Document:

Exhibit 4.1

 

 

 

CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.,

Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

TORCHLIGHT
LOAN SERVICES, LLC,

Special Servicer,

 

PENTALPHA
SURVEILLANCE LLC,

Operating Advisor,

 

CITIBANK,
N.A.,

Certificate Administrator,

 

and

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

Trustee

 

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of July 1, 2015

 

 

 

Commercial
Mortgage Pass-Through Certificates

Series 2015-GC31 

 

    	 

    	 

    

 

	 	 	 	 	 
	TABLE OF CONTENTS
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I
	 	 	 	 	 
	DEFINITIONS
	 	 	 	 	 
	Section 1.01	 	Defined Terms	 	4
	Section 1.02	 	Certain Calculations	 	108
	Section 1.03	 	Certain Constructions	 	112
	 	 	 	 	 
	ARTICLE II
	 	 	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 	 	 
	Section 2.01	 	Conveyance of Mortgage Loans	 	113
	Section 2.02	 	Acceptance by the Trustee, the Custodian and the Certificate Administrator	 	117
	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	 	119
	Section 2.04	 	Representations and Warranties of the Depositor	 	126
	Section 2.05	 	Representations, Warranties and Covenants of the Master Servicer	 	128
	Section 2.06	 	Representations, Warranties and Covenants of the Special Servicer	 	130
	Section 2.07	 	Representations and Warranties of the Trustee	 	132
	Section 2.08	 	Representations and Warranties of the Certificate Administrator	 	133
	Section 2.09	 	Representations, Warranties and Covenants of the Operating Advisor	 	135
	Section 2.10	 	Execution and Delivery of Certificates; Issuance of Lower-Tier
    Regular Interests	 	136
	Section 2.11	 	Miscellaneous REMIC and Grantor Trust Provisions	 	137
	 	 	 	 	 
	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	 	138
	Section 3.02	 	Liability of the Master Servicer	 	149
	Section 3.03	 	Collection of Certain Mortgage Loan Payments	 	150
	Section 3.04	 	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	 	152
	Section 3.05	 	Collection Account; Distribution Accounts; and Excess Liquidation
    Proceeds Reserve Account; and Excess Interest Distribution Account	 	154
	 	 	 	 	 

 

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	 	 	 	 	Page
	 	 	 	 	 
	Section 3.05 A.	 	Loan Combination Custodial Account	 	157
	Section 3.06	 	Permitted Withdrawals From the Collection Account	 	160
	Section 3.06 A.	 	Permitted Withdrawals From the Loan Combination Custodial Account	 	165
	Section 3.07	 	Investment of Funds in the Collection Account, the REO Account,
    the Mortgagor Accounts, and Other Accounts	 	169
	Section 3.08	 	Maintenance of Insurance Policies and Errors and Omissions and
    Fidelity Coverage	 	171
	Section 3.09	 	Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption
    Agreements; Defeasance Provisions	 	176
	Section 3.10	 	Appraisal Reductions; Realization Upon Defaulted Loans	 	181
	Section 3.11	 	Trustee and Certificate Administrator to Cooperate; Release of
    Mortgage Files	 	187
	Section 3.12	 	Servicing Fees, Trustee/Certificate Administrator Fees and Special
    Servicing Compensation	 	189
	Section 3.13	 	Compensating Interest Payments	 	195
	Section 3.14	 	Application of Penalty Charges and Modification Fees	 	196
	Section 3.15	 	Access to Certain Documentation	 	197
	Section 3.16	 	Title and Management of REO Properties	 	199
	Section 3.17	 	Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced
    Trust Loans	 	203
	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	 	211
	Section 3.19	 	Lock-Box Accounts, Escrow Accounts	 	212
	Section 3.20	 	Property Advances	 	212
	Section 3.21	 	Appointment of Special Servicer; Asset Status Reports	 	216
	Section 3.22	 	Transfer of Servicing Between Master Servicer and Special Servicer;
    Record Keeping	 	221
	Section 3.23	 	Interest Reserve Account	 	222
	Section 3.24	 	Modifications, Waivers and Amendments	 	222
	Section 3.25	 	Additional Obligations With Respect to Certain Mortgage Loans	 	228
	Section 3.26	 	Certain Matters Relating to the Outside Serviced Trust Loans	 	228
	Section 3.27	 	Additional Matters Regarding Advance Reimbursement	 	228
	Section 3.28	 	Serviced Companion Loan Intercreditor Matters	 	230
	Section 3.29	 	Appointment and Duties of the Operating Advisor	 	232
	Section 3.30	 	Rating Agency Confirmation	 	237
	Section 3.31	 	General Acknowledgement Regarding Companion Loan Holders	 	239
	 	 	 	 	 
	ARTICLE IV
	 	 	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 	 	 
	Section 4.01	 	Distributions	 	240
	Section 4.02	 	Statements to Certificateholders; Certain Reports by the Master
    Servicer and the Special Servicer	 	253
	Section 4.03	 	Compliance With Withholding Requirements	 	266
	 	 	 	 	 

 

    	-ii-

    	 

    

 

	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	Section 4.04	 	REMIC Compliance	 	266
	Section 4.05	 	Imposition of Tax on the Trust REMICs	 	268
	Section 4.06	 	Remittances; P&I Advances	 	270
	Section 4.07	 	Grantor Trust Reporting	 	274
	Section 4.08	 	Calculations	 	276
	 	 	 	 	 
	ARTICLE V
	 	 	 	 	 
	THE CERTIFICATES
	 	 	 	 	 
	Section 5.01	 	The Certificates	 	276
	Section 5.02	 	Form and Registration	 	277
	Section 5.03	 	Registration of Transfer and Exchange of Certificates	 	280
	Section 5.04	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	287
	Section 5.05	 	Persons Deemed Owners	 	288
	Section 5.06	 	Appointment of Paying Agent	 	288
	Section 5.07	 	Access to Certificateholders’ Names and Addresses; Special
    Notices	 	288
	Section 5.08	 	Actions of Certificateholders	 	289
	Section 5.09	 	Authenticating Agent	 	289
	Section 5.10	 	Appointment of Custodian	 	290
	Section 5.11	 	Maintenance of Office or Agency	 	291
	Section 5.12	 	Exchanges of Exchangeable Certificates	 	291
	 	 	 	 	 
	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	 	293
	Section 6.02	 	Merger or Consolidation of the Master Servicer, the Special Servicer
    and the Operating Advisor	 	294
	Section 6.03	 	Limitation on Liability of the Depositor, the Master Servicer,
    the Special Servicer, the Operating Advisor and Others	 	294
	Section 6.04	 	Limitation on Resignation of the Master Servicer, the Special Servicer
    or the Operating Advisor	 	296
	Section 6.05	 	Rights of the Depositor, the Trustee and the Certificate Administrator
    in Respect of the Master Servicer and Special Servicer	 	297
	Section 6.06	 	Master Servicer, Special Servicer as Owner of a Certificate	 	298
	Section 6.07	 	Rating Agency Fees	 	299
	Section 6.08	 	Termination of the Special Servicer Without Cause	 	299
	Section 6.09	 	The Directing Holder and the Controlling Class Representative	 	304
	 	 	 	 	 

 

    	-iii-

    	 

    

 

	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE VII
	 	 	 	 	 
	DEFAULT
	 	 	 	 	 
	Section 7.01	 	Servicer Termination Events	 	310
	Section 7.02	 	Trustee to Act; Appointment of Successor	 	316
	Section 7.03	 	Notification to Certificateholders	 	318
	Section 7.04	 	Other Remedies of Trustee	 	318
	Section 7.05	 	Waiver of Past Servicer Termination Events and Operating Advisor
    Termination Events; Termination	 	318
	Section 7.06	 	Termination of the Operating Advisor	 	320
	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 	 
	CONCERNING THE TRUSTEE AND
    THE CERTIFICATE ADMINISTRATOR
	 	 	 	 	 
	Section 8.01	 	Duties of the Trustee and the Certificate Administrator	 	323
	Section 8.02	 	Certain Matters Affecting the Trustee and the Certificate Administrator	 	326
	Section 8.03	 	Neither the Trustee Nor the Certificate Administrator Is Liable
    for Certificates or Mortgage Loans	 	329
	Section 8.04	 	Trustee and Certificate Administrator May Own Certificates	 	331
	Section 8.05	 	Payment of Trustee/Certificate Administrator Fees and Expenses;
    Indemnification	 	331
	Section 8.06	 	Eligibility Requirements for the Trustee and the Certificate Administrator	 	333
	Section 8.07	 	Resignation and Removal of the Trustee or the Certificate Administrator	 	334
	Section 8.08	 	Successor Trustee or Successor Certificate Administrator	 	336
	Section 8.09	 	Merger or Consolidation of the Trustee or the Certificate Administrator	 	337
	Section 8.10	 	Appointment of Co-Trustee or Separate Trustee	 	337
	Section 8.11	 	Access to Certain Information	 	339
	 	 	 	 	 
	ARTICLE IX
	 	 	 	 	 
	TERMINATION; OPTIONAL MORTGAGE
    LOAN PURCHASE
	 	 	 	 	 
	Section 9.01	 	Termination; Optional Mortgage Loan Purchase	 	340
	 	 	 	 	 
	ARTICLE X
	 
	EXCHANGE ACT REPORTING AND
    REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 10.01	 	Intent of the Parties; Reasonableness	 	345
	Section 10.02	 	Succession; Sub-Servicers; Subcontractors	 	345
	Section 10.03	 	Filing Obligations	 	348
	 	 	 	 	 

 

    	-iv-

    	 

    

 

	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	Section 10.04	 	Form 10-D Filings	 	349
	Section 10.05	 	Form 10-K Filings	 	351
	Section 10.06	 	Sarbanes-Oxley Certification	 	354
	Section 10.07	 	Form 8-K Filings	 	355
	Section 10.08	 	Annual Compliance Statements	 	357
	Section 10.09	 	Annual Reports on Assessment of Compliance With Servicing Criteria	 	358
	Section 10.10	 	Annual Independent Public Accountants’ Servicing Report	 	360
	Section 10.11	 	Significant Obligors	 	362
	Section 10.12	 	Indemnification	 	364
	Section 10.13	 	Amendments	 	367
	Section 10.14	 	Regulation AB Notices	 	367
	Section 10.15	 	Termination of the Certificate Administrator	 	367
	Section 10.16	 	Termination of the Master Servicer or the Special Servicer	 	368
	Section 10.17	 	Termination of Sub-Servicing Agreements	 	368
	Section 10.18	 	Notification Requirements and Deliveries in Connection With Securitization
    of a Serviced Companion Loan	 	368
	Section 10.19	 	Termination of Exchange Act Filings With Respect to the Trust	 	371
	 	 	 	 	 
