchange
Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents, (ii) shall (and shall
cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each instance
in which it (or a Sub-Servicer) attempts to contact the related Mortgagor to obtain the required financial information, and (iii)
if unsuccessful, shall, no later than five (5) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline
or the related Significant Obligor NOI Yearly Filing Deadline, as applicable, forward an Officer’s Certificate evidencing
its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization
Trust.
 

Section
10.12     Indemnification. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying Party”) shall
indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any employee, director or officer
of the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and
expenses (including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any
claim or litigation) incurred by such indemnified party arising out of: (i) the failure of any Indemnifying Party to perform
its obligations under this Article X; (ii) the failure of any Servicing Function Participant or Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations under this Article X; (iii)
any untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing
Function Participant, Additional Servicer or Subcontractor engaged by it (other than any Mortgage Loan Seller
Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or
other agent retained by such party to prepare such information and (z) delivered by or on behalf of such Indemnifying Party
in connection with the performance of such Indemnifying Party’s obligations described in this Article X, or the
omission to state in any such information a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, that such Indemnifying Party shall be entitled to
participate at its own expense in any action arising out of the foregoing and the Depositor shall consult with such
Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and any
potential settlement terms related thereto (provided that any such consultation shall be nonbinding); (iv) negligence, bad
faith or willful misconduct on the part of the Master Servicer,

 

    	-379-

    	 

    

 

the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any Deficient
Exchange Act Deliverable with respect to such Indemnifying Party.
 

In addition, each
of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee
shall cooperate (and (i) with respect to each Servicing Function Participant and Additional Servicer of such party that is a Mortgage
Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant or Additional
Servicer to cooperate, and (ii) with respect to any other Servicing Function Participant or Additional Servicer of such party,
shall cause such Servicing Function Participant or Additional Servicer to cooperate) with the Depositor or any Other Depositor,
as applicable, as necessary for the Depositor or any Other Depositor, as applicable, to conduct any reasonable due diligence necessary
to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable
reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated
thereunder (“Reporting Requirements”).
 

In connection with
comments provided to the Depositor or any Other Depositor from the Commission regarding (x) information delivered by the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee, a Servicing Function
Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) information regarding
such Affected Reporting Party, and/or (z) information prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information, which information is contained in a report filed
by the Depositor or any Other Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s
or any Other Depositor’s filing of such report, the Depositor or any Other Depositor shall promptly provide to such Affected
Reporting Party any such comments which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible
for timely preparing a written response to the Commission for inclusion in the Depositor’s or any Other Depositor’s
response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or any Other Depositor,
as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission
and negotiate a response and/or resolution with the Commission; provided, if an Affected Reporting Party is a Servicing
Function Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material
communications pursuant to this paragraph. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected
Reporting Party shall use reasonable efforts to keep the Depositor or any Other Depositor informed of its progress with the Commission
and copy the Depositor or any Other Depositor on all correspondence with the Commission and provide the Depositor or any Other
Depositor with the opportunity to participate (at the Depositor’s or Other Depositor’s expense) in any telephone conferences
and meetings with the Commission and (ii) the Depositor or any Other Depositor shall cooperate with such Affected Reporting Party
in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission
with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such
authorization. The Depositor (or any

 

    	-380-

    	 

    

 

Other Depositor) and the applicable Affected Reporting Party shall cooperate and coordinate
with one another with respect to any requests made to the Commission for extension of time for submitting a response or compliance.
All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or any Other Depositor (including reasonable
legal fees and expenses of outside counsel to the Depositor or any Other Depositor, as the case may be) in connection with the
foregoing (other than those costs and expenses required to be at the Depositor’s or any Other Depositor’s expense as
set forth above) and any amendments to any reports filed with the Commission related to the foregoing shall be promptly paid by
the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or any Other Depositor, as the case
may be. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions (or by inclusion of a reference to, and an obligation to
comply with, this paragraph) in the related sub-servicing or similar agreement.
 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall cause each Servicing
Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any
employee, director or officer of the Depositor or any Other Depositor from and against any and all claims, losses, damages, penalties,
fines, forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such
indemnified party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual servicing
criteria compliance reports or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (ii)
negligence, bad faith or willful misconduct on its part in the performance of such obligations, (iii) other than in the case of
the Operating Advisor, any failure by a Servicer (as defined in Section 10.02(b)) to identify a Servicing Function Participant
pursuant to Section 10.02(c), or (iv) any Deficient Exchange Act Deliverable with respect to such Servicing Function Participant.
 

If the indemnification
provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable or insufficient
to hold harmless any Certification Party, the Depositor, any Other Depositor, any employee, director or officer of the Depositor
or any Other Depositor, or any other person who controls the Depositor or any Other Depositor within the meaning of either Section
15 of the Securities Act or Section 20 of the Exchange Act, then the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Trustee, the Additional Servicer or other Servicing Function Participant (the “Performing
Party”) shall contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages
or liabilities of the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified party
on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations pursuant
to this Article X (or breach of its obligations under the applicable sub-servicing or primary servicing agreement to provide
any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing
Party’s negligence,

 

    	-381-

    	 

    

 

bad faith or willful misconduct in connection therewith. The Master Servicer, the Special Servicer, the
Operating Advisor, the Trustee and the Certificate Administrator shall cause each Servicing Function Participant of such party
that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a
Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree
to the foregoing indemnification and contribution obligations. This Section 10.12 shall survive the termination of this
Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator.
 

Section 10.13     Amendments.
This Article X may be amended by the parties hereto pursuant to Section 11.07 of this Agreement for purposes of
complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act or for purposes of designating the Certifying Person without any Opinions of Counsel,
Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to
the contrary contained in this Agreement.
 

Section 10.14     Regulation
AB Notices. With respect to any notice required to be delivered by the Certificate Administrator to the Depositor pursuant
to this Article X, the Certificate Administrator may deliver such notice, notwithstanding any contrary provision in this
Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com,
with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
telecopy number: (646) 328-2943 e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or to such other address(es), facsimile numbers and/or electronic mail addresses as may be designated
by the Depositor.
 

Section 10.15     Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may
terminate the Certificate Administrator upon five (5) Business Days’ notice if the Certificate Administrator fails to comply
with any of its obligations under this Article X; provided that (a) such termination shall not be effective until
a successor Certificate Administrator shall have accepted the appointment, (b) the Certificate Administrator may not be terminated
if (i) it cannot perform its obligations due to its failure to properly prepare or file on a timely basis, on behalf of the Trust,
any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the Certificate
Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement any information,
approval, direction or signature from any other party hereto needed to prepare, arrange for execution or file any such Form 8-K,
Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or
willful misconduct, or (ii) following the Certificate Administrator’s failure to comply with any of such obligations under
this Article X on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in,
such Sections, the Certificate Administrator subsequently complies with such obligations

 

    	-382-

    	 

    

 

before the Depositor
gives written notice to it that it is terminated in accordance with this Section 10.15, and (c) if the Certificate Administrator’s
failure to comply does not cause it to fail in its obligations to timely file, on behalf of the Trust, the related Form 8-K, Form
10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then the Depositor
shall cease to have the right to terminate the Certificate Administrator under this Section 10.15 on the date on which
such Form 8-K, Form 10-D or Form 10-K is so filed.
 

Section 10.16     Termination
of the Master Servicer or the Special Servicer. Notwithstanding anything to the contrary contained in this Agreement, the
Depositor may terminate the Master Servicer or the Special Servicer upon five (5) Business Days’ notice if the Master Servicer
or the Special Servicer, as applicable, fails to comply with any of its respective obligations under this Article X; provided
that such termination shall not be effective until a successor master servicer or special servicer, as applicable, shall have
accepted the appointment.
 

Section
10.17     Termination of Sub-Servicing Agreements. For so long as the Trust or any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer, the Special
Servicer, the Custodian, the Certificate Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing
Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other
Servicer) to which it is a party to entitle the Depositor to terminate such agreement (without compensation, termination fee
or the consent of any other Person) at any time following any failure of the applicable Sub-Servicer or sub-servicer, as
applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to
deliver under Regulation AB or as otherwise contemplated by this Article X and (ii) promptly notify the Depositor
following any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange Act
reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as
otherwise contemplated by this Article X. The Depositor is hereby authorized to exercise the rights described in clause
(i) of the preceding sentence in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing Agreement
(with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer)
as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator or
the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement or sub-servicing agreement, as applicable.
 

Section 10.18     Notification
Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan.
 

(a)        Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article X, in connection with the requirements contained in this Article X that provide for the
delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party
of any Other Securitization Trust that includes a Serviced Companion Loan, no party hereunder shall be obligated to provide any
such items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party until the Other Depositor or Other Exchange
Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less

    	-383-

    	 

    

 

than 30 days written notice
(or, in each case, such shorter period as required for such Other Depositor or Other Exchange Act Reporting Party to comply with
related filing obligations, provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable, has provided
written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation of receipt
of such written notice, in each case, in accordance with Section 11.04 of this Agreement and (ii) such period shall not
be less than 3 Business Days) (which shall only be required to be delivered once), (i) setting forth the contact information for
such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 10.08, Section 10.09
and Section 10.10 of this Agreement, stating that such Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, and (ii) specifying in reasonable detail the information and other items not otherwise specified in this Agreement
that are requested to be delivered; provided that if Exchange Act reporting is being requested, such Other Depositor or
Other Exchange Act Reporting Party is only required to provide a single written notice to such effect; provided further,
that this notice requirement does not apply to any Serviced Companion Loan that is included in any Other Securitization as of the
Closing Date. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, Custodian, Trustee and
Certificate Administrator in cooperating with such Other Depositor or Other Exchange Act Reporting Party of such Other Securitization
Trust (above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization
Trust. The parties hereto shall have the right to confirm in good faith with the Other Depositor of such Other Securitization Trust
as to whether applicable law requires the delivery of the items identified in this Article X to such Other Depositor and
Other Exchange Act Reporting Party of such Other Securitization Trust prior to providing any of the reports or other information
required to be delivered under this Article X in connection therewith and (i) upon such confirmation, the parties shall
comply with the deadlines for delivery set forth in this Article X with respect to such Other Securitization Trust or (ii)
in the absence of such confirmation, the parties shall not be required to deliver such items; provided that no such confirmation
will be required in connection with any delivery of the items contemplated by Section 10.08, Section 10.09 and Section
10.10 of this Agreement. Such confirmation shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party
for the Other Securitization Trust provides a written statement to the effect that the Other Securitization Trust is subject to
the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other
Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization
Trust.

(b)        Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master Servicer, Special
Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit
a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus Supplement (updated
as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable
cost of the Other Depositor or the holder of such Serviced Companion Loan) for inclusion in the disclosure materials relating to
any securitization of a Serviced Companion Loan.

 

    	-384-

    	 

    

 

(c)        The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.18(a) above, shall each timely provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the Other Depositor or the holder of the related Serviced Companion Loan) to the Other Depositor
and any underwriters with respect to any securitization transaction that includes a Serviced Companion Loan such opinion(s) of
counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred to in Section 10.18(b)
with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information concerning
such party in the Prospectus Supplement and/or any other disclosure materials relating to this Trust (updated as deemed appropriate
by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel,
as the case may be). None of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be obligated
to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver a corresponding
item with respect to this Trust.
 

(d)        Each
of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request
given in accordance with the terms of Section 10.18(a) above, shall provide (to the extent the reasonable cost thereof is
paid or caused to be paid by the applicable party set forth below in this Section 10.18(d)) to the Other Depositor and the
trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner
with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection
with the information concerning such party in the Prospectus Supplement and/or any other disclosure materials relating to this
Trust.
 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series 2015-P1 securitization
transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided
by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
pursuant to this Section 10.18(d) shall be paid or caused to be paid by the related Other Depositor or the applicable Serviced
Companion Loan Holder that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such
Other Securitization Trust.
 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal, resignation or any
other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement,
the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.18(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and

 

    	-385-

    	 

    

 

expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.
 

Section 10.19     Termination
of Exchange Act Filings With Respect to the Trust. On or prior to January 30th of the first year in which the Depositor shall
provide notice to the Certificate Administrator of its ability under applicable law, to suspend its Exchange Act filings with
respect to the Trust, the Certificate Administrator shall prepare and file a Form 15 Suspension Notification relating to the automatic
suspension of reporting in respect of the Trust under the Exchange Act or any other form necessary to be filed with the Commission
to suspend such reporting obligations. With respect to any reporting period occurring after the filing of such form, the obligations
of the parties to this Agreement under Section 10.04, Section 10.05, Section 10.06 and Section 10.07,
solely insofar as they relate to the Trust, shall be suspended. The Certificate Administrator shall provide prompt notice to the
Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the filing of a Form 15 Suspension
Notification or other applicable form, the Depositor shall provide notice to the Certificate Administrator that it is required
to resume its Exchange Act filings with respect to the Trust, the Certificate Administrator shall recommence preparing and filing
reports on Forms 10-K, 10-D and 8-K with respect to the Trust as required pursuant to Section 10.04, Section 10.05,
Section 10.06 and Section 10.07, and all parties’ obligations under this Article X shall recommence.
 

Article
XI

MISCELLANEOUS PROVISIONS
 

Section
11.01     Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one
and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of
this Agreement.
 

Section
11.02     Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.
 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of
the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association;
nor shall any Certificateholder be under any liability to any third person by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.
 

No Certificateholder
shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
any Mortgage Loan or

 

    	-386-

    	 

    

 

Serviced Loan Combination, unless such Holder previously shall have given to the Trustee a written notice
of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of at least 25% of the Voting
Rights of any Class of Certificates affected thereby (considering each Class of the Class A-S, Class B and Class C Certificates
together with the Class PEZ Component of the same alphabetical designation as a single “Class” for such purpose) shall
have made written request upon the Trustee (with a copy to the Certificate Administrator) to institute such action, suit or proceeding
in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice,
request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding. It is understood
and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one
or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided
and for the equal, ratable and common benefit of all Holders of Certificates of such Class. For the protection and enforcement
of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.
 

Section
11.03     Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND
THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.
 

Section
11.04     Notices. Unless otherwise specifically provided in this Agreement, any
communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall
be deemed to have been duly given if (a) personally delivered, (b) mailed by registered mail, postage prepaid (except for
notices to the Trustee or the Certificate Administrator which shall be deemed to have been duly given only when received),
(c) sent by nationally recognized express courier delivery service and received by the addressee, to the applicable party at
the following address(es), to: (i) in the case of the Depositor, Citigroup Commercial Mortgage Securities Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number (212) 723-8599, and 390
Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number (646) 328-2943, and
388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, fax number (646) 862-8988, and
with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(ii) in the case of the Master Servicer, Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086,
550 South Tryon Street, 14th Floor, Charlotte, North Carolina 28202, Attention: CGCMT 2015-P1 Asset Manager, fax number:

 

    	-387-

    	 

    

 

(704) 715-0036, with
a copy to Wells Fargo Bank, National Association, Legal Department, 301 South College Street, TW-30, D1053-300, Charlotte, North
Carolina 28202-6000, Attention: Commercial Mortgage Servicing Legal Support, fax number: (704) 383-3663, with a copy to Mayer
Brown LLP, 214 North Tryon Street, Suite 3800, Charlotte, North Carolina 28202, Attention: Christopher J. Brady, Esq., fax number:
(704) 377-2033, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at RAInvRequest@wellsfargo.com,
and with respect to any investor inquiry, at REAM_InvestorRelations@wellsfargo.com; (iii) in the case of the Special
Servicer, LNR Partners, LLC, 1601 Washington Avenue, Suite 700, Miami Beach, Florida 33139, Attention: Thomas F. Nealon III, Esq.,
Steven A. Rivers, Esq. and Job Warshaw, fax number: (305) 695-5601, email: tnealon@lnrproperty.com, srivers@lnrproperty.com
and jwarshaw@lnrproperty.com, or with respect solely to emails required pursuant to Section 11.06 and Section
11.13 of this Agreement to Inquiries@lnrproperty.com; (iv) in the case of the Certificate Administrator, Citibank,
N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust - CGCMT 2015-P1,
fax number: (212) 816-5527, and with respect to e-mail pursuant to this Agreement, at ratingagencynotice@citi.com;
(v) in the case of the Trustee, Deutsche Bank Trust Company Americas, 1761 East St. Andrew Place, Santa Ana, California, 92705-4934,
Attention: Trust Administration – CI15P1, fax number (714) 247-6022, and with respect to e-mail pursuant to Section 11.06
and Section 11.13 of this Agreement, at holder.inquiry@db.com and with respect to any notice or delivery of
information under Article X of this Agreement, by facsimile to (714) 656-2631 and by e-mail to dbsec.notifications@db.com;
(vi) in the case of the Operating Advisor, Park Bridge Lender Services LLC, 560 Lexington Avenue, 17th floor, New York, New York
10022, Attention: CGCMT 2015-P1 -- Surveillance Manager, with copies sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com,
and with respect to e-mail pursuant to Section 11.13 of this Agreement, at cmbs.notices@parkbridgefinancial.com;
(vii) in the case of the Custodian, Wells Fargo Bank, National Association, 1055 10th Avenue SE, Minneapolis, Minnesota
55414, Attention: CGCMT 2015-P1; (viii) in the case of the Rating Agencies: (a) Moody’s Investors Service, Inc., 7 World
Trade Center, New York, New York 10007, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 553 0300, (b) Kroll
Bond Rating Agency, Inc., 845 Third Avenue, 4th Floor, New York, New York 10022, Attention: CMBS Surveillance, fax number: (646)
731 2395, and (c) Fitch Ratings, Inc., One State Street Plaza, 31st Floor, New York, New York 10004, Attention: Commercial Mortgage
Surveillance Group, fax number: (212) 635 0295; (viii) in the case of the Mortgage Loan Sellers, (a) Citigroup Global Markets
Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number (212)
723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, to the attention of Richard Simpson, fax number (646)
328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com, Ryan M. O’Connor at ryan.m.oconnor@citi.com
and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (b) Wells Fargo Bank, National Association, 301
South College St., Charlotte, North Carolina 28288, to the attention of Citigroup Commercial Mortgage Trust 2015-P1 (with a copy
to Jeff. D. Blake Esq., Senior Counsel, Wells Fargo Law Department, D1053 300, 301 South College St., Charlotte, North Carolina
28288, and a copy to A. J. Sfarra, Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, New York, New York 10152,
fax number 212-214-8790, email: Anthony.sfarra@wellsfargo.com), and (c) Macquarie US Trading LLC d/b/a Principal Commercial Capital,
125 West 55th Street, New York, New York 10019, to the attention of

 

    	-388-

    	 

    

 

Joshua Karlin; (ix) in the case of the Underwriters, (a) Citigroup
Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number:
(212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646)
328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(b) Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152-023, Attention: A.J. Sfarra,
fax number: (212) 214-8970, with a copy to: Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North
Carolina 28288, Attention: Jeff D. Blake, Esq., fax number: (704) 715-8608; (c) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and
(d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate,
fax number: (646) 412-1500; (x) in the case of the Initial Purchasers, (a) Citigroup Global Markets Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich
Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by
electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(b) Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152-023, Attention: A.J. Sfarra,
fax number: (212) 214-8970, with a copy to: Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North
Carolina 28288, Attention: Jeff D. Blake, Esq., fax number: (704) 715-8608; (c) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and
(d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate,
fax number: (646) 412-1500; and (xi) in the case of the initial Controlling Class Representative, Raith Capital Partners,
LLC, 280 Park Avenue, 35th Floor West, New York, New York 10017, fax number: (212) 938-6995, email:
michael.suchy@raithcapital.com, Attention: Nelson Hioe; Michael Suchy; or as to each such Person such other address or e-mail
address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication required or
permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class, postage
prepaid, to the address of such Holder as shown in the Certificate Register. Any communication required or permitted to be
delivered to a Beneficial Owner shall be deemed to have been duly given to the extent delivered through the Depository. Any
notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice. Notwithstanding anything contained in this Section 11.04 to the
contrary, nothing in this Section 11.04 shall constitute consent by any party hereto to service of process upon such
party by facsimile transmission, electronic mail or any other type of electronic transmission.
 

Section
11.05     Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by
applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of the Certificates or the rights of the Holders thereof.
 

    	-389-

    	 

    

 

Section
11.06     Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.

 

(a)        The
Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by e-mail to
the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider)
and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate Administrator
has actual knowledge, and the Rule 17g-5 Information Provider shall upload such notice to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day
by 12:00 p.m. and shall, promptly following the posting of such notice to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:

 

(i)        any
material change or amendment to this Agreement;

 

(ii)       the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)      the
merger, consolidation, resignation or termination of the Master Servicer, Special Servicer, the Trustee, the Custodian or the
Certificate Administrator or any Outside Servicer, Outside Special Servicer or Outside Trustee;

 

(iv)       the
repurchase of, or substitution of, Mortgage Loans pursuant to Section 2.03;

 

(v)        the
final payment to any Class of Certificateholders;

 

(vi)       any
change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution
Account, the Excess Interest Distribution Account or any Distribution Account;

 

(vii)      any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer; and

 

(viii)     any
change in the lien priority of a Mortgage Loan.

 

(b)        The
Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the Rule
17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available pursuant
to the terms of this Agreement), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5 Information
Provider’s Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the
next Business Day by 12:00 p.m., and the Rule 17g-5 Information Provider shall, promptly following the posting of such documents
to the Rule 17g-5 Information Provider’s

 

    	-390-

    	 

    

 

Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such documents, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:

 

(i)        each
of its annual statements as to compliance described in Section 10.09 of this Agreement;

 

(ii)       each
of its annual independent public accountants’ servicing reports described in Section 10.10 of this Agreement;

 

(iii)      a
copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 4.02; and

 

(iv)       upon
request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.

 

(c)        The
Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to
the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if the Certificate
Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items set forth in Section
8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the terms of this Agreement and
to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format), and the Rule 17g-5
Information Provider shall upload such documents to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m..

 

(d)        After
any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information Provider’s
Website pursuant to Sections 11.06(a), 11.06(b) or 11.06(c), the Rule 17g-5 Information Provider may send
such posted notice, document or item to a Registered Rating Agency.

 

Section
11.07     Amendment. This Agreement may be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the
consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

(i)        to
cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

(ii)       to
correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or with the
description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

    	-391-

    	 

    

 

(iii)      to
change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable
Distribution Account, any Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by
an opinion of counsel (at the expense of the party requesting the amendment);

 

(iv)       to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC
as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,
provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense of the
party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or
to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder
of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates,
provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer
of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company
Act, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations;

 

(v)        to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an
opinion of counsel;

 

(vi)       to
modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the obligations
of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such
party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party
or materially increase such party’s obligations under this Agreement); provided, further that notice of such
modification is provided to all parties to this Agreement;

 

(vii)      to
amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of
Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect
the interests of any Certificateholder; and

 

(viii)     in
the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of this Agreement (A) to the extent
necessary to effect the qualification of this Agreement under the TIA or under any similar federal statute hereafter enacted and
to add to this Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions
of this Agreement to the

 

    	-392-

    	 

    

 

extent
necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided,
further that no amendment pursuant to any of clauses (i)-(viii) above may be made that would:     
(i) reduce the consent or consultation rights or the right to receive information under this Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to
receive information under this Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in
any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the applicable Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

This
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders
of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

(i)        reduce
in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed
on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that
Certificate or that Serviced Companion Loan Holder, as applicable;

 

(ii)       reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the
consent of the Holders of all Certificates of that Class then outstanding;

 

(iii)      change
in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller;

 

(iv)       change
the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2)
Rating Agency Confirmation;

 

(v)        without
the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the
percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under this Agreement,
(b) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (c) the right of the Certificateholders
to terminate the Operating Advisor pursuant to this Agreement;

 

    	-393-

    	 

    

 

(vi)       adversely
affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;

 

(vii)      adversely
affect a Serviced Companion Loan Holder in its capacity as such without its consent; or

 

(viii)     change
in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter
or Initial Purchaser.

 

In
the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 11.07
shall be effective with the consent of the Trustee, the Operating Advisor, the Certificate Administrator, the Custodian, the
Special Servicer, the Master Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Serviced
Companion Loan Holders, the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after
the execution of any amendment, the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Certificate
Administrator, the Custodian, the Special Servicer, each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter,
each Initial Purchaser and the Certificate Administrator and shall furnish written notification of the substance of such amendment
to each Certificateholder, as applicable, and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to
Section 11.13 of this Agreement, the Rule 17g-5 Information Provider. It shall not be necessary for the consent of Certificateholders
or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, under
this Section 11.07 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent
shall approve the substance thereof. The method of obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers,
as applicable, shall be subject to such reasonable regulations as the Trustee may prescribe; provided, however,
that such method shall always be by affirmation and in writing.

 

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement unless, if requested by the Master Servicer,
the Special Servicer, the Trustee, the Custodian and/or the Certificate Administrator, such party shall have received an Opinion
of Counsel, at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain
the rating issued by it or requested by the Trustee or the Certificate Administrator for any purpose described in clause (i) or
(ii) of the first sentence of this Section, then at the expense of the Trust Fund), to the effect that such amendment will not
cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal
income tax purposes at any time that any Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund
(other than a tax at the highest marginal corporate tax rate on net income from foreclosure property pursuant to Code Section
860G(c)). Prior to the execution of any amendment to this Agreement, the Trustee, the Certificate Administrator, the Custodian,
the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel,
at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain the
rating issued by it or requested by the Trustee or the Certificate

 

    	-394-

    	 

    

 

Administrator
for any purpose described in clause (i), (ii), (iii) or (v) (which do not modify or otherwise relate solely to the obligations,
duties or rights of the Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section, then at
the expense of the Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement, and
that all conditions precedent to such amendment are satisfied. Each of the Trustee, the Custodian and the Certificate Administrator
may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Custodian’s or
the Certificate Administrator’s, as applicable, own rights, duties or immunities under this Agreement. The party requesting
an amendment to this Agreement shall provide to the Rule 17g-5 Information Provider, for posting on the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, prior written notice of such proposed amendment.

 

Section
11.08     Confirmation of Intent. The Depositor intends that the conveyance of the Depositor’s
right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale and not a pledge of
security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the
rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor
also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity)
a first priority security interest in the Depositor’s entire right, title and interest in and to the assets comprising the
Trust Fund, including without limitation, the Mortgage Loans, all principal and interest received or receivable with respect to
the Mortgage Loans (other than principal and interest payments due and payable prior to the Cut-Off Date and Principal Prepayments
received prior to the Cut-Off Date), all amounts held from time to time in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and, if established,
the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment earnings on such amounts, and all of
the Depositor’s right, title and interest in and to any Insurance Proceeds related to such Mortgage Loans and (ii) this
Agreement shall constitute a security agreement under applicable law. This Section 11.08 shall constitute notice to the
Trustee pursuant to any of the requirements of the applicable UCC.

 

Section
11.09     Third-Party Beneficiaries. Except as provided in the next sentence, no Persons other
than a party to this Agreement, any Serviced Companion Loan Holder (unless it is the Mortgagor under the applicable Serviced Companion
Loan or an Affiliate thereof) and any Certificateholder, shall have any rights with respect to the enforcement of any of the rights
or obligations hereunder. Any Underwriter or Initial Purchaser (with respect to its rights to receive any documents, certifications,
information and/or indemnification hereunder and its rights under Section 2.02, Section 5.03 and Section 11.07
of this Agreement), any Serviced Companion Loan Holder, any Mortgage Loan Seller (with respect to its rights under Section
2.03(a), Section 2.03(b), Section 2.03(c), Section 3.09(d)(i), Section 11.07 and Section 11.16
of this Agreement and its rights as a Privileged Person), any Other Depositor and Other Exchange Act Reporting Party (with
respect to its rights under Article X of this Agreement) and, subject to Section 11.02 of this Agreement, any Certificateholder
(which are intended third-party beneficiaries of this Agreement) shall have the right to enforce their respective rights and obligations
hereunder (in the case of any Serviced Companion Loan Holder, to the extent they affect the related Serviced Companion Loan and
provided that such Serviced Companion Loan

 

    	-395-

    	 

    

 

Holder
is not the Mortgagor under the related Companion Loan or an Affiliate thereof) as if each such Person was a party hereto.

 

Without
limiting the foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to
a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
11.10     Request by Certificateholders or the Serviced Companion Loan Holder. Where information
or reports are required to be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request
pursuant to the terms of this Agreement, such request can be in the form of a single blanket request by a Certificateholder or
a Serviced Companion Loan Holder, as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable, and, with respect to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall
be deemed to relate to each date such report or information may be requested. The notice shall set forth the applicable Sections
where such reports and information are requested.

 

Section
11.11     Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING
DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
11.12     Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT
OF NEW YORK FOR THE PURPOSE OF ANY SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF
BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT
SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

Section
11.13     Exchange Act Rule 17g-5 Procedures.

 

(a)        Except
as otherwise provided in Section 11.06 of this Agreement or this Section 11.13 or otherwise in this Agreement or
as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or in writing, any Rating
Agency regarding the Certificates or the Mortgage Loans relevant to the Rating Agencies’ surveillance of the Certificates
or the Mortgage Loans, including, but not

 

    	-396-

    	 

    

 

limited
to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Mortgage Loans relevant to such Rating
Agency’s surveillance of the Certificates. To the extent that a Rating Agency makes an inquiry or initiates communications
with the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian
regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates, all
responses to such inquiries or communications from such Rating Agency shall be made in writing by the responding party and shall
be provided to the Rule 17g-5 Information Provider as provided in Section 11.13(h), whereupon the Rule 17g-5 Information
Provider shall post such written response to the Rule 17g-5 Information Provider’s Website on the same Business Day of receipt
of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or, if the
responding party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2:00 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider
shall, promptly after such response has been posted to the Rule 17g-5 Information Provider’s Website, notify, or cause the
notification of, each Registered Rating Agency by electronic mail of the posting of such response.

 

(b)        To
the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations
under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to the Rule
17g-5 Information Provider electronically as provided in Section 11.13(h), whereupon the Rule 17g-5 Information Provider
shall upload such information or communication to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or,
if the applicable party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall,
promptly after such written information or communication has been uploaded to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such written information
or communication. The foregoing shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall
be in writing, with a cover letter indicating the nature of the request and shall include all information the requesting party
believes is reasonably necessary for the applicable Rating Agency to make its decision.

 

(c)        Notwithstanding
the provisions of Section 11.13(a) or Section 11.13(b) of this Agreement, any of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall be permitted (but are not required)
to orally communicate with the Rating Agencies in accordance with their respective obligations under this Agreement, under the
following circumstances: (i) such party provides a written summary of the information provided to the Rating Agencies during such
communication to the 17g-5 Information Provider electronically as provided in Section 11.13(h) on the same day such oral
communication takes place (provided that the summary of such oral communications shall not be attributed to the Rating
Agency the communication was with); or (ii) the Depositor, in its

 

    	-397-

    	 

    

 

sole
discretion, provides a written authorization (which may be by electronic email) from the Depositor to the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, to orally
communicate with such Rating Agency (including, but not limited to, providing responses to inquiries from such Rating Agency);
provided, that any such authorization shall set forth the procedures that such party shall follow if it elects (in its
sole discretion) to orally communicate with the applicable Rating Agency, which procedures shall be reasonable and customary as
is necessary to allow compliance with Rule 17g-5. The 17g-5 Information Provider shall post any summary, communication or other
information provided to it in accordance with this paragraph on the 17g-5 Information Provider’s Website in accordance with
the procedures set forth in Section 11.13(h).

 

(d)        Each
of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor and the Custodian (each, an “Indemnifying Party”) hereby expressly agrees to indemnify
and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees, agents, Affiliates
and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and against any and all losses,
liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal
fees and expenses), joint or several, to which any such Indemnified Party may become subject, under the Act, the Exchange Act
or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties,
fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying
Party’s breach of Section 11.06, Section 11.13(a), Section 11.13(b), Section 11.13(c), Section
11.13(g) or Section 11.13(h) of this Agreement or (ii) a determination by any Rating Agency that it cannot reasonably
rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent
caused by any such breach referred to in clause (i) above by the applicable Indemnifying Party, and will reimburse such Indemnified
Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending
any such action or claim, as such expenses are incurred. The Depositor shall notify each of the Master Servicer and the Special
Servicer in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider (if it is not
also the Certificate Administrator).

 

(e)        None
of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is acting in
the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall have any liability
for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance with the terms of this Agreement,
(ii) any malfunction or disabling of the Rule 17g-5 Information Provider’s Website or (iii) such party’s failure to
perform any of its obligations under this Agreement regarding providing information or communication to the Rating Agencies that
are required to be performed after the Rule 17g-5 Information Provider posts the related information or communication if the Rule
17g-5 Information Provider fails to notify such party that it has posted such information or communication on the Rule 17g-5 Information
Provider’s Website.

 

    	-398-

    	 

    

 

(f)        None
of the foregoing restrictions in this Section 11.13 prohibit or restrict oral or written communications, or providing information,
between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard to
(i) such Rating Agency’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable,
(ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage
master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Master Servicer’s or the Special
Servicer’s, as applicable, servicing operations in general; provided, however, that the Master Servicer or
the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to such
Rating Agency in connection with such review and evaluation by such Rating Agency unless: (x) borrower, property or deal specific
identifiers are redacted; (y) the Master Servicer or the Special Servicer, as applicable, has in fact previously provided such
information to the Rule 17g-5 Information Provider and does not provide such information to such Rating Agency until the earlier
of (a) receipt of notification from the Rule 17g-5 Information Provider that such information has been posted to the Rule 17g-5
Information Provider’s Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such
information to the Rule 17g-5 Information Provider; or (z) such Rating Agency has confirmed in writing to the Master Servicer
or the Special Servicer, as applicable, that it does not intend to use such information in undertaking credit rating surveillance
for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon written request, certify
to the Depositor that it received the confirmation described in this clause (z)).

 

(g)        The
Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website in the form of
a password-protected Internet Website in accordance with this Section 11.13 and Section 11.06 of this Agreement.

 

(h)        The
Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make available solely to
the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in an electronic document
format suitable for website posting (and the parties required to deliver the following information to the Rule 17g-5 Information
Provider agree to do so in such format) via electronic mail at ratingagencynotice@citi.com, specifically with a subject reference
of “CGCMT 2015-P1” and an identification of the type of information being provided in the body of such electronic
mail (or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established
or approved by the Rule 17g-5 Information Provider if or as may be necessary or beneficial):

 

(A)        all
items delivered to the Rule 17g-5 Information Provider pursuant to Section 11.06;

(B)        all
information and communications delivered to the Rule 17g-5 Information Provider pursuant to Sections 11.13(a), 11.13(b)
and 11.13(c);

(C)        any
Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider pursuant to Section 11.13(l) or by the Depositor;
and

 

    	-399-

    	 

    

(D)        any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.

The
17g-5 Information Provider shall post the foregoing items on the 17g-5 Information Provider’s Website on the same Business
Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m., and shall, promptly
following the posting of such item to the 17g-5 Information Provider’s Website, notify, or cause the notification of, (i)
each Registered Rating Agency and (ii) upon request, the party that delivered such item to the 17g-5 Information Provider for
posting on the 17g-5 Information Provider’s Website, in each case by electronic mail, of the posting of such item on the
17g-5 Information Provider’s Website (provided that if the Master Servicer or Special Servicer has registered for access
to the 17g-5 Information Provider’s Website, such party will automatically receive notification when such item has been
posted and no request shall be required).

The
Rule 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be. If any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5
Information Provider’s Website. The Certificate Administrator and the Rule 17g-5 Information Provider have not obtained
and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the Rule 17g-5 Information
Provider’s Website. Access will be provided by the Rule 17g-5 Information Provider to (i) the Rating Agencies upon registration
at the Rule 17g-5 Information Provider’s Website as a user thereof and (ii) other NRSROs upon registration at the Rule 17g-5
Information Provider’s Website as a user thereof and receipt by the Rule 17g-5 Information Provider of an NRSRO Certification
(which certification may be submitted via e-mail to the Rule 17g-5 Information Provider). If a NRSRO (including any Rating Agency)
requests access to the 17g-5 Information Provider’s Website, access will be granted by the 17g-5 Information Provider on
the same Business Day provided such request is made (and, in the case of a NRSRO that is not a Rating Agency, a NRSRO Certification
is submitted to the Rule 17g-5 Information Provider) prior to 2:00 p.m., New York time on such Business Day, or if received after
2:00 p.m., New York City time, on the following Business Day. The 17g-5 Information Provider shall permit each Rating Agency to
submit multiple email addresses for receipt of notices, including a general email address; provided, that each email address
so provided shall be associated with a registered user of the Rule 17g-5 Information Provider’s Website. Questions regarding
delivery of information to the Rule 17g-5 Information Provider may be directed to (800) 422-2066 and ratingagencynotice@citi.com
(or to such other telephone number or e-mail address as the Rule 17g-5 Information Provider may designate).

The
17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has signed up for access to the 17g-5
Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional document
is posted thereto. In connection with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not
be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties
as to the accuracy or completeness of such information being made available, and assumes no

    	-400-

    	 

    

 

responsibility
for such information. The Rule 17g-5 Information Provider shall not be liable for its failure to make any information available
to the Rating Agencies or other NRSROs unless such information was delivered to the Rule 17g-5 Information Provider at the e-mail
address set forth herein (or by any other form of electronic delivery reasonably acceptable to Rule 17g-5 Information Provider
pursuant to the terms of this Agreement), with a subject heading of “CGCMT 2015-P1” and sufficient detail to indicate
that such information is required to be posted on the Rule 17g-5 Information Provider’s Website. In connection with notifying
a Registered Rating Agency of any information posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information
Provider shall only be responsible for sending such notices to the electronic mail address(es) of such Registered Rating Agency
as provided by such Registered Rating Agency upon its registration as user of the Rule 17g-5 Information Provider’s Website
or upon any subsequent update of such electronic mail address(es) made by such Registered Rating Agency through the Rule 17g-5
Information Provider’s Website, and the Rule 17g-5 Information Provider shall not be responsible for sending any notices
to any electronic mail address(es) of any Registered Rating Agency that is not provided to the Rule 17g-5 Information in the manner
described in this sentence.

 

(i)        In
connection with the delivery by the Master Servicer or the Special Servicer, as applicable, to the Rule 17g-5 Information Provider
of any information, report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider shall, upon request, notify the Master Servicer or the Special Servicer, as applicable, of when such information,
report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer
or the Special Servicer, as applicable, may (but is not obligated to) send such information, report, notice or other document
to the applicable Rating Agency promptly following the earlier of (a) receipt of notification from the Rule 17g-5 Information
Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s
Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such information, report, notice
or other document to the Rule 17g-5 Information Provider (provided that if the Master Servicer or Special Servicer has registered
for access to the 17g-5 Information Provider’s Website, such party will automatically receive notification when such information,
report, notice or other document has been posted and no request shall be required).

 

(j)        With
respect to each Outside Serviced Trust Loan, each of the Master Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from an Outside Service Provider, all reports, statements, documents, notices and other information it receives in respect of
such Outside Serviced Trust Loan that would otherwise have been required to be submitted to the 17g-5 Information Provider under
this Agreement for posting had such Outside Serviced Trust Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider
shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.

 

(k)        The
Master Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider
that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted

 

    	-401-

    	 

    

 

by
the 17g-5 Information Provider in accordance with the timeframe provided in Section 11.13(b).

 

(l)        If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any Person in connection with any third-party
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) provided by such Person with respect to
the Mortgage Loans (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form
ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance
with Section 11.13(h). The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any
Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement,
in accordance with the timeframe provided in Section 11.13(h).

 

Section
11.14     Precautionary Trust Indenture Act Provisions.

 

In
the event that the Depositor, upon consultation with the Trustee, notifies the parties to this Agreement that it has determined
that the TIA applies to this Agreement or that that qualification under the Trust Indenture Act of 1939, as amended (the “TIA”),
or any similar federal statute hereafter enacted is required (any such determination by the Depositor, a “TIA Applicability
Determination”), then, (i) in the case of the TIA, pursuant to Section 318 of the TIA (assuming such section is then
in effect), the provisions of Sections 310 to and including Section 317 of the TIA that impose duties on any person shall be part
of and govern this Agreement, whether or not physically contained herein, as and to the extent provided in Section 318 of the
TIA; provided, however, that it shall be deemed that the parties to this Agreement have agreed that, to the extent
permitted under the TIA, this Agreement shall expressly exclude any non-mandatory provisions that (x) conflict with the provisions
of this Agreement or would otherwise alter the provisions of this Agreement or (y) increase the obligations, liabilities or scope
of responsibility of any party hereto; (ii) the parties agree to cooperate in good faith with the Depositor to make such amendments
to modify, eliminate or add to the provisions of this Agreement to such extent as shall be necessary to effect the qualification
of this Agreement under the TIA or such similar statute and to add to this Agreement such other provisions as may be expressly
required by the TIA or as may be determined by the parties to be beneficial for compliance with the TIA; and (iii) upon the direction
of the Depositor, the Trustee shall file a Form T-1 or such other form as the Depositor informs the Trustee is required, with
the Commission or other appropriate institution.

 

Section
11.15     Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements.

 

It
is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the
Mortgage Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the
benefit of the lenders in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining
the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification
of the lender and/or its loan seller affiliates with respect to the current

 

    	-402-

    	 

    

 

securitization
of the related Mortgage Loan, including, without limitation, reassignment to the related Mortgage Loan Seller of such sections,
but no other portion, of the Loan Documents, to permit the related Mortgage Loan Seller to enforce such provisions for its benefit;
provided, that none of the Depositor, Master Servicer, Special Servicer or Trustee shall be required to take any action that is
inconsistent with the Servicing Standard, would violate applicable law, the terms and provisions of this Agreement or the Loan
Documents, would adversely affect any Certificateholder, would cause either Trust REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust for federal income tax purposes, or would result in the imposition of a “prohibited
transaction” or “prohibited contribution” tax under the REMIC Provisions. To the extent that the Trustee is
required to execute any document facilitating an assignment under this Section 11.15, such document shall be in form and
substance reasonably acceptable to the Trustee. 

 

[Signature
Pages Follow]

  

    	-403-

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

	 	 	 
	 	CITIGROUP COMMERCIAL MORTGAGE
	 	 	SECURITIES INC., as Depositor
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name: Richard W. Simpson
	 	 	Title: Authorized Signatory
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/ Cynthia L. Schwartz
	 	 	Name: Cynthia L. Schwartz
	 	 	Title: Director
	 	 	 
	 	LNR PARTNERS, LLC, as Special Servicer
	 	 	 
	 	By:	/s/ Steven A. Rivers
	 	 	Name: Steven A. Rivers
	 	 	Title: General Counsel
	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC
	 	 	as Operating Advisor
	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By:  Park Bridge Financial LLC
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ David M. Rodgers
	 	 	Name: David M. Rodgers
	 	 	Title: Managing Member

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

   

	 	 	 
	 	CITIBANK, N.A.,
	 	 	as Certificate Administrator
	 	 	 
	 	By:	/s/ John Hannon
	 	 	Name: John Hannon
	 	 	Title: Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS, as Trustee
	 	 	 
	 	By:	/s/ Amy McNulty
	 	 	Name: Amy McNulty
	 	 	Title: Associate
	 	 	 
	 	By:	/s/ Hang Luu
	 	 	Name: Hang Luu
	 	 	Title: Assistant Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as Custodian 
	 	 	 
	 	By:	/s/ Kathleen Marshall
	 	 	Name: Kathleen Marshall
	 	 	Title: Vice President

CGCMT
2015-P1 - Pooling and Servicing Agreement 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)

On
this 18 day of August 2015, before me, the undersigned, a Notary Public in and for the State of NY, duly commissioned and sworn,
personally appeared ____________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that
he is the VP of CCMSI, a NYS LLC, the entity described in and that executed the foregoing instrument; and that s/he signed her/his
name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	      /s/
    Chantal J. Lapice
	 	Notary Public in and for
    the	 
	 	State of New York

 

My
Commission expires:

[NOTARIAL SEAL] 

Chantal
J. Lapice

Notary Public,
State of New York

No. 01LA6285764

Qualified
in New York County

Commission
Expires July 15, 2017

 

CGCMT
2015-P1 - Pooling and Servicing Agreement 

 

    	 

    	 

    

 

	STATE
                                       OF NORTH CAROLINA   	)
	 	)         ss:
	COUNTY OF MECKLENBURG	)

 

On
this 10 day of August 2015, before me, the undersigned, a Notary Public in and for the State of North Carolina, duly commissioned
and sworn, personally appeared Cynthia Schwartz, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the Director of Wells Fargo Bank, National Association, s NFA, the entity described in and that executed the foregoing
instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	       /s/ Erica
    L. Smith
	 	 	 
	 	Notary Public in and for
    the
	 	State of North Carolina

 

My
Commission expires: July 15, 2017

 

ERICA
L. SMITH

NOTARY PUBLIC

Gaston County

North Carolina

My Commission
Expires 7/15/2017

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF FLORIDA   	)
	 	)         ss.:
	COUNTY OF MIAMI DADE	)

On
this 13th day of August 2015, before me, the undersigned, a Notary Public in and for the State of Florida, duly commissioned and
sworn, personally appeared Steven Rivers, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the General Counsel of LNR Partners, LLC, a Florida limited liability company, the entity described in and that executed
the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity. 

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	       
	 	         /s/
    Stelia Herauf	 
	 	Notary Public in and for
    the
	 	State of _Florida

 

My Commission expires:  Stelia Herauf

              Commission
# FF052993

              Expires:
Sept. 10, 2017

              www.aaronnotary.com

 

[NOTARIAL SEAL]

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK	)

  

On
this 10th day of August 2015, before me, the undersigned, a Notary Public in and for the State of New York duly commissioned
and sworn, personally appeared David M. Rodgers, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the s/he is the Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC,
which in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument;
and that he signed his name thereto under authority of said entity and on behalf of such entity, the entity described in and that
executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such
entity.

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	       
	 	        /s/
    Kyle R. Raffo	 
	 	Notary Public in and for
    the
	 	State of New York

 

My
Commission expires:

[NOTARIAL SEAL]

KYLE R.
RAFFO

Notary Public,
State of New York

Registration
#01RA6287067

Qualified
in New York County

Commission
Expires August 5, 2017

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK	)

 

On
this 10th day of August 2015, before me, the undersigned, a Notary Public in and for the State of New York duly commissioned and
sworn, personally appeared John Hannon, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the Vice President of Citibank, N.A., a national banking association, the entity described in and that executed the foregoing
instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	       
	 	        /s/
    Michael Wood	 
	 	Notary Public in and for
    the
	 	State of New York
	 	 

My
Commission expires: 10/15/17

[NOTARIAL SEAL]

 

MICHAEL
WOOD

Notary Public,
State of New York

No. 01W06291121

Qualified
in New York County

Commission
Expires Oct. 15, 2017

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

	  CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT	CIVIL CODE
    §1189 

	 	A
    notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
    to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 

 

 

STATE
OF CALIFORNIA

COUNTY OF ORANGE

 

On
Aug 10, 2015, before me, a Suzanne C. Patten, Notary Public in and for the State of personally appeared HANG LUU & AMY MCNULTY
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized capacit(ies), and that by their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument 

	 	 	 	 
	 	I certify
    under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
	 	 	 
	 	WITNESS
    my hand and official seal.
	 	 	 
	 	/s/
    Suzanne C. Patten	 
	 	Signature of Notary Public	 

[NOTARIAL SEAL]

Suzanne
C. Patten

Commission
# 2075460

Notary Public
– California

Orange County

My Comm.
Expires Jul 21, 2018

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF MINNESOTA	)
	 	)         ss.:
	COUNTY OF	)

  

On
this 12 day of August 2015, before me, the undersigned, a Notary Public in and for the State of Minnesota, duly commissioned and
sworn, personally appeared Kathleen Marshall, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the Vice President of Wells Fargo Bank, N.A., a _____________________________, the entity described in and that executed
the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	       
	 	        /s/
    Brian Patrick Keenan	 
	 	Notary Public in and for
    the
	 	State of Minnesota
	 	 

My
Commission expires: 1/31/18

[NOTARIAL SEAL]

Brian
Patrick Keenan

Notary
public Minnesota

My
commission expires 01/31/18

 

CGCMT
2015-P1 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

 

EXHIBIT
A-1

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-1

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global Certificate legend.

  

    	A-1-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-1

 

	Pass-Through Rate:  1.648% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-1 Certificates:  $35,065,000	 	Scheduled Final Distribution Date: the Distribution Date in April 2020

  

	
        CUSIP:  17324D AQ7

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN: US17324DAQ79

         

        Common Code: 127824231

        

         
	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-1 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-2, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-1 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-1-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-1
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-1-3

    	 

    

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 

 

    	A-1-4

    	 

    

 

			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-1-5

    	 

    

 

Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-1-6

    	 

    

 

respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-1-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-1-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-1 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented
by the within Class A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-1-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-1-10

    	 

    

 

EXHIBIT
A-2

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-2

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		3	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		4	Global Certificate legend.

 

    	A-2-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-2

 

	Pass-Through Rate:  3.039% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-2 Certificates:  $55,289,000	 	Scheduled Final Distribution Date: the Distribution Date in June 2020

  

	
        CUSIP:  17324D
AR5 

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAR52

          

        Common Code: 127824398

          
	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-2 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-2 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-2-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-2
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-2-3

    	 

    

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 

 

    	A-2-4

    	 

    

 

			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-2-5

    	 

    

 

Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-2-6

    	 

    

 

respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-2-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-2-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-2 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented
by the within Class A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-2-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-2-10

    	 

    

 

EXHIBIT
A-3

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-3

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]5

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		5	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		6	Global Certificate legend.

 

    	A-3-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-3

 

	Pass-Through Rate:  3.098% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-3 Certificates:  $2,198,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2022
	 	 	 

  

	
        CUSIP:  17324D AS3

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAS36

          

        Common Code: 127824401

 
	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-3 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-3 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-3-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-3
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-3-3

    	 

    

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 

 

    	A-3-4

    	 

    

 

			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-3-5

    	 

    

 

Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-3-6

    	 

    

 

respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-3-7

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-3-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-3 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-3 Certificate of the entire Percentage Interest represented
by the within Class A-3 Certificates to the above-named Assignee(s) and to deliver such Class A-3 Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-3-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-3-10

    	 

    

  

EXHIBIT
A-4

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-4

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]7

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		7	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		8	Global Certificate legend.

  

    	A-4-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-4

 

	Pass-Through Rate:  3.462% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-4 Certificates:  $200,000,000	 	Scheduled Final Distribution Date: the Distribution Date in June 2025

  

	
        CUSIP:  17324D AT1

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAT19

          

        Common Code: 127824240

        

         
	 	 
	
        No.: [1] 
	 	 

 

This certifies that [           ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S,
Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together
with the Class A-4 Certificates, the “Certificates”; the Holders of Certificates are collectively referred
to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-4-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-4 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-4-3

    	 

    

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 

 

    	A-4-4

    	 

    

 

			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-4-5

    	 

    

 

Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-4-6

    	 

    

 

respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-4-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-4-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-4 Certificate of the entire Percentage Interest represented
by the within Class A-4 Certificates to the above-named Assignee(s) and to deliver such Class A-4 Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-4-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-4-10

    	 

    

  

EXHIBIT
A-5

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-5

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]9

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		9	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		10	Global Certificate legend.

 

    	A-5-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-5

 

	Pass-Through Rate:  3.717% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-5 Certificates:  $398,935,000	 	Scheduled Final Distribution Date: the Distribution Date in July 2025

 

	
        CUSIP:  17324D AU8

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAU81

         

        Common Code: 127824347

 
	 	 
	
        No.: [1] 

         
	 	 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-5 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-5 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-5-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-5
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-5 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-5-3

    	 

    

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 

  

    	A-5-4

    	 

    

 

			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-5-5

    	 

    

 

Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-5-6

    	 

    

 

respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-5-7

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-5 Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-5 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-5-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-5 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-5 Certificate of the entire Percentage Interest represented
by the within Class A-5 Certificates to the above-named Assignee(s) and to deliver such Class A-5 Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-5-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-5-10

    	 

    

 

EXHIBIT
A-6

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-AB

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]11

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]12

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		11	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		12	Global Certificate legend.

 

    	A-6-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-AB

 

	Pass-Through Rate: 3.470% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-AB Certificates: $75,556,000	 	Scheduled Final Distribution Date: the Distribution Date in April 2025

 

	
        CUSIP: 17324D AV6 

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN: US17324DAV64 

         

        Common Code: 127824258

        

        
	 	 
	No.: [1]	 	 

 

This certifies that
[ ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-AB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class
C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-AB Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-6-2

    	 

    

 

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-AB Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related

 

    	A-6-3

    	 

    

  

REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund,

 

    	A-6-4

    	 

    

  

	 	 	provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing

 

    	A-6-5

    	 

    

  

Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall: 

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in

 

    	A-6-6

    	 

    

  

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-6-7

    	 

    

  

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-AB Certificate to be duly executed. 

 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

    	A-6-8

    	 

    

  

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-AB Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-AB Certificate of the entire
Percentage Interest represented by the within Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB
Certificate to the following address:

 

Date: _________________ 

	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-6-9

    	 

    

  

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________________________
___________________________________________________________________________________________________________________ Distributions,
if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent. 

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

   

    	A-6-10

    	 

    

  

EXHIBIT
A-7

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-A

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNTS OF THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS
A-4, CLASS A-5 AND CLASS A-AB CERTIFICATES AND THE CLASS A-S REGULAR INTEREST. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-A CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 

 

 

 

		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		2	Global Certificate legend.

 

    	A-7-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-A

 

	Pass-Through Rate: Variable IO3	 	
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-A Certificates: $838,269,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2025

 

	
        CUSIP: 17324D BA1 

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN: US17324DBA19

          
	 	 
	Common Code: 127824428	 	 
	 	 	 
	

        No.: [1]
	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class X-B, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class X-A Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 0.957% per annum. 

 

    	A-7-2

    	 

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;

 

    	A-7-3

    	 

    

  

(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-7-4

    	 

    

  

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate

 

    	A-7-5

    	 

    

  

Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination,

 

    	A-7-6

    	 

    

  

minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-7-7

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Dated: August 19, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-7-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-A Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented by the within Class
X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-7-9

    	 

    

  

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________________________ ___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided by ______________________________,
the Assignee(s) named above or ____________________________________ as its (their) agent. 

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-7-10

    	 

    

  

EXHIBIT
A-8

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-B

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THE CLASS B CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-B CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
                                         Certificate legend.

 

 

    	A-8-1

    	 

    

   

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-B

 

	Pass-Through Rate: Variable IO3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates: $58,898,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2025

 

	
        CUSIP: 17324D BB9 
	 	Initial Notional Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     US17324DBB91 
	 	
	 	 	 
	Common Code: 127824436	 	 
	 	 	 
	

        No.: [1]
	 	 

 

This certifies that
[ ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class X-A, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class X-B Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

 

 

		3	The initial approximate
Pass-Through Rate as of the Closing Date is 0.053% per annum

  

    	A-8-2

    	 

    

  

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-B Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;

 

    	A-8-3

    	 

    

  

(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-8-4

    	 

    

  

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate

 

    	A-8-5

    	 

    

  

Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination,

 

    	A-8-6

    	 

    

  

minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-8-7

    	 

    

  

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-B Certificate to be duly executed. 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-8-8

    	 

    

  

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-B Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class X-B Certificate of the entire Percentage Interest represented by the within Class
X-B Certificates to the above-named Assignee(s) and to deliver such Class X-B Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-8-9

    	 

    

  

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________________________
___________________________________________________________________________________________________________________ Distributions,
if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent. 

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-8-10

    	 

    

  

EXHIBIT
A-9

 

CITIGROUP
COMMERCIAL MORTAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-S

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global Certificate legend.

   

    	A-9-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-S

 

	Pass-Through Rate: The lesser of 4.033% per annum and the WAC Rate3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-S Certificates: $71,226,000. The Aggregate Initial Certificate Principal Amount of the Class A-S Certificates represents the maximum aggregate Certificate Principal Amount of the Class A-S Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 

 

	
        CUSIP: 17324D AW4

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN: US17324DAW48 

         

        Common Code: 127824274 

         
	 	 
	No.: [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-S Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial

 

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 4.003% per annum.

 

    	A-9-2

    	 

    

  

Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-S Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-S Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to

 

    	A-9-3

    	 

    

  

surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-9-4

    	 

    

  

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the

 

    	A-9-5

    	 

    

  

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if

 

    	A-9-6

    	 

    

  

applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-9-7

    	 

    

  

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-S Certificate to be duly executed. 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

 CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015 

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-9-8

    	 

    

  

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-S Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented by the within Class
A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following address: 

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-9-9

    	 

    

  

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-9-10

    	 

    

 

EXHIBIT
A-10

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS B

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2     Global Certificate legend.

 

    	A-10-1

    	 

    
 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS B

 

	Pass-Through Rate:  The WAC Rate less 0.053% per annum3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class B Certificates:  $58,898,000.  The Aggregate Initial Certificate Principal Amount of the Class B Certificates represents the maximum aggregate Certificate Principal Amount of the Class B Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 
	CUSIP:  17324D AX2	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17324DAX21

         

        Common Code: 127824355

	 	 
	 	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class B Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class B Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners,

 

 

 

3   The initial approximate Pass-Through Rate as of the Closing Date is 4.432% per annum.

 

    	A-10-2

    	 

    

 

LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class B
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    	A-10-3

    	 

    
 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

    	A-10-4

    	 

    

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement

 

    	A-10-5

    	 

    
 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan

 

    	A-10-6

    	 

    
 

Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-10-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

		Dated:	August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

		Dated:	August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-10-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class B Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class B Certificate of the entire Percentage Interest represented
by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-10-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-10-10

    	 

    
 

EXHIBIT
A-11

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS PEZ

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS SET FORTH IN
THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES, PURSUANT TO THE PROCEDURES
SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF MULTIPLE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2     Global Certificate legend.