	ARTICLE XI
	 	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 11.01	 	Counterparts	 	371
	Section 11.02	 	Limitation on Rights of Certificateholders	 	371
	Section 11.03	 	Governing Law	 	372
	Section 11.04	 	Notices	 	372
	Section 11.05	 	Severability of Provisions	 	375
	Section 11.06	 	Notice to the Rule 17g-5 Information Provider, Depositor and Each
    Rating Agency	 	375
	Section 11.07	 	Amendment	 	377
	Section 11.08	 	Confirmation of Intent	 	380
	Section 11.09	 	Third-Party Beneficiaries	 	381
	Section 11.10	 	Request by Certificateholders or the Serviced Companion Loan Holder	 	381
	Section 11.11	 	Waiver of Jury Trial	 	381
	Section 11.12	 	Submission to Jurisdiction	 	381
	Section 11.13	 	Exchange Act Rule 17g-5 Procedures	 	382
	Section 11.14	 	Precautionary Trust Indenture Act Provisions	 	387
	Section 11.15	 	Cooperation with the Mortgage Loan Sellers with Respect to Rights
    Under the Loan Agreements	 	387
	 	 	 	 	 

 

    	-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-AB Certificate
	Exhibit A-6	 	Form of Class X-A Certificate
	Exhibit A-7	 	Form of Class A-S Certificate
	Exhibit A-8	 	Form of Class B Certificate
	Exhibit A-9	 	Form of Class PEZ Certificate
	Exhibit A-10	 	Form of Class C Certificate
	Exhibit A-11	 	Form of Class D Certificate
	Exhibit A-12	 	Form of Class E Certificate
	Exhibit A-13	 	Form of Class F Certificate
	Exhibit A-14	 	Form of Class G Certificate
	Exhibit A-15	 	Form of Class H Certificate
	Exhibit A-16	 	Form of Class R Certificate
	Exhibit A-17	 	Form of Class S 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-1	 	Form of Investor Certification for Obtaining Information and Notices
	Exhibit M-2	 	Form of Investor Certification for Exercising Voting Rights
	Exhibit M-3	 	Form of Online Vendor Certification
	Exhibit M-4	 	Form of Confidentiality Agreement
	Exhibit M-5	 	Form of NRSRO Certification
	 	 	 

 

    	-i-

    	 

    

 

	 	 	 
	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 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 July 1, 2015, among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor, Citibank, N.A., as Certificate Administrator, and Deutsche Bank Trust Company Americas, as Trustee.

 

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-AB, Class LA-S, Class LB, Class LC, Class LD,
Class LE, Class LF, Class LG and Class LH 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, the 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 the 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 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	1.637%	$28,330,000
	Class A-2	3.084%	$2,298,000
	Class A-3	3.497%	$160,000,000
	Class A-4	3.762%	$268,724,000
	Class A-AB	3.431%	$46,974,000
	Class X-A(1)	0.604%	$565,089,000
	Class A-S
    Regular Interest	4.199%	$58,763,000
	Class B
    Regular Interest	4.200%	$42,871,000
	Class C
    Regular Interest	4.200%	$33,852,000
	Class D	4.200%	$24,284,000
	Class E	4.200%	$11,000,000
	Class F	4.200%	$14,864,000
	Class G	4.200%	$12,231,000
	Class H	4.200%	$19,132,869
	Class R(2)	N/A	N/A      

 

 

		(1)	The
                                         Class X-A Certificates will not have a Certificate Principal Amount; rather, 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 “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

 

    	-2-

    	 

    

 

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	$28,330,000	Class A-1
	Class A-2	LA-2	$2,298,000	Class A-2
	Class A-3	LA-3	$160,000,000	Class A-3
	Class A-4	LA-4	$268,724,000	Class A-4
	Class A-AB	LA-AB	$46,974,000	Class A-AB
	Class A-S
    Regular Interest	LA-S	$58,763,000	Class A-S
	Class B
    Regular Interest	LB	$42,871,000	N/A
	Class C
    Regular Interest	LC	$33,852,000	N/A
	Class D	LD	$24,284,000	N/A
	Class E	LE	$11,000,000	N/A
	Class F	LF	$14,864,000	N/A
	Class G	LG	$12,231,000	N/A
	Class H	LH	$19,132,869	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 the 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 the Excess Interest Grantor Trust Assets. As provided herein, the Certificate
Administrator shall not take any actions that 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.

 

    	-3-

    	 

    

 

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)	4.199%	 	$58,763,000
	Class B(2)	4.200%	 	$42,871,000
	Class PEZ(3)	N/A(4)	 	$0
	Class C(5)	4.200%	 	$33,852,000

 

		(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 $723,323,870.

 

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.

 

“135
South LaSalle Mortgage Loan”: The Mortgage Loan secured by the 135 South LaSalle Mortgaged Property.

 

    	-4-

    	 

    

 

“135
South LaSalle Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as 135 South LaSalle.

 

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

 

“AB
Loan Combination”: A Loan Combination that includes a Subordinate Companion Loan. There are no AB Loan Combinations
related to the Trust and all references in this Agreement to “AB Loan Combinations” shall be disregarded.

 

“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.

 

    	-5-

    	 

    

 

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

 

“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 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”: 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 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 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
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 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 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 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.

 

“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.

 

    	-7-

    	 

    

 

“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 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.

 

“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

 

    	-8-

    	 

    

 

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

 

    	-9-

    	 

    

 

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

 

    	-10-

    	 

    

 

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 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.

 

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

 

    	-11-

    	 

    

 

“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 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;

 

    	-12-

    	 

    

 

 

                                                  (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 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 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

 

    	-13-

    	 

    

 

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-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 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.

 

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

 

    	-14-

    	 

    

 

“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 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 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 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-AB, Class X-A, Class A-S, Class B,
Class PEZ, Class C, Class D, Class E, Class F, Class G, Class H, Class S 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

 

    	-15-

    	 

    

 

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 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, except to the extent provided
in the next proviso, 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
Operating Advisor, a manager of a Mortgaged Property, a Mortgagor 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 Operating Advisor, a manager of a Mortgaged Property or a Mortgagor 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, however, that 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 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 Operating Advisor or any of their Affiliates, then such Certificate so owned shall be deemed not to be outstanding; provided,
however, 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

 

    	-16-

    	 

    

 

shall be permitted to act in such capacity and exercise all rights under this Agreement
bestowed upon the Controlling Class; provided, further, 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.

 

“CGCMT
2015-GC29 Pooling and Servicing Agreement”: The Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through
Certificates, Series 2015-GC29 Pooling and Servicing Agreement, dated as of April 1, 2015, between Citigroup Commercial Mortgage
Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Citibank,
N.A., as certificate administrator, and Deutsche Bank Trust Company Americas, as trustee, 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 July 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 1.637%.

 

    	-17-

    	 

    

 

“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 3.084%.

 

“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 3.497%.

 

“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 3.762%.

 

“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-5 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 3.431%.

 

“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.

 

“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-7 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.

 

    	-18-

    	 

    

 

“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 WAC Rate less 0.001%.

 

“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.

 

“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

 

    	-19-

    	 

    

 

Exhibit A-8 hereto. The Class B Certificates represent undivided beneficial
interests in the Class B Specific Grantor Trust Assets.

 

“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.

 

“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.

 

“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.

 

    	-20-

    	 

    

 

“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-10 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 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.

 

    	-21-

    	 

    

 

“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-11 hereto.

 

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

 

“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-12 hereto.

 

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

 

“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-13 hereto.

 

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

 

“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-14 hereto.

 

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

 

“Class H
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 H
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-9 hereto. The Class PEZ Certificates represent undivided beneficial
interests in the Class PEZ Specific Grantor Trust Assets.

 

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

 

    	-22-

    	 

    

 

“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 Section 4.01(b) 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.

 

“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.

 

    	-23-

    	 

    

 

“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-16 hereto. The Class R Certificates have no Pass-Through
Rate, Certificate Principal Amount or Notional Amount.

 

“Class 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-17 hereto and evidencing an undivided beneficial interest in
the Excess Interest Grantor Trust Assets. The Class S Certificates have no Pass-Through Rate, Certificate Principal Amount
or Notional Amount.

 

“Class X
Certificates”: The Class X-A Certificates.

 

“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-6 hereto.

 

“Class
X-A Components”: The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 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).

 

“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”: July 8, 2015.

 

“CMBS”:
Commercial mortgage-backed securities.

 

    	-24-

    	 

    

 

“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 Selig Office Portfolio Co-Lender Agreement,
the Dallas Market Center Co-Lender Agreement and the Crowne Plaza Bloomington 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 Securities Inc., Commercial Mortgage Pass-Through Certificates,
Series 2015-GC31” 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 August 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.

 

“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 Selig Office Portfolio Companion Loans, the Dallas Market Center Companion
Loans and the Crowne Plaza Bloomington Companion Loan.

 

“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

 

    	-25-

    	 

    

 

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 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-AB Component and Class A-S 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

 

    	-26-

    	 

    

 

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.

 

“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.

 

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

 

“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 F 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-AB, Class D and Class E 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 H
Certificates.

 

    	-27-

    	 

    

 

“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).

 

The
initial Controlling Class Representative on the Closing Date shall be Torchlight Investors, LLC, on behalf of one or more
managed funds or accounts, and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume Torchlight
Investors, LLC, on behalf of one or more managed funds or accounts 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 Torchlight Investors, LLC, on behalf of one or more managed funds or accounts 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 – CI1531, (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-GC31, 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-GC31.

 

“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

 

    	-28-

    	 

    

 

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.

 

“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 

 

    	-29-

    	 

    

 

 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 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

 

    	-30-

    	 

    

 

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;

 

(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

 

    	-31-

    	 

    

 

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.

 

“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.

 

    	-32-

    	 

    

 

“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 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

 

    	-33-

    	 

    

 

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 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.

 

    	-34-

    	 

    

 

“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 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.

 

“Crowne
Plaza Bloomington Co-Lender Agreement”: With respect to the Crowne Plaza Bloomington Loan Combination, the related co-lender
agreement, dated as of April 9, 2015, by and between the holder of the Crowne Plaza Bloomington Mortgage Loan and the Crowne Plaza
Bloomington Companion Loan Holder, relating to the relative rights of the holder of the Crowne Plaza Bloomington Mortgage Loan
and the Crowne Plaza Bloomington Companion Loan Holder, as the same may be amended from time to time in accordance with the terms
thereof.