 

    	A-11-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS PEZ

 

	Pass-Through Rate:  The Class PEZ Certificates will be entitled to receive the sum of the interest distributable on the percentage interests of the Class A-S, Class B and Class C Regular Interests represented by the Class PEZ Certificates.  	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates: $182,173,000.  The Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates is equal to the aggregate of the maximum initial Certificate Principal Amounts of the Class A-S, Class B and Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates), representing the maximum Certificate Principal Amount of the Class PEZ Certificates that could be issued in an exchange.	 	Scheduled Final Distribution Date: the Distribution Date in August 2025

 

	
        CUSIP:  17324D AZ7

	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17324DAZ78

         

        Common Code: 127824304

	 	 
	 	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class PEZ Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class PEZ Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

    	A-11-2

    	 

    
 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
beneficial ownership of multiple “regular interests” in a “real estate mortgage investment conduit,” as
those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class PEZ Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class PEZ Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall

 

    	A-11-3

    	 

    

 

accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate may be exchanged for other Exchangeable Certificates, pursuant
to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange
fee).

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-11-4

    	 

    
 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the

 

    	A-11-5

    	 

    

 

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if

 

    	A-11-6

    	 

    
 

applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-11-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class PEZ Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

		Dated:	August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class PEZ Certificates referred to in the Pooling and Servicing Agreement.

 

		Dated:	August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-11-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class PEZ Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class PEZ Certificate of the entire Percentage Interest represented
by the within Class PEZ Certificates to the above-named Assignee(s) and to deliver such Class PEZ Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-11-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-11-10

    	 

    

 

EXHIBIT
A-12

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS C

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2     Global Certificate legend.

 

    	A-12-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS C

 

	Pass-Through Rate:  The WAC Rate3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class C Certificates:  $52,049,000.  The Aggregate Initial Certificate Principal Amount of the Class C Certificates represents the maximum aggregate Certificate Principal Amount of the Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 
	CUSIP:  17324D AY0	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:     US17324DAY04

         

        Common Code: 127824282

	 	 
	 	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class C Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class C Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate

 

 

 

3   The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.

 

    	A-12-2

    	 

    
 

Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class C
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    	A-12-3

    	 

    
 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

    	A-12-4

    	 

    
 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement

 

    	A-12-5

    	 

    
 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan

 

    	A-12-6

    	 

    
 

Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-12-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

		Dated:	August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

		Dated:	August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-12-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class C Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented
by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-12-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-12-10

    	 

    

 

EXHIBIT
A-13

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    	A-13-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-13-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS D

 

	Pass-Through Rate: 3.225% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class D Certificates: $56,159,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026

 

	CUSIP:    [17324D AA2]4

                [U1744B AA9]5

                [17324D AB0]6

	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:       [US17324DAA28]7

                        [USU1744BAA99]8

                        [US17324DAB01]9

        	 	 
	 	 	 
	Common Code: 127825432	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class X-D, Class F, Class G and Class

 

 

 

4 For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
 For IAI Certificates

 

7 For Rule 144A Certificates

 

8 For Regulation S Certificates

 

9 For IAI Certificates

 

    	A-13-3

    	 

    

 

R Certificates (together with the Class D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If

 

    	A-13-4

    	 

    

 

within
two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay
to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to
any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-13-5

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided
that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the

 

    	A-13-6

    	 

    

 

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if

 

    	A-13-7

    	 

    

 

applicable,
the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan
Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on
such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain
rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust
Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property
acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash,
equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included
in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined
by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket
expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless
the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with
respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such
purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable,
together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such
Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed
to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-13-8

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-13-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest represented
by the within Class D Certificates to the above-named Assignee(s) and to deliver such Class D Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-13-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-13-11

    	 

    

 

EXHIBIT
A-14

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THE CLASS D CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-D CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    	A-14-1

    	 

    

 

SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-14-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-D

 

	Pass-Through Rate: Variable IO4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-D Certificates: $56,159,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026

  

	
        CUSIP:    17324D AL85

                        U1744B AF86

                        17324D AM67

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:       US17324DAL828

                         USU1744BAF869

                         US17324DAM6510

         
	 	 
	Common Code: 127826005	 	 
	

         

        No.: [1]

         
	 	 

This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class B, Class A-S,
Class B, Class PEZ, Class C, Class D, Class E, Class F,

 

 

 

4 The initial approximate Pass-Through Rate as of the Closing Date is 1.260% per annum.

 

5 For Rule 144A Certificates

 

6 For Regulation S Certificates

 

7 For IAI Certificates

 

8 For Rule 144A Certificates

 

9 For Regulation S Certificates

 

10 For IAI S Certificates

 

    	A-14-3

    	 

    

 

Class
G and Class R Certificates (together with the Class X-D Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying

 

    	A-14-4

    	 

    

 

Agent
shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable
to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

    	A-14-5

    	 

    

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided
that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement

 

    	A-14-6

    	 

    

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan

 

    	A-14-7

    	 

    

 

Holder
provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of
the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust
Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase
Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s
portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause
(i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of
unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-14-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-D Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class X-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-14-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage Interest represented
by the within Class X-D Certificates to the above-named Assignee(s) and to deliver such Class X-D Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-14-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-14-11

    	 

    

 

EXHIBIT A-15

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS E

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

DISTRIBUTIONS OF
PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES
OF THE SAME SERIES.

 

 

	 	 	 
	1	Temporary Regulation S Global
Certificate legend.
	 	 	 

	2	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.
	 	 	 

	3	Global Certificate legend.

    	A-15-1

    	 

    

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS
SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

    	A-15-2

    	 

    

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS E 

	 	 	 
	Pass-Through Rate:  The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class E Certificates:  $23,285,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026

 

	CUSIP:    [17324D AE4]5

                [U1744B AC5]6

                [17324D AF1]7

	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:      [US17324DAE40]8

 [USU1744BAC55]9

 [US17324DAF15]10 
	 	 
	 	 	 
	Common Code: 127825599	 	 
	 	 	 
	No.:  [1]	 	 

This certifies
that [           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class E Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5,

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

    	A-15-3

    	 

    

Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C,
Class D, Class X-D, Class F, Class G and Class R Certificates (together with the Class E Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.

Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class E
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If

    	A-15-4

    	 

    

 

within
two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay
to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to
any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.

As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.

As provided in
the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

The Pooling and
Servicing Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the
Certificateholders or, as applicable, any Companion Loan Holder:

	 	 	 
		(i)	to cure any ambiguity to the extent that it does not adversely
affect any holders of Certificates;

 

    	A-15-5

    	 

    

 

	 	 	 

		(ii)	to correct or supplement any of its provisions which may
be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus
or the Prospectus Supplement or to correct any error;
	 	 	 

		(iii)	to change the timing and/or nature of deposits in the
Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest
Distribution Account, the Distribution Account or any REO Account, provided that (A) the Master Servicer Remittance Date
shall in no event be later than the Business Day prior to the related Distribution Date and (B) the change would not adversely
affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of
the party requesting the amendment);
	 	 	 

		(iv)	to modify, eliminate or add to any of its provisions (A)
to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator
have received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the
action is necessary or desirable to maintain such qualification or to avoid or minimize such risk and (2) the action will not
adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any
existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined
that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee
or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB and/or any regulatory actions and/or interpretations;
	 	 	 

		(v)	to make any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely
affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;
	 	 	 

		(vi)	to modify the procedures in the Pooling and Servicing
Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee,
the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent
(which consent may not be withheld unless such modification would materially adversely affect such party or materially increase
such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such
modification is provided to all parties to the Pooling and Servicing Agreement;
	 	 	 

		(vii)	to amend or supplement any provision of the Pooling and
Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating
Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder;
and
	 	 	 

		(viii)	in the event of a TIA Applicability Determination, to
modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification
of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the
Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions
of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications
made pursuant to the preceding clause (A);

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the

    	A-15-6

    	 

    

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

The Pooling and
Servicing Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders
of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

	 	 	 
		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced
Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder,
as applicable,
	 	 	 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of
that Class then outstanding,
	 	 	 

		(iii)	change in any manner the obligations or rights of any
Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the
affected Mortgage Loan Seller,
	 	 	 

		(iv)	change the definition of “Servicing Standard”
without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,
	 	 	 

		(v)	without the consent of 100% of the Certificateholders
of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders
which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders
to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate
the Operating Advisor pursuant to the Pooling and Servicing Agreement,
	 	 	 

		(vi)	adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders,
	 	 	 

		(vii)	adversely affect a Serviced Companion Loan Holder in its
capacity as such without its consent, or
	 	 	 

		(viii)	change in any manner the obligations or rights of any
Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

The Holders of
the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such
Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither
such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if

    	A-15-7

    	 

    

 

applicable,
the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan
Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on
such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain
rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust
Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property
acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash,
equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer)
and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the
Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian,
the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

    	A-15-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-15-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class E Certificate of the entire Percentage Interest represented
by the within Class E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-15-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-15-11

    	 

    

 

EXHIBIT
A-16

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS F

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

 

		1	Temporary Regulation S Global
                                         Certificate legend.

 

		2	Legend required as long
                                         as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

    	A-16-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-16-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS F

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class F Certificates: $10,958,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026
	 	 	 

	
        CUSIP: [17324D
AG9]5

        

        [U1744B AD3]6 

        [17324D AH7]7
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     [US17324DAG97]8

[USU1744BAD39]9

[US17324DAH70]10

        
	 	 
	 	 	 
	Common Code: 127825793	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10 For
IAI Certificates

 

    	A-16-3

    	 

    

 

Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class D, Class X-D, Class E, Class G and Class R Certificates (together with the Class F Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class F Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If

 

    	A-16-4

    	 

    

 

within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-16-5

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the

 

    	A-16-6

    	 

    

 

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if

 

    	A-16-7

    	 

    

 

applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-16-8

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class F Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    	A-16-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class F Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class F Certificate of the entire Percentage Interest represented
by the within Class F Certificates to the above-named Assignee(s) and to deliver such Class F Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-16-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

   

    	A-16-11

    	 

    

 

EXHIBIT
A-17

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS G

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

 

		1	Temporary Regulation S Global
                                         Certificate legend.

 

		2	Legend required as long
                                         as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

    	A-17-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-17-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS G

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class G Certificates: $56,158,641	 	Scheduled Final Distribution Date: the Distribution Date in May 2026
	 	 	 

	
        CUSIP: [17324D AJ3]5

[U1744B AE1]6

[17324D AK0]7
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     [US17324DAJ37]8

[USU1744BAE12]9

[US17324DAK00]10
	 	 
	 	 	 
	Common Code: 127825882	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class D, Class X-D, Class E, Class F

 

 

 

4 The initial approximate
Pass-Through Rate as of the Closing Date is 4.485% per annum.

 

5 For Rule 144A Certificates

 

6 For Regulation S
Certificates

 

7 For IAI Certificates

 

8 For Rule 144A Certificates

 

9 For Regulation S
Certificates

 

10 For
IAI Certificates

 

    	A-17-3

    	 

    

 

and Class R Certificates (together with the Class G Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class G Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying

 

    	A-17-4

    	 

    

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

    	A-17-5

    	 

    

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement

 

    	A-17-6

    	 

    

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan

 

    	A-17-7

    	 

    

 

Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-17-8

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class G Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    	A-17-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class G Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented
by the within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-17-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-17-11

    	 

    

 

EXHIBIT
A-18

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY
ONLY BE TRANSFERRED TO AND OWNED BY A QIB.

 

THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT
IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN
TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS
A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL
BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS,
(A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS

 

    	A-18-1

    	 

    

 

TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY
INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES
ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE
ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH
PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR
AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE
IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS
CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c),
AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE
AS SPECIFIED IN TREASURY REGULATIONS.

 

TRANSFERS OF THIS CERTIFICATE
AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE
TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR
TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    	A-18-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS R

 

	Percentage Interest: [     ]%	 	 
	 	 	 
	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).	 	 
	 	 	 

	
        CUSIP:  17324D
AN4 
	 	 
	 	 	 
	
        ISIN:      US17324DAN49
	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that
[          ] is the registered owner of an interest in a Trust Fund, including the distributions to be made with respect to the Class R
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and, other than in the
case of the Outside Serviced Trust Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created,
and the Mortgage Loans (other than the Outside Serviced Trust Loans) are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class
X-D, Class E, Class F and Class G Certificates (together with the Class R Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
the “residual interest” in two “real estate mortgage investment conduits,” as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

    	A-18-3

    	 

    

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) by wire transfer of immediately available funds to
the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights

 

    	A-18-4

    	 

    

 

under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

    	A-18-5

    	 

    

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and

 

		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);

 

provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

 

    	A-18-6

    	 

    

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).

 

    	A-18-7

    	 

    

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-18-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  August 19, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August 19, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-18-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class R Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented
by the within Class R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-18-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: __________________________________________________
___________________________________________________________________________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of
__________________________ account number ____________________________. This information is provided
by ______________________________, the Assignee(s) named above or ____________________________________ as its
(their) agent.

	 	 	 	 
	 	By: 	 	 
	 	 	[Please print
    or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	Taxpayer Identification Number

 

    	A-18-11

    	 

    

 

EXECUTION VERSION

 

EXHIBIT B

MORTGAGE LOAN SCHEDULE

    	B-1

    	 

    

	CGCMT 2015-P1 Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	Remaining	 	 	 	 
	Control	 	 	 	Loan	 	 	 	 	 	 	 	 	 	 	 	Cut-Off Date	 	Mortgage	 	Term To	 	 	 	Amortization Term	 	Servicing	 	Subservicing
	Number	 	Footnotes	 	Number	 	Property Name	 	Address	 	City	 	State	 	Zip Code	 	Balance ($)	 	Rate	 	Maturity Date	 	Maturity Date	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)
	1	 	(1)	 	9957	 	The Decoration & Design Building	 	979 Third Avenue	 	New York	 	New York	 	10022	 	100,000,000	 	4.11000%	 	129	 	5/6/2026	 	360	 	0.0050%	 	0.0000%
	2	 	(2)	 	9922	 	Eden Roc	 	4525 Collins Avenue	 	Miami Beach	 	Florida	 	33140	 	95,000,000	 	4.34000%	 	119	 	7/6/2025	 	0	 	0.0025%	 	0.0026%
	3	 	(3)	 	10040	 	Kaiser Center	 	300 Lakeside Drive	 	Oakland	 	California	 	94612	 	90,000,000	 	4.39000%	 	118	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	4	 	(4)	 	610930148	 	Hilton Nashville	 	121 Fourth Avenue South	 	Nashville	 	Tennessee	 	37201	 	75,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0100%
	5	 	 	 	757676	 	Piazza Carmel	 	3875-3885 Valley Centre Drive and 3804-3890 Valley Centre Drive	San Diego	 	California	 	92130	 	64,000,000	 	4.37000%	 	120	 	8/1/2025	 	0	 	0.0025%	 	0.0100%
	6	 	 	 	8268	 	Weston Portfolio	 	 	 	 	 	 	 	 	 	60,000,000	 	4.46000%	 	119	 	7/6/2025	 	360	 	0.0025%	 	0.0300%
	6.01	 	 	 	8268-1	 	Weston Town Center	 	1675 Market Place	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	2000 Main Street	 	2000 Main Street	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	1760 Bell Tower Lane	 	1760 Bell Tower Lane	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	757643	 	University Town Centre	 	3000, 4000,4001,4031, 4041, 4051, 4061, 4071, 4081, 4091, 4101, 4121, 4131, 4141, 4151, 4171, 4181, 4191, 4201, 4211, 4500, 5010 University Town Centre Drive; 267, 1047, 1219 Target Way; 1001 Mountaineer Drive; 596 Giant Street	Morgantown 	 	West Virginia	 	26501	 	55,000,000	 	4.60000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0400%
	8	 	(5)	 	8625	 	Ascentia MHC Portfolio	 	 	 	 	 	 	 	 	 	44,945,461	 	4.42500%	 	119	 	7/6/2025	 	359	 	0.0025%	 	0.0025%
	8.01	 	 	 	10478	 	Aloha Vegas	 	500 Miller Avenue	 	North Las Vegas	 	Nevada	 	89030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	Buckingham Village	 	2910 Pat Booker Road	 	Universal City	 	Texas	 	78148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	Cedar Village	 	15814 East Colfax Avenue	 	Aurora	 	Colorado	 	80011	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	Country Oaks	 	7510 Talley Road	 	San Antonio	 	Texas	 	78253	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	Countryside Estates	 	2400 North 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	Dream Island	 	1315 Dream Island Plaza	 	Steamboat Springs	 	Colorado	 	80487	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	Eagle River	 	32700 Highway 6	 	Edwards	 	Colorado	 	81632	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	Foxridge Farm	 	26900 East Colfax Avenue	 	Aurora	 	Colorado	 	80018	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	Gaslight Village	 	2801 Northwest 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	Golden Eagle	 	1016 Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	Hillside	 	300 Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	Kingswood Estates	 	2323 Bellwood Drive	 	Grand Island	 	Nebraska	 	68801	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	Lake Fork	 	150 State Highway 300	 	Leadville	 	Colorado	 	80461	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	Mountain Springs	 	701 Antelope Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	North Breeze	 	8360 Eckhert Road	 	San Antonio	 	Texas	 	78240	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	Rancho Bridger	 	5020 Springs Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	River Valley	 	10910 Turner Boulevard	 	Longmont	 	Colorado	 	80504	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	Riviera de Sandia	 	12145 State Highway 14 North, Lot J3	 	Cedar Crest	 	New Mexico	 	87008	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	Sheltered Valley	 	1700 Wilson Street	 	Green River	 	Wyoming	 	82935	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	Skyline Village	 	1700 Swanson Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	Sugar Creek	 	211 Monroe Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	Trails End	 	1925 East Murray Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	Valle Grande	 	8900 2nd Street Northwest	 	Albuquerque	 	New Mexico	 	87114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	Valley Ridge	 	8671 Southwest Loop 410	 	San Antonio	 	Texas	 	78242	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	Vals	 	125 Clinton Road	 	Cibolo	 	Texas	 	78108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	W bar K	 	3800 Sunset Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	West Park Plaza	 	129 Melody Lane	 	Grand Island	 	Nebraska	 	68803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	West Winds	 	505 Williams Street	 	Cheyenne	 	Wyoming	 	82007	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	Western Hills	 	45 Purple Sage Road	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	Windgate	 	2800 Windgate Drive	 	New Braunfels	 	Texas	 	78130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	Woodlawn Estates	 	2720 North 2nd Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	Woodview	 	1301 West Oltorf Street	 	Austin	 	Texas	 	78704	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	(6)	 	7941	 	US StorageMart Portfolio	 	 	 	 	 	 	 	 	 	43,694,500	 	3.79788%	 	56	 	4/6/2020	 	0	 	0.0025%	 	0.0050%
	9.01	 	 	 	7941-1	 	50 Wallabout Street	 	50 Wallabout Street	 	Brooklyn	 	New York	 	11249	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250 Flanagan Way	 	250 Flanagan Way	 	Secaucus	 	New Jersey	 	07094	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700 River Road	 	6700 River Road	 	West New York	 	New Jersey	 	07093	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015 North Halsted Street	 	1015 North Halsted Street	 	Chicago	 	Illinois	 	60642	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536 Wornall Road	 	7536 Wornall Road	 	Kansas City	 	Missouri	 	64114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640 Southwest 2nd Avenue	 	640 Southwest 2nd Avenue	 	Miami	 	Florida	 	33130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920 Northwest 7th Street	 	4920 Northwest 7th Street	 	Miami	 	Florida	 	33126	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925 Southwest 40th Street	 	9925 Southwest 40th Street	 	Miami	 	Florida	 	33165	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220 West 135th Street	 	9220 West 135th Street	 	Overland Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980 4th Avenue	 	980 4th Avenue	 	Brooklyn	 	New York	 	11232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405 South Federal Highway	 	405 South Federal Highway	 	Pompano Beach	 	Florida	 	33062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001 Excelsior Boulevard	 	11001 Excelsior Boulevard	 	Hopkins	 	Minnesota	 	55343	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325 Lee Highway	 	11325 Lee Highway	 	Fairfax	 	Virginia	 	22030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021 Griffin Road	 	2021 Griffin Road	 	Fort Lauderdale	 	Florida	 	33312	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400 West Olmos Drive	 	400 West Olmos Drive	 	San Antonio	 	Texas	 	78212	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151 Wyandotte Street	 	14151 Wyandotte Street	 	Kansas City	 	Missouri	 	64145	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979 Butterfield Road	 	5979 Butterfield Road	 	Hillside	 	Illinois	 	60162	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115 Park Avenue	 	115 Park Avenue	 	Basalt	 	Colorado	 	81621	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500 Southwest 160th Avenue	 	3500 Southwest 160th Avenue	 	Miramar	 	Florida	 	33027	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445 Crain Highway	 	2445 Crain Highway	 	Waldorf	 	Maryland	 	20601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100 West North Avenue	 	100 West North Avenue	 	Lombard	 	Illinois	 	60148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727 Shermer Road	 	2727 Shermer Road	 	Northbrook	 	Illinois	 	60062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201 Antioch Road	 	15201 Antioch Road	 	Overland Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450 Mandela Parkway	 	2450 Mandela Parkway	 	Oakland	 	California	 	94607	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02 Jamaica Avenue	 	184-02 Jamaica Avenue	 	Hollis	 	New York	 	11423	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012 Northwest Prairie View Road	 	9012 Northwest Prairie View Road	 	Kansas City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101 West 95th Street	 	16101 West 95th Street	 	Lenexa	 	Kansas	 	66219	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100 North Mannheim	 	3100 North Mannheim	 	Franklin Park	 	Illinois	 	60131	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580 Potranco Road	 	9580 Potranco Road	 	San Antonio	 	Texas	 	78251	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025 Monterey Street	 	18025 Monterey Street	 	Morgan Hill	 	California	 	95037	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N 004 Route 59	 	9N 004 Route 59	 	Elgin	 	Illinois	 	60120	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115 Clayton Road	 	5115 Clayton Road	 	Concord	 	California	 	94521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702 West 67th Street	 	9702 West 67th Street	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794 Scenic Highway	 	794 Scenic Highway	 	Lawrenceville	 	Georgia	 	30046	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430 Bandera Road	 	12430 Bandera Road	 	Helotes	 	Texas	 	78023	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000 South Providence Road	 	4000 South Providence Road	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743 San Pablo Avenue	 	2743 San Pablo Avenue	 	Oakland	 	California	 	94612	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819 North Eola Road	 	819 North Eola Road	 	Aurora	 	Illinois	 	60502	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506 West Worley Street	 	2506 West Worley Street	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601 FM 1325	 	15601 FM 1325	 	Austin	 	Texas	 	78728	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700 West 159th Street	 	10700 West 159th Street	 	Orland Park	 	Illinois	 	60467	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403 Rangeline Street	 	2403 Rangeline Street	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	Chicago	 	Illinois	 	60637	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277 Walters Road	 	2277 Walters Road	 	Fairfield	 	California	 	94533	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575 Thousand Oaks Drive	 	1575 Thousand Oaks Drive	 	San Antonio	 	Texas	 	78232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460 Frontage Road	 	7460 Frontage Road	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401 Third Street	 	6401 Third Street	 	Key West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816 Eaton Road	 	2816 Eaton Road	 	Kansas City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985 Atlanta Highway	 	3985 Atlanta Highway	 	Athens	 	Georgia	 	30606	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510 North Main Street	 	11510 North Main Street	 	Kansas City	 	Missouri	 	64155	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750 Winchester Road	 	750 Winchester Road	 	Lexington	 	Kentucky	 	40505	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401 Broadway Boulevard	 	3401 Broadway Boulevard	 	Kansas City	 	Missouri	 	64111	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720 Grand Boulevard	 	1720 Grand Boulevard	 	Kansas City	 	Missouri	 	64108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310 South Enterprise Street	 	1310 South Enterprise Street	 	Olathe	 	Kansas	 	66061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420 St Mary’s Boulevard	 	2420 St Mary’s Boulevard	 	Jefferson City	 	Missouri	 	65109	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500 I-70 Drive Southeast	 	3500 I-70 Drive Southeast	 	Columbia	 	Missouri	 	65201	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195 Southwest Boulevard	 	195 Southwest Boulevard	 	Kansas City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900 Northwest Prairie View Road	 	8900 Northwest Prairie View Road	 	Kansas City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601 Twilight Trail	 	1601 Twilight Trail	 	Frankfort	 	Kentucky	 	40601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515 Church Street	 	1515 Church Street	 	Lake Charles	 	Louisiana	 	70601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891 North Columbia Street	 	1891 North Columbia Street	 	Milledgeville	 	Georgia	 	31061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200 US #1	 	1200 US #1	 	Key West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251 Collins Industrial Boulevard	 	251 Collins Industrial Boulevard	 	Athens	 	Georgia	 	30601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310 Paris Road	 	2310 Paris Road	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820 West Business Loop 70	 	1820 West Business Loop 70	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723 East Florida	 	1723 East Florida	 	Springfield	 	Missouri	 	65803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	Charles Point Apartments	 	171 Lowry Lane	 	Medford	 	Oregon	 	97501	 	35,250,000	 	4.55000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	11	 	 	 	8716	 	Tanglewood Apartments	 	1880-2020 Cowell Boulevard	 	Davis	 	California	 	95618	 	35,057,884	 	4.47000%	 	119	 	7/6/2025	 	359	 	0.0025%	 	0.0300%
	12	 	 	 	757657	 	Davis Ford Crossing	 	9860 Liberia Avenue	 	Manassas	 	Virginia	 	20110	 	33,750,000	 	4.34000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0200%
	13	 	 	 	757655	 	Le Meridien Dallas by the Galleria	 	13402 Noel Road	 	Dallas	 	Texas	 	75240	 	31,000,000	 	4.48000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0100%
	14	 	 	 	757638	 	Lewis Self Storage & Industrial	 	 	 	 	 	 	 	 	 	30,024,334	 	4.50000%	 	118	 	6/5/2025	 	358	 	0.0025%	 	0.0100%
	14.01	 	 	 	 	 	Boca Self Storage	 	3600 NW Boca Raton Boulevard	 	Boca Raton	 	Florida	 	33431	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	Deerfield Self Storage	 	950 South Powerline Road	 	Deerfield Beach	 	Florida	 	33442	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	Lewis Industrial	 	1000 & 1050 Northwest 1st Avenue & 2920 & 2960 Northwest Boca Raton Boulevard	Boca Raton	 	Florida	 	Various	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	(7), (8)	 	8472	 	Alderwood Mall	 	3000 184th Street Southwest	 	Lynnwood	 	Washington	 	98037	 	24,382,577	 	3.47875%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0050%
	16	 	 	 	757649	 	Birch Street Promenade	 	110, 215-275, and 260-330 West Birch Street	 	Brea	 	California	 	92821	 	24,125,000	 	4.56000%	 	120	 	8/5/2025	 	360	 	0.0025%	 	0.0100%
	17	 	 	 	757630	 	Courtyard by Marriott Fort Lauderdale	 	400 Gulf Stream Way	 	Dania Beach	 	Florida	 	33004	 	22,941,246	 	4.42000%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0100%
	18	 	 	 	757644	 	Ryders Crossing Shopping Center	 	300-402 Ryders Lane  	 	Milltown	 	New Jersey	 	08850	 	20,300,000	 	4.20000%	 	120	 	8/1/2025	 	360	 	0.0025%	 	0.0300%
	19	 	 	 	757640	 	Monarch Crossing Apartments 	 	420 Wint Lane, 360 Reeveston Drive and 3265 McKinley Avenue	Columbus	 	Indiana	 	47201	 	19,310,000	 	4.47000%	 	120	 	8/5/2025	 	360	 	0.0025%	 	0.0400%
	20	 	 	 	757621	 	Beltway Plaza II	 	9302-9340 South Eastern Avenue  	 	Henderson	 	Nevada	 	89014	 	18,500,000	 	4.18000%	 	117	 	5/1/2025	 	360	 	0.0025%	 	0.0100%
	21	 	 	 	310928527	 	4400 Florin Perkins Road	 	4400, 4450 and 4700 Florin Perkins Road	 	Sacramento	 	California	 	95826	 	15,400,000	 	4.43000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%
	22	 	 	 	757619	 	Bethany Village Office	 	15188-15285 Northwestern Central Drive and 15160-15220 Northwestern Laidlaw Road	Portland	 	Oregon	 	97229	 	13,247,875	 	4.24000%	 	117	 	5/1/2025	 	357	 	0.0025%	 	0.0100%
	23	 	 	 	757636	 	240 N Ashland 	 	240 North Ashland  Avenue	 	Chicago	 	Illinois	 	60607	 	12,500,000	 	4.37000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0400%
	24	 	 	 	757585	 	Mediterranean Inn	 	425 Queen Anne Avenue North  	 	Seattle	 	Washington	 	98109	 	10,762,335	 	3.80000%	 	116	 	4/1/2025	 	356	 	0.0025%	 	0.0400%
	25	 	 	 	757637	 	Waterway Shoppes I	 	2210-2282 Weston Road	 	Weston	 	Florida	 	33326	 	10,400,000	 	4.26000%	 	118	 	6/1/2025	 	360	 	0.0025%	 	0.0100%
	26	 	 	 	757635	 	Promontory Point	 	2420 and 2500 Ridgepointe Drive  	 	Austin	 	Texas	 	78754	 	10,218,320	 	4.69000%	 	119	 	7/1/2025	 	359	 	0.0025%	 	0.0100%
	27	 	 	 	757647	 	One Industrial Way	 	One Industrial Way West	 	Eatontown	 	New Jersey	 	07724	 	10,000,000	 	4.52000%	 	119	 	7/5/2025	 	360	 	0.0025%	 	0.0100%
	28	 	 	 	757612	 	Best Plaza	 	20020-20140 Hawthorne Boulevard  	 	Torrance	 	California	 	90503	 	9,971,974	 	3.95000%	 	58	 	6/1/2020	 	358	 	0.0025%	 	0.0100%
	29	 	 	 	310929658	 	Amplify on Main	 	30 McFerrin Avenue	 	Nashville	 	Tennessee	 	37206	 	9,870,000	 	4.53000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	30	 	 	 	610929595	 	Valley Ridge Apartments	 	1650 George Dieter Drive	 	El Paso	 	Texas	 	79936	 	9,255,623	 	4.28000%	 	118	 	6/11/2025	 	358	 	0.0050%	 	0.0300%
	31	 	 	 	8606	 	CSS Pacific	 	1913 Sherman Street	 	Alameda	 	California	 	94501	 	9,000,000	 	4.30000%	 	119	 	7/6/2025	 	0	 	0.0050%	 	0.0000%
	32	 	 	 	757614	 	Courtyard E Associates	 	1570, 1574 and 1630 Gateway Boulevard	 	Fairfield	 	California	 	94533	 	9,000,000	 	4.80000%	 	120	 	8/1/2025	 	360	 	0.0025%	 	0.0100%
	33	 	 	 	8732	 	9299 College Parkway	 	9299 College Parkway	 	Fort Myers	 	Florida	 	33919	 	6,400,000	 	4.38000%	 	119	 	7/6/2025	 	360	 	0.0050%	 	0.0300%
	34	 	 	 	757623	 	Austin Bluffs Shopping Center	 	3605, 3607, 3609, 3659 & 3665 Austin Bluffs Parkway	 	Colorado Springs	 	Colorado	 	80918	 	6,284,417	 	4.58000%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0400%
	35	 	 	 	410928722	 	Walgreens - Longmont	 	1770 Hover Street	 	Longmont	 	Colorado	 	80501	 	3,895,279	 	4.43000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0000%
	36	 	 	 	8741	 	LockTite Deer Park and Pasadena Self Storage	 	 	 	 	 	 	 	3,750,000	 	4.70000%	 	119	 	7/6/2025	 	360	 	0.0050%	 	0.0000%
	36.01	 	 	 	8741-1	 	LockTite Deer Park Self Storage	 	4013 Center Street	 	Deer Park	 	Texas	 	77536	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	LockTite Pasadena Self Storage	 	5035 Burke Road	 	Pasadena	 	Texas	 	77504	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	Mini U Storage - Highlands Ranch	 	6678 East County Line Road	 	Highlands Ranch	 	Colorado	 	80126	 	3,700,000	 	4.55000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%
	38	 	 	 	410929362	 	Security Self Storage - Orlando	 	12280 East Colonial Drive	 	Orlando	 	Florida	 	32826	 	3,595,255	 	4.67000%	 	119	 	7/11/2025	 	335	 	0.0050%	 	0.0000%
	39	 	 	 	410929829	 	675 Mall Ring	 	675 Mall Ring Circle	 	Henderson	 	Nevada	 	89014	 	3,100,000	 	4.97000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	40	 	 	 	410928483	 	Allen Avenue Self Storage-Pasadena	 	234 Allen Avenue	 	Pasadena	 	California	 	91106	 	2,600,000	 	4.29000%	 	119	 	7/11/2025	 	0	 	0.0050%	 	0.0000%
	41	 	 	 	410929917	 	US Bank - Pacific Palisades	 	15305 West Sunset Boulevard	 	Pacific Palisades	 	California	 	90272	 	2,500,000	 	4.69000%	 	84	 	8/11/2022	 	360	 	0.0050%	 	0.0000%
	42	 	 	 	410929419	 	Atwater Commons	 	305 South Broadway Street	 	Lake Orion	 	Michigan	 	48362	 	2,292,345	 	4.81000%	 	118	 	6/11/2025	 	298	 	0.0050%	 	0.0000%
	43	 	 	 	610929887	 	The Summit	 	7721-7741 East Gray Road	 	Scottsdale	 	Arizona	 	85260	 	2,272,473	 	4.81000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0400%
	44	 	 	 	8631	 	SpaceSavers Saraland	 	700 Industrial Parkway	 	Saraland	 	Alabama	 	36571	 	2,244,744	 	4.86000%	 	118	 	6/6/2025	 	358	 	0.0025%	 	0.0800%
	45	 	 	 	410929522	 	Village Center of Livonia	 	15003-15399 Merriman Road	 	Livonia	 	Michigan	 	48154	 	1,235,000	 	5.28000%	 	120	 	8/11/2025	 	300	 	0.0050%	 	0.0000%

 

    	 

    	 

    

 

CGCMT 2015-P1 Mortgage Loan Schedule

 

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	 	 	Serviced Companion Loan	 	 
	 	 	 	 	 	 	 	 	 	 	Crossed With	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	Serviced Companion Loan	 	Remaining	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	 	 	Mortgage 	 	Other Loans	 	ARD	 	Final	 	ARD	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Term To	 	Maturity	 	Amortization Term	 	Servicing
	Number	 	Footnotes	 	Number	 	Property Name	 	Loan Seller	 	(Crossed Group)	 	(Yes/No)	 	Maturity Date	 	Revised Rate	 	Flag	 	Cut-off Balance	 	Interest Rate	 	Maturity	 	Date	 	(Mos.)	 	Fees
	1	 	(1)	 	9957	 	The Decoration & Design Building	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	65,000,000	 	4.11000%	 	129	 	5/6/2026	 	360	 	0.0025%
	2	 	(2)	 	9922	 	Eden Roc	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	(3)	 	10040	 	Kaiser Center	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	50,000,000	 	4.39000%	 	118	 	6/6/2025	 	360	 	0.0025%
	4	 	(4)	 	610930148	 	Hilton Nashville	 	WFB	 	NAP	 	No	 	 	 	 	 	Yes	 	50,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0025%
	5	 	 	 	757676	 	Piazza Carmel	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	8268	 	Weston Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.01	 	 	 	8268-1	 	Weston Town Center	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	2000 Main Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	1760 Bell Tower Lane	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	757643	 	University Town Centre	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	(5)	 	8625	 	Ascentia MHC Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.01	 	 	 	10478	 	Aloha Vegas	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	Buckingham Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	Cedar Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	Country Oaks	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	Countryside Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	Dream Island	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	Eagle River	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	Foxridge Farm	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	Gaslight Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	Golden Eagle	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	Hillside	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	Kingswood Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	Lake Fork	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	Mountain Springs	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	North Breeze	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	Rancho Bridger	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	River Valley	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	Riviera de Sandia	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	Sheltered Valley	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	Skyline Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	Sugar Creek	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	Trails End	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	Valle Grande	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	Valley Ridge	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	Vals	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	W bar K	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	West Park Plaza	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	West Winds	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	Western Hills	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	Windgate	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	Woodlawn Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	Woodview	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	(6)	 	7941	 	US StorageMart Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.01	 	 	 	7941-1	 	50 Wallabout Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250 Flanagan Way	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700 River Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015 North Halsted Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536 Wornall Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640 Southwest 2nd Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920 Northwest 7th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925 Southwest 40th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220 West 135th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980 4th Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405 South Federal Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001 Excelsior Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325 Lee Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021 Griffin Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400 West Olmos Drive	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151 Wyandotte Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979 Butterfield Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115 Park Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500 Southwest 160th Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445 Crain Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100 West North Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727 Shermer Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201 Antioch Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450 Mandela Parkway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02 Jamaica Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012 Northwest Prairie View Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101 West 95th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100 North Mannheim	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580 Potranco Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025 Monterey Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N 004 Route 59	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115 Clayton Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702 West 67th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794 Scenic Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430 Bandera Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000 South Providence Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743 San Pablo Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819 North Eola Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506 West Worley Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601 FM 1325	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700 West 159th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403 Rangeline Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277 Walters Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575 Thousand Oaks Drive	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460 Frontage Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401 Third Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816 Eaton Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985 Atlanta Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510 North Main Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750 Winchester Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401 Broadway Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720 Grand Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310 South Enterprise Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420 St Mary’s Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500 I-70 Drive Southeast	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195 Southwest Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900 Northwest Prairie View Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601 Twilight Trail	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515 Church Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891 North Columbia Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200 US #1	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251 Collins Industrial Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310 Paris Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820 West Business Loop 70	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723 East Florida	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	Charles Point Apartments	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	 	 	8716	 	Tanglewood Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	757657	 	Davis Ford Crossing	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	757655	 	Le Meridien Dallas by the Galleria	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14	 	 	 	757638	 	Lewis Self Storage & Industrial	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.01	 	 	 	 	 	Boca Self Storage	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	Deerfield Self Storage	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	Lewis Industrial	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	(7), (8)	 	8472	 	Alderwood Mall	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	 	 	757649	 	Birch Street Promenade	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	757630	 	Courtyard by Marriott Fort Lauderdale	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	757644	 	Ryders Crossing Shopping Center	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	 	 	757640	 	Monarch Crossing Apartments 	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	757621	 	Beltway Plaza II	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	310928527	 	4400 Florin Perkins Road	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	757619	 	Bethany Village Office	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23	 	 	 	757636	 	240 N Ashland 	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	757585	 	Mediterranean Inn	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	757637	 	Waterway Shoppes I	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	757635	 	Promontory Point	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	757647	 	One Industrial Way	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	757612	 	Best Plaza	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	310929658	 	Amplify on Main	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	610929595	 	Valley Ridge Apartments	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	8606	 	CSS Pacific	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	757614	 	Courtyard E Associates	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8732	 	9299 College Parkway	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	757623	 	Austin Bluffs Shopping Center	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	410928722	 	Walgreens - Longmont	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	8741	 	LockTite Deer Park and Pasadena Self Storage	 	CGMRC	 	NAP	 	No	 	 	 		 		 		 	 	 	 	 	 	 	 	 	 
	36.01	 	 	 	8741-1	 	LockTite Deer Park Self Storage	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	LockTite Pasadena Self Storage	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	Mini U Storage - Highlands Ranch	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	410929362	 	Security Self Storage - Orlando	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	410929829	 	675 Mall Ring	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	410928483	 	Allen Avenue Self Storage-Pasadena	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	410929917	 	US Bank - Pacific Palisades	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	410929419	 	Atwater Commons	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	610929887	 	The Summit	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	8631	 	SpaceSavers Saraland	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45	 	 	 	410929522	 	Village Center of Livonia	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	 	 
	(1)	The Cut-off Date Balance of $100,000,000 represents the note A-1 of a $165,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $65,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $165,000,000.
	 	 
	(2)	The Cut-off Date Balance of $95,000,000 represents the note A-3 and note A-4 of a $190,000,000 loan combination evidenced by four pari passu notes. The companion loan has a principal balance of $95,000,000 as of the Cut-off Date and is expected to be contributed the COMM 2015-CCRE24 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $190,000,000.
	 	 
	(3)	The Cut-off Date Balance of $90,000,000 represents the note A-1 of a $140,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $140,000,000.
	 	 
	(4)	The Cut-off Date Balance of $75,000,000 represents the note A-1 of a $125,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to a future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $125,000,000.
	 	 
	(5)	The Cut-off Date Balance of $44,945,461 represents the note A-2 of a $145,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $99,878,803 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $144,824,264.
	 	 
	(6)	The Cut-off Date Balance of $43,694,500 represents the note A-1E of a $412,500,000 loan combination evidenced by six senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1A, Note A-1B and Note A-1C, which had an aggregate outstanding principal balance as of the Cut-off Date of $89,000,000 and contributed to the CGBAM 2015-SMRT transaction, (b) Note A-1D, which has an aggregate outstanding principal balance as of the Cut-off Date of $25,000,000 and is expected to be contributed to the GSMS 2015-GC32 securitization transaction and (c) Note A-1F which had an outstanding principal balance as of the Cut-off Date of $31,231,500 and was contributed to the MSBAM 2015-C23 transaction. The two pari passu junior notes (Note A-2A and Note A-2B) have an aggregate outstanding principal balance as of the Cut-off Date of $223,574,000 and were contributed to the CGBAM 2015-SMRT transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the six senior pari passu notes only.
	 	 
	(7)	The Cut-off Date Balance of $24,382,577 represents the note A-1-4-2 of a $355,000,000 loan combination evidenced by five senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1-1 and Note A-1-2, which have an aggregate principal balance of $127,187,485 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction, (b) Note A-1-3, which has a principal balance of $50,158,445 as of the Cut-off Date and was contributed to the MSC 2015-MS1 securitization transaction and (c) Note A-1-4-1 which had a principal balance of $24,382,577 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. The two pari passu junior notes (Note A-2-1 and Note A-2-2) have an aggregate principal balance of $127,800,000 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the five senior pari passu notes only.
	 	 
	(8)	The mortgage loan amortizes based on a non-standard amortization schedule and the Underwritten NCF DSCR is calculated based on the Average Debt Service of the five senior notes totaling $227,200,000 for the 12-month period starting September 1, 2015. See Annex G in the Free Writing Prospectus for the related amortization schedule.

 

    	 

    	 

    

 

 

EXHIBIT
C

 

FORM OF REQUEST FOR RELEASE

(for Custodian/Trustee)

Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Custodian

Name: __________________

	Address:	 	 
	 	 	 
	 	 	 

Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________

	 	 	 

 

	Certificates:	 	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Wells Fargo Bank, National
Association, as Custodian, for the Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, the documents referred to below (the “Documents”). All capitalized terms not otherwise
defined in this Request for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated as of August
1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and
Wells Fargo Bank, National Association, as Custodian.

(  )         Note
dated _________, _____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the
Trustee.

(  )         Mortgage
recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _______________, State
of _________________ in book/reel/docket ___________ of official records at page/image ________.

(  )       
 Deed of trust recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of
____________, State of _______ in book/reel/docket ____________ of official records at page/image.

    	C-1

    	 

    

 

(  )         Assignment
of Mortgage or deed of trust to the Trustee, recorded on _____________ as instrument no. _______ in the County Recorder’s
Office of the County of _________, State of _______ in book/reel/docket __________ of official records at page/image _____________.

(  )         Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgage.

(  )         ___________________________

(  )         ___________________________

(  )         ___________________________

(  )         ___________________________

The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby acknowledges and agrees as follows:

(i)           The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall hold and retain possession of
the Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.

 

(ii)          The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall not cause or permit the Documents
to become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other impositions
nor shall the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] assert or seek to assert any claims
or rights of set-off to or against the Documents or any proceeds thereof.

 

(iii)         The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall return the Documents to the Custodian
when the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds
thereof have been remitted to the Collection Account and except as expressly provided in the Agreement.

 

(iv)         The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the
[Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall at all times be earmarked for the account
of the Trustee, and the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall keep the Documents
and any proceeds separate and distinct from all other property in the [Master Servicer][Special Servicer][Outside Servicer][Outside
Special Servicer]’s possession, custody or control.

    	C-2

    	 

    

 

	 	 	 
	 	[MASTER SERVICER/SPECIAL SERVICER] [OUTSIDE SERVICER/ OUTSIDE SPECIAL SERVICER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

cc:
Deutsche Bank Trust Company Americas

 

Dated:

    	C-3

    	 

    

EXHIBIT D

FORM OF DISTRIBUTION DATE STATEMENT

    	D-1

    	 

    

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT
    INFORMATION	 	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Depositor	Citigroup Commercial Mortgage
    Securities Inc.	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary
    (Factors)	3	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Interest Distribution
    Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	Master Servicer	Wells Fargo Bank, National Association	 	Principal Distribution
    Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Reconciliation
    Detail	6	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Stratification
    Detail	7	 	 
	 	Operating Advisor	Park Bridge Lender Services LLC	 	 	 	 	 
	 	 	 	 	Mortgage Loan
    Detail	11	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOI Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency Loan
    Detail	13	 	 
	 	Trustee	Deutsche Bank Trust Company
    Americas	 	 	 	 	 
	 	 	 	 	Appraisal Reduction
    Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification
    Detail	17	 	 
	 	Special Servicer	LNR Partners, LLC	 	 	 	 	 
	 	 	 	 	Specially Serviced
    Loan Detail	19	 	 
	 			 	 	 	 	 
	 	 	 	 	Unscheduled Principal
    Detail	21	 	 
	 	Certificate Administrator	Citibank, N.A. 	 	 	 	 	 
	 	 	 	 	Liquidated Loan
    Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	Custodian	Wells Fargo Bank, NAtional Association	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	John Hannon	 	Citibank, N.A.
	 	 	john.hannon@citi.com	 	Agency and Trust
	 	 	Tel: (212) 816-5693	 	388 Greenwich Street,
    14th Floor
	 	 	Fax: (212) 816-5527	 	New York, NY 10013
	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 1 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

 

Distribution
Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 	Yield	Prepayment	 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	Maintenance	Penalties	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)=(7+8+9+10)	(12)	(13)	(14)=(3-8+12-13)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 2 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

	 	 	 	 	 	 	 	 	 	 	 	 
	PER
    $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 	 
	Class	CUSIP	Record

    Date	Prior

    Principal

    Balance

    (3/2 x 1000)	Interest

    Distributed

    (7/2 x 1000)	Principal

    Distributed

    (8/2 x 1000)	Yield

    Maintenance

    Distributed

    (9)/(2) x 1000	Prepayment

    Penalties

    Distributed

    (10)/(2) x 1000	Total

    Distributed

    (11/2 x 1000)	Deferred

    Interest

    (12/2 x 1000)	Realized

    Loss

    (13/2 x 1000)	Current

    Principal

    Balance

    (142 x 1000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 3 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

Interest Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-	Next Pass-	Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through	Through	Day Count	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate	Rate	Fraction	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Notional
    Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 4 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

Principal Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Current
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 5 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	

Reconciliation Detail

	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE
    OF FUNDS	 	ALLOCATION
    OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled Interest	 	 	 	 	Sub-Servicing
    Fee	 	 	 
	 	Prepayment Interest
    Shortfall	 	 	 	 	Master Servicing
    Fee	 	 	 
	 	Interest Adjustments	 	 	 	 	Trustee Fee	 	 	 
	 	Realized Loss
    in Excess of Principal Balance	 	 	 	 	Operating Advisor
    Fee	 	 	 
	 	Total Interest
    Funds Available:	 	 	 	 	Total Scheduled
    Fees:	 	 	 
	 	 	 	 	 	 	Additional Fees, Expenses, etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing
    Fee	 	 	 
	 	Scheduled Principal	 	 	 	 	Workout Fee	 	 	 
	 	Curtailments	 	 	 	 	Liquidation Fee	 	 	 
	 	Principal Prepayments	 	 	 	 	Additional Trust
    Fund Expenses	 	 	 
	 	Net Liquidation
    Proceeds	 	 	 	 	Reimbursement
    for Interest on Advances	 	 	 
	 	Repurchased Principal	 	 	 	 	Other Expenses	 	 	 
	 	Substitution Principal	 	 	 	 	Total Additional
    Fees, Expenses, etc.:	 	 	 
	 	Other Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Total Principal
    Funds Available:	 	 	 	 	Interest Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Principal Distribution	 	 	 
	 	Yield Maintenance
    Charges	 	 	 	 	Yield Maintenance
    Charges Distribution	 	 	 
	 	Prepayment Premiums	 	 	 	 	Prepayment Premiums
    Distribution	 	 	 
	 	Other Charges	 	 	 	 	Total Distribution
    to Certificateholders:	 	 	 
	 	Total Other Funds
    Available:	 	 	 	 	Total Funds Allocated	 	 	 
	 	Total Funds Available	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 6 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail

 

	Ending
    Scheduled Balance	 	 	 	State
	
Ending
    Scheduled

    Balance	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	State	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 7 of 24	 © Copyright 2015 Citigroup

    	 

    

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail

 

	Seasoning	 	Property
    Type
	Seasoning	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Property
    Type	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 8 of 24	 © Copyright 2015 Citigroup

    	 

    

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt
    Service Coverage Ratio	 	Loan
    Rate
	Debt
    Service

    Coverage Ratio	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Loan
    Rate	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 9 of 24	 © Copyright 2015 Citigroup

    	 

    

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Anticipated
    Remaining Term	 	Remaining
    Amortization Term
	Anticipated

    Remaining Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Remaining

    Amortization Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 10 of 24	 © Copyright 2015 Citigroup

    	 

    
	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Detail
	 
	Loan	OMCR	Property

    Type	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Maturity

    Date	

Neg

    Am

    Flag	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Through

    Date	Apprasial

    Reduction

    Date	Apprasial

    Reduction

    Amount	Payment

    Status of

    Loan (1)	Workout

    Strategy

    (2)	Mod.

    Code

    (3)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Payment Status of Loan (1)	 	Workout Strategy (2)	 	Mod. Code (3)	 
	 	 	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD	1. Maturity Date Extension	7. Capitalization of Taxes
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer	2. Amortization Change	8. Other
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 	3. Principal Write-Off	9. Combination
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 	4. Blank (formerly Combination)	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 	5. Temporary Rate Reduction	 
	 	 	6. DPO	12. Reps and Warranties	 	6. Capitalization of Interest	 

 

    	Reports Available at www.sf.citidirect.com	Page 11 of 24	 © Copyright 2015 Citigroup

    	 

    

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1

NOI Detail

	 	 	 	 	 	 	 	 	 	 
	 
	Loan

    Number	OMCR	Property
    Type	City	State	

Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most Recent

    NOI

    Start Date	Most
    Recent

    NOI

    End Date
	 	 	 	 	 	 	 
     
	 	 	 
	Totals	 	 	 	 	 	 	 	 	 

    	Reports Available at www.sf.citidirect.com	Page 12 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Delinquency Loan
    Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advance	Status of	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Advance Interest	Outstanding	Loan (1)	(2)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Delinquency Loan Detail for the current distribution period.
	 
	   Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Payment Status of Loan (1)	 	Workout Strategy (2)	 
	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 
	 	 	6. DPO	12. Reps and Warranties	 

 

 

    	Reports Available at www.sf.citidirect.com	Page 13 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Delinquency
    Information

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	Distribution	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  
	 	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  
	 	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  

 

 

    	Reports Available at www.sf.citidirect.com	Page 14 of 24	 © Copyright 2015 Citigroup

    	 

    

   

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Appraisal Reduction
    Detail

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	There
    is no Appraisal Reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

 

 

    	Reports Available at www.sf.citidirect.com	Page 15 of 24	 © Copyright 2015 Citigroup

    	 

    

  

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Appraisal
    Reduction Detail

	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property
    Name	Reduction
    Amount	Reduction
    Date	ASER Amount	ASER
    Amount
	 	 	 	 	There is no historical
    Appraisal Reduction activity.	 	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 

 

 

    	Reports Available at www.sf.citidirect.com	Page 16 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Loan Modification
    Detail

	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	 	 
	There
    is no Loan Modification activity for the current distribution period.
	 	 	 	 	 	 
	Totals	 	 	 	 	 

	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

 

    	Reports Available at www.sf.citidirect.com	Page 17 of 24	 © Copyright 2015 Citigroup

    	 

    

  

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Loan
    Modification Detail

	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan	OMCR	Property
    Name	Date	Code (1)	Description
	 

                                                                               There
                                         is no historical Loan Modification activity.

	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

 

    	Reports Available at www.sf.citidirect.com	Page 18 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates

    Series 2015-P1

    Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	OMCR	 	Workout

Strategy

(1)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Specially Serviced Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 19 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Spec.

Serviced

Transfer Date	 	Workout

Strategy

(1)	 	Spec.

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(2)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income	 	Net

Operating

Income Date	 	DSC

Ratio	 	DSC

Date	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

There is no historical Specially Serviced Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 20 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Unscheduled
    Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code
(1)	 	 
	 	 	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 21 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Unscheduled Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penality	 	Yield Maintenance

Premium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 22 of 24	 © Copyright 2015 Citigroup

    	 

    

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Liquidated
    Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Liquidated Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at www.sf.citidirect.com	Page 23 of 24	 © Copyright 2015 Citigroup

    	 

    

 

	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical Liquidated Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    	Reports Available at www.sf.citidirect.com	Page 24 of 24	© Copyright 2015 Citigroup

    	 

    

  

EXHIBIT E

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

(1)         the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

*   Select appropriate depository.

 

    	E-1

    	 

    

 

[(2)       
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States;]**

[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;]**

(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable;

(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)         the transferee
is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

**   Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    	E-2

    	 

    

  

EXHIBIT F

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

Citibank, N.A.,

              as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

  

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:

(1)         the offer of
the Certificates was not made to a person in the “United States” (as defined in Regulation S),

    	F-1

    	 

    

 

[(2)        at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States,]*

[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States,] *

(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable,

(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)         the transferee
is an institution.

or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred
in a transaction permitted by Rule 144 under the Securities Act.**

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

*    Insert one of these
two provisions, which come from the definition of “offshore transaction” in Regulation S.

**  Select (i) or (ii),
as applicable.

 

    	F-2

    	 

    

 

EXHIBIT G

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement) 

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such
Class (CUSIP No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged
or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of

 

 

*     Select appropriate depository.

 

    	G-1

    	 

    

 

Rule 144A
and in accordance with any applicable securities laws of any state of the United States or other applicable jurisdiction.

 

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc: Citigroup Commercial Mortgage Securities Inc.

    	G-2

    	 

    

  

EXHIBIT H

FORM OF CERTIFICATION TO BE GIVEN
BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Pooling and Servicing Agreement certifies that it is an institution that is not a “U.S. person” as
defined by Regulation S under the Securities Act of 1933, as amended.

We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are

 

 

 

*     Select, as applicable.

 

    	H-1

    	 

    

 

commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this
certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your
benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer
and the Underwriters.

	 	 	 
	 	Dated:______________
	 	 
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	H-2

    	 

    

 

EXHIBIT I

FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

(1)         the offer of
the Certificates was not made to a person in the “United States” (as defined in Regulation S);

 

 

*     Select appropriate depository.

 

    	I-1

    	 

      

[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] **

(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or
904(b) of Regulation S, as applicable;

(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)         the transferee
is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

**  
Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S.

 

    	I-2

    	 

    

  

EXHIBIT J

FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

(1)         the offer of
the Certificates was not made to a person in the “United States” (as defined in Regulation S);

    	J-1

    	 

    

 

[(2)         at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States;]*

[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] *

(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or
904(b) of Regulation S, as applicable;

(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)         the transferee
is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

 

**  
Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S.

 

    	J-2

    	 

    

 

EXHIBIT K

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged
or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are

    	K-1

    	 

    

 

commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this
certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your
benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer
and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

    	K-2

    	 

    

 

EXHIBIT L-1

 

FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Citibank, N.A.,

          as Certificate Administrator

388 Greenwich Street, 14th Floor 

New York, New York 10013 

Attention:Global Transaction Services –

                  CGCMT Commercial Mortgage Trust 2015-P1

 

		Re:	Citigroup Commercial Mortgage Trust
                                         2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the
                                         “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
                                         Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
                                         Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National
                                         Association, as Custodian, and Citibank, N.A., as Certificate Administrator.

	 

	STATE OF  	 ) 	 
	 	 )  	ss.:
	COUNTY OF 	 ) 	 

 

Capitalized terms not
defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement. 

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

                                                                                                                                                                                                                                                       

1.          I
am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.          The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as the “Lower-Tier REMIC” and “Upper-Tier
REMIC,” respectively, relating to the Certificates for which an election is to be or has been made under Section 860D
of the Internal Revenue Code of 1986 (the “Code”).

 

3.          The
Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring the
Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record
or beneficial ownership

 

    	L-1-1

    	 

    

 

thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of
the following: (i) the United States, a State or any political subdivision of a State, any possession of the United States or any
agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all of its activities
are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected
by any such governmental unit), (ii) a foreign government, International Organization or agency or instrumentality of either of
the foregoing, (iii) an organization that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code
Section 511 on unrelated business taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect
to the Class R Certificates (except certain farmers’ cooperatives described in Code Section 521), (iv) rural electric and
telephone cooperatives described in Code Section 1381(a)(2) or (v) any other Person so designated by the Certificate Registrar
based upon an opinion of counsel to the effect that any transfer to such Person may cause either Trust REMIC to be subject to tax
or to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United States”,
“State” and “international organization” shall have the meanings set forth in Section 7701
of the Code.

 

4.          The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.          The
Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent
of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who
is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the
effect that the transfer of an ownership interest in any Class R Certificate to such Person will not cause either Trust REMIC to
fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity
treated as a U.S. partnership if any of its partners, directly or indirectly (other than through a U.S. corporation) is (or is
permitted to be under the partnership agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which
income from a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an
applicable income tax treaty, of the transferee or any other U.S. Tax Person.

 

6.          No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.          The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

8.         Check
the applicable paragraph:

 

☐        The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

    	L-1-2

    	 

    

 

(i)        the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)       the
present value of the expected future distributions on such Class R Certificate; and

 

(iii)      the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but
the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code
if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will
compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed
using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer
and the compounding period used by the Purchaser.

 

☐        The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)        the
Purchaser is an “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)       at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)      the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)      the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐        None
of the above.

 

9.         The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

    	L-1-3

    	 

    

 

 

10.       The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.

 

11.       The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any
such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and
agreement or as to which the Purchaser has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent
(including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee.

 

12.       The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a
Permitted Transferee.

 

13.       The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.       The
Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.       The
Purchaser consents to the designation of the Certificate Administrator as the agent of the tax matters person of the Lower-Tier
REMIC and Upper-Tier REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	L-1-4

    	 

    

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__. 