 

“Crowne
Plaza Bloomington Companion Loan”: With respect to the Crowne Plaza Bloomington Loan Combination, the related promissory
note made by the related Mortgagor and secured by the Crowne Plaza Bloomington 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 Crowne Plaza Bloomington Mortgage Loan to the
extent set forth in the related Loan Documents and as provided in the Crowne Plaza Bloomington Co-Lender Agreement.

 

“Crowne
Plaza Bloomington Companion Loan Holder”: The holder of the Crowne Plaza Bloomington Companion Loan.

 

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

 

“Crowne
Plaza Bloomington Mortgage”: The Mortgage securing the Crowne Plaza Bloomington Mortgage Loan and the Crowne Plaza Bloomington
Companion Loan.

 

“Crowne
Plaza Bloomington Mortgage Loan”: With respect to the Crowne Plaza Bloomington Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured

 

    	-35-

    	 

    

 

by the Mortgaged Property identified on the Mortgage Loan Schedule as Crowne Plaza Bloomington,
(ii) evidenced by a promissory note A-2 and (iii) pari passu in right of payment with the Crowne Plaza Bloomington Companion Loan
to the extent set forth in the related Loan Documents and as provided in the Crowne Plaza Bloomington Co-Lender Agreement.

 

“Custodial
Agreement”: The custodial agreement, if any, from time to time in effect between the Custodian named therein and the
Trustee, as the same may be amended or modified from time to time in accordance with the terms thereof. For avoidance of doubt,
as of the Closing Date, the Custodian is the Trustee.

 

“Custodian”:
Any Custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Trustee is Custodian, named pursuant
to any Custodial Agreement. The Custodian may (but need not) be the Trustee, the Certificate Administrator or the Master
Servicer or any Affiliate or agent of the Trustee, the Certificate Administrator or the Master Servicer, but may not be the Depositor
or any Affiliate thereof.

 

“Cut-Off
Date”: With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.

 

“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.

 

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

 

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

 

“Dallas
Market Center Companion Loan Holder”: The holder of a Dallas Market Center Companion Loan.

 

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

 

“Dallas
Market Center Mortgage”: The Mortgage securing the Dallas Market Center Mortgage Loan and the Dallas Market Center Companion
Loans.

 

    	-36-

    	 

    

 

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

 

“Dallas
Market Center Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as Dallas Market
Center.

 

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

 

“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 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.

 

    	-37-

    	 

    

 

“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 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;

 

    	-38-

    	 

    

 

(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;

 

(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 sixth day of the calendar month of the related Distribution Date or,
if the sixth day is not a Business Day, the next Business Day, commencing in August 2015.

 

“Directing
Holder”: (a) With respect to all of the Serviced Loans other than a Serviced Outside Controlled Loan Combination, the
Controlling Class Representative, and

 

    	-39-

    	 

    

 

(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 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

 

    	-40-

    	 

    

 

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.

 

“Distribution
Date”: The fourth Business Day following the Determination Date in each month, commencing in August 2015. The first
Distribution Date shall be August 12, 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.

 

“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.

 

“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
Moody’s in its highest rating category at all times (or, in the case of the REO

 

    	-41-

    	 

    

 

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 “A2” by Moody’s or, if applicable, the short-term rating equivalent thereof, which is at least
“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 “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 “P-1” by Moody’s (if the deposits
are to be held in the account for 30 days or less), (iii) (a) solely with respect to the escrow accounts and reserve accounts,
an account or accounts maintained at KeyBank National Association provided that KeyBank National Association’s long-term
unsecured debt rating is at least “A3” by Moody’s and the aggregate amounts in such escrow and reserve accounts
do not exceed 10% of aggregate stated principal balance of all the Mortgage Loans and Serviced Companion Loans and (b) with respect
to any account other than the escrow accounts and reserve accounts, an account or accounts maintained at KeyBank National Association
provided that (1) KeyBank National Association’s long-term unsecured debt rating is at least “A2” by Moody’s
if the deposits are to be held in such account for more than 30 days and (2) KeyBank National Association’s short-term unsecured
debt rating is at least “P-1” by Moody’s if the deposits are to be held in such account for 30 days or less,
(iv) 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,
(v) 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) - (iv) 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 accounts not listed in clauses (i) - (iv) 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 

 

    	-42-

    	 

    

 

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 F, Class G or Class H 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 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.

 

“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. The Class S Certificates shall be the only
class of Excess Interest Certificates issued under this Agreement.

 

“Excess
Interest Distribution Account”: 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, 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 Securities Inc.,

 

    	-43-

    	 

    

 

Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 – 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. 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.

 

“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.

 

“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) 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 Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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

 

    	-44-

    	 

    

 

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 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

 

    	-45-

    	 

    

 

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 Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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.

 

“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

 

    	-46-

    	 

    

 

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.

 

“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.

 

“GSMC”:
Goldman Sachs Mortgage Company, a New York limited partnership, and its successors in interest.

 

    	-47-

    	 

    

 

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

 

“GSMS
2015-GC30 Pooling and Servicing Agreement”: The GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through
Certificates, Series 2015-GC30 Pooling and Servicing Agreement, dated as of May 1, 2015, between GS Mortgage Securities Corporation
II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer, Trimont Real Estate Advisors, Inc, as operating advisor, U.S.
Bank National Association, as certificate administrator, and U.S. Bank National Association, as trustee, 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.

 

“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 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

 

    	-48-

    	 

    

 

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., Goldman, Sachs & Co., Wells Fargo Securities, LLC 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.

 

“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.

 

    	-49-

    	 

    

 

“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 Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2015-GC31, 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 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

 

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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, 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 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 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-1 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 not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of
any Mortgagor, (B) such Person is or is not the

 

    	-51-

    	 

    

 

Depositor, the Master Servicer, the Special Servicer, the Trustee, 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-2 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 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 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.

 

“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.

 

“KGS”:
KGS-Alpha Real Estate Capital Markets, LLC, a Delaware limited liability company, and its successors in interest.

 

“KGS
Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of July 1, 2015, by and between KGS and the
Depositor.

 

“KGS
Holdings”: KGS Holdings L.P., a Delaware limited partnership, and its successors in interest.

 

“KGS
Holdings Guaranty”: The letter agreement dated as of July 1, 2015, by KGS Holdings, for the benefit of the Depositor
and its successors and permitted assigns, relating to certain obligations of KGS under the KGS Loan Purchase Agreement.

 

“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 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

 

    	-52-

    	 

    

 

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 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 or repurchased pursuant to clauses (iii) through (v) of the first sentence of the definition of Liquidation Event
(unless with respect to

 

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(A) clause (iii),
the applicable Mortgage Loan Seller does not repurchase or substitute for 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 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 default 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 Selig Office Portfolio Loan Combination, the Dallas Market Center Loan Combination and the Crowne
Plaza Bloomington 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

 

    	-54-

    	 

    

 

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 Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC31,
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.

 

“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 GSMC Loan Purchase Agreement, the Rialto Loan Purchase Agreement,
the RAIT Loan Purchase Agreement or the KGS 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.

 

“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

 

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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 Securities Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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 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-AB, Class LA-S,
Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH 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.

 

    	-56-

    	 

    

 

“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 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 property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater
than $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;

 

    	-57-

    	 

    

 

(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;

 

(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.

 

“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.

 

    	-58-

    	 

    

 

“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 Mortgage Loan (or Serviced Loan Combination, if applicable), 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 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 Mortgage Loan (or Serviced Loan Combination, if applicable).

 

“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.

 

    	-59-

    	 

    

 

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.

 

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

 

“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 Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2015-GC31” 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;

 

    	-60-

    	 

    

 

(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 Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2015-GC31 [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 Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC31
[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 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;

  

    	-61-

    	 

    

 

(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 Securities Inc., Commercial Mortgage Pass-Through Certificates,
Series 2015-GC31 [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 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 Certificate
Administrator or a Custodian appointed thereby, such term shall not be deemed to include such documents and instruments
required to be included therein unless they are actually so received.

 

    	-62-

    	 

    

 

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).

 

“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;

 

    	-63-

    	 

    

 

                                                     (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, GSMC, Rialto, RAIT and KGS, 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.

 

“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

 

    	-64-

    	 

    

 

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
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 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.

 

    	-65-

    	 

    

 

“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 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 or the Trustee, which Property Advance the advancing 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

 

    	-66-

    	 

    

 

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 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 S, 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).

  

    	-67-

    	 

    

 

“Notional
Amount”: For any date of determination, with respect to the Class X-A Certificates, the Class X-A Notional
Amount.

 

“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 June 24, 2015 relating to the Private Certificates (other than the Class S 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”: Pentalpha Surveillance LLC, a Delaware 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) $10,000, 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

  

    	-68-

    	 

    

 

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. 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 0.0013% 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

 

    	-69-

    	 

    

 

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

 

“Other
Pooling and Servicing Agreement”: 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. There is no Other Pooling and Servicing Agreement relating
to the Trust and all references in this Agreement to “Other Pooling and Servicing Agreement” shall be disregarded.

 

“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 contolling 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.

 

    	-70-

    	 

    

 

“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 Crowne Plaza Bloomington Co-Lender Agreement, the Dallas
Market Center Co-Lender Agreement and the Selig Office Portfolio 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 Crowne Plaza Bloomington Companion Loan, the Dallas
Market Center Companion Loans and the Selig Office Portfolio 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 Crowne Plaza
Bloomington Loan Combination, the Dallas Market Center Loan Combination and the Selig Office Portfolio 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 Crowne Plaza Bloomington Mortgage Loan, the Dallas Market Center
Mortgage Loan and the Selig Office Portfolio 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 Outside Serviced Loan Combination and the related Outside Serviced
Companion Loan(s), or

 

    	-71-

    	 

    

 

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 GSMS 2015-GC30 Pooling and Servicing Agreement pursuant to which the Dallas
Market Center Mortgage Loan (which is an Outside Serviced Trust Loan) is being serviced, and (ii) the CGCMT 2015-GC29 Pooling
and Servicing Agreement pursuant to which the Crowne Plaza Bloomington Mortgage Loan and the Selig Office Portfolio Mortgage Loan
(each an Outside Serviced Trust Loan) are 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 Selig Office Portfolio Companion Loans, the
Dallas Market Center Companion Loans and the Crowne Plaza Bloomington Companion Loan.

 

“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 Selig Office Portfolio Loan Combination, the Dallas Market Center Loan Combination
and the Crowne Plaza Bloomington Loan Combination.

 

“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-AB Pass-Through Rate, the Class X-A 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, the Class G Pass-Through
Rate and the Class H Pass-Through Rate. The Class PEZ Certificates will not have a Pass-Through Rate, but will be

 

    	-72-

    	 

    

 

entitled
to receive the sum of the interest distributable on the Class PEZ Components. The Class S Certificates and the Class R
Certificates do not have Pass-Through Rates.