	 	 	 	 
	 	By:
    	 	 
	 	 	Name:	 
	 	 	Title:	 

	 	 	 	 
	 	By:
    	 	 
	 	 	Name:	 
	 	 	Title:	 

 

On this ____ day of
_______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn,
personally appeared ______________________ and ________________________, known or proved to me to be the same persons who executed
the foregoing instrument and to be _____________________________ and ___________________________, respectively, of the Purchaser,
and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act and deed of the
Purchaser. 

	 	 	 
	 	 	NOTARY
    PUBLIC in and for the
	 	 	State of _______________
	 	 	 
	      
    [SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	 	 	 

 

    	L-1-5

    	 

    

  

EXHIBIT L-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

  

	Re:		Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1, Class R

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of
August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as
Custodian, and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

 

(1)        No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)        The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Pooling and Servicing Agreement as Exhibit L-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee
(as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in clause (9) of such Transfer Affidavit and Agreement are false.

 

(3)        The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that the Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the
Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of
the Residual Certificates may not be

 

    	L-2-1

    	 

    

  

respected for United States income tax purposes (and the Transferor may continue to be liable
for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	L-2-2

    	 

    

  

EXHIBIT L-3

 

FORM OF TRANSFEREE LETTER

 

[Date]

 

Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

 

Citibank, N.A., 

           as
Certificate Administrator 

388 Greenwich Street, 14th Floor 

New York, New York 10013 

Attention: Global Transaction Services –

                 CGCMT Commercial Mortgage Trust 2015-P1 

 

Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor,

New York, New York 10013

Attention: Paul Vanderslice 

 

[Transferor] 

[______] 

[______] 

Attention: [______]

 

	Re:		Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase [$_____________ initial aggregate [principal amount] [notional amount]] [_____%
Percentage Interest] of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1,
Class [_], CUSIP No. [____], in certificated fully registered form (such registered interest, the “Certificate”),
issued pursuant to that certain pooling and servicing agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master

 

    	L-3-1

    	 

    

  

Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank
Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator.
Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement.

 

[FOR TRANSFERS OF CLASS
E, CLASS F OR CLASS G CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that
the Purchaser (A) either (i) is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility
or prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”, and any such employee benefit
plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting
on behalf of any such Plan or using assets of any such Plan, or (ii) (1) is an insurance company, (2) the source of funds used
to acquire or hold the Certificate or an interest therein is an “insurance company general account,” as such term is
defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in Sections I and III of PTCE
95-60 have been satisfied and (B) is not and will not be a governmental plan (as defined in Section 3(32) of ERISA) subject to
any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction
provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental
plan or using the assets of such governmental plan to acquire the Certificate unless its acquisition, holding and disposition of
the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]

 

[FOR TRANSFERS OF CLASS
R CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) is
not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”, and any such employee benefit plan or other plan, a “Plan”)
or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section
2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such
Plan and (B) is not and will not be a governmental plan subject to any federal, state or local law that is, to a material extent,
similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”)
or any Person acting on behalf of any such governmental plan or using the assets of such governmental plan to acquire the Certificate.]

 

[FOR TRANSFERS OF CLASS
R CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended.]

 

    	L-3-2

    	 

    

  

IN WITNESS WHEREOF, the
Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	L-3-3

    	 

    

  

EXHIBIT L-4

 

FORM OF INVESTMENT REPRESENTATION
LETTER

 

[Date]

 

Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

 

Citibank, N.A., 

           as
Certificate Administrator 

388 Greenwich Street, 14th Floor 

New York, New York 10013 

Attention: Global Transaction Services –

                 CGCMT Commercial Mortgage Trust 2015-P1 

 

Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-P1, Class [__] (the “Class [__] Certificates”) 

	 

   

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Deutsche Bank
Trust Company Americas, as trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as certificate administrator,
on behalf of the holders of Commercial Mortgage Pass Through Certificates, Series 2015-P1 (the “Certificates”),
in connection with the transfer by [               ] (the “Seller”) to the undersigned (the “Purchaser”)
of $______ aggregate [Certificate Principal Amount] [Notional Amount] of Class [ ] Certificates [representing a ___% Percentage
Interest in the related Class], in

 

    	L-4-1

    	 

    

  

certificated fully registered form (such registered interest, the “Transferred Certificate”).
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

1.          The
Purchaser is an “institutional accredited investor” (an “Institutional Accredited Investor”), (i.e. an
entity meeting, or in which all of the equity owners meet, the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”)) and has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Transferred
Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the economic risk of our
or its investment. The Purchaser is acquiring the Transferred Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. [FOR
TRANSFERS OF CLASS R CERTIFICATES: Furthermore, the Purchaser and any such account are each a “qualified institutional buyer”
(within the meaning of Rule 144A under the Securities Act).]The Purchaser hereby undertakes to reimburse the Trust for any costs
incurred by it in connection with this transfer.

 

2.          The
Purchaser’s intention is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account
or (b) for resale to (i) “qualified institutional buyers” in transactions complying with Rule 144A[,FOR TRANSFERS OF
ANY CERTIFICATES OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, pursuant to any other
exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt
by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion
of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities
Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer,
resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign
securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed
transfer.] It understands that the Transferred Certificate (and any subsequent Non-Book Entry Certificate) has not been registered
under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain
investors in certain exempted transactions) as expressed herein.

 

3.          The
Purchaser acknowledges that the Transferred Certificate (and any Certificate issued on transfer or exchange thereof) has not been
registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Transferred
Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless
an exemption from such registration or qualification is available.

 

    	L-4-2

    	 

    

  

4.          The
Purchaser has reviewed the applicable Offering Circular dated August [6], 2015, relating to the Private Certificates (the “Offering
Circular”) and the agreements and other materials referred to therein and has had the opportunity to ask questions and
receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.          The
Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an
owner of a Non-Book Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in
all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

 

6.          The
Purchaser will not sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.

 

7.          Check
one of the following:

 

☐         The
Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

☐         The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred Certificate(s) and states that such Purchaser is not a U.S. Person,
(ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form
W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Transferred Certificate(s) and state
that interest and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with
a U.S. trade or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form
W-8 BEN-E, IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications
as the Certificate Administrator may reasonably request, on or before the date that any such IRS form or certification expires
or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Administrator.

 

For the purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership (except
to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United
States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust
if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more
such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable
Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

    	L-4-3

    	 

    

  

Please make all payments
due on the Transferred Certificates:**

 

(a)        by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

Account number:
_________________________________

 

Institution:
______________________________________

 

(b)        by
mailing a check or draft to the following address:

 

______________________________________________

 

______________________________________________

 

______________________________________________

 

	 	Very truly yours,
	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

 

 

**Please select (a) or (b).

 

    	L-4-4

    	 

    

  

EXHIBIT M-1A

FORM OF INVESTOR CERTIFICATION FOR OBTAINING

INFORMATION AND NOTICES

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	
        Wells Fargo Bank, National
Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

        

        
	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw

	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services – CGCMT 2015-P1	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 
	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance Manager	 

		Re:	Citigroup
Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1

  

In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a [[Certificateholder][Beneficial Owner][prospective purchaser] of the Class ___ Certificates][Serviced Companion
Loan Holder][Companion Loan Holder Representative], and is neither the Controlling Class Representative nor a Controlling Class
Certificateholder..

 

    	M-1A-1

    	 

    

  

2.          The
undersigned has received a copy of the Prospectus Supplement and the Prospectus.1

 

3.          The
undersigned is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal,
partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any
of the foregoing.

 

4.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
[Master Servicer’s website][Certificate Administrator’s Website] and/or is requesting the information identified on
the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Agreement.

 

In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from
such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification
substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan
Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and
the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of
its Representatives.

 

6.          The
undersigned agrees that each time it accesses the [Master Servicer’s website][Certificate Administrator’s Website],
the undersigned is deemed to have recertified that the representations and covenants contained herein remain true and correct.

 

7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

 

 

 

1
Only required for a Certificateholder or a Beneficial Owner.

 

    	M-1A-2

    	 

    

         

		 	 
	 	Certificateholder][Beneficial
Owner][Prospective Purchaser][Serviced Companion Loan Holder][Companion Loan Holder Representative]
	 	 	 
	 	By:	 

	 	 	 
	 	Name:	 

	 	 	 
	 	Title:	 

	 	 	 
	 	Company:	 

 

	 	Phone:	 

 

 

    	M-1A-3

    	 

    

 

EXHIBIT M-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

        

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw 

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2.            The undersigned
is not a Borrower Party.

 

    	M-1B-1

    	 

    

 

3.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.

 

In consideration of
the disclosure to the undersigned of the Information, or the access thereto, (i) the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law; and (ii) notwithstanding anything to the contrary
in clause (i) above, the undersigned will not disclose any Excluded Information to any Borrower Party or an Excluded Controlling
Class Holder.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.            At any time the
undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached
as Exhibit M-1C to the Agreement and shall deliver to the applicable parties the notice attached as Exhibit M-1D to the Agreement.

 

7.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.            The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

 

		[The Controlling Class Representative][a Controlling Class Certificateholder]

 

    	M-1B-2

    	 

    

 

	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 

 

		Title:	 

 

		Company:	 

 

    	M-1B-3

    	 

    

 

EXHIBIT M-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

    	M-1C-1

    	 

    

 

2.            The undersigned
is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.            Except with respect
to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Agreement to certain information
(the “Information”) on the Certificate Administrator’s Website.

 

In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.            The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned receives access to such Excluded
Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information in connection
with its duties, or exercise of its rights pursuant to the Agreement.

 

5.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.            To the extent
the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Mortgagor or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Mortgagor or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Mortgagor, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

    	M-1C-2

    	 

    

 

7.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.            The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

 

		[The Controlling Class Representative][a Controlling Class Certificateholder]

	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 

 

		Title:	 

 

		Company:	 

 

    	M-1C-3

    	 

    

 

EXHIBIT M-1D

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	 	
        Wells Fargo Bank,
National Association

        Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street,
14th Floor

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	
        Park Bridge Lender Services LLC

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager
	 	 

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

THIS NOTICE IDENTIFIES AN “EXCLUDED
CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-P1, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2015-P1, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 4.02(A) OF THE POOLING AND SERVICING
AGREEMENT.

 

In accordance with Section 4.02(a) of the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special
Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo
Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect to the above-referenced
certificates (the “Certificates”), the undersigned (the “Excluded Controlling Class Holder”)
hereby certifies and agrees as follows:

 

    	M-1D-1

    	 

    

 

1.           The undersigned is [the Controlling
Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.           The undersigned has become an Excluded
Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

3.           The undersigned hereby requests termination
of access to any Excluded Information relating to such Excluded Controlling Class Mortgage Loans. The undersigned acknowledges
that it is not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage
Loans unless and until it (i) is no longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class
Mortgage Loans, (ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii)
has submitted a new Investor Certification in accordance with Section 4.02(a) of the Agreement.

 

4.           The undersigned agrees to indemnify
and hold harmless each party to the Agreement, the Underwriters, the Initial Purchasers and the Trust Fund from any damage, loss,
cost or liability (including legal fees and expenses and the cost of enforcing this indemnity) arising out of or resulting from
any unauthorized access by the undersigned or any agent, employee, representative or person acting on its behalf of any Excluded
Information relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Agreement.

 

IN WITNESS WHEREOF, the undersigned has made
the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly authorized
signatory, as of the day and year written above.

	 	 	 
	 	[Controlling Class Representative] [a Controlling
Class Certificateholder]
	 	 	 
	 	By: 	 
			Name:

Title:

Phone:

Email:

Address:

 

    	M-1D-2

    	 

    

 

EXHIBIT M-1E

 

Form
of Certification of the Controlling Class Representative

 

	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

In accordance with
Section 6.09(d) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned
has been appointed to act as the Controlling Class Representative.

 

2.           The undersigned
is not a Borrower Party.

 

3.           If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached
as Exhibit M-1C to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notice attached as Exhibit
M-1D to the Pooling and Servicing Agreement.

 

    	M-1E-1

    	 

    

 

4.           The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

5.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[The Controlling Class Representative][a Controlling Class Certificateholder]
	 	 
	 	By: 	 
			Title:

Company:

Phone:

 

    	M-1E-2

    	 

    

 

EXHIBIT M-2A

 

FORM OF INVESTOR CERTIFICATION FOR
EXERCISING VOTING RIGHTS FOR NON-BORROWER PARTY

 

[Date]

 

Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1

 

	Attention:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.           The undersigned
is a [Certificateholder][Beneficial Owner] of the Class ___ Certificates.

 

2.           The undersigned
has received a copy of the Prospectus Supplement and the Prospectus.

 

3.           The undersigned
is not a Borrower Party.

 

4.           The undersigned
intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):

 

		___	The undersigned is the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Custodian,
the Certificate Administrator or the Operating Advisor.

 

		___	The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Custodian, the Certificate Administrator or the Operating Advisor and hereby certifies to the existence of an Affiliate
Ethical Wall between it and the Depositor, the Master Servicer, the Special Servicer, the 

 

    	M-2B-1

    	 

    

 

			Trustee, the Custodian, the Certificate Administrator or the Operating Advisor, as applicable.

 

		___	The undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Custodian, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing.

 

5.           The undersigned
shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees, agents
or representatives (collectively, the “Representatives”) and shall indemnify the Depositor, the Operating Advisor,
the Certificate Administrator, the Trustee, the Custodian, the Master Servicer, the Special Servicer and the Trust Fund for any
loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the day and year written above.

	 	 	 	 
	 	[Certificateholder] [Beneficial
Owner]
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    	M-2B-2

    	 

    

 

EXHIBIT M-2B

 

FORM OF INVESTOR CERTIFICATION FOR
EXERCISING VOTING RIGHTS FOR BORROWER PARTY

 

[Date]

 

Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1 

 

	Attention:	Citigroup Commercial Mortgage Trust 2015-P1,
Commercial Mortgage Pass-Through Certificates, Series 2015-P1

 

In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.           The undersigned
is a [Certificateholder][Beneficial Owner] of the Class ___ Certificates.

 

2.           The undersigned
has received a copy of the Prospectus Supplement and the Prospectus.

 

3.           The undersigned
is a Borrower Party.

 

4.           The undersigned
intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):

 

		___	The undersigned is an Excluded Controlling Class Holder. The undersigned is an Excluded Controlling
Class Holder with respect to the following Mortgage Loan(s):

 

    	M-2B-1

    	 

    

 

			

 

	Mortgage Loan 

Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

		___	The undersigned is the Special Servicer and is a Borrower Party with respect to the following Excluded
Special Servicer Mortgage Loans:

 

	Mortgage Loan 

Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

		5.	The undersigned shall be fully liable for any breach of this agreement by itself or any of its
officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) and
shall indemnify the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer,
the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by
the undersigned or any of its Representatives.

 

6.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the day and year written above.

	 	 	 	 
	 	[Certificateholder] [Beneficial
Owner]
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 

 

		Title:	 

 

    	M-2B-2

    	 

    

 

		Company:	 

 

		Phone:	 

 

    	M-2B-3

    	 

    

 

EXHIBIT M-3

 

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification
has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction
of the Depositor. If you represent a Vendor Provider not listed herein and would like access to the information, please contact
[the Certificate Administrator’s customer service desk at 866-252-4360]

 

In connection with
the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates Series 2015-P1 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Markit Group
Limited or a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental
notices on [www.sf.citidirect.com (“CitiDirect”)] by request of the Depositor.

 

2.            The undersigned
agrees that each time it accesses [CitiDirect], the undersigned is deemed to have recertified that the representation above remains
true and correct.

 

3.            The undersigned
acknowledges and agrees that the provision to it of information and/or reports on [CitiDirect] is for its own use only, and agrees
that it will not disseminate or otherwise make such information available to any other person without the written consent of the
Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Rule 17g-5
Information Provider’s Website shall also be applicable to information obtained from [CitiDirect].

 

4.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as
of August 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”), Wells
Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Citibank, N.A., as certificate administrator, Wells Fargo Bank, National Association, as Custodian, and Deutsche
Bank Trust Company Americas, as trustee.

 

    	M-3-1

    	 

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

	 	 	 	 
	 	[                              ] 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    	M-3-2

    	 

    

 

EXHIBIT M-4

FORM OF CONFIDENTIALITY AGREEMENT

 

[Wells Fargo Bank, National
Association 

Commercial Mortgage Servicing 

MAC D1086 

550 South Tryon Street, 14th
Floor 

Charlotte, North Carolina
28202 

Attention: CGCMT 2015-P1 Asset
Manager] 

 

[LNR Partners, LLC 

1601 Washington Avenue, Suite 700 

Miami Beach, Florida 33139 

Attention: Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and
Job Warshaw]

 

Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention: Trust Administration – CI1531

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1 Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

Ladies and Gentlemen:

 

In connection with the
Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”),
we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as Master Servicer, and LNR Partners, LLC,
as Special Servicer (and may have been previously furnished) with certain information (the “Information”). For
the purposes of this letter agreement (this “Agreement”), “Representative” of a Person refers
to such Person’s directors, officers, employees, and agents; and “Person” refers to any individual, group
or entity.

 

In connection with and
in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the
Information solely for purposes of making investment decisions and/or exercising the rights of the Directing Holder with respect
to the above-referenced Certificates and the related Mortgage Loans and will not disclose such Information to any Person other
than (i) our Representatives, (ii) our auditors and regulators and (iii) any Person contemplating the purchase of any Certificate
held by the undersigned or of an interest therein (or such outside Persons as are assisting it in making an

 

    	M-4-1

    	 

    

 

evaluation in connection
with purchasing the related Certificates (but only if such Persons confirm in writing such contemplation of a prospective ownership
interest and agree in writing to keep such Information confidential)), (iv) our accountants and attorneys, and (v) such governmental
or banking authorities or agencies to which the undersigned is subject; and such Information will not, without the prior written
consent of the Master Servicer or the Special Servicer, as applicable, and the Trustee, be otherwise disclosed by the undersigned
or by its Representatives in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for
any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

This Agreement shall
not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result
of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential
basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation
of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to us by
you.

 

Capitalized terms used
but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of August
1, 2015, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Citibank, N.A., as Certificate
Administrator, Wells Fargo Bank, National Association, as Custodian, and Deutsche Bank Trust Company Americas, as Trustee.

 

This Agreement, when
signed by us, will constitute our agreement with respect to the subject matter contained herein.

	 	 	 	 
	 	Very truly yours,
	 	 
	 	[NAME OF ENTITY]
	 	 	 	 
	 	By:	 	 
		Name: 	 

		Title:	 

		Company:	 

		Phone:	 

 

		cc:	Citigroup Commercial Mortgage Securities Inc.

Trustee

 

    	M-4-2

    	 

    

 

EXHIBIT M-5

 

FORM OF NRSRO CERTIFICATION

  

Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

Ladies and Gentlemen:

 

In accordance with the requirements for
obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, with respect to the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned, a
nationally recognized statistical rating organization, has provided the Depositor with the appropriate certifications under Exchange
Act Rule 17g-5(e); and

 

2.            The undersigned has
access to the Depositor’s Rule 17g-5 website relating to the Certificates.

 

3.            The undersigned is
requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Rule 17g-5 Information Provider’s Website pursuant to the provisions of the Pooling and Servicing Agreement.

  

			In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep
the Information confidential, and such Information will not, without the prior written consent of the Certificate Administrator,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents, or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part.

 

    	M-5-1

    	 

    

 

4.            The undersigned agrees
that each time it accesses the Rule 17g-5 Information Provider’s Website, it is deemed to have recertified that the representations
herein contained remain true and correct.

 

Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its
duly authorized signatory, as of the day and year first written above.

	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	[NRSRO Name]	 
	 	 	 	 
	 	By: 	 	 
	 	Name:

Title:

Phone:

Email:

	 
	 	 	 	 
	Dated:	 	 	 

 

    	M-5-2

    	 

    

 

EXHIBIT N

 

CUSTODIAN CERTIFICATION

 

[DATE]

 

[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

[Each Initial Purchaser]

[The related Serviced Companion Loan Holder (upon request, in
the case of a Serviced Loan Combination)]

 

		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2015-P1

 

Ladies and Gentlemen:

 

In accordance with the provisions of Section
2.02(b) of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan, and
subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents specified in clauses (1),
(2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that
is part of a Loan Combination) of the definition of “Mortgage File” are in its possession or the related Mortgage Loan
Seller has otherwise satisfied the delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the
recordation/filing contemplated by Section 2.01(c) of the Pooling and Servicing Agreement has been completed (based solely
on receipt by the undersigned of the particular recorded/filed documents); (iii) all documents received by the undersigned
with respect to such Mortgage Loan have been reviewed by the undersigned and (A) appear regular on their face (handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appear to have been
executed (where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations
referred to in Section 2.02(a) and Section 2.02(b) of the Pooling and Servicing Agreement and only as to the foregoing
documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the information set forth
in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition of “Mortgage
Loan Schedule” accurately reflects the information set forth in the Mortgage File.

 

The undersigned makes no representations as
to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage File
or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
or suitability of any such Mortgage Loan.

 

    	N-1

    	 

    

 

Capitalized words and phrases used herein
and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement.

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	N-2

    	 

    

 

SCHEDULE OF EXCEPTIONS

 

[          ]

 

    	N-3

    	 

    

 

EXHIBIT O

 

SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer below shall include any Sub-Servicer
engaged by a Master Servicer or Special Servicer.  

	 	 	 
	Servicing
    Criteria 	applicable

    Servicing

    Criteria
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Master
                                         Servicer

                                         Special Servicer

        Certificate
        Administrator

        
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer

    Custodian (in the case of the Custodian, if such entity is not also the Trustee)
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.1	Master
                                         Servicer

        Special
        Servicer

        Certificate
        Administrator

        
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
                                         Servicer

                                         Special Servicer

        Certificate
        Administrator

        
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator

     
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
    year)

 

 

 

1 The
servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.

 

    	O-1

    	 

    

 

	Servicing
    Criteria 	applicable

    Servicing

    Criteria
	Reference	Criteria	 
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days
    after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number
    of days specified in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and
    other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms
    specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations;
    and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number
    of mortgage loans serviced by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor))
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Reporting Servicer’s investor records, or such other
    number of days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Master
    Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master 	Master
    Servicer

 

    	O-2

    	 

    

 

	Servicing
    Criteria 	applicable

    Servicing

    Criteria
	Reference	Criteria	 
	 	Servicer’s
    records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the
    obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements;
    (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and
    state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage
    loans, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
    is maintained as set forth in the transaction agreements.	N/A

 

    	O-3

    	 

    

 

EXHIBIT P

SUPPLEMENTAL SERVICER SCHEDULE

 

    	P-1

    	 

    

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 	 	Letter of 	 	Upfront RE  
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor	 	Credit	 	Tax Reserve ($)
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	D&D Building Company LLC	 	Office	 	100,000,000.00	 	7/15/2015	 	360	 	360	 	Charles S. Cohen	 	No	 	2,128,973.35
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	Eden Roc, LLLP	 	Hospitality	 	95,000,000.00	 	6/25/2015	 	0	 	0	 	Diego Ardid; Jose Ardid; Inigo Ardid; Roberto Chapur Zahoul; Key International Holdings, Inc.; Key International II, LLC	 	No	 	1,575,000.00
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	SIC-Lakeside Drive, LLC	 	Office	 	90,000,000.00	 	6/3/2015	 	360	 	360	 	Swig Investment Company, LLC	 	No	 	1,491,822.80
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	Nashville Downtown Hotel, LLC	 	Hospitality	 	75,000,000.00	 	7/22/2015	 	360	 	360	 	Jeffrey Soffer	 	No	 	651,449.00
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	Piazza Carmel, LLC and CDM Retail, LLC	 	Retail	 	64,000,000.00	 	7/16/2015	 	0	 	0	 	Alfred E. Baldwin	 	No	 	107,059.89
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	Weston TC LLC	 	 	 	60,000,000.00	 	6/11/2015	 	360	 	360	 	Barry J. Belmont and Barry J. Belmont Revocable Trust DTD March 25, 2008	 	No	 	829,675.22
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	UTC, LP	 	Retail	 	55,000,000.00	 	7/1/2015	 	360	 	360	 	J. Brent Roswall, J. Michael Nidiffer	 	No	 	187,480.42
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	Cedar Village MHC, LLC, Cheyenne MHP, LLC, Country Oaks MHC, LLC, Countryside Mobile Home Park, LLC Dream Island Mobile Home Park, LLC, Grand Island Mobile Home Community, LLC, Lincoln Mobile Home Parks, LLC, Aloha Vegas MHC, LLC, Rancho Bridger MHC, LLC, Valle Grande MHC, LLC, River Valley Mobile Home Park, LLC, Hillside MHC, LLC, West Park Plaza Mobile Home Park, LLC, Western Hills MHP, LLC, Buckingham Woodview, LLC, Woodview MHC, LLC, Eagle River Mobile Home Park, LLC, Windgate MHC, LLC, Golden Eagle MHC, LLC, Leadville MHC, LLC, Foxridge Mobile Home Park Associates, LLC, North Breeze MHC, LLC, Riviera De Sandia MHC, LLC, Valley Ridge MHC, LLC, Val’s MHC, LLC, Mountain Springs MHC-WK, LLC, Sugar Creek MHC, LLC, Trails End MHC-WK, LLC, Skyline MHC, LLC and W Bar K MHC-WK, LLC	 	 	 	45,000,000.00	 	7/1/2015	 	360	 	359	 	John J. Eberle, Boris B Vukovich and Ascentia Real Estate Holding Company, LLC	 	No	 	344,296.05
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	TKG-StorageMart Partners Portfolio, LLC and New TKG-StorageMart Partners Portfolio, LLC	 	 	 	43,694,500.00	 	3/26/2015	 	0	 	0	 	E. Stanley Kroenke	 	No	 	0.00
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	Mixed Use	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	Charles Point 2015, LLC	 	Multifamily	 	35,250,000.00	 	7/17/2015	 	360	 	360	 	Charles E. Smith; Milo C. Smith; Philip C. Smith	 	No	 	234,293.00
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	Tanglewood Apts, LLC	 	Multifamily	 	35,100,000.00	 	6/26/2015	 	360	 	359	 	Thomas J. Tomanek, Angelita Floro Tomanek, Robert Floro Gonzalez, Larissa Tomanek and Tomanek 1998 Declaration of Trust	 	No	 	298,259.50
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	Davis Ford Crossing, LLC	 	Retail	 	33,750,000.00	 	6/19/2015	 	360	 	360	 	Gary D. Rappaport, The Gary D. Rappaport Revocable Trust	 	No	 	73,975.50
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	NB Hotels Dallas LLC	 	Hospitality	 	31,000,000.00	 	6/10/2015	 	360	 	360	 	Nadir Badruddin	 	No	 	337,019.67
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	Lewis Rental Properties Limited Partnership	 	 	 	30,100,000.00	 	6/4/2015	 	360	 	358	 	Timothy Lewis	 	No	 	306,723.84
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	Alderwood Mall L.L.C.	 	Retail	 	24,500,000.00	 	5/5/2015	 	360	 	358	 	GGP/Homart II L.L.C.	 	No	 	0.00
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	110 W. Birch St., LLC, Birch Street Food Court, LLC, and 260/330 W. Birch St., LLC	 	Mixed Use	 	24,125,000.00	 	7/8/2015	 	360	 	360	 	Dwight Manley	 	No	 	117,709.01
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	Fort Lauderdale CY, LLC	 	Hospitality	 	23,000,000.00	 	5/29/2015	 	360	 	358	 	Robert Finvarb	 	No	 	0.00
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	Morel Operating Co., L.L.C.	 	Retail	 	20,300,000.00	 	7/8/2015	 	360	 	360	 	Mordechai Lipkis	 	No	 	19,571.85
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	MC Columbus, LLC	 	Multifamily	 	19,310,000.00	 	7/16/2015	 	360	 	360	 	Richard B. Freeman, II	 	No	 	62,780.48
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	Beltway Plaza III LLC	 	Retail	 	18,500,000.00	 	5/1/2015	 	360	 	360	 	CNA Enterprises, Inc.	 	No	 	22,618.72
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	RI Florin Perkins, LLC	 	Industrial	 	15,400,000.00	 	7/8/2015	 	360	 	360	 	Read Seven, LLC	 	No	 	86,985.00
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	Bethany Village Offices, LLC	 	Office	 	13,300,000.00	 	4/30/2015	 	360	 	357	 	Roy I. Kim	 	No	 	72,065.24
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	Peppercorn 240, LLC	 	Office	 	12,500,000.00	 	6/3/2015	 	360	 	360	 	Philip F. Denny	 	No	 	119,397.32
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	425 Queen Anne, LLC	 	Hospitality	 	10,825,000.00	 	3/12/2015	 	360	 	356	 	Kenneth C. Winslow, J Thomas Wells 	 	No	 	0.00
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	Waterway Ventures LLC	 	Retail	 	10,400,000.00	 	5/29/2015	 	360	 	360	 	Camil Torbay, Henry Torbay	 	No	 	113,461.95
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	TLO TX1 Investments, LLC	 	Office	 	10,230,000.00	 	6/26/2015	 	360	 	359	 	TLO TX1 Investments, LLC	 	Yes	 	78,994.40
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	West Ridge - Eatontown LLC	 	Office	 	10,000,000.00	 	7/1/2015	 	360	 	360	 	James M. Bollerman	 	No	 	18,611.97
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	Escondido Mission Village, a California Limited Partnership	 	Retail	 	10,000,000.00	 	5/4/2015	 	360	 	358	 	Ricardo G. Rosa	 	No	 	61,549.58
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	Champion Amplify, LLC	 	Multifamily	 	9,870,000.00	 	7/15/2015	 	360	 	360	 	Robert Champion; The Robert and Marjorie Champion Trust	 	No	 	92,127.00
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	EPT Valley Ridge Apartments, LP	 	Multifamily	 	9,280,000.00	 	6/1/2015	 	360	 	358	 	Richard Aguilar	 	No	 	120,402.00
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	CSS Alameda Self-Storage LLC	 	Self Storage	 	9,000,000.00	 	6/25/2015	 	0	 	0	 	Robert J. Dailey, Neil A. Sims	 	No	 	49,852.00
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	Courtyard E Associates, LLC	 	Retail	 	9,000,000.00	 	7/7/2015	 	360	 	360	 	OCP Investors, LLC; Pinole R.O.W. Partnership, L.P.	 	No	 	49,041.73
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	9299 College Parkway, LLC	 	Office	 	6,400,000.00	 	6/24/2015	 	360	 	360	 	John D. Murphy. Jr, A. John Merola, Jeffrey Foster and Stephen Cicci	 	No	 	26,465.61
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	Austin Bluffs Limited Liability Company	 	Retail	 	6,300,000.00	 	5/14/2015	 	360	 	358	 	Meyer Saltzman, Jorge Topelson, Alejandro Tobelson	 	No	 	11,524.24
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	Giffra Ranch Longmont, LLC	 	Retail	 	3,900,000.00	 	6/30/2015	 	360	 	359	 	Giffra Ranch, LLC	 	No	 	0.00
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	4013 Deer Park Storage, LLC and 5035 Pasadena Storage, LLC	 	 	 	3,750,000.00	 	6/30/2015	 	360	 	360	 	Paul Rasplicka and George McCanse	 	No	 	128,259.51
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	Mini U Storage Highlands Ranch, Ltd.	 	Self Storage	 	3,700,000.00	 	7/6/2015	 	360	 	360	 	Dahn Corporation	 	No	 	22,368.00
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	Storaway Self Storage of Orlando, LLC	 	Self Storage	 	3,600,000.00	 	7/1/2015	 	336	 	335	 	Stephen L. Clark; Robert N. Baker; Stephen L. Clark Trust; Robert N. Baker Trust	 	No	 	33,066.00
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	PCM Mall Ring, LLC; RH Mall Ring, LLC	 	Retail	 	3,100,000.00	 	7/13/2015	 	360	 	360	 	Bobby Khorshidi; Robert Hanasab; East Meets West Family Trust; Robert Hanasab Trust	 	No	 	7,752.00
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	Allen Avenue Self Storage, LLC	 	Self Storage	 	2,600,000.00	 	7/1/2015	 	0	 	0	 	Richard D. Biggar	 	No	 	0.00
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	Hunt-Palisades, LLC	 	Retail	 	2,500,000.00	 	7/17/2015	 	360	 	360	 	Vard Stephen Hunt	 	No	 	0.00
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	Aspen Group/Atwater SPE, LLC	 	Retail	 	2,300,000.00	 	6/10/2015	 	300	 	298	 	John P. Damico; Richard D. Rosin	 	No	 	25,898.00
	43	 	 	 	610929887	 	WFB	 	The Summit	 	7721-7741 Gray, LLC	 	Industrial	 	2,275,000.00	 	7/1/2015	 	360	 	359	 	Lolly S. Werner; Barry L. Werner; The Werner Family Trust	 	No	 	17,640.00
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	Forest Cove Exchange Properties LLC	 	Self Storage	 	2,250,000.00	 	6/2/2015	 	360	 	358	 	Plato Foufas	 	No	 	14,408.33
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	VCL Associates, L.L.C.	 	Retail	 	1,235,000.00	 	7/13/2015	 	300	 	300	 	Robert D. Goldman	 	No	 	4,090.00

 

    	 

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 	 	Upfront	 	Ongoing	 	 	 	Upfront Debt
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)	 	TI/LC Caps ($)	 	Service Reserve ($)
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	1,064,486.68	 	0.00	 	0.00	 	0.00	 	10,543.33	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	175,000.00	 	331,772.00	 	156,143.00	 	0.00	 	Greater of (i) 1/12 of 3% of Gross Income from Operations for the preceding calendar year, (ii) 1/12 of 3% of Gross Income from Operations for the succeeding calendar year in the budget, or (iii) amount of FF&E required under the management agreement	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	248,637.13	 	0.00	 	0.00	 	0.00	 	16,551.00	 	595,836.00	 	0.00	 	0.00	 	0.00	 	0.00
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	108,575.00	 	0.00	 	0.00	 	0.00	 	121,140.83	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	21,411.97	 	0.00	 	0.00	 	0.00	 	3,855.33	 	138,791.88	 	0.00	 	12,048.00	 	400,000.00	 	0.00
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	82,967.52	 	146,584.55	 	36,646.14	 	0.00	 	2,359.00	 	141,516.00	 	0.00	 	15,724.00	 	300,000.00	 	0.00
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	37,496.06	 	44,562.70	 	6,366.10	 	0.00	 	9,400.58	 	0.00	 	372,775.77	 	16,735.00	 	393,000.00	 	0.00
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	86,074.01	 	284,343.75	 	25,849.43	 	0.00	 	21,960.84	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	26,033.00	 	0.00	 	0.00	 	8,710.00	 	8,710.00	 	522,600.00	 	0.00	 	0.00	 	0.00	 	0.00
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	59,651.90	 	22,397.03	 	3,732.84	 	406,500.00	 	1,184.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	36,987.73	 	5,819.00	 	1,454.75	 	0.00	 	2,311.33	 	0.00	 	1,248,462.00	 	9,524.44	 	342,880.00	 	0.00
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	56,169.94	 	0.00	 	0.00	 	0.00	 	41,109.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	43,817.70	 	103,377.58	 	22,839.55	 	0.00	 	8,876.04	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	23,541.81	 	10,786.44	 	2,157.28	 	0.00	 	1,714.42	 	0.00	 	0.00	 	5,000.00	 	180,000.00	 	0.00
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	19,571.85	 	52,274.30	 	7,467.76	 	0.00	 	3,486.75	 	0.00	 	710,583.00	 	6,250.00	 	225,000.00	 	0.00
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	15,695.12	 	0.00	 	0.00	 	0.00	 	4,833.34	 	174,000.24	 	0.00	 	0.00	 	0.00	 	0.00
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	7,539.57	 	0.00	 	0.00	 	0.00	 	1,573.83	 	0.00	 	0.00	 	12,142.86	 	350,000.00	 	0.00
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	17,397.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	12,010.88	 	0.00	 	0.00	 	0.00	 	1,354.18	 	0.00	 	81,251.00	 	6,771.00	 	243,753.00	 	0.00
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	19,899.55	 	14,823.51	 	1,347.59	 	0.00	 	1,323.67	 	0.00	 	0.00	 	6,618.33	 	238,260.00	 	0.00
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	17,473.57	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	16,208.85	 	7,002.88	 	3,501.44	 	150,000.00	 	598.30	 	21,538.80	 	75,000.00	 	4,487.25	 	161,541.00	 	0.00
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	13,157.40	 	0.00	 	0.00	 	0.00	 	1,641.26	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	18,612.01	 	3,604.50	 	1,802.26	 	0.00	 	1,434.45	 	0.00	 	0.00	 	7,172.25	 	172,134.00	 	0.00
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	20,516.53	 	8,996.56	 	2,249.13	 	0.00	 	2,684.73	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	13,161.00	 	4,136.00	 	2,068.00	 	0.00	 	1,233.00	 	29,592.00	 	0.00	 	0.00	 	0.00	 	0.00
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	20,067.00	 	0.00	 	0.00	 	0.00	 	5,000.00	 	180,000.00	 	0.00	 	0.00	 	0.00	 	0.00
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	7,121.68	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	9,808.35	 	0.00	 	0.00	 	0.00	 	792.65	 	0.00	 	178,015.75	 	1,745.00	 	63,000.00	 	0.00
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	2,646.56	 	5,203.19	 	2,601.59	 	0.00	 	805.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	5,762.11	 	10,253.74	 	932.16	 	400,000.00	 	2,461.14	 	0.00	 	0.00	 	4,166.67	 	125,000.00	 	0.00
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	12,825.95		0.00		0.00		40,914.00		795.42		0.00		0.00		0.00		0.00		0.00
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	7,456.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	3,674.00	 	0.00	 	0.00	 	0.00	 	621.00	 	20,097.00	 	0.00	 	0.00	 	0.00	 	0.00
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	1,292.00	 	2,848.00	 	407.00	 	0.00	 	214.33	 	7,715.88	 	0.00	 	1,036.92	 	100,000.00	 	0.00
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	4,327.00	 	862.00	 	862.00	 	0.00	 	316.00	 	11,372.00	 	0.00	 	2,132.00	 	127,940.00	 	0.00
	43	 	 	 	610929887	 	WFB	 	The Summit	 	4,410.00	 	4,576.00	 	572.00	 	19,836.00	 	551.00	 	19,836.00	 	40,000.00	 	1,753.00	 	40,000.00	 	0.00
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	2,058.33	 	3,281.25	 	1,640.63	 	0.00	 	421.92	 	10,126.00	 	0.00	 	0.00	 	0.00	 	0.00
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	4,090.00	 	2,426.00	 	1,213.00	 	0.00	 	466.00	 	0.00	 	0.00	 	971.00	 	0.00	 	0.00

 

    	 

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve	 	Period-	 	Period-
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description	 	Default	 	Late Fee
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	0.00	 	165,850.00	 	0.00	 	0.00	 	0.00	 	318,750.00	 	106,250.00	 	Ground Lease Reserve	 	0	 	0
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	5,706,695.00	 	0.00	 	Unfunded Obligations Reserve	 	0	 	0
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	Condominium Reserve - $19,959	 	0.00	 	Condominium / Springing Parking Rent Reserve	 	0	 	5
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	0.00	 	14,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	5
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	394,811.83	 	0.00	 	Assessment Reserve ($226,173); Free Rent Reserve ($141,888.83); Unfunded Obligations Reserve ($26,750)	 	0	 	0
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	0.00	 	25,750.00	 	0.00	 	0.00	 	0.00	 	554,390.00	 	0.00	 	Lane Bryant Construction	 	5	 	0
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	0.00	 	775,342.50	 	0.00	 	0.00	 	0.00	 	3,000.00	 	0.00	 	Capped Well Work Reserve	 	0	 	0
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	0.00	 	498,613.00	 	0.00	 	0.00	 	0.00	 	265,303.00	 	0.00	 	Krispy Kreme Rent Escrow ($210,000) Rikko’s Rent Escrow ($7,240) Phenix Rent Escrow ($48,063)	 	5	 	7
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	90,212.00	 	PIP Reserve	 	5	 	0
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	0.00	 	31,570.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	2 days grace, once per trailing 12-month period	 	0
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	0.00	 	11,495.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	5
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	0.00	 	45,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	0.00	 	25,982.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	0.00	 	368,912.00	 	0.00	 	0.00	 	0.00	 	209,956.00	 	0.00	 	Existing TILC Reserve	 	0	 	5
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	112,606.02	 	0.00	 	Cash Management Set Up Holdback	 	5	 	5
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	52,878.65	 	0.00	 	Tangoe Rent Reserve ($2,878.65) Tangoe Security Deposit ($50,000)	 	5	 	4
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	18,700.00	 	0.00	 	Planet Fitness	 	5	 	0
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	504,000.00	 	0.00	 	Party City Rents	 	5	 	3
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	0.00		0.00		0.00		0.00		0.00		250,000.00		0.00		Economic Holdback		0		0
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	150,000.00	 	0.00	 	Hop Hog TILC Reserve 	 	0	 	5
	43	 	 	 	610929887	 	WFB	 	The Summit	 	0.00	 	15,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	0.00	 	16,288.00	 	0.00	 	0.00	 	0.00	 	61,000.00	 	0.00	 	Premier Pet Supply Reserve	 	0	 	5

 

    	 

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Residual Value	 	Lease Enhancement	 	Environmental	 	O&M	 	Cash	 	 	 	Units, Pads,	 	Unit	 	Debt	 	Accrual	 	Administrative	 	Ground	 	 	 	Serviced Companion	 	Monthly Debt	 	Interest Accrual
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($)	 	Method	 	Fee Rate (%)	 	Lease Y/N	 	Prepayment Provision	 	Loan Flag	 	Service ($)	 	Method
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	588,512	 	sf	 	483,779	 	Actual/360	 	0.01033%	 	Yes	 	Lockout/24_Defeasance/101_0%/4	 	Yes	 	314,456.12	 	Actual/360
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	631	 	Rooms	 	348,355	 	Actual/360	 	0.01043%	 	No	 	Lockout/25_Defeasance or >YM or 1%/91_0%/4	 	 	 	 	 	 
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	811,005	 	sf	 	450,153	 	Actual/360	 	0.01033%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	Yes	 	250,085.19	 	Actual/360
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	330	 	Rooms	 	385,380	 	Actual/360	 	0.02033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	Yes	 	256,920.16	 	Actual/360
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	144,576	 	sf	 	236,304	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	188,688	 	sf	 	302,587	 	Actual/360	 	0.03783%	 	No	 	Lockout/25_Defeasance or >YM or 1%/92_0%/3	 	 	 	 	 	 
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	No	 	No	 	No	 	NAP	 	 	 	 	 	158,287	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	19,945	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	No	 	No	 	No	 	NAP	 	 	 	 	 	10,456	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	391,864	 	sf	 	281,954	 	Actual/360	 	0.04783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	No	 	No	 	No	 	Various	 	Springing	 	Springing	 	4,965	 	Pads	 	226,007	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	No	 	No	 	No	 	NAP	 	 	 	 	 	213	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	127	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	43	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	No	 	No	 	No	 	ACM	 	 	 	 	 	131	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	164	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	No	 	No	 	No	 	NAP	 	 	 	 	 	86	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	No	 	No	 	No	 	ACM	 	 	 	 	 	381	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	No	 	No	 	No	 	ACM	 	 	 	 	 	481	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	437	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	No	 	No	 	No	 	NAP	 	 	 	 	 	23	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	213	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	No	 	No	 	No	 	NAP	 	 	 	 	 	151	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	No	 	No	 	No	 	NAP	 	 	 	 	 	40	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	No	 	No	 	No	 	ACM	 	 	 	 	 	36	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	No	 	No	 	No	 	NAP	 	 	 	 	 	210	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	No	 	No	 	No	 	ACM	 	 	 	 	 	80	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	304	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	No	 	No	 	No	 	NAP	 	 	 	 	 	33	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	No	 	No	 	No	 	NAP	 	 	 	 	 	62	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	No	 	No	 	No	 	NAP	 	 	 	 	 	308	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	No	 	No	 	No	 	ACM	 	 	 	 	 	90	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	No	 	No	 	No	 	NAP	 	 	 	 	 	227	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	No	 	No	 	No	 	ACM	 	 	 	 	 	295	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	No	 	No	 	No	 	NAP	 	 	 	 	 	143	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	258	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	4,519,664	 	sf	 	140,209	 	Actual/360	 	0.01283%	 	Various	 	Lockout/28_Defeasance/28_0%/4	 	 	 	 	 	 
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	87,513	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	No	 	No	 	No	 	NAP	 	 	 	 	 	94,971	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	82,023	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	99,615	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	86,390	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	45,922	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,195	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	92,015	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	98,800	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	39,949	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	111,125	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	162,995	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	44,418	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	99,519	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71,225	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	87,028	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	107,220	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	80,923	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	84,248	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	65,246	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,166	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	89,302	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	88,650	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	47,361	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	41,072	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	91,535	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,710	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	No	 	No	 	No	 	NAP	 	 	 	 	 	90,571	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,778	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	48,564	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	No	 	No	 	No	 	NAP	 	 	 	 	 	92,350	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	48,120	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75,220	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75,320	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,275	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	70,949	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51,764	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,450	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	77,100	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	No	 	No	 	No	 	NAP	 	 	 	 	 	74,975	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	53,758	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	141,775	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	53,175	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	57,475	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	No	 	No	 	No	 	NAP	 	 	 	 	 	59,650	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	66,115	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	29,550	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	61,995	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	64,085	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	76,085	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55,000	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	41,608	 	sf	 	 	 	 	 	 	 	Yes	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	46,307	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	63,325	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	58,075	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	No	 	No	 	No	 	NAP	 	 	 	 	 	42,483	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	28,510	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	43,765	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	No	 	No	 	No	 	NAP	 	 	 	 	 	54,250	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	63,280	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	50,900	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	No	 	No	 	No	 	NAP	 	 	 	 	 	15,389	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	45,150	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	36,854	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	No	 	No	 	No	 	NAP	 	 	 	 	 	21,700	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	No	 	No	 	No	 	NAP	 	 	 	 	 	32,834	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	No	 	No	 	No	 	NAP	 	Springing	 	Soft	 	399	 	Units	 	179,655	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	216	 	Beds	 	177,221	 	Actual/360	 	0.03783%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	155,061	 	sf	 	167,813	 	Actual/360	 	0.02783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	258	 	Rooms	 	156,704	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	398,396	 	sf	 	152,512	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	No	 	 	 	 	 	 	 	138,439	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	No	 	 	 	 	 	 	 	149,747	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	No	 	 	 	 	 	 	 	110,210	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	575,704	 	sf	 	130,829	 	Actual/360	 	0.01283%	 	No	 	Lockout/26_Defeasance/87_0%/7	 	 	 	 	 	 
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	62,193	 	sf	 	123,099	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	174	 	Rooms	 	115,447	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	160,927	 	sf	 	99,270	 	Actual/360	 	0.03783%	 	Yes	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	232	 	Units	 	97,497	 	Actual/360	 	0.04783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	85,845	 	sf	 	90,252	 	Actual/360	 	0.01783%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	461,608	 	sf	 	77,390	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	81,251	 	sf	 	65,350	 	Actual/360	 	0.01783%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	79,420	 	sf	 	62,374	 	Actual/360	 	0.04783%	 	No	 	Lockout/25_Defeasance/88_0%/7	 	 	 	 	 	 
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	180	 	Rooms	 	50,440	 	Actual/360	 	0.04783%	 	No	 	Lockout/28_Defeasance/88_0%/4	 	 	 	 	 	 
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	No	 	No	 	Yes	 	NAP	 	Springing	 	Soft	 	35,898	 	sf	 	51,223	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	No	 	No	 	No	 	NAP	 	None	 	None	 	93,786	 	sf	 	52,995	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	114,756	 	sf	 	50,787	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	No	 	No	 	Yes	 	ACM	 	Springing	 	Springing	 	94,755	 	sf	 	47,454	 	Actual/360	 	0.01783%	 	No	 	Lockout/0_>YM or 1%/56_0%/4	 	 	 	 	 	 
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	No	 	No	 	No	 	NAP	 	None	 	None	 	74	 	Units	 	50,186	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	240	 	Units	 	45,815	 	Actual/360	 	0.04033%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	71,776	 	sf	 	32,698	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	No	 	No	 	No	 	NAP	 	Springing	 	Soft	 	38,047	 	sf	 	47,220	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	38,639	 	sf	 	31,973	 	Actual/360	 	0.04033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	No	 	No	 	Yes	 	ACM	 	Springing	 	Springing	 	50,057	 	sf	 	32,221	 	Actual/360	 	0.04783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	14,810	 	sf	 	19,599	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	No		No		No		NAP		Springing		Springing		90,920		sf		19,449		Actual/360		0.01033%		No		Lockout/25_Defeasance/88_0%/7		 	 	 	 	 
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	No	 	No	 	No	 	NAP	 	 	 	 	 	61,120	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	No	 	No	 	No	 	NAP	 	 	 	 	 	29,800	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	50,440	 	sf	 	18,857	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	No	 	No	 	No	 	NAP	 	None	 	None	 	67,794	 	sf	 	19,222	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	7,564	 	sf	 	16,585	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	No	 	No	 	No	 	ACM	 	None	 	None	 	69,050	 	sf	 	9,424	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/88_0%/7	 	 	 	 	 	 
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	3,845	 	sf	 	12,951	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/56_0%/4	 	 	 	 	 	 
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	18,954	 	sf	 	13,192	 	Actual/360	 	0.01033%	 	No	 	Lockout/26_Defeasance/87_0%/7	 	 	 	 	 	 
	43	 	 	 	610929887	 	WFB	 	The Summit	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	36,730	 	sf	 	11,950	 	Actual/360	 	0.05033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	50,625	 	sf	 	11,887	 	Actual/360	 	0.08783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	23,312	 	sf	 	7,423	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/89_0%/7	 	 	 	 	 	 

 

    	 

    	 

    

 

	DS Partial I/O:	 	The monthly debt service shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. 
	Admin Fee Rate:	 	The Administrative Fee Rate includes the Servicing Fee Rate, the
    Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property
    Royalty License Fee Rate applicable to each Mortgage Loan.
	Open Period:	 	The open period is inclusive of the Maturity Date.
	(1)	 	The Cut-off Date Balance of $100,000,000 represents the note A-1 of a $165,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $65,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $165,000,000.
	(2)	 	The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 24 payment dates is based on the expected CGCMT 2015-P1 securitization closing date in August 2015. The actual lockout period may be longer.
	(3)	 	The Cut-off Date Balance of $95,000,000 represents the note A-3 and note A-4 of a $190,000,000 loan combination evidenced by four pari passu notes. The companion loan has a principal balance of $95,000,000 as of the Cut-off Date and is expected to be contributed the COMM 2015-CCRE24 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $190,000,000.
	(4)	 	The Ongoing Replacement Reserve will be an FF&E equal to the greater of (i) one-twelfth of 3% of gross income from operations for the preceding calendar year, (ii) one-twelfth of 3% of gross income from operations for the succeeding calendar year in the budget, or (iii) the amount of FF&E required under the management agreement. 
	(5)	 	The Cut-off Date Balance of $90,000,000 represents the note A-1 of a $140,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $140,000,000.
	(6)	 	The Cut-off Date Balance of $75,000,000 represents the note A-1 of a $125,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to a future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $125,000,000.
	(7)	 	The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 11, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 24 payment dates is based on the expected CGCMT 2015-P1 securitization closing date in August 2015. The actual lockout period may be longer.
	(8)	 	The Monthly Replacement Reserve will be adjusted to an amount equal the greater of: (i) the then-existing Monthly Replacement Reserve; (ii) 1/12th of 4% of total revenue for the prior fiscal year; and (iii) the amount required under the franchise agreement.
	(9)	 	Upon the occurrence of a Giant Eagle Trigger Event, and continuing until a Giant Eagle Cure Event, a monthly amount equal to all Excess Cash Flow (as such term is defined in the Cash Management Agreement) shall be deposited into the Giant Eagle Escrow.  $1,307,000 Cap amount
	(10)	 	The Cut-off Date Balance of $44,945,461 represents the note A-2 of a $145,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $99,878,803 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $144,824,264.
	(11)	 	The Appraised Value is the “as-is” bulk portfolio value.  The combined “as-is” individual appraised values are $212,530,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio are based on the “as-is” bulk portfolio value of $228,370,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the combined “as-is” individual appraised value of $212,530,000 are 68.1% and 55.0% respectively.
	(12)	 	The Cut-off Date Balance of $43,694,500 represents the note A-1E of a $412,500,000 loan combination evidenced by six senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1A, Note A-1B and Note A-1C, which had an aggregate outstanding principal balance as of the Cut-off Date of $89,000,000 and contributed to the CGBAM 2015-SMRT transaction, (b) Note A-1D, which has an aggregate outstanding principal balance as of the Cut-off Date of $25,000,000 and is expected to be contributed to the GSMS 2015-GC32 securitization transaction and (c) Note A-1F which had an outstanding principal balance as of the Cut-off Date of $31,231,500 and was contributed to the MSBAM 2015-C23 transaction. The two pari passu junior notes (Note A-2A and Note A-2B) have an aggregate outstanding principal balance as of the Cut-off Date of $223,574,000 and were contributed to the CGBAM 2015-SMRT transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the six senior pari passu notes only.
	(13)	 	The Appraised Value is the “as-is” bulk portfolio value.  The combined “as-is” individual appraised values are $598,440,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio are based on the “as-is” bulk portfolio value.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the combined “as-is” individual appraised value of $598,440,000 are both 31.6%.
	(14)	 	Occupancy is presented as a weighted average of the Occupancy of the individual properties, weighted by the Allocated Cut-off Date Loan Amount.
	(15)	 	The Monthly Replacement Reserve will be adjusted based on Borrower’s Annual Budget for the mortgaged property and will be the greater of: (a) the annual amount required for FF&E Replacements pursuant to the terms of the Franchise Agreement currently in existence or generated during the term of the loan; or (b) four percent of the estimated Total Gross Revenues pursuant to Borrower’s Annual Budget.
	(16)	 	The total sf includes 288,186 sf of self storage space (2,336 units) and 110,210 sf of industrial space.
	(17)	 	The Cut-off Date Balance of $24,382,577 represents the note A-1-4-2 of a $355,000,000 loan combination evidenced by five senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1-1 and Note A-1-2, which have an aggregate principal balance of $127,187,485 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction, (b) Note A-1-3, which has a principal balance of $50,158,445 as of the Cut-off Date and was contributed to the MSC 2015-MS1 securitization transaction and (c) Note A-1-4-1 which had a principal balance of $24,382,577 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. The two pari passu junior notes (Note A-2-1 and Note A-2-2) have an aggregate principal balance of $127,800,000 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the five senior pari passu notes only.
	(18)	 	The mortgage loan amortizes based on a non-standard amortization schedule and the Underwritten NCF DSCR is calculated based on the Average Debt Service of the five senior notes totaling $227,200,000 for the 12-month period starting September 1, 2015. See Annex G in the Free Writing Prospectus for the related amortization schedule.
	(19)	 	The total sf includes 22,135 sf of apartment space (30 units) and 40,058 sf of retail shop space.
	(20)	 	Borrower to deposit with Manager an amount equal to 1/12 of the greater of: (a) the annual amount required for FF&E replacements pursuant to the terms of the Management Agreement (and/or as addressed in the Management Agreement and/or other agreement) currently in existence or generated during the term of the loan; or (b) five percent of the estimated Total Gross Revenues pursuant to Borrower’s current fiscal year budget for the Premises approved by Lender.
	(21)	 	Upon the occurrence of a Cash Sweep Trigger Event related to American Stores Properties, Inc. (ACME), Lender shall require Borrower and any Manager to deposit all Rents from the Premises directly into the Clearing Account.  After payment of the Monthly Payment, the remaining deposits shall be held to cover the cost of TI/LC’s for ACME Space.  So long as no Event of Default has occurred and is continuing under any of the Loan Documents, such deposits shall be suspended upon the earlier to occur of : (a) the monthly deposits made by Borrower accumulating such that Lender holds an amount pursuant to said deposits equal to or exceeding $825,000; or (b) Borrower has renewed the ACME Lease or released the ACME Space and Satisfied disbursement requirements
	(22)	 	Dollar Tree (3rd largest tenant, 9,744 sf) is anticipated to be in occupancy and open for business by November 2015, with rent commencement by the end of Q4 2015.  If the space is not delivered within 10 days of 12/1/2015, Tenant can terminate (if tenant doesn’t terminate, they can charge the borrower $1,000/day).  At closing, Lender is holding $467,262 for Dollar Tree’s annual rent, reimbursements and outstanding TI/LC costs.
	(23)	 	American Stores Properties, Inc., the largest tenant (55,000 sf), leases the collateral pad site.  The improvements built on the pad site are owned by the tenant. In the event the tenant does not renew its lease, the ownership of the improvements will revert to the borrower.
	(24)	 	Upon a Cash Sweep Trigger Event the Monthly Replacement Reserve will be equal to the greater of 1/12 of: the annual amount required for FF&E Replacements pursuant to the terms of the Management Agreement currently in existence or generated during the term of the Loan; or four percent of the estimated Total Gross Revenues pursuant to Borrower’s current fiscal year budget for the Premises approved by Lender.
	(25)	 	Baru (Largest tenant, 6,000 sf) was not in occupancy as of loan closing.  Baru’s rent was scheduled to commence on 6/15/2015; however, they have free rent until 9/15/2015 at which time they are scheduled to begin paying $177,000 on an annual basis.  Lender is holding $75,000 at closing until Baru’s free rent period expires on 9/15/2015.
	(26)	 	On or before November 1, 2018, Borrower shall deposit with Lender Six Hundred Thousand and 00/100 Dollars ($600,000) to cover the cost of Tenant Improvements and Leasing Commissions for the space currently occupied by Tangoe, unless Lender shall have received a fully executed lease extension from Tangoe (or replacement tenant) by such date.  If Borrower does not deposit said funds by November 1, 2018, then this shall be considered a Cash Sweep Trigger Event, and Servicer shall deposit all available funds from the Premises into the Cash Management Account to be applied Tenant Improvements and Leasing Commissions escrow; In lieu of a cash deposit for Tenant Improvements and Leasing Commissions above, Borrower shall have the option to deposit with Lender by October 1, 2018, a $600,000 Letter of Credit in form and substance acceptable to Lender and issued by a United States Bank acceptable to Lender.