 

“Paying
Agent”: The paying agent appointed pursuant to Section 5.06 of 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 S or 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 S Certificate or any Class R Certificate, the
percentage interest is set forth on the face thereof.

 

“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

 

    	-73-

    	 

    

 

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 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 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

 

    	-74-

    	 

    

 

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 and Morningstar); 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 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 and Morningstar); 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 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

 

    	-75-

    	 

    

 

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 and Morningstar); 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 three months or less, (1) 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 (2) the short-term debt obligations of which are rated in the highest
short-term debt rating category by KBRA (if then rated by KBRA); (B) 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 “P-1” by Moody’s
and the long-term debt obligations of which are rated at least “Aa3” by Moody’s and (2) the short-term
debt obligations of which are rated in the highest short-term rating category by KBRA (if then rated by KBRA); and (C) if
it has a term of more than six months, (1) 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 “Aaa” by Moody’s and (2) 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 (C) above, such lower rating as is the subject of a
Rating Agency Confirmation by such Rating Agency and Morningstar); 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 Moody’s in its highest money market fund ratings category (or, if not rated by such Rating
Agency, otherwise acceptable to such Rating Agency, KBRA and Morningstar, 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

 

    	-76-

    	 

    

 

(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 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

 

    	-77-

    	 

    

 

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 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.

 

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“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:

 

(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.

 

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“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 E, Class F, Class G, Class H, Class S 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 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 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 Operating Advisor,
the Mortgage Loan Sellers, a designee of the Depositor and any Person who provides the Certificate Administrator with an Investor
Certification;

 

    	-80-

    	 

    

 

provided
that, in no event shall a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of a Mortgagor, an affiliate of a
Manager of a Mortgaged Property, principal, partner, member, joint venture, limited partner, employee, representative,
director, advisor or investor in any of the foregoing or an agent of any of the foregoing be considered a Privileged
Person.

 

“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 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 June 24, 2015, relating to the Public Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

    	-81-

    	 

    

 

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

 

    	-82-

    	 

    

 

whose
claims paying ability is rated at least “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) each of Moody’s and Morningstar 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 and Morningstar. “Qualified Insurer” shall also mean any entity that satisfies all of the
criteria, other than the 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

 

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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 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.

 

“RAIT”:
RAIT Funding, LLC, a Delaware limited liability company, and its successors in interest.

 

“RAIT
Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of July 1, 2015, by and between RAIT and the
Depositor.

 

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

 

“Rating
Agency”: Each of Moody’s, Morningstar 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, Morningstar 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, Morningstar or KBRA
shall mean “Aaa” with respect to Moody’s and “AAA” with respect to Morningstar 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.

 

    	-84-

    	 

    

 

“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 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-AB, Class X-A,
Class D, Class E, Class F, Class G and Class H 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.

 

    	-85-

    	 

    

 

“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 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 S and 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-AB
and Class D Certificates and the Class PEZ Regular Interests and the Notional Amount of the Class X-A 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);

 

    	-86-

    	 

    

 

(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.

 

“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
“Torchlight Loan Services, 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 Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2015-GC31 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

 

    	-87-

    	 

    

 

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.

 

“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

 

    	-88-

    	 

    

 

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.

 

“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.

 

“RFT”:
RAIT Financial Trust, a real estate investment trust, and its successors in interest.

 

“RFT
Guaranty”: The letter agreement dated as of July 1, 2015, by RFT, for the benefit of the Depositor and its successors
and permitted assigns, relating to certain obligations of RAIT under the RAIT Loan Purchase Agreement.

 

“Rialto”:
Rialto Mortgage Finance, LLC, a Delaware limited liability company, and its successors in interest.

 

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

 

“Rule 144A”:
Rule 144A under the Act.

 

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

 

    	-89-

    	 

    

 

“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 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.

 

“Selig
Office Portfolio Additional Permitted Debt”: “Additional Permitted Debt” as defined in the Selig Office
Portfolio Co-Lender Agreement.

 

    	-90-

    	 

    

 

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

 

“Selig
Office Portfolio Companion Loans”: With respect to the Selig Office Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the Selig Office Portfolio Mortgage and designated as promissory notes A-1,
A-2 and A-4, which are not included in the Trust and are pari passu in right of payment with the Selig Office Portfolio Mortgage
Loan to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement;
provided that if the related Mortgagor elects to incur any Selig Office Portfolio Additional Permitted Debt in accordance
with the related Loan Agreement, the Selig Office Portfolio Companion Loans shall include the related promissory note(s) evidencing
the Office Portfolio Additional Permitted Debt.

 

“Selig
Office Portfolio Companion Loan Holder”: The holder of a Selig Office Portfolio Companion Loan.

 

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

 

“Selig
Office Portfolio Mortgage”: The Mortgage securing the Selig Office Portfolio Mortgage Loan and the Selig Office Portfolio
Companion Loans.

 

“Selig
Office Portfolio Mortgage Loan”: With respect to the Selig Office Portfolio Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured by the Mortgaged Properties identified on the Mortgage Loan Schedule as Selig Office Portfolio,
(ii) evidenced by a promissory note A-3 and (iii) pari passu in right of payment with the Selig Office Portfolio Companion Loans
to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement.

 

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

 

    	-91-

    	 

    

 

“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. There is no Serviced Companion Loan related
to the Trust as of the Closing Date and references in this Agreement to “Serviced Companion Loan” shall be disregarded.

 

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

 

“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. There is no Serviced Loan Combination
related to the Trust and references in this Agreement to “Serviced Loan Combination” shall be disregarded.

 

“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. There is no Serviced Pari Passu Companion Loan related

 

    	-92-

    	 

    

 

to
the Trust and references in this Agreement to “Serviced Pari Passu Companion Loan” shall be disregarded.

 

“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. There
is no Serviced Pari Passu Loan Combination related to the Trust and references in this Agreement to “Serviced Pari Passu
Loan Combination” shall be disregarded.

 

“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.

 

“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.

 

    	-93-

    	 

    

 

“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.

 

“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. 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

 

    	-94-

    	 

    

 

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 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 (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

 

    	-95-

    	 

    

 

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. The only Significant Obligor with respect to the Trust is the
135 South LaSalle Mortgaged Property. There are no Serviced Companion Loans related to the Trust, and therefore there are no Significant
Obligors with respect to an Other Securitization 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).

 

“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(c) 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”: Torchlight Loan Services, LLC, a Delaware limited liability company, or its successor in interest, or any
successor Special Servicer appointed as provided herein.

 

“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 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

 

    	-96-

    	 

    

 

Specially Serviced 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 Master 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

 

(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

 

    	-97-

    	 

    

 

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 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

 

    	-98-

    	 

    

 

(g)          the
Master 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 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 the Selig

 

    	-99-

    	 

    

 

Office Portfolio Mortgage Loan, the Dallas Market Center Mortgage Loan and the
Crowne Plaza Bloomington Mortgage Loan.

 

“Sponsor”:
Each of CGMRC, GSMC, Rialto, RAIT and KGS, and their respective successors in interest.

 

“Startup
Day”: The day designated as such pursuant to Section 2.11(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 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

 

    	-100-

    	 

    

 

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. There
are no Subordinate Companion Loans related to the Trust and all references in this Agreement to “Subordinate Companion Loans”
shall be disregarded.

 

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

 

“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 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.

 

    	-101-

    	 

    

 

“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;

 

(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;

 

    	-102-

    	 

    

 

(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.

 

“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.

 

    	-103-

    	 

    

 

“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, the
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 rights under the Loan Purchase Agreements, the RFT Guaranty
and the KGS Holdings Guaranty 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.

 

    	-104-

    	 

    

 

“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 0.0034% per annum.

 

“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23 and Prohibited Transaction Exemption 89-88, 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., Goldman, Sachs & Co. 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.

 

“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

 

    	-105-

    	 

    

 

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 Securities Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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.

 

“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).

 

“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 S and Class R Certificates, (b) 1%, in the case of the Class X-A Certificates,
and (c) in the case of any of any Class of Certificates (other than the Class X-A, Class S 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-A, Class S 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

 

    	-106-

    	 

    

 

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.

 

“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.

 

“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

 

    	-107-

    	 

    

 

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 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

 

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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 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

 

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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;

 

(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.

 

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(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 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;

 

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(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 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-AB,
Class X-A, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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 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-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 S
Certificates, 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.

 

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(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.

 

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-GC31, 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) the RFT Guaranty and the KGS Holdings Guaranty,
(iv) each Co-Lender Agreement, if any, and (v) 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

 

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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 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.

 

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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.

 

(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, in the appropriate public 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-2 and UCC-3 assignment referred to in clause (15) of the definition of “Mortgage File”, in each
case in favor of the Trustee. 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 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-2 and 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

 

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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 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.

 

(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, in each case, 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

 

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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.

 

(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, directly or 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, and declares
that it or the Custodian on its behalf holds and will hold such documents and any other documents subsequently received by it
that constitute portions of the Mortgage Files, and that the Custodian on behalf of the Trustee holds and will hold the Mortgage
Loans and such other assets, 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.

 

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(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 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,

 

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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 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).

 

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

 

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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 Material Breach,
the Special Servicer shall require the applicable Mortgage Loan Seller (and (i) in the case of the Mortgage Loans sold to the
Depositor by RAIT, with simultaneous notice to and demand on RFT, as guarantor of certain of RAIT’s obligations under the
RAIT Loan Purchase Agreement, pursuant to the RFT Guaranty, and (ii) in the case of the Mortgage Loans sold to the Depositor by
KGS, with simultaneous notice to and demand on KGS Holdings, as guarantor of certain of KGS’s obligations under the KGS
Loan Purchase Agreement, pursuant to the KGS Holdings Guaranty) 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

 

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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 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.

 

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 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

 

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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 lesser 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 and (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;

 

(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 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

 

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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 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

 

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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,
(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 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-GC31 Commercial
Mortgage Pass Through Certificates, Series 2015-GC31, 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

 

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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, the RFT
Guaranty and the KGS Holdings Guaranty, 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 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

 

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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.

 

(d)          The
related Loan Purchase Agreement and, if applicable, the RFT Guaranty and the KGS Holdings Guaranty provide 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. For purposes of this Agreement, (i) the purchase or replacement by
RFT pursuant to the RFT Guaranty of any Mortgage Loan for which RAIT is the related Mortgage Loan Seller shall be deemed a purchase
or replacement by RAIT and (ii) the purchase or replacement by KGS Holdings pursuant to the KGS Holdings Guaranty of any Mortgage
Loan for which KGS is the related Mortgage Loan Seller shall be deemed a purchase or replacement by KGS.

 

(e)          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 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

 

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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 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;

 

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(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 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 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)

 

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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 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

 

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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.