On or before November 1, 2020, Borrower shall deposit with Lender Six Hundred Thousand and 00/100 Dollars ($600,000) to cover the cost of Tenant Improvements and Leasing Commissions for the space currently occupied by Hostgator, unless Lender shall have received a fully executed lease extension from Hostgator (or replacement tenant) by such date.  If Borrower does not deposit said funds by November 1, 2020, then this shall be considered a Cash Sweep Trigger Event, and Servicer shall deposit all available funds from the Premises into the Tenant Improvements and Leasing Commissions escrow; In lieu of a cash deposit for Tenant Improvements and Leasing Commissions above, Borrower shall have the option to deposit with Lender by October 1, 2020, a $600,000 Letter of Credit in form and substance acceptable to Lender and issued by a United States Bank acceptable to Lender.
	(27)	 	The Borrower shall immediately notify and advise each tenant of the Premises (collectively, the “Tenants”) under each Lease(s) to send directly to the Servicer all payments of Rent payable to the Borrower under such Lease(s)  pursuant to an instruction letter in the form previously provided by the Lender (a “Tenant Direction Letter”) 
	(28)	 	The Borrower has assigned to Lender all of Borrower’s rights to receive proceeds of a Tenant Letter of Credit in the amount of $250,000 from Hostgator.com as additional security for the Loan
	(29)	 	The Fourth Largest Tenant, Anna’s Linens, Inc. has filed for Chapter 11 Bankruptcy on June 14, 2015.  Rent was current through July 2015.
	(30)	 	Upon the occurrence of a Party City Trigger Event, the cash flow sweep from the Collection Account shall be deposited into an escrow to be used for the reimbursement of tenant improvements and leasing commissions associated with the space currently occupied by Party City (the “Party City Escrow”).  At such time as the deposits have accumulated to $10.00 psf ($183,470) of the Party City space (the “Party City Sweep Cap”), the sweep shall be temporarily suspended, assuming no other Trigger Event is in existence.  In the event the DSCR is below 1.10x, Borrower may utilize up to $5 psf of the Party City Escrow for debt service shortfall.
	(31)	 	Party City Corporation (largest tenant, 18,347 sf) has accepted their space and is anticipated to commence payment of rent in the annual amount of $252,000 in July 2015.  Lender is holding back 24 months of rent plus outstanding tenant improvement obligations until Party City is in occupancy, open for business and paying rent.
	(32)	 	The sole tenant (14,810 square feet), representing 100% of net rentable square feet, may terminate its lease on July 31, 2030 and every five years thereafter, upon providing six months’ written notice. 
	(33)	 	The Cut-off Date LTV Ratio is calculated net of the $250,000 economic holdback reserve.  The Cut-off Date LTV Ratio calculated based upon the fully funded Mortgage Loan amount of $3,750,000 and “as-is” Appraised Value of $5,700,000 is 65.8%.
	(34)	 	The second largest tenant (4,738 square feet), representing 25.0% of net rentable square feet, has executed a lease but is not in occupancy or paying rent.  The second largest tenant is anticipated to begin paying rent in October 2015.  There is a $150,000 reserve representing outstanding tenant improvements related to the second largest tenant.
	(35)	 	The largest tenant (10,880 square feet), representing 46.7% of net rentable square feet, has executed a lease but is not in occupancy or paying rent.  The tenant is anticipated to be in occupancy by July 2016.  There is a $61,000 reserve representing outstanding tenant improvements and leasing commissions related to the largest tenant.

 

    	 

    	 

    

 

 

EXHIBIT Q 

 

[RESERVED]

 

    	Q-1

    	 

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR ANNUAL REPORT1

  

Report Date: Report will be delivered annually (after
the occurrence and during the continuance of a Control Termination Event) no later than [INSERT DATE]. 

Transaction: Citigroup Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-P1 

Operating Advisor: [                    ]

Special Servicer: [                    ]

Directing Holder: [                    ]

  

I.                   Population
of Mortgage Loans that Were Considered in Compiling This Report

 

[  ] Specially
Serviced Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

(a)     [  ]
of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status
Report.

 

(b)     [  ]
of such Specially Serviced Loans had executed Final Asset Status Reports. This report is based only on the Specially Serviced Loans
in respect of which a Final Asset Status Report has been issued. The Final Asset Status Reports may not yet be fully implemented.

 

II.                 Executive
Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank
Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator,
as well as the items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational
activities to service certain Specially Serviced Loans in accordance with the Servicing Standard in accordance with the Operating
Advisor’s requirements outlined in the Pooling and Servicing Agreement. Based on such review, the Operating Advisor [believes,
does not believe] there are material deviations [(i)] from the Servicing Standard [and/or (ii)] from the Special Servicer’s
obligations under the

 

 

 

1     This report is an indicative
report and does not reflect the final form of annual report to be used in any particular year. The Operating Advisor will have
the ability to modify or alter the organization and content of any particular report, subject to compliance with the terms of the
Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

    	R-1

    	 

    

 

Pooling and Servicing Agreement with respect to the resolution or liquidation of Specially Serviced Loans.
In addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

In connection with the
assessment set forth in this report, the Operating Advisor:

 

Reviewed any assessment
of compliance and/or attestation report delivered to the Operating Advisor pursuant to the Pooling and Servicing Agreement with
respect to the Special Servicer, and the Asset Status Reports, net present value calculations and Appraisal Reduction calculations
and [LIST OTHER REVIEWED INFORMATION] for the following [  ] Specially Serviced Loans: [LIST APPLICABLE MORTGAGE LOANS]

 

III.               Specific
Items of Review

 

1.        The Operating Advisor
reviewed the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].

 

2.        During the prior
year, the Operating Advisor consulted with the Special Servicer regarding its strategy plan for a limited number of issues related
to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations
and recommended alternative courses of action to the extent it deemed such observations and recommendations appropriate. The Special
Servicer [agreed with/did not agree with] the recommendations made by the Operating Advisor. Such recommendations generally included
the following: [LIST].

 

3.        Appraisal Reduction
calculations and net present value calculations:

 

(a)       The
Operating Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical calculations
and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized in connection
with any Appraisal Reduction or net present value calculations used in the Special Servicer’s determination of the course
of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the
Special Servicer.

 

(b)      The
Operating Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable non-discretionary
portions of the formula] required to be utilized for such calculation.

 

(c)       After
consultation with the Special Servicer to resolve any inaccuracy in the mathematical calculations or the application of the non
discretionary portions of the related formula in arriving at those mathematical calculations, such inaccuracy [has been/ has not
been] resolved.

 

4.        The following is
a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

 

    	R-2

    	 

    

 

5.        In addition to
the other information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL ITEMS].

 

IV.              Qualifications
Related to the Work Product Undertaken and Opinions Related to this Report

 

1.        In accordance with
the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special
Servicer’s and the applicable Directing Holder’s discussion(s) regarding any Specially Serviced Loan. The Operating
Advisor does not have authority to speak with the applicable Directing Holder directly pursuant to the Pooling and Servicing Agreement.
As such, the Operating Advisor generally relied upon its interaction with the Special Servicer in gathering the relevant information
to generate this report.

 

2.        The Special Servicer
has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and Servicing Agreement.
The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.        Confidentiality
and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of certain information
it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

4.        The Operating Advisor
is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors have questions
regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.

 

Terms used but not defined
herein have the meaning set forth in the Pooling and Servicing Agreement.

 

[                         ] 

 

	By:	 	 
	Name:	 
	Title:	 

 

    	R-3

    	 

    

 

EXHIBIT S

 

SUBSERVICING AGREEMENTS

  

	Mortgage Loan/Property Name	Sub-Servicer Name
	Weston Portfolio	Berkadia Commercial Mortgage LLC
	Tanglewood Apartments	Berkadia Commercial Mortgage LLC
	SpaceSavers Saraland	Berkadia Commercial Mortgage LLC
	Piazza Carmel	Principal Global Investors, LLC
	University Town Centre	Principal Global Investors, LLC
	Davis Ford Crossing	Principal Global Investors, LLC
	Le Meridien Dallas by the Galleria	Principal Global Investors, LLC
	Lewis Self Storage & Industrial	Principal Global Investors, LLC
	Birch Street Promenade	Principal Global Investors, LLC
	Courtyard by Marriott Fort Lauderdale	Principal Global Investors, LLC
	Ryders Crossing Shopping Center	Principal Global Investors, LLC
	Monarch Crossing Apartments 	Principal Global Investors, LLC
	Beltway Plaza II	Principal Global Investors, LLC
	Bethany Village Office	Principal Global Investors, LLC
	240 N Ashland 	Principal Global Investors, LLC
	Mediterranean Inn	Principal Global Investors, LLC
	Waterway Shoppes I	Principal Global Investors, LLC
	Promontory Point	Principal Global Investors, LLC
	One Industrial Way	Principal Global Investors, LLC
	Best Plaza	Principal Global Investors, LLC

 

    	S-1

    	 

    

 

	Courtyard E Associates	Principal Global Investors, LLC
	Austin Bluffs Shopping Center	Principal Global Investors, LLC
	Hilton Nashville	Holliday Fenoglio Fowler, L.P.
	9299 College Parkway	Holliday Fenoglio Fowler, L.P.
	The Summit	The Alison Company
	Valley Ridge Apartments	GEMSA Loan Services, L.P.

 

    	S-2

    	 

    

 

EXHIBIT T

  

FORM OF RECOMMENDATION OF SPECIAL SERVICER
TERMINATION

 

Deutsche Bank Trust Company Americas,

as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:Global Transaction Services –

CGCMT 2015-P1 

 

LNR Partners, LLC

1601 Washington Avenue,
Suite 700

Miami Beach, Florida 33139

Attention: Thomas F. Nealon, Esq.,

Steven A. Rivers, Esq. and Job Warshaw

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and
Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, on behalf of the holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1 (the “Certificates”) regarding the replacement of the Special Servicer. Capitalized
terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing
Agreement.

 

Based upon our review
of the operational practices of the Special Servicer [[with respect to the Serviced Loans other than any Serviced Outside Controlled
Loan Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED LOAN COMBINATION] Loan Combination]] conducted pursuant
to and in accordance with the Pooling and Servicing Agreement, it is our assessment that [________], in its current capacity as
Special Servicer [[with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination] [with respect
to the [NAME OF SERVICED OUTSIDE CONTROLLED

 

    	T-1

    	 

    

 

LOAN COMBINATION] Loan Combination]], is not [performing its duties under the Pooling
and Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors support our assessment: [________].

 

    	T-2

    	 

    

 

Based upon such assessment,
we further hereby recommend that [_______] be removed as Special Servicer and that [________] be appointed its successor in such
capacity.

	 	Very truly yours,
	 	 	 
	 	 	[The Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:

 

    	T-3

    	 

    

 

EXHIBIT U

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.04 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, any information
described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party
has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent rolls required to be
provided in connection with Item 6 below, possession) (in each case, after complying with its affirmative obligations, if any,
under the Pooling and Servicing Agreement to obtain such information) of such information (other than information as to such party
itself which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and
the Special Servicer shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect
to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary
from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each
of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be
entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of
Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.

 

	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance
        Information

         

         

        Any information required by Item 1121 of
        Regulation AB which is NOT included on the Distribution Date Statement

        	
        Certificate Administrator

        Depositor

        Master Servicer (only with respect to Item
        1121(a)(12) of Regulation AB as to Performing Serviced Loans)

        Special Servicer (only with respect to Item
        1121(a)(12) of Regulation AB as to Specially Serviced Loans)

        Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to itself)

        
	
        Item 2: Legal Proceedings

         

         

        per Item 1117 of Regulation AB

        	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the 

 

    	U-1

    	 

    

 

	Item on Form 10-D	Party Responsible 
	 	Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	Item 3:  Sale of Securities and Use of Proceeds	Depositor
	Item 4:  Defaults Upon Senior Securities	Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders1	
        Certificate Administrator

        Trustee

        
	Item 6:  Significant Obligors of Pool Assets	
        Master Servicer (excluding information for
        which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

        
	[Item 7: Change in Sponsor Interest in the Securities]*	[Each Mortgage Loan Seller as to itself and its affiliates]*
	[Item 7][Item 8]*:  Significant Enhancement Provider Information	Depositor
	[Item 8][Item 9]*:  Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	[Item 9][Item 10]**:  Exhibits	
        Certificate Administrator

        Depositor

        

 

* Effective from and after November 23, 2015.

 

 

 

1 No disclosure is required
for so long as Item 5 of Form 10-D requires the inclusion of information related to mine safety disclosures.

 

    	U-2

    	 

    

 

EXHIBIT V

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.05 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes, any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent rolls required to be
provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation AB, possession)
(in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement to obtain such
information) of such information (other than information as to such party itself which such party is obligated to provide). Each
of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted
from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan
Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its
capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party
identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement. 

 

	Item on Form 10-K	Party Responsible 
	
        Item 1B: Unresolved Staff Comments

       	Depositor
	Item 9B:  Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15:  Exhibits, Financial Statement Schedules	
        Certificate Administrator

        Depositor

        
	
        Additional Item:

        Disclosure per Item 1117 of Regulation AB

        	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be 

 

    	V-1

    	 

    

 

	Item on Form 10-K	Party Responsible 
	 	reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB

        	
        (i) All parties to the Pooling and Servicing
        Agreement as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant Obligors identified
        in the Pooling and Servicing Agreement, the Trustee, the Custodian, the Certificate Administrator, the Special Servicer or a sub-servicer
        described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations with Significant Obligors identified
        in the Pooling and Servicing Agreement, the Trustee, the Custodian, the Certificate Administrator, the Master

        Servicer or a sub-servicer described in
        1108(a)(3)), (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect
        to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or
        retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts, (iii) the Depositor as to the enhancement
        or support provider

        
	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation
        AB

        	
        Master Servicer (excluding information for
        which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

        
	
        Additional Item:

        Disclosure per Items 1114(b)(2) and 1115(b)
        of Regulation AB

        	Depositor

 

    	V-2

    	 

    
 

EXHIBIT W

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO [           ]
AND VIA EMAIL TO [                                                    ]
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1

 

Citigroup Commercial Mortgage Securities Inc. 

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [  ]
of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer,
LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Deutsche Bank Trust Company Americas,
as trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as certificate administrator, the undersigned,
as [          ], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:

  

Any inquiries related
to this notification should be directed to [                       ],
phone number: [             ]; email address: [                       ]. 

 

    	W-1

    	 

    

 

	 	 	 
	 	[NAME OF PARTY],
	 	 	as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	W-2

    	 

    

 

EXHIBIT X

FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATIONS

 

I, [identifying the certifying
individual], certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K, of Citigroup Commercial Mortgage Trust 2015-P1 (the “Exchange
Act Periodic Reports”);

 

		2.	Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;

 

		4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations
under the servicing agreement(s) in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Certificate
Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]

 

Date:_________________________

 

	 	
 
	[Signature]

[Title]	 

 

    	X-1

    	 

    

  

EXHIBIT Y-1

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

		Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”),
Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Citibank, N.A., as certificate administrator
(the “Certificate Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank
Trust Company Americas, as trustee.

  

I, [identifying the certifying
individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.        I
have reviewed the annual report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D required to be filed in respect
of periods covered by that annual report on Form 10-K, of the Trust (the “Exchange
Act Periodic Reports”);

 

2.        Based
on my knowledge, the distribution information in Exchange Act Periodic Reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by that report on Form 10-K;

 

3.        Based
on my knowledge, all of the distribution, servicing and other information required to be provided by the Certificate
Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included
in such reports; and

 

4.        The
report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered by the Certificate
Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material
instances of noncompliance with the Relevant Servicing Criteria.

 

    	Y-1-1

    	 

    

  

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

  

Date:_________________________

  

[                          ]

 

	By:	 	 
		[Name]	

  

    	Y-1-2

    	 

    

 

 

EXHIBIT Y-2

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee	 

  

I, [identify the certifying
individual], a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

	(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating
to the Trust delivered by the Master Servicer to the Certificate Administrator covering the fiscal year 20__;
	 	 

	(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information in these reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these servicing reports;
	 	 

	(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate Administrator
by the Master Servicer under the Pooling and Servicing Agreement is included in the servicing reports delivered by the Master Servicer
to the Certificate Administrator;
	 	 

	(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Master Servicer under the Pooling and Servicing Agreement and based

 

    	Y-2-1

    	 

    

 

		upon my knowledge and the compliance review conducted
in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect
to the Master Servicer, and except as disclosed in such compliance statement delivered by the Master Servicer under Section 10.08
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such review applies; and

	 	 

	(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.

 

Further, notwithstanding
the foregoing certifications, the Master Servicer does not make any certification under the foregoing clauses 1 through 5 that
is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement that the
Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by any such sub-servicer
of its obligations pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually
provided by such sub-servicer to the Master Servicer with respect to the information that is subject of such certification.

 

	Date:	 	 

 

[                                    ]

 

	By:	 	 
	[Name]	 

 

    	Y-2-2

    	 

    

 

EXHIBIT Y-3

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee	 

 

I, [identify the certifying
individual], a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.Based on my knowledge,
the servicing information in the servicing reports or information relating to the Trust delivered by the Special Servicer to the
Master Servicer covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by these servicing reports;

 

2.Based on my knowledge,
the servicing information required to be provided to the Master Servicer by the Special Servicer under the Pooling and Servicing
Agreement for inclusion in the reports to be filed by the Certificate Administrator is included in the servicing reports delivered
by the Special Servicer to the Master Servicer;

 

3.I am, or an employee
under my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Pooling and Servicing
Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required
under Section 10.08 of the Pooling and Servicing Agreement with respect to the Special Servicer, and except as disclosed in such
compliance statement delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Special
Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which
such review applies; and

 

    	Y-3-1

    	 

    

 

4.The report on
assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and
Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing
Criteria. 

 

	Date:	 	 

 

[                                    ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-3-2

    	 

    

 

EXHIBIT Y-4

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank Trust Company Americas,
    as trustee	 

  

I, [identify the certifying
individual], a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Operating
Advisor covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by these reports;

 

2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Operating Advisor under the Pooling and Servicing
Agreement for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered
by the Operating Advisor to the Certificate Administrator;

 

3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Operating Advisor under the Pooling and Servicing
Agreement and based upon my knowledge the Operating Advisor has, except as described in any information provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such review applies; and

 

4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and

 

    	Y-4-1

    	 

    

 

Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].] 

 

	Date:	 	 

 

[                                    ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-4-2

    	 

    

 

EXHIBIT Y-5

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), and Wells Fargo
    Bank, National Association, as custodian (the “Custodian”)	 

 

I, [identify the certifying
individual], a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification
required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Custodian
covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;

 

2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Custodian under the Pooling and Servicing Agreement
for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by
the Custodian to the Certificate Administrator;

 

3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing Agreement
and based upon my knowledge the Custodian has, except as described in any information provided to the Certificate Administrator
by the Custodian covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and

 

4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing

 

    	Y-5-1

    	 

    

 

criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

  

	Date:	 	 

 

[                                    ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-5-2

    	 

    

 

EXHIBIT Y-6

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank Trust Company Americas,
    as trustee (the “Trustee”)	 

 

I, [identify the certifying
individual], a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification
required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Trustee
covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;

 

2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Trustee under the Pooling and Servicing Agreement
for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by
the Trustee to the Certificate Administrator;

 

3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement
and based upon my knowledge the Trustee has, except as described in any information provided to the Certificate Administrator by
the Trustee covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and

 

4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and

 

    	Y-6-1

    	 

    

 

Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

  

	Date:	 	 

 

[                                    ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-6-2

    	 

    

 

EXHIBIT Y-7

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY A SUB-SERVICER

 

	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee

and

Sub-servicing agreement,
    dated as of August 1, 2015 (the “Sub-Servicing Agreement”) between Wells Fargo Bank, National Association
    and [SUB-SERVICER], as sub-servicer (the “Sub-Servicer”),

    	 

 

I, [identify the certifying
individual], a [title] of [SUB-SERVICER] , certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

	(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports submitted
by the Sub-Servicer to the Master Servicer and/or the Certificate Administrator pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) for inclusion in the annual report on Form 10-K or any report on Form 10-D with respect to the Trust covering
the fiscal year 20__ ;
	 	 

	(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information in the Sub-Servicer Reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by the Sub-Servicer Reports;

 

    	Y-7-1

    	 

    

 

	(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information required to be provided in the Sub-Servicer Reports to the Master Servicer and/or
the Certificate Administrator by the Sub-Servicer under the Sub-Servicing Agreement is included in the Sub-Servicer Reports delivered
by the Sub-Servicer to the Master Servicer and/or the Certificate Administrator;
	 	 

	(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Sub-Servicer under the Sub-Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing
the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Sub-Servicer,
and except as disclosed in such compliance statement delivered by the Sub-Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year
to which such review applies; and
	 	 

	(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.
	 	 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other party
retained by the Master Servicer that is not a Mortgage Loan Seller Sub-Servicer or a Sub-Servicer appointed pursuant to [Section
3.01(c)] of the Pooling and Servicing Agreement)]. Further, notwithstanding the foregoing certifications, neither I nor the Sub-Servicer
makes any certification under the foregoing clauses 1 through 5 that is in turn dependent upon information required to be provided
by the Special Servicer under the Pooling and Servicing Agreement or any other sub-servicer acting under any other sub-servicing
agreement that the Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by
any such other sub-servicer of its obligations pursuant to any such other sub-servicing agreement, in each case beyond the respective
backup certifications actually provided by such other sub-servicer to the Master Servicer with respect to the information that
is subject of such certification. Solely with respect to the completeness of information and reports, I do not certify anything
other than that all fields of information called for in written reports prepared by the Sub-Servicer have been properly completed
and that any fields that have been left blank on their face have been done so in accordance with the CREFC procedures for such
report.

 

	Date:	 	 

 

[                                    ]

 

    	Y-7-2

    	 

    

 

	By:	 	 
	[Name]	 

 

    	Y-7-3

    	 

    

  

EXHIBIT Z

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07
of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other
Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, the
occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to
the extent such party has actual knowledge (after complying with its affirmative obligations, if any, under the Pooling and Servicing
Agreement to obtain such information) of such information (other than information as to such party itself which such party is obligated
to provide). Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall
be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth
in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or
Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer
(in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than
a party identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	
        Master Servicer, Special Servicer, Custodian
        and the Trustee (in the case of the Master Servicer, Special Servicer, the Custodian and the Trustee, only as to agreements it
        is a party to or entered into on behalf of the Trust)

        Certificate Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing
        Agreement) is a party)

        Depositor

	Item 1.02- Termination of a Material Definitive Agreement	
        Master Servicer, Special Servicer, Custodian
        and the Trustee (in the case of the Master Servicer, Special Servicer, Custodian and the Trustee, only as to agreements it is a
        party to or entered into on behalf of the Trust)

        Certificate Administrator (other than as
        to agreements to which the Depositor (and no other party to the Pooling and Servicing 

 

    	Z-1

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 	Agreement) is a party)

        Depositor
	Item 1.03- Bankruptcy or Receivership	Depositor

Each Mortgage Loan Seller as to itself

Each other party to the Pooling and Servicing Agreement (as to itself)
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	Depositor

Certificate Administrator
	Item 3.03- Material Modification to Rights of Security Holders	Certificate Administrator
	Item 5.03- Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	Depositor
	Item 5.07:  Submission of Matters to a Vote of Security Holders	
        Certificate Administrator

        Trustee

	Item 6.01- ABS Informational and Computational Material	Depositor
	Item 6.02- Change of Master Servicer, Special Servicer or Trustee	
        Master Servicer (as to itself or a servicer
        retained by it)

        Special Servicer (as to itself or a servicer
        retained by it)

        Trustee

        Certificate Administrator

        Depositor

	Item 6.03- Change in Credit Enhancement or Other External Support	Depositor

Certificate Administrator
	Item 6.04- Failure to Make a Required Distribution	Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure	Depositor
	Item 7.01- Regulation FD Disclosure	Depositor
	Item 8.01 – Other Events	Depositor
	Item 9.01 – Financial Statements and Exhibits	Depositor

 

    	Z-2

    	 

    

 

EXHIBIT AA-1

FORM OF POWER OF ATTORNEY FOR MASTER SERVICER

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Deutsche
Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York,
having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”)
for Citigroup Commercial Mortgage Trust 2015-P1 pursuant to that Pooling and Servicing Agreement, dated as of August 1, 2015 (the
“Agreement”) by and among Citigroup Commercial Mortgage Securities Inc. as depositor, Wells Fargo Bank, National
Association, as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
certificate administrator, hereby constitutes and appoints Wells Fargo Bank, National Association (the “Servicer”),
by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the Servicer and all properties (“Properties”) administered by the Servicer pursuant to the Agreement,
to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items (1) through (12) below with respect to the Mortgage Loans and Properties;
provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents
are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in
either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms
to the provisions of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution of requests to trustees to accomplish same.

 

    	AA-1-1

    	 

    

 

		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as Property, or conveyance of title to any Property.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related promissory note.

 

		7.	The assignment of any Mortgage or deed of trust and the related promissory note and other loan documents, in connection with
the purchase or repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or deed of trust or the related promissory
note, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed-in-lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or deed of trust or the related promissory note;

 

    	AA-1-2

    	 

    

 

		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		h.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	The sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution
of the following documentation:

 

		a.	listing agreements;

		b.	purchase and sale agreements;

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;

		d.	escrow instructions; and

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to any Mortgaged Property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related mortgage file or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, or otherwise,
documents relating to the management, operation, maintenance, repair, 

 

    	AA-1-3

    	 

    

 

			leasing and marketing of the related Mortgaged Properties
(including agreements and requests by any borrower with respect to modifications of the standards of operation and management of
such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable
servitudes, or land use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of
any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].

 

This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Servicer
has the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Deutsche Bank Trust Company Americas, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer's attorneys-in-fact shall have no greater authority than that held by the Servicer.

 

Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein.
If the Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas, then
the Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended
to extend the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages,
Deeds of Trust or the related promissory notes not authorized by the Agreement.

 

The Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of or in connection with the exercise by the

 

    	AA-1-4

    	 

    

 

Servicer, or its attorneys-in-fact, of the powers granted to it
hereunder. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier
resignation or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.

 

IN WITNESS WHEREOF, Deutsche Bank Trust
Company Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-P1 has caused its corporate seal to be hereto affixed
and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________
day of ____________. 

	 	 	 	 
	 	Deutsche Bank Trust Company Americas,
 as Trustee for Citigroup Commercial Mortgage Trust 2015-P1
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	Name:	 

  

Witness:

	 	 	 
	 	 	 
	Witness:	 	 
	 	 	 

 

	A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness,
accuracy, or validity of that document.

  

State of California}

County of Orange}

 

On ________________________, before
me, _________________________________Notary

 

    	AA-1-5

    	 

    

 

Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

 

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing paragraph is true and correct.

 

Witness my hand and official seal. 

	 	 	 

 

Notary
signature 

 

    	AA-1-6

    	 

    

 

EXHIBIT AA-2

FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Deutsche
Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York,
having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of August 1, 2015 (the “Agreement”) by and among Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer (the “Servicer”), Citibank, N.A., as Certificate Administrator, Wells Fargo Bank, National Association,
as Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Deutsche Bank Trust Company Americas, as Trustee, relating
to the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass Through Certificates, Series 2015-P1, hereby constitutes
and appoints the Servicer, by and through the Servicer’s officers and authorized employees, the Trustee’s true and
lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all
mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties (“REO Properties”) administered
by the Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items (1) through (13) below with
respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and
delivered by such Attorneys-in-Fact if such documents are required or permitted under the terms of the Agreement. Capitalized terms
used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

    	AA-2-1

    	 

    

 

		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related promissory note.

 

		7.	The assignment of any Mortgage or deed of trust and the related promissory note and other loan documents, in connection with
the purchase or repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or deed of trust or the related promissory
note, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of
the Trust, foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or
the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions
or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the
initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

    	AA-2-2

    	 

    

 

		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or the related promissory note;

 

		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		i.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property

 

		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in its
capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission
of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

		13.	The execution and delivery of the following:

 

    	AA-2-3

    	 

    

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged
Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management
of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights,
powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, management agreements, any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage
Loan and any other consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or
accomplish the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

    	AA-2-4

    	 

    

 

Solely to the extent that the Servicer has
the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Deutsche Bank Trust Company Americas, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than that held by the Servicer.

 

Nothing contained herein shall: (i) limit in
any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any suit,
litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein or in the
Agreement. If the Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas,
then the Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended
to extend or limit the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect
to Mortgages, deeds of trust or the related promissory notes not authorized by the Agreement.

 

The Servicer hereby agrees to indemnify and
hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by the Trustee by reason or result of or in connection with the negligent use, or negligent or willful misuse, of this Limited
Power of Attorney by the Servicer, or its attorneys-in-fact, of the powers granted to it hereunder. The foregoing indemnity shall
survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee
under the Agreement.

 

This Limited Power of Attorney is entered into
and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely
upon the exercise of the power granted under this Limited Power of Attorney.

 

IN WITNESS WHEREOF, Deutsche Bank Trust Company
Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-P1 has caused its corporate seal to be hereto affixed and these
presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of
____________.