 

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 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 Delaware, 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

 

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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
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

 

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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 and the Certificate Administrator, as of the
Closing Date, that:

 

(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

 

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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

 

(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 Trustee, 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

 

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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 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

 

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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 and the Certificate Administrator,
as of the Closing Date, that:

 

(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Delaware; and the Operating Advisor is in compliance with the laws of each 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

 

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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 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     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 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

 

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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 2.11     Miscellaneous
REMIC and Grantor Trust Provisions.

 

(a)          The
Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC,
Class LD, Class LE, Class LF, Class LG and Class LH 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).

 

(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.

 

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(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 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

 

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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 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

 

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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) 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; (vi) any assignment of such
Sub-Servicing Agreement (other than an 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

 

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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.

 

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 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

 

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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 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

 

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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.

 

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 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) 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

 

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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.

 

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 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

 

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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 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 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) 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

 

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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 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

 

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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 Control 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 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

 

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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 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

 

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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 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

 

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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), 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.

 

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(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 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.

 

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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 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

 

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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 Securities Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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 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.

 

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(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 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;

 

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(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).

 

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

 

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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
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

 

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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 Excess Interest Distribution Account an amount equal to the Excess Interest received during the applicable
Prepayment Period.

 

The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(m) of this Agreement.

 

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

  

    	-157-

    	 

    

 

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 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

 

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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 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

 

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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 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 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

 

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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 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;

 

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(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 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 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 Consulting Fee is actually received from the related Mortgagor
and, with respect to the Outside Serviced Trust Loans, deposited into the Collection Account pursuant to Section 3.03(c)),
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));

 

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(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 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

 

    	-163-

    	 

    

 

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 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 to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate
Administrator 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

 

    	-164-

    	 

    

 

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 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 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

 

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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 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);

 

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(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 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 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

 

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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.

 

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

 

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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, neither the Trustee/Certificate Administrator Fees nor 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 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

 

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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 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

 

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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 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

 

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(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 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

 

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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 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

 

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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 (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

 

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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.

 

(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

 

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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,
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 for it 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, the Master Servicer,
with respect to Performing Serviced Loans, and the Special Servicer, with respect to Specially Serviced Loans, shall (i) promptly
analyze such request, including the preparation of written materials in connection with such analysis, and (ii) if approved, close
the related transaction, subject to the consent of the Special Servicer (in the case of Performing Serviced Loans) 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 all Performing Serviced Loans, the Master Servicer and, in the case of 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 (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

 

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available
to the Master Servicer that the Special Servicer may reasonably 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, 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 Servicer, as applicable, shall
have received a prior written Rating

 

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 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 (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans)
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 Trustee or 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,
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).

 

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

 

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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 RAIT that
are subject to defeasance, RAIT 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
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 RAIT or RAIT’s assignee
in the case of the Mortgage Loans for which RAIT is the related Mortgage Loan Seller. Until such time as RAIT provides written
notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to

 

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which
RAIT is the related Mortgage Loan Seller shall be delivered to RAIT Funding, LLC, 2929 Arch Street, 17th Floor, Philadelphia,
Pennsylvania 19104, Attention: Jamie Reyle, Senior Managing Director – Chief Legal Officer, fax number: (215) 405-2945,
e-mail: jreyle@rait.com, with a copy to RAIT Funding, LLC, 2929 Arch Street, 17th Floor, Philadelphia, Pennsylvania 19104, Attention:
Scott Davidson, fax number: (215) 405-2945, e-mail: sdavidson@rait.com.

 

(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.

 

(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).

 

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(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
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

 

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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 H Certificates; second, to the Class G Certificates; third, to the Class F
Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, 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); seventh, 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); eighth,
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 and
(v) 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 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.

 

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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 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

 

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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.

 

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)

 

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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
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:

 

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(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 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

 

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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.

 

Section 3.11     Trustee
and Certificate Administrator 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

 

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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
Certificate Administrator shall promptly cause the Custodian to 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 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 Mortgage Note as custodian on behalf of and for the benefit of the Trustee.

 

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Section 3.12     Servicing
Fees, Trustee/Certificate Administrator 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
Loan 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, (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, (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) and assumption application fees actually received
from Mortgagors on Performing Serviced Loans, (viii) 100% of Consent Fees with respect to a Performing Serviced Loan that
did not require the approval of the Special Servicer, (ix) 50% of any Consent Fees with respect to a Performing Serviced
Loan consented to by the Special Servicer, (x) 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, (xi) 100% of fees for insufficient or returned checks actually received from Mortgagors
on all Serviced Loans, and (xii) 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 Servicer’s consent is required, then 50% of any such extension fee; 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

 

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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 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

 

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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, 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 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.

 

(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.

 

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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, (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, (v) 100% of Ancillary Fees
(other than fees for insufficient or returned checks) and assumption application fees actually received from Mortgagors on Specially
Serviced Loans, (vi) 100% of Consent Fees with respect to a Specially Serviced Loan, (vii) 50% of any Consent Fees with
respect to a Performing Serviced Loan consented to by the Special Servicer, (viii) 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, (ix) any interest or other income earned on deposits in the REO Accounts, and (x) 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, unless the Special Servicer’s
consent is not required, then 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

 

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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 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, 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 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

 

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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
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 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 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

 

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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 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.

 

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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 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.

 

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(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 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

 

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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 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.

 

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 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.

 

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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 Priviledged 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.

 

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

 

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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.

 

(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
“Torchlight Loan Services, 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 Securities Inc., Commercial Mortgage Pass-Through Certificates,
Series 2015-GC31, [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

 

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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

 

(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:

 

    	-201-

    	 

    

 

(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;

 

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;

 

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(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 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

 

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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 (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,

 

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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 or investing in
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 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 Certificate Administrator, upon receipt of

 

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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 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 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.

 

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(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 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.

 

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(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).

 

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

 

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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.

 

(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 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 such related Serviced Pari Passu Companion Loan
Holder 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) 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

 

    	-209-

    	 

    

 

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 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 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

 

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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 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

 

    	-211-

    	 

    

 

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 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

 

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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 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 and shall be bound
by such a determination and shall be bound by a 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

 

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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 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

 

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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;

 

(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.

 

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(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 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. 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.

 

Section 3.21    Appointment
of Special Servicer; Asset Status Reports.

 

(a)          Torchlight
Loan Services, 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), 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

 

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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;

 

(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;

 

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(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) 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 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

 

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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.

 

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 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. Furthermore, with respect
to a Serviced Loan Combination, at all 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) 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

 

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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 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)          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 the purposes of this clause (g), “Applicable Laws”), the Special Servicer may be
required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business
relationship with the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Special 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 Special Servicer to comply with Applicable Laws; provided that the Special Servicer shall be responsible
for all reasonable actual out-of-pocket expenses incurred by such party in connection therewith.

 

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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 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

 

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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.

 

Section 3.24    
Modifications, Waivers and Amendments.

  

(a)          (i) With
respect to Performing Serviced Loans, the Master Servicer (subject to the Special Servicer’s consent, except as set forth
in the last paragraph of this Section 3.24(a)), 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

 

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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 (i) constitutes
a Major Decision pursuant to Section 6.09(a) of this Agreement and/or (ii) is not the responsibility of the Master Servicer
pursuant to the last paragraph of this Section 3.24(a), the Master Servicer 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.

 

When
the Special Servicer’s consent is required with respect to any modification, waiver, amendment or other action 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

 

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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 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.

 

With
respect to any Performing Serviced Loan, and subject to the rights of the Special Servicer and the related Directing Holder under
Section 6.09 of this Agreement, the Master Servicer, without the consent of the Special Servicer, shall be responsible
to determine whether to consent to or approve any request by the related Mortgagor with respect to:

 

(A)          approving
routine leasing activity with respect to any lease for less than the lesser of (i) 30,000 square feet and (ii) 30% of the net
rentable area of the related Mortgaged Property;

 

(B)          approving
any waiver affecting the timing of receipt of financial statements from any Mortgagor; provided that such financial statements
are delivered no less often than quarterly and within 60 days after the end of the calendar quarter;

 

(C)          approving
annual budgets for the related Mortgaged Property; provided that no such budget (i) provides for the payment of operating expenses
in an amount equal to more than 110% of the amounts budgeted therefor for the prior year or (ii) provides for the payment of any
material expenses to any Affiliate of the related Mortgagor (other than the payment of a management fee to any property manager
if such management fee is no more than the management fee in effect on the Cut-Off Date);

 

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(D)          subject
to other restrictions in this Agreement regarding Principal Prepayments, waiving any provision of a Serviced Loan requiring a
specified number of days’ notice prior to a Principal Prepayment;

 

(E)          approving
non-material modifications, consents or waivers (other than modifications, consents or waivers specifically prohibited under this
Section 3.24) in connection with a defeasance permitted by the terms of this Agreement, and subject to certain conditions,
including in certain cases, delivery of an Opinion of Counsel (which Opinion of Counsel shall be at the expense of the related
Mortgagor) to the effect that such modification, waiver or consent would not cause either Trust REMIC to fail to qualify as a
REMIC under the Code or result in a “prohibited transaction” under the REMIC Provisions or cause the Grantor Trust
to fail to qualify as a grantor trust for federal income tax purposes;

 

(F)          approving
consents with respect to non-material rights-of-way and non-material easements and consent to subordination of the related Serviced
Loan to such non-material rights-of-way or easements; provided, that the Master Servicer has determined in accordance with
the Servicing Standard that such right-of-way or easement does not materially interfere with the then-current use of the related
Mortgaged Property or the security intended to be provided by the related Mortgage and will not have a material adverse effect
on the value of such Mortgaged Property;

 

(G)          granting
waivers of minor covenant defaults (other than financial covenants);

 

(H)          as
permitted under the related Loan Documents, payment from any escrow or reserve, except releases of any escrows, reserve accounts
or letters of credit held as performance escrows or reserves unless required pursuant to the specific terms of the related Serviced
Loan and for which there is no material lender discretion;

 

(I)          approving
a change of the property manager at the request of the related Mortgagor so long as (i) the successor property manager is not
affiliated with the related Mortgagor and is a nationally or regionally recognized manager of similar properties, and (ii) the
subject Serviced Mortgage Loan does not have an outstanding principal balance in excess of the lesser of $5,000,000 or 2% of the
then aggregate principal balance of the Mortgage Loans;

 

(J)          for
all Serviced Mortgage Loans other than the Specified Serviced Mortgage Loans, subject to the satisfaction of any conditions precedent
set forth in the related Loan Documents, approving disbursements of any holdback amounts in accordance with the related Loan Documents
provided that such disbursements are required pursuant to the specific terms of the related Serviced Loan and for which there
is no lender discretion; and

 

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(K)          any
non-material modifications, waivers or amendments not provided for in clauses (A) through (J) above, which are necessary to cure
any ambiguities or to correct scrivener’s errors in the terms of the related Serviced Loan.