	 	 	 	 
	 	Deutsche Bank Trust Company Americas, 
	 	as Trustee for Citigroup Commercial Mortgage Trust 2015-P1
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	AA-2-5

    	 

    

 

	 	 	 	 
	 	Prepared by: 
	 	 	 
	 	 	 	 
	 	 	Name:

 

Witness:

 

____________________

 

Witness:

 

_____________________

 

	A notary public or other officer completing this certificate verifies
only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy,
or validity of that document.

 

State of California}

County of Orange}

On ________________________, before
me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis
of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon
behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the
State of California that the foregoing paragraph is true and correct.

Witness my hand and official seal.

	 	 
	 	 
	Notary signature	 

 

    	AA-2-6

    	 

    

 

EXHIBIT BB

CLASS A-AB SCHEDULED PRINCIPAL BALANCE

 

	Distribution
    

    Date	 	Balance	 	Distribution
    

    Date	 	Balance
	9/15/2015	 	 	$75,556,000.00	 	8/15/2020	 	 	$73,773,604.27
	10/15/2015	 	 	$75,556,000.00	 	9/15/2020	 	 	$72,791,095.69
	11/15/2015	 	 	$75,556,000.00	 	10/15/2020	 	 	$71,725,524.56
	12/15/2015	 	 	$75,556,000.00	 	11/15/2020	 	 	$70,735,252.10
	1/15/2016	 	 	$75,556,000.00	 	12/15/2020	 	 	$69,662,138.92
	2/15/2016	 	 	$75,556,000.00	 	1/15/2021	 	 	$68,664,044.28
	3/15/2016	 	 	$75,556,000.00	 	2/15/2021	 	 	$67,662,167.05
	4/15/2016	 	 	$75,556,000.00	 	3/15/2021	 	 	$66,420,356.40
	5/15/2016	 	 	$75,556,000.00	 	4/15/2021	 	 	$65,409,968.15
	6/15/2016	 	 	$75,556,000.00	 	5/15/2021	 	 	$64,317,313.92
	7/15/2016	 	 	$75,556,000.00	 	6/15/2021	 	 	$63,169,090.44
	8/15/2016	 	 	$75,556,000.00	 	7/15/2021	 	 	$61,926,967.34
	9/15/2016	 	 	$75,556,000.00	 	8/15/2021	 	 	$60,769,749.55
	10/15/2016	 	 	$75,556,000.00	 	9/15/2021	 	 	$59,608,178.35
	11/15/2016	 	 	$75,556,000.00	 	10/15/2021	 	 	$58,353,089.28
	12/15/2016	 	 	$75,556,000.00	 	11/15/2021	 	 	$57,182,424.30
	1/15/2017	 	 	$75,556,000.00	 	12/15/2021	 	 	$55,918,501.53
	2/15/2017	 	 	$75,556,000.00	 	1/15/2022	 	 	$54,738,675.00
	3/15/2017	 	 	$75,556,000.00	 	2/15/2022	 	 	$53,554,409.60
	4/15/2017	 	 	$75,556,000.00	 	3/15/2022	 	 	$52,100,449.03
	5/15/2017	 	 	$75,556,000.00	 	4/15/2022	 	 	$50,906,251.18
	6/15/2017	 	 	$75,556,000.00	 	5/15/2022	 	 	$49,619,468.55
	7/15/2017	 	 	$75,556,000.00	 	6/15/2022	 	 	$48,415,933.73
	8/15/2017	 	 	$75,556,000.00	 	7/15/2022	 	 	$46,999,177.81
	9/15/2017	 	 	$75,556,000.00	 	8/15/2022	 	 	$45,675,780.48
	10/15/2017	 	 	$75,556,000.00	 	9/15/2022	 	 	$44,339,861.38
	11/15/2017	 	 	$75,556,000.00	 	10/15/2022	 	 	$42,899,688.13
	12/15/2017	 	 	$75,556,000.00	 	11/15/2022	 	 	$41,553,315.64
	1/15/2018	 	 	$75,556,000.00	 	12/15/2022	 	 	$40,102,987.95
	2/15/2018	 	 	$75,556,000.00	 	1/15/2023	 	 	$38,746,084.13
	3/15/2018	 	 	$75,556,000.00	 	2/15/2023	 	 	$37,384,071.63
	4/15/2018	 	 	$75,556,000.00	 	3/15/2023	 	 	$35,721,791.40
	5/15/2018	 	 	$75,556,000.00	 	4/15/2023	 	 	$34,348,385.95
	6/15/2018	 	 	$75,556,000.00	 	5/15/2023	 	 	$32,871,798.40
	7/15/2018	 	 	$75,556,000.00	 	6/15/2023	 	 	$31,487,660.08
	8/15/2018	 	 	$75,556,000.00	 	7/15/2023	 	 	$30,000,646.60
	9/15/2018	 	 	$75,556,000.00	 	8/15/2023	 	 	$28,605,695.39
	10/15/2018	 	 	$75,556,000.00	 	9/15/2023	 	 	$27,205,491.59
	11/15/2018	 	 	$75,556,000.00	 	10/15/2023	 	 	$25,702,872.08
	12/15/2018	 	 	$75,556,000.00	 	11/15/2023	 	 	$24,291,735.61
	1/15/2019	 	 	$75,556,000.00	 	12/15/2023	 	 	$22,778,496.08
	2/15/2019	 	 	$75,556,000.00	 	1/15/2024	 	 	$21,356,345.44
	3/15/2019	 	 	$75,556,000.00	 	2/15/2024	 	 	$19,928,839.35
	4/15/2019	 	 	$75,556,000.00	 	3/15/2024	 	 	$18,303,439.11
	5/15/2019	 	 	$75,556,000.00	 	4/15/2024	 	 	$16,864,432.30
	6/15/2019	 	 	$75,556,000.00	 	5/15/2024	 	 	$15,324,119.45
	7/15/2019	 	 	$75,556,000.00	 	6/15/2024	 	 	$13,873,890.64
	8/15/2019	 	 	$75,556,000.00	 	7/15/2024	 	 	$12,322,676.72
	9/15/2019	 	 	$75,556,000.00	 	8/15/2024	 	 	$10,861,142.24
	10/15/2019	 	 	$75,556,000.00	 	9/15/2024	 	 	$9,394,103.35
	11/15/2019	 	 	$75,556,000.00	 	10/15/2024	 	 	$7,826,560.08
	12/15/2019	 	 	$75,556,000.00	 	11/15/2024	 	 	$6,348,090.17
	1/15/2020	 	 	$75,556,000.00	 	12/15/2024	 	 	$4,769,442.77
	2/15/2020	 	 	$75,556,000.00	 	1/15/2025	 	 	$3,279,456.60
	3/15/2020	 	 	$75,556,000.00	 	2/15/2025	 	 	$1,783,858.38
	4/15/2020	 	 	$75,556,000.00	 	3/15/2025	 	 	           $463.73
	5/15/2020	 	 	$75,556,000.00	 	4/15/2025	 	 	               $0.00
	6/15/2020	 	 	$75,555,840.63	 	and thereafter	 	 
	7/15/2020	 	 	$74,682,764.39	 	 	 	 

 

    	BB-1

    	 

    

 

EXHIBIT CC-1

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

[Date]

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right (as defined below) established under the Pooling and Servicing Agreement, dated as of August
1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian,
and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as
Depositor, that:

1.          The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”),
with the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the

 

    	CC-1-1

    	 

    

Securities Act or
any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities
Act or any state securities laws.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	CC-1-2

    	 

    

 

EXHIBIT CC-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

[Date]

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2015-P1 Asset
Manager

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
2015-P1

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the
Master Servicer, that:

1.          The
Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its
own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole
or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws.

2.          The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered

    	CC-2-1

    	 

    

pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of Wells Fargo Bank, National Association and the Depositor
has received a certificate from the prospective transferee substantially in the form attached as Exhibit CC-2 to the Pooling and
Servicing Agreement.

3.          The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

5.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

6.          The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

    	CC-2-2

    	 

    

 

7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives (collectively, “Representatives”) not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than the Transferee’s auditors, legal counsel and regulators,
except to the extent such disclosure is required by law, court order or other legal requirement or to the extent such information
is of public knowledge at the time of disclosure by such Person or has become generally available to the public other than as a
result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives may provide all or any
part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only
if, such other Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential,
not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act
or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to disclose
such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose such information,
in any manner whatsoever, in whole or in part, to any other Person other than such other Person’s auditors, legal counsel
and regulators.

8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	CC-2-3

    	 

    

EXHIBIT DD

FORM OF NOTICE AND CERTIFICATION REGARDING
DEFEASANCE OF MORTGAGE LOAN

		To:	Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 553-0300

Kroll Bond Rating
Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No: (646) 731-2395

Fitch Ratings,
Inc.

One State Street Plaza, 31st Floor

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 635 0295

		From:	Wells Fargo Bank, National Association, in its capacity as Master Servicer (the “Master Servicer”)
under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, the Master Servicer, LNR Partners, LLC, as Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National
Association, as Custodian, and Citibank, N.A., as Certificate Administrator.

		Date:	____________, 20___

		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
2015-P1 Mortgage Loan (the “Subject Mortgage Loan”) heretofore secured by real property known as ____________
[Include the following if there is pari passu or AB debt: as evidenced by that certain Promissory Note [A-1][A] in the amount of
$____________, which Promissory Note [A-1][A] is owned by the Trust, and Promissory Note [A-2][B] in the amount of $_____________,
which Promissory Note [A-2][B] is owned by ________________.

Capitalized terms
used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.

THE STATEMENTS
SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD
SPECIFIED IN THE POOLING

    	DD-1

    	 

    

AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT
THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING
AGREEMENT AND THE SERVICING STANDARD.

We hereby notify
you and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse effect on the Subject
Mortgage Loan or the defeasance transaction:

2.          The
Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**

____ a full defeasance
of the entire outstanding principal balance ($____________) of the Subject Mortgage Loan; or

____ a partial
defeasance of a portion ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance of the
Subject Mortgage Loan ($____________).

3.          The
defeasance was consummated on ____________, 20__.

4.          The
defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the Loan Documents
and in accordance with the Servicing Standard.

[Include the following
if there is pari passu or AB debt:

5.          In
accordance with the Loan Documents, the defeasance occurred such that:

____ Promissory
Notes [A-1][A] and [A-2][B] were defeased simultaneously in their entirety; or

____ Promissory
Note [A-2][B] was paid off in full.]

6.          To
the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt, senior secured
debt, pari passu debt or subordinate secured debt was either paid off in full or defeased. Such debt consists of the following:
[Describe debt and holder of the debt and if it was paid off or defeased].

7.          The
defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury, (ii) direct
debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan Mortgage
Corporation, (iv) interest-only direct debt obligations of the Resolution Funding Corporation, (v) consolidated debt obligations
of the Federal Home Loan Bank or (vi) securities covered by the Federal Deposit Insurance Corporation’s (the “FDIC”)
Temporary Liquidity Guarantee Program

    	DD-2

    	 

    

(“TLGP”). Based upon a written report from an independent certified accountant,
such defeasance collateral consists of securities that (i) if they include a principal obligation, the principal due at maturity
cannot vary or change, (ii) provide for interest at a fixed rate and (iii) are not callable prior to their respective maturity
dates. In addition, if the defeasance collateral contains any TLGP securities, then:

		·	Such securities are eligible under TLGP;

		·	The master servicer (and the trustee, if it serves as the back-up advancing agent for the transaction)
has waived its right to (i) collect interest on advances made on behalf of the borrower holding TLGP securities, and (ii) collect
for expenses incurred in making demand on the FDIC;

		·	If the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the criteria
for eligible accounts was funded with a minimum of 90 days interest on the defeasance collateral to cover potential delays in receipt
of the balloon payment;

		·	The TLGP securities mature before June 30, 2012; and

		·	The master servicer’s error and omissions insurance policy covers losses to the CMBS trust
caused by the master servicer’s failure to make timely demand on the FDIC’s guarantee.

8.            After
the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”) that: (i) is
the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject to restrictions
in its organizational documents substantially similar to those contained in the organizational documents of the original Mortgagor
with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor by the originator
of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation from Standard
& Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard & Poor’s
criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the original Mortgagor)
real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement (the “Pool”).

9.            If
such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with its affiliates)
hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate balance of the
Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received by the Master
Servicer (the “Current Report”), except to the extent the Defeasance Obligor is of the type specified in paragraph
7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.

10.          The
defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s criteria)
that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution (as

    	DD-3

    	 

    

defined
in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance collateral only in Permitted
Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).

11.          The
securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master Servicer’s
collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion of such scheduled
payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums set forth in
the loan documents (the “Scheduled Payments”).

12.          The
Master Servicer received written confirmation from an independent certified public accountant stating that (i) revenues from the
defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient to timely
pay each of the Monthly Payments including the payment in full of the Subject Mortgage Loan (or the allocated portion thereof in
connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date),
(ii) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed below,]
the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four (4) months
after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates, and (iv) interest
income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance Obligor’s
interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for such year, other
than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will exceed interest
expense.

13.          The
Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not cause either
Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor and the Defeasance
Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and] (iii) the Trustee
will have a perfected, first priority security interest in the defeasance collateral.

14.          The
agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral, (ii) provide
for payment from sources other than the defeasance collateral of all fees and expenses of the securities intermediary for administering
the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance Obligor, (iii)
permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after the Subject Mortgage
Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities intermediary substantially
as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not permit waiver of such representations
and covenants.

15.          At
the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest Mortgage
Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z)
a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

    	DD-4

    	 

    

16.          Copies
of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report and other items
delivered in connection with the defeasance will be provided to you upon request.

17.          The
individual executing this notice is an authorized officer or a servicing officer of the Master Servicer.

IN WITNESS WHEREOF,
the Master Servicer has caused this notice to be executed as of the date captioned above.

	 	 	 
	 	[MASTER SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	DD-5

    	 

    

 

EXHIBIT A

 

Exceptions

    	DD-6

    	 

    

EXHIBIT B

Sample Perfected
Security Interest Representations

General:

1.              [The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral,
Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens],
and is enforceable as such as against creditors of and purchasers from [Debtor].

Note that “Collateral”
means securities, permitted investments and other assets credited to securities accounts.

1.              The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.

2.              All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for
the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets”
within the meaning of the UCC.

Creation:

1.              The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable
UCC).

2.              [Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured
Party] of its interest and rights in the [Collateral] hereunder.

Perfection:

1.              [Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in
the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.

2.              [Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the
account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account]
or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].

3.              [Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party]
as the person having a security entitlement against the securities intermediary in the [Securities Account].

4.              To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account
holder of the [Deposit Account].

    	DD-7

    	 

    

 

Priority:

1.              Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor]
has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral
covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security interest
granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien filings against
[Debtor].

2.              The [Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party].
The [Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account]
to comply with entitlement orders or instructions of any person other than the [Secured Party].

 

    	DD-8

    	 

    

 

EXHIBIT EE

FORM OF NOTICE OF EXCHANGE OF EXCHANGEABLE
CERTIFICATES

[Date]

[Certificateholder Letterhead]

Citibank, N.A.,

             as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1 

Citibank, N.A.,

             as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services–CGCMT 2015-P1 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P1	 

 

Ladies and Gentlemen:

Pursuant to the terms
of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, and executed
in connection with the above referenced transaction, we hereby (i) certify that as of the date above, the undersigned is the beneficial
owner of the Exchangeable Certificates described on the attached Schedule I, is duly authorized to deliver this notice to the Certificate
Administrator and that such power has not been granted or assigned to any other Person and the Certificate Administrator may conclusively
rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable Certificates specified on Schedule
I attached hereto and all of our right, title and interest in and to such Exchangeable Certificates, including all payments of
interest thereon received after [_____________], in exchange for the corresponding Exchangeable Certificates specified on Schedule
I attached hereto. We propose an Exchange Date of [______].

We agree that upon such exchange, our interests
in the portions of the Exchangeable Certificates surrendered in exchange shall be reduced and our interest in the portion of the
Exchangeable Certificate received in such exchange shall be increased. We confirm that no such exchange will be effected until
we pay a fee to the Certificate Administrator

    	EE-1

    	 

    
 

in an amount equal to $5,000 (together with any other expenses
related to such exchange (including fees charged by the Depository, if applicable)).

[[If Applicable] Our Depository
participant number is [________].] 

Capitalized terms used in this notice
but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement. 

Sincerely, 

[_____________] 

	By:	 	 
	 	Name:

Title:	 

[Medallion Stamp Guarantee]

    	EE-2

    	 

    

 

Schedule I

    	EE-3

    	 

    

 

EXHIBIT FF-1 

FORM OF NOTICE REGARDING OUTSIDE

SERVICED TRUST LOAN 

[Date]

	
        [Outside Trustee]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person] 
	
        [Outside Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Custodian]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Master Sevicer]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Operating Advisor]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	 

		Re:	COMM 2015-CCRE24
                                         Mortgage Trust, Commercial Mortgage Pass-Through Certificates	 

 

Ladies and Gentlemen:

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “CCRE24 PSA”), between Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC,
as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor. Capitalized terms used but
not defined herein shall have the meanings given to them in the CCRE24 PSA.

The undersigned
is the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Eden
Roc

    	FF-1-1

    	 

    

 

Companion
Loan evidenced by promissory notes A-3 and A-4 was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).

 

The undersigned
hereby notifies you that, as of the Closing Date:

1.            Deutsche Bank
Trust Company Americas, as trustee under the P1 PSA, is the holder of the Eden Roc Companion Loan evidenced by promissory notes
A-3 and A-4. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as master servicer under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Companion Loan Noteholders with respect to the Eden Roc Companion Loans under the
CCRE24 PSA and the Intercreditor Agreement with respect to the Eden Roc Loan Combination. The wire instructions for Wells Fargo
Bank, National Association, as P1 Master Servicer, are as follows:

Bank: Wells Fargo Bank, N.A.

Account Name: REAM as Trustee for Various Investors – Incoming Wires

ABA: 121000248

Account #: 5077594011216

Reference: Wells Fargo CMS Loan Number __________________

3.            The contact
information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer
and the P1 Operating Advisor with respect to the Eden Roc Companion Loan evidenced by promissory notes A-3 and A-4 is as follows:

	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo
Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

 

    	FF-1-2

    	 

    

 

		
        Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036 

        with a copy
to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

TW-30, D1053-300

Charlotte, North Carolina 28202-6000,

Attention: Commercial Mortgage Servicing Legal Support

Fax number: (704) 383-3663

        with a copy
to

        

Mayer Brown LLP

214 North Tryon Street, Suite 3800

Charltte, North Carolina 28202

Attention: Christopher J. Brady, Esq.

Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Thomas F. Nealon III, Esq., Steven A. 

Rivers, Esq. and Job Warshaw

Fax Number: (305) 695-5601

email: tnealon@lnrproperty.com, 

srivers@lnrproperty.com and 

jwarshaw@lnrproperty.com 

        with a copy
to: 

        Dechert LLP

90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930

email: katherine.burroughs@dechert.com

 

	P1 Custodian	
        Wells Fargo Bank, National Association

1055 10th Avenue SE, Minneapolis

Minnesota 55414

Attention: CGCMT 2015-P1

 

    	FF-1-3

    	 

    

 

	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

        560 Lexington Avenue, 17th floor, New York, 

New York 10022, Attention: CGCMT 2015-P1 -- 

Surveillance Manager

        

        with copies sent contemporaneously via email to 

        cmbs.notices@parkbridgefinancial.com 

4.            The
P1 Trust is subject to the reporting requirements of the Exchange Act.

 

5.            Enclosed
herewith is a copy of an executed version of the P1 PSA. 

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	FF-1-4

    	 

    

 

EXHIBIT FF-2

 

FORM OF NOTICE REGARDING OUTSIDE

SERVICED TRUST LOAN

[Date]

	
        [Outside Trustee]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person] 

	 	 
	
        [Outside Custodian]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Master Sevicer]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Operating Advisor]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	 

		Re:	GS Mortgage
                                         Securities Trust 2015-GC32, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-GC32

 

Ladies and Gentlemen:

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “GC32 PSA”), between
GS Mortgage Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer,  CWCapital Asset Managment LLC, as special servicer, Park Bridge Lender Services LLC, as operating
advisor, and Wells Fargo Bank, National Association, as trustee and certificate administrator. Capitalized terms used but not
defined herein shall have the meanings given to them in the GC32 PSA.

The undersigned
is the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Ascentia
MHC Portfolio Companion Loan was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).

    	FF-2-1

    	 

    

The undersigned
hereby notifies you that, as of the Closing Date:

1.            Deutsche
Bank Trust Company Americas, as trustee under the P1 PSA, is the holder of the Ascentia MHC Portfolio Companion Loan. You are
directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable to, and
to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master servicer
under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the Companion Loan Holder with respect to the Ascentia MHC Portfolio Companion Loan under the GC32
PSA and the Ascentia MHC Portfolio Co-Lender Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1
Master Servicer, are as follows: 

Bank: Wells Fargo Bank, N.A.

Account Name: REAM as Trustee for Various Investors – Incoming Wires

ABA: 121000248

Account #: 5077594011216

Reference: Wells Fargo CMS Loan Number __________________

3.             The
contact information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special
Servicer and the P1 Operating Advisor with respect to the Ascentia MHC Portfolio Companion Loan is as follows:

	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services – CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo
Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036 

        with a copy
to: 

        Wells Fargo
Bank, National Association

 

    	FF-2-2

    	 

    

 

		 Legal Department

301 South College Street

TW-30, D1053-300

Charlotte, North Carolina 28202-6000,

Attention: Commercial Mortgage Servicing Legal Support

Fax number: (704) 383-3663
         

        with a copy
to 

         

        Mayer Brown
LLP

214 North Tryon Street, Suite 3800

Charltte, North Carolina 28202

Attention: Christopher J. Brady, Esq.

Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Thomas F. Nealon III, Esq., Steven A. 

Rivers, Esq. and Job Warshaw

Fax Number: (305) 695-5601

email: tnealon@lnrproperty.com, 

srivers@lnrproperty.com and 

jwarshaw@lnrproperty.com 

        with a copy
to: 

        Dechert LLP

90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930

email: katherine.burroughs@dechert.com

	P1 Custodian	
        Wells Fargo Bank, National Association

1055 10th Avenue SE, Minneapolis

Minnesota 55414

Attention: CGCMT 2015-P1

	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

        560 Lexington Avenue, 17th floor, New York, 

New York 10022, Attention: CGCMT 2015-P1 -- 

Surveillance Manager

        

        with copies sent contemporaneously via email to

 

    	FF-2-3

    	 

    

 

	 	
        cmbs.notices@parkbridgefinancial.com 

 

		4.	The P1 Trust is subject to the reporting requirements of the Exchange Act.

		5.	Enclosed herewith is a copy of an executed version of the P1 PSA.

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	    Name:
	 	 	    Title:

 

    	FF-2-4

    	 

    

 

EXHIBIT FF-3

 

FORM OF NOTICE REGARDING OUTSIDE  

SERVICED TRUST LOAN

 

[Date]

	
        [Outside Trustee]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Custodian] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact
Person] 

         
	
        [Outside Master Sevicer] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Operating Advisor]  

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 
	 

	 	 	 	 
	Re:		MSCCG
Trust 2015-ALDR, Commercial Mortgage Pass-Through Certificates, Series 2015-ALDR	 

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 1, 2015 (the “ALDR TSA”), between Morgan Stanley
Capital I Inc., as depositor, KeyBank National Association, as servicer and as special servicer, and Wells Fargo Bank, National
Association, as trustee and as certificate administrator. Capitalized terms used but not defined herein shall have the meanings
given to them in the ALDR TSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Companion
Loan evidenced by promissory note A-1-4-2 was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).

 

    	FF-3-1

    	 

    

  

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.             Deutsche Bank
Trust Company Americas, as trustee under the P1 PSA, is the holder of the Companion Loan evidenced by promissory note A-1-4-2.
You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable
to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master
servicer under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Companion Loan Holders with respect to the Companion Loans under the ALDR TSA and
the Intercreditor Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1 Master Servicer, are as follows: 

 

 Bank: Wells Fargo Bank, N.A. 

 Account Name: REAM as Trustee
for Various Investors – Incoming Wires 

 ABA: 121000248 

 Account #: 5077594011216 

 Reference: Wells Fargo CMS
Loan Number __________________

 

3.            The contact
information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer
and the P1 Operating Advisor with respect to the Companion Loan evidenced by promissory note A-1-4-2 is as follows: 

 

	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo Bank,
National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036

         

        with a copy to:

         

        Wells Fargo Bank,
National Association 

 

    	FF-3-2

    	 

    

  

	 	
        Legal Department 

        301 South College
Street 

        TW-30, D1053-300 

        Charlotte, North
Carolina 28202-6000, 

        Attention: Commercial
Mortgage Servicing Legal Support 

        Fax number: (704)
383-3663 

         

        with a copy to 

         

        Mayer Brown LLP 

        214 North Tryon
Street, Suite 3800 

        Charltte, North
Carolina 28202 

        Attention: Christopher
J. Brady, Esq. 

        Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida
33139 

        Attention: Thomas
F. Nealon III, Esq., Steven A. Rivers, Esq. and Job Warshaw 

        Fax Number: (305)
695-5601 

        email: tnealon@lnrproperty.com,
srivers@lnrproperty.com and jwarshaw@lnrproperty.com 

          

        with a copy to: 

         

        Dechert LLP 

        90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930 

        email: katherine.burroughs@dechert.com

 

	P1 Custodian	
        Wells Fargo Bank, National Association 

        1055 10th Avenue SE, Minneapolis 

        Minnesota 55414 

        Attention: CGCMT 2015-P1

	P1 Operating Advisor:	Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor, New York, New York 10022, Attention:  CGCMT 2015-P1 -- Surveillance Manager

 

    	FF-3-3

    	 

    

  

	 	
        with copies sent contemporaneously via email to

         

        cmbs.notices@parkbridgefinancial.com 

         

 

 

4.             The P1 Trust
is subject to the reporting requirements of the Exchange Act. 

 

5.             Enclosed herewith
is a copy of an executed version of the P1 PSA.

 

	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-3-4

    	 

    

  

EXHIBIT FF-4  

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED TRUST LOAN

 

[Date]

	
        [Outside Trustee]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Custodian] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact
Person] 

         
	
        [Outside Master Sevicer] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Operating Advisor] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 
	 

    

	 	 	 
	Re:		CGBAM Commercial Mortgage Trust 2015-SMRT,

Commercial Mortgage Pass-Through Certificates, Series 2015-SMRT

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 6, 2015 (the “SMRT TSA”), between Citigroup Commercial
Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as servicer and as
special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank, N.A., as certificate administrator, and Situs Holdings,
LLC, as trust advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the SMRT TSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Companion
Loan

 

    	FF-4-1

    	 

    

  

evidenced by Note A-1E was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.             Deutsche
Bank Trust Company Americas, as trustee under the P1 PSA, is the holder of the Companion Loan evidenced by Note A-1E. You are
directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable to, and
to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master servicer
under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the Companion Loan Holders with respect to the Companion Loans under the SMRT TSA and the Co-Lender
Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1 Master Servicer, are as follows:

 

Bank: Wells Fargo Bank, N.A. 

Account Name: REAM as Trustee
for Various Investors – Incoming Wires 

ABA: 121000248 

Account #: 5077594011216 

Reference: Wells Fargo CMS
Loan Number __________________

 

3.             The contact information
for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer and the
P1 Operating Advisor with respect to the Companion Loan evidenced by Note A-1E is as follows:

  

	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CGCMT 2015-P1 Asset Manager

Fax Number:  (704) 715-0036

 

    	FF-4-2

    	 

    

  

	 	
        with a copy to: 

         

        Wells Fargo Bank,
National Association

        Legal Department 

        301 South College
Street 

        TW-30, D1053-300 

        Charlotte, North
Carolina 28202-6000, 

        Attention: Commercial
Mortgage Servicing 

Legal Support 

        Fax number: (704)
383-3663

         

        with a copy to 

         

        Mayer Brown LLP

        214 North Tryon
Street, Suite 3800 

        Charltte, North
Carolina 28202 

        Attention: Christopher
J. Brady, Esq. 

        Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida
33139 

        Attention: Thomas
F. Nealon III, Esq., Steven A. Rivers, Esq. and Job Warshaw 

        Fax Number: (305)
695-5601 

        email: tnealon@lnrproperty.com,
srivers@lnrproperty.com and jwarshaw@lnrproperty.com 

         

        with a copy to:

         

        Dechert LLP 

        90 State House Square, Hartford

        Connecticut 06103-3702

        Attention: Katherine A. Burroughs, Esq.

        fax number: (860) 524-3930

                email: katherine.burroughs@dechert.com

   

	P1 Custodian	
        Wells Fargo Bank, National Association 

        1055 10th Avenue SE, Minneapolis 

        Minnesota 55414 

        Attention: CGCMT 2015-P1

	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor, New York, 

 

 

    	FF-4-3

    	 

    

  

		
        New York 10022, Attention: CGCMT 2015-P1 -- Surveillance
Manager 

         

        with copies sent contemporaneously via email to 

         

        cmbs.notices@parkbridgefinancial.com

         

 

 

4.          The P1 Trust is subject to the reporting
requirements of the Exchange Act. 

 

5.          Enclosed herewith
is a copy of an executed version of the P1 PSA. 

 

	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-4-4

    	 

    

  

EXHIBIT GG 

 

SPECIFIED SERVICED MORTGAGE LOANS 

 

None

 

    	GG-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]