 

(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, 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 Trustee or 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 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

 

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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 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,

 

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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 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), 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.

 

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

 

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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 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

 

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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 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

 

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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.

 

(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

 

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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)          Pentalpha
Surveillance 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 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

 

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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. In the event a lack of access to Privileged
Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor
shall, in either case, describe any such limitations in the applicable Operating Advisor Annual Report, and the Operating
Advisor shall not be subject to any liability arising from its lack of access to Privileged Information. Such Operating
Advisor Annual Report shall be 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,

 

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revise the Operating Advisor Annual Report based on any comments
received from the Special Servicer or the Controlling Class Representative. 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. In addition, in the
event the Special Servicer is replaced during the prior calendar year, the Operating Advisor shall only be required to
prepare an Operating Advisor Annual Report relating to each entity that was acting as Special Servicer as of December 31 of
the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report. 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.

 

(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 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

 

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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 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

 

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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. Notwithstanding the foregoing, the Operating Advisor will be permitted
to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor to the extent reasonably necessary
to perform the Operating Advisor’s obligations under this Agreement and provided such Affiliates and subcontractors of the
Operating Advisor agree in writing prior to their receipt of such Privileged Information to be bound by the same confidentiality
provisions applicable to the Operating Advisor described in this Agreement and a copy of such agreement is provided to the parties
hereto. 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, any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) and, unless a Consultation Termination Event has occurred and is continuing, the Controlling Class Representative
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 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.

 

(l)          In
no event shall the Operating 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.

 

(m)          In
no event shall the Operating Advisor have the power to compel any transaction party to take or refrain from taking any action.

 

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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) KBRA 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 KBRA is the non-responding Rating Agency; and (3) as certified to, in writing, by such replacement
master servicer or replacement special servicer, as applicable, the replacement master servicer or replacement special servicer
is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by
a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or

 

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withdrawn
the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement
master servicer or replacement special servicer, as applicable, 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 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.

 

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(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

 

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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

 

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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
S Certificates and 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-AB and Class X-A
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 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;

 

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(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; and

 

(F)          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 (E) 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 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;

 

(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

 

    	-242-

    	 

    

 

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 Holders of the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
for such Class;

 

(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
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

 

    	-243-

    	 

    

 

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;

 

(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;

 

    	-244-

    	 

    

 

(xxv)       to
the Holders of the Class H Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
for such Class;

 

(xxvi)      to
the Holders of the Class H 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;

 

(xxvii)     to
the Holders of the Class H 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

 

(xxviii)    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 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 (xxviii) 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-A, Class E, Class F, Class G, Class H, Class S 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 and Class A-AB Certificates and the Class

 

    	-245-

    	 

    

 

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 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 and Class PEZ Regular Interests in each YM Group on such Distribution Date,
and (B) then (1) 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: each Class of Regular
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 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 each YM Group collected during the related Prepayment Period remaining after such distributions
will be distributed to the Holders of the Class X-A Certificates.

 

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 and the Certificate Principal Amounts of the Class A-1, Class A-2,
Class A-3, Class A-4, 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-A
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

 

    	-246-

    	 

    

 

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.

 

(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 H Certificates; second, to the Class G Certificates;
third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D
Certificates; sixth, to the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component
C, pro rata based on

 

    	-247-

    	 

    

 

their
respective percentage interests therein); seventh, 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); eighth, 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 and (v) 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
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,

 

    	-248-

    	 

    

 

Class LA-4,
Class LA-AB and Class LA-S Interests, 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 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

 

    	-249-

    	 

    

 

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 the Class X-A Certificates shall, in turn, be allocated
among the various Components of the Class X-A 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
the Class X-A 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.

 

(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

 

    	-250-

    	 

    

 

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 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);

 

    	-251-

    	 

    

 

(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 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

 

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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 the 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;

 

(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;

 

    	-253-

    	 

    

 

(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 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;

 

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(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;

 

(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;

 

    	-255-

    	 

    

 

(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 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 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

 

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Commission
EDGAR filings referred to below (collectively, the “Public Documents”) will be available to the general public),
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;

 

(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;

 

    	-257-

    	 

    

 

(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.

 

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
provide assistance in using

 

    	-258-

    	 

    

 

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.

 

Within
a commercially reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as

 

    	-259-

    	 

    

 

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
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

    	-260-

    	 

    

 

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 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

 

    	-261-

    	 

    

 

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, CMBS.com Inc. 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 penultimate 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 Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the
respective Loan Purchase Agreements and the Supplemental Servicer Schedule.

 

    	-262-

    	 

    

 

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 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.

 

    	-263-

    	 

    

 

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 pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this
Agreement.

 

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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.

 

(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.

 

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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 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

 

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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 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).

 

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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.

 

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

 

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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 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.

 

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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 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 

 

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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;

 

(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

 

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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;

 

(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

 

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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, 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

 

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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, Morningstar 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, Morningstar 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.

 

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.

 

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(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 file or cause to be 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 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.

 

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(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-AB
Certificates, the Class X-A 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, the Class H Certificates, the Class S Certificates and the Class R Certificates.

 

Each Class of Certificates
will be substantially in the forms annexed hereto as Exhibits A-1 through A-17 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 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 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

 

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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 Class S 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 Certificates shall be issued, maintained and transferred only in minimum denominations of an
authorized initial notional amount 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 S
and 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. The Class S Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class
S 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.

 

(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

 

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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 S and 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.

 

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.

 

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(ii)           The
Certificates of each Class of Private Certificates (other than the Class S and 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, the Class S Certificates 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.

 

(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

 

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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 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

 

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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.

 

(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

 

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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 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

 

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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 S or 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.

 

(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

 

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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 S Certificate or 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 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

 

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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, Class S 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, a Class S 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 S or 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 be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:

 

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(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.

 

(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

 

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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.

 

(v)          The
Class S Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional
Buyers or Institutional Accredited Investors.

 

(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.

 

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Section
5.05     Persons Deemed Owners. The Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions as provided in this Agreement and for all other purposes whatsoever, and neither the Master Servicer, the
Special Servicer, the 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

 

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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 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

 

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serve as the initial Authenticating Agent and the Certificate Administrator
hereby accepts such appointment.

 

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. The Trustee may appoint one or more Custodians to hold all
or a portion of the Mortgage Files as agent for the Trustee, by entering into a Custodial Agreement (in the event the Trustee
is not the Custodian) that is consistent in all material respects with this Agreement. The Trustee shall give prompt written
notice to the Depositor of any appointment of a Custodian. The Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders and
Serviced Companion Loan Holders. Each Custodian shall be 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. Each Custodial Agreement may be amended only as provided in Section 11.07 of
this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Trustee. The Trustee shall
serve as the initial Custodian and shall be deemed appointed as Custodian at all times that no other party is so appointed in
accordance with this Section 5.10. The Custodian, if the Custodian is not the Trustee, shall maintain a fidelity bond in the form
and amount that are

 

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customary for securitizations similar to the securitization evidenced by this Agreement, with the Trustee
named as loss payee. 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, with the Trustee named as loss payee. 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 Trustee a Rating Agency Confirmation. The appointment of a Custodian shall not relieve the
Trustee from any of its obligations hereunder, and the Trustee shall remain responsible for all acts and omissions of the
Custodian. In the event the Trustee is the Custodian, the Custodian may self-insure.

 

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-GC31, 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

 

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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, 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

 

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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 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

 

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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 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

 

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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 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

 

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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 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.

 

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(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 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 after the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class
A-4, 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, 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

 

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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 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

 

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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 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 (exclusive of any 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, 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,

 

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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 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 S and 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 S and Class R Certificates) evidencing at least 75% of the Voting Rights of the Certificates
(other than the Class S and 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

 

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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 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

 

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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 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

 

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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 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,

 

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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” 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).

 

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) 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 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

 

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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 (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 (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.

 

In addition, each of
(x) the Controlling Class Representative (with respect to each Serviced Loan other than a Serviced Outside Controlled Loan Combination,
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 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.

 

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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, 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, 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.

 

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

 

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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, 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) to the extent set forth herein; 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; and

 

(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.

 

(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

 

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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 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.

 

(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

 

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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.

 

(h)          
Notwithstanding anything to the contrary contained herein, at any time when the Class F 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
F Certificates are no longer the Controlling Class of Certificates or (y) the Opting-Out Party has (i) sold a majority of the Class
F 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 F 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
F Certificates (such sale and certification, a “Class F Transfer”). Following any such Class F Transfer, or
if the Class F 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 F Transfer and had not also become a Corrected Loan prior to such Class F Transfer until such time as such Serviced
Mortgage Loan becomes a Corrected Loan.

 

 

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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 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

 

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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 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)      either
of Moody’s 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

 

 

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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)         the
Master Servicer or the Special Servicer, as applicable, ceases to have a master servicer or special servicer ranking, as applicable,
of at least “MOR CS3” from Morningstar and that ranking is not reinstated within 60 days; 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 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)(xi) 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.

 

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(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 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.

 

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(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 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 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,

 

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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 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

 

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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, Morningstar 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, Morningstar
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
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

 

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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 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.

 

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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 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

 

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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, 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

 

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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 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;

 

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(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

 

(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

 

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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.

 

(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

 

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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 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 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.

 

(b)          Each
of the Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee 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,
that neither the Trustee nor 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
or the Certificate

 

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Administrator, as applicable, shall request a corrected instrument, and if the instrument is not corrected
to the Trustee’s or the Certificate Administrator’s, as applicable, reasonable satisfaction, the Certificate Administrator
(if the Certificate Administrator 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)          Neither
the Trustee, the Certificate Administrator nor 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 or the Certificate Administrator, as applicable, or 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, neither the
Trustee nor 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 or the
Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, the Trustee
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 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)          Neither
the Trustee nor 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 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)          Neither
the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, agents or control persons
shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not 

 

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the same Person
as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other than by the Trustee
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;

 

(v)          Neither
the Trustee nor 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 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 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 or the Certificate Administrator, as the case may be, or by reason of negligent disregard
of the Trustee’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 or the Certificate Administrator, as the case may be, of any of its representations or warranties
contained herein; provided, however, that the Trustee 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)          Neither
the Trustee 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 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 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 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 or the Certificate Administrator, in its capacity as Trustee
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
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 

 

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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 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
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 and the Certificate Administrator.

 

(a)          Except
as otherwise provided in Section 8.01 of this Agreement:

 

(i)          Each
of the Trustee 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 neither the Trustee 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 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)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to institute, conduct or defend any litigation hereunder
or in relation hereto 

 

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at the request, order or direction of any of the Certificateholders, pursuant to the provisions of this
Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as applicable, security
or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as applicable, against the costs, expenses
and liabilities which may be incurred therein or thereby; and

 

(B)          the
right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in this Agreement
shall not be construed as a duty, and neither the Trustee nor 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)          Neither
the Trustee, the Certificate Administrator nor 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 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;

 

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(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 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)          Neither
the Trustee nor 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)          Each
of the Certificate Administrator, Custodian, Rule 17g-5 Information Provider, Authenticating Agent, Paying Agent and Certificate
Registrar shall be entitled to the same rights, indemnities, immunities, benefits (other than compensation), privileges and protections
afforded to the Trustee hereunder in the same manner as if such party were the named Trustee herein mutatis mutandis.

 

(f)          Notwithstanding
anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Trustee or the Certificate
Administrator that the Trustee 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

 

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included in the first secure e-mail sent by the Trustee or the Certificate Administrator, as applicable, to the E-mail Recipient.

 

(g)          No
provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee or the Certificate
Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties
or obligations under the 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 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 or the Certificate Administrator, as applicable. Accordingly, each of the parties hereto
agrees to provide to the Trustee 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 or the Certificate Administrator,
as applicable, to comply with Applicable Law.

 

Section 8.03     Neither
the Trustee Nor 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 Certificate Administrator, the Master Servicer, the Special Servicer or the
Operating Advisor, and the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating
Advisor assume no responsibility for their correctness. The Trustee, 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. Neither the Trustee nor 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, neither the Trustee nor 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

 

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Trust Fund or of any intervening assignment; the completeness of any Mortgage File (except for its review thereof pursuant
to Section 2.02); the performance or enforcement of any 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 or the Certificate Administrator,
as applicable, of its obligation to perform its duties as specifically set forth in this Agreement. Neither the Trustee nor 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 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

 

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Certificate Administrator, as applicable, has 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
and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the Trustee
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 Certificate Administrator or such agent, as the case may be.

 

Section 8.05     Payment
of Trustee/Certificate Administrator 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. The Trustee/Certificate Administrator
Fee shall 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. No Trustee/Certificate Administrator 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 and the Certificate Administrator 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 or
the Certificate Administrator, 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 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, neither the Trustee nor the Certificate
Administrator shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid the Trustee/Certificate
Administrator Fee or the Trustee’s expenses or the Certificate Administrator’s expenses, as applicable.

 

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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 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

 

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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 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, the Certificate
Registrar or the Custodian.

 

(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

 

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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 “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) 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), 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 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 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 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.

 

Section 8.07     Resignation
and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may at
any time resign and be discharged from the trusts hereby created by 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 or the Certificate Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating
Agency Confirmation to the resigning Trustee or Certificate Administrator, as applicable, and the successor Trustee or Certificate
Administrator, as applicable. If no successor Trustee or Certificate Administrator, as applicable, shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of

 

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resignation, the resigning Trustee or Certificate
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee or Certificate
Administrator, as applicable. The Trustee 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 or the Certificate 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 Master Servicer, or if at
any time either the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee 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 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 or the Certificate
Administrator, as applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written
instrument, which shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor
Trustee 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 or the Certificate Administrator and appoint a successor Trustee
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),
one complete set to the Certificate Administrator (in connection with the removal of the Trustee), one complete set to the Trustee
or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee or Certificate Administrator,
as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion Loan Holders.

 

In
the event that the Trustee 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 or the Certificate Administrator, as applicable). The
Trustee 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 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 or the Certificate Administrator, as applicable, necessary to effect the transfer of the rights
and obligations (including, if applicable, custody of the Mortgage Files) of the Trustee or Certificate Administrator, as applicable,
to a successor trustee or certificate administrator.

 

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Any
resignation or removal of the Trustee or the Certificate Administrator and appointment of a successor Trustee 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 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-GC31, Commercial Mortgage Pass Through Certificates, Series 2015-GC31”
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).

 

Section 8.08     Successor
Trustee or Successor Certificate Administrator.

 

(a)          Any
successor Trustee 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 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 or Certificate Administrator, as applicable, shall become effective and such successor Trustee
or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or
Certificate Administrator, 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 or Certificate Administrator. The predecessor Certificate
Administrator shall deliver to the successor Certificate Administrator 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
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 or Certificate Administrator, as applicable,
all such rights, powers, duties and

 

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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.

 

Upon
acceptance of appointment by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08,
the Depositor shall mail notice of the succession of such Trustee 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 or Certificate Administrator,
the successor Trustee 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.

 

Section 8.09     Merger
or Consolidation of the Trustee or the Certificate Administrator. Any entity into which the Trustee or the Certificate Administrator
may be merged or converted, or with which the Trustee or the Certificate Administrator, as applicable, may be consolidated, or
any entity resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator, as applicable,
shall be a party, or any entity succeeding to the corporate trust business of the Trustee or the Certificate Administrator, as
applicable, shall be the successor of the Trustee or the Certificate Administrator, as applicable, 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. 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

 

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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 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.

 

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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 Trustee) 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 Trustee, 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;

 

(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;

 

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(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 Trustee (or a Custodian on its behalf) 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);

 

(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 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

 

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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 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

 

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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 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.

 

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(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.

 

(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

 

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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 and the aggregate Certificate Principal Amount of the Class A-1, Class A-2,
Class A-3, Class A-4, 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 S and
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 S and 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 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 S and 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 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 S and 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

 

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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-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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 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

 

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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 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

 

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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 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

 

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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 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

 

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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.

 

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

 

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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.

 

(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

 

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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.

 

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;

 

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(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.

 

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 2015, (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

 

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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.

 

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

 

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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 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 and Exhibit Y-6, as applicable, on which the Certifying Person, the entity for which

 

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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
the applicable Outside Servicing Agreement, the Master Servicer will 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 applicable
certification 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 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

 

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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.

 

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

 

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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, 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

 

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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 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

 

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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.

 

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

 

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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 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

 

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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 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

 

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meeting the requirements of Section 10.09 of this Agreement and
notify the Depositor of any exceptions.

 

Section 10.11     Significant
Obligors

 

(a)          It
is hereby acknowledged that the 135 South LaSalle Mortgaged Property is a Significant Obligor with respect to the Trust, and,
accordingly, Item 6 of Form 10-D and Item 1112(b)(1) of Form 10-K provide for the inclusion of updated net operating income for
such Mortgaged Property, as required by Item 1112(b)(1) of Regulation AB, on (i) each Form 10-D to be filed with respect to the
Trust (on a quarterly basis) on or before the related Significant Obligor NOI Quarterly Filing Deadline or (ii) on each Form 10-K
filed with respect to the Trust, as applicable. The parties hereto acknowledge that the date on which financial statements are
required to be delivered to the related lender under the related Mortgage Loan documents is thirty (30) days following the end
of each fiscal quarter of the related Mortgagor or seventy-five (75) days following the end of each fiscal year of the related
Mortgagor, as applicable, as set forth in Section 11.1(c) of the related Loan Agreement.

 

With
respect to any Significant Obligor with respect to the 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 for the calendar quarter ending June 30, 2015, or the updated financial
statements of such Significant Obligor for any calendar year, beginning for the calendar year ending December 31, 2015, as applicable,
the Master Servicer or the Special Servicer, as applicable, shall deliver to the Certificate Administrator, 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 or the Special Servicer, as applicable, 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) 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 Borrower 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 the 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 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

 

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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 Certificate Administrator and the Depositor.

 

If
the Certificate Administrator has not received 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, it shall include the following statement with respect to Item 6 on the related Form 10-D with
respect to the Trust or Item 1112(b)(1) on the related Form 10-K with respect to the Trust: “The information required for
this [Item 6] [Item 1112(b)(1)] rests with a person or entity which is not affiliated with the registrant. Oral and written requests
have been made on behalf of the registrant, to the extent required under the related pooling and servicing agreement, to obtain
the information required for this [Item 6] [Item 1112(b)(1)], and the registrant has been unable to obtain such information to
include on this [Form 10-D] [Form 10-K] by the related filing deadline. The information is therefore being omitted herefrom in
reliance on Rule 12b-21 under the Securities Exchange Act of 1934, as amended” or such other statement as directed by the
Depositor. Upon receipt of any financial information that has been previously omitted from any Form 10-D or Form 10-K with respect
to the Trust because such information was received by the Certificate Adminstrator after the related filing deadline, the Certificate
Adminstrator shall include such previously omitted financial information in the (i) next Form 10-D to be filed with respect to
the Trust if such information is received by the Certificate Administrator at least two (2) Business Days prior to the filing
deadline of such Form 10-D or (ii) the second succeeding Form 10-D to be filed with respect to the Trust if the Certificate Administrator
does not receive such information prior to the date set forth in clause (i) above.

 

(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) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, 

 

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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,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the

 

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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 Other Depositor) and the applicable Affected Reporting
Party shall cooperate and coordinate

 

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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, 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 and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees 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) 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

 

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primary
servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports or
attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith.
The Master Servicer, the Special Servicer, the 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

 

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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 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

 

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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 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

 

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inclusion in the disclosure materials
relating to any securitization of a Serviced Companion Loan.

 

(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-GC31 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

 

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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 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.

 

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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 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

 

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Association,
Commercial Mortgage Servicing, MAC D1086, 550 South Tryon Street, 14th Floor, Charlotte, North Carolina 28202, Attention: CGCMT
2015-GC31 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 K&L Gates LLP, Hearst Tower, 214 North Tryon Street, Charlotte, North
Carolina 28202, Attention: Stacy G. Ackermann, fax number: (704) 353-3190, 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, Torchlight Loan
Services, LLC, 701 Brickell Avenue, Suite 2200, Miami, FL 33131, Attention: William Clarkson/CGCMT 2015-GC31, email: wclarkson@torchlightinvestors.com,
Fax: (305) 209-9971, with a copy to Torchlight Loan Services LLC, 475 Fifth Avenue, New York, NY 10017, Attention: Jacob Baron/CGCMT
2015-GC31, Email: jbaron@torchlightinvestors.com, Fax: (646) 253-9753; (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-GC31, 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 – CI1531, 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, Pentalpha Surveillance LLC, 375 N. French Road, Suite 100, Amherst,
New York 14228, Attention: Don Simon, Chief Operating Officer, with copies sent contemporaneously via e-mail to don.simon@pentalphasurveillance.com
and notices@pentalphasurveillance.com, with a copy to Bass, Berry & Sims PLC, 150 Third Avenue South, Nashville,
Tennessee 37201, Attention: Jay H. Knight, email: jknight@bassberry.com; (vii) 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) Morningstar Credit Ratings, LLC,
220 Gibraltar Road, Suite 300, Horsham, Pennsylvania 19044, Attention: CMBS Surveillance, e-mail: cmbsratings@morningstar.com;
(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) Goldman Sachs Mortgage Company, 200 West Street, New
York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, e-mail: leah.nivison@gs.com, with copies to:
Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, e-mail:
joe.osborne@gs.com, (c) Rialto Mortgage Finance, LLC, 299 Park Avenue, 6th Floor, New York, New York 10171, Attention:
Kenneth M. Gorsuch, Executive Director, (d) RAIT Funding, LLC, to the attention of Jamie Reyle, fax number (215) 405-2945, email
at

 

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jreyle@raitft.com
and Scott Davidson, fax number (215) 405-2945, email at sdavidson@raitft.com and confirmed to it at RAIT Funding, LLC and
RAIT Financial Trust, 2929 Arch Street, 17th Floor, Philadelphia, Pennsylvania 19104, Attention: Jamie Reyle, Senior Managing
Director — Chief Legal Officer, with a copy to RAIT Funding, LLC and RAIT Financial Trust, 2929 Arch Street, 17th Floor,
Philadelphia, Pennsylvania 19104, Attention: Scott Davidson; and (e) KGS-Alpha Real Estate Capital Markets, LLC, 601 Lexington
Avenue, 44th Floor, New York, New York 10022, Attention: Anthony Merolla and Frederic Krieger, and with a copy to KGS Holdings,
L.P., 601 Lexington Avenue, 44th Floor, New York, New York 10022, Attention: Anthony Merolla and Frederic Krieger; (ix) in the
case of the Underwriters, (a) Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Leah Nivison,
fax number: (212) 428-1439, e-mail: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, e-mail:
peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com; (b) 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;
and (c) 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) Goldman, Sachs & Co., 200 West Street,
New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, e-mail: leah.nivison@gs.com, with copies
to: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318,
e-mail: joe.osborne@gs.com; (b) 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; (c) 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;
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, Torchlight Investors, LLC,
475 Fifth Avenue, New York, New York 10017, Attention: William Stasiulatis/CGCMT 2015-GC31, email: bstasiulatis@torchlightinvestors.com,
with a copy to Torchlight Loan Services LLC, 475 Fifth Avenue, New York, NY 10017, Attention: Jacob Baron/CGCMT 2015-GC31, Email:
jbaron@torchlightinvestors.com, Fax: (646) 253-9753; 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

 

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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.

 

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 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

 

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(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 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.

 

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Section 11.07     Amendment.
This Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as 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;

 

(iii)          to
change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable
Distribution Account, the 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

 

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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 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 or any Custodial 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 (if the Trustee is then acting as 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;

 

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(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;

 

(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
(if the Trustee is then acting as 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 (if the
Trustee is then acting as 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 or any Custodial Agreement unless, if requested
by the Master

 

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Servicer,
the Special Servicer, the Trustee, the Custodian (if the Trustee is then acting as 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 or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Custodian (if the Trustee is then acting as 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
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 (if the Trustee is then acting as 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 (if the Trustee is then
acting as Custodian) 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.

 

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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 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

 

    	-381-

    	 

    

 

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 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

 

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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, 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, provided
that such party summarizes the information provided to the Rating Agencies in such communication in writing and provides such
summary to the 17g-5 Information Provider electronically as provided in Section 11.13(h) on the same day such communication
takes place; provided that the summary of such oral communications shall not be attributed to the Rating Agency the communication
was with. The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance
with the procedures set forth in Section 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

 

    	-383-

    	 

    

 

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.

 

(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 provided
such information to such Rating Agency in accordance with the timeframe set forth under Section 11.13(i); 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 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-GC31” 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);

 

    	-384-

    	 

    

 

(C)          any
certification of a provider of third-party “due diligence services” (as defined in Rule 17g-10 under the Exchange
Act) on Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider by the Depositor; and

 

(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.

 

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 folloing 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

 

    	-385-

    	 

    

 

accordance with the terms of this Agreement, makes no representations or warranties
as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information.
The 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-GC31” 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.

 

(j)          With
respect to each Outside Serviced Trust Loan, each of the Master Servicer, the Special 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 by the
17g-5 Information Provider in accordance with the timeframe provided in Section 11.13(b).

 

    	-386-

    	 

    

 

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 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.

 

    	-387-

    	 

    

 

[Signature
Pages Follow]

 

    	-388-

    	 

    

 

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
	 	 	 
	 	TORCHLIGHT LOAN SERVICES, LLC, as
	 	 	Special Servicer
	 	 	 
	 	By:	/s/ Jacob Baron
	 	 	Name: Jacob Baron
	 	 	Title: Authorized Signatory

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,
	 	 	as Operating Advisor
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name: James Callahan
	 	 	Title: Executive Director
	 	 	and Solely as an Authorized Signatory
	 	 	 
	 	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

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF	)
	 	) ss:
	COUNTY OF	)

 

On
this 7 day of July 2015, before me, the undersigned, a Notary Public in and for the State of NY, duly commissioned and sworn,
personally appeared Richard Simpson, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the VP of CCMSI, a NY 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/ Nannette L. Edwards	 
	 	Notary Public in and for the	 
	 	State of New York	 

 

My
Commission expires:                  Nannette L. Edwards

Notary Public, State of New York

No. 01ED6158862

Qualified in Queens County

Commission Expires Jan. 08, 2019

 

[NOTARIAL SEAL]

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NORTH CAROLINA   	)
	 	)         ss.:
	COUNTY OF MECKLENBURG	)

 

On
this 26 day of June 2015, personally appeared before me Cynthia L. Schwartz, to me known (or proved to me on the basis of satisfactory
evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within
and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for
the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her
signature on the instrument the entity upon behalf of which she acted, executed the instrument.

 

	 	/s/
Erica L. Smith	 
	 	 	 
	 	Notary	 
	 	Name:	 

 

My Commission expires: July 15,
2017

          

ERICA L. SMITH

NOTARY PUBLIC

Gaston County

North Carolina

My Commission Expires 7/15/2017

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK   	)

 

On
this 2nd day of July 2015, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Jacob Baron, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the Authorized Signatory of Torchlight Loan Services, a Delaware 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/
Shereen Awad	 
	 	Notary Public in and for the	 
	 	State of New York	 

 

My Commission expires: December
6, 2016

 

Shereen Awad

Notary Public, State
of New York

No. 01AW6119669

Qualified in Kings County

Commission Expires 12/06/2016

[NOTARIAL SEAL]

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF CONNECTICUT   	)
	 	)         ss.:
	COUNTY OF FAIRFIELD	)

 

On
this 29 day of June 2015, before me, the undersigned, a Notary Public in and for the State of Connecticut, duly commissioned and
sworn, personally appeared Jamees Callahan, to me known who, by me duly sworn, did depose and acknowledge before me and say that
he is the Executive Director of Pentalpha Surveillance LLC, a Delaware 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/
Melonie S. Williams	 
	 	Notary Public in and for the	 
	 	State of Connecticut	 

 

My Commission expires: 7-31-2019

[NOTARIAL SEAL]

Melonie S. Williams

Notary Public

Connecticut

My Commission expires July 31, 2019

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK   	)

 

On
this 26th day of June 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/
Noreen Santos	 
	 	Notary Public in and for the	 
	 	State of _____	 
	 	 	 
	 	NOREEN SANTOS	 
	 	Notary Public, State of New York	 
	 	Registration #01SA6228750	 
	 	Qualified in Nassau County	 
	 	Certificate Filed in New York County	 
	 	Commission Expires September 27, 2018	 

 

My Commission expires:

[NOTARIAL SEAL]

 

CGCMT
2015-GC31 - 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 July 2, 2015 before me, Melinda A. Pilcher a Notary Public, 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/ Melinda A. Pilcher	 
	 	Signature of Notary Public	 

 

MELINDA A. PILCHER

Commission # 2067159

Notary Public – California

Orange County

My Comm. expires May 4, 2018

 

CGCMT
2015-GC31 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

 

EXHIBIT
A-1

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-1

 

	Pass-Through
    Rate:  1.637% per annum	 	 
	 	 	 
	First Distribution
    Date: August 12, 2015	 	Cut-Off Date:  With
    respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial
    Certificate Principal Amount of the Class A-1 Certificates:  $28,330,000	 	Scheduled Final
    Distribution Date: the Distribution Date in July 2020
	 	 	 

 

	CUSIP:  17323Y
        AA7

         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:
        US17323YAA73

         

        Common
Code: 125775560

 
	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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

 

    	A-1-2

    	 

    

 

each month, commencing in August 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 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

 

    	A-1-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the 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
                                         

 

    	A-1-4

    	 

    

 

		 	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 or any Custodial 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 (if the Trustee is then acting
as 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 

 

    	A-1-5

    	 

    

 

		 	 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-1-6

    	 

    

 

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 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:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-2

 

	Pass-Through
    Rate:  3.084% per annum	 	 
	 	 	 
	First Distribution
    Date: August 12, 2015	 	Cut-Off Date:  With
    respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial
    Certificate Principal Amount of the Class A-2 Certificates:  $2,298,000	 	Scheduled Final
    Distribution Date: the Distribution Date in May 2022
	 	 	 

	CUSIP:  17323Y
AB5

         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:
US17323YAB56 

         

        Common
Code: 125775578

         
	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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

 

    	A-2-2

    	 

    

 

each month, commencing in August 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 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

 

    	A-2-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the 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
                                         

 

    	A-2-4

    	 

    

 

		 	
                                         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 or any Custodial 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 (if the Trustee is then acting
as 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 

 

    	A-2-5

    	 

    

 

		 	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-2-6

    	 

    

 

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 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:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-3

	 	 	 
	Pass-Through
    Rate:  3.497% per annum	 	 
	 	 	 
	First Distribution
    Date: August 12, 2015	 	Cut-Off Date:  With
    respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial
    Certificate Principal Amount of the Class A-3 Certificates:  $160,000,000	 	Scheduled Final
    Distribution Date: the Distribution Date in May 2025

	 	 	 
	 

        
	 	Initial Certificate
    Principal Amount of this Certificate: $[_____]
	CUSIP:  17323Y AC3	 	 
	 	 	 
	ISIN:
                                       US17323YAC30

         

        Common Code: 125775586
	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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

 

    	A-3-2

    	 

    

 

each
month, commencing in August 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 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

 

    	A-3-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the 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

 

    	A-3-4

    	 

    

 

			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 or any Custodial 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 (if the Trustee is then acting
as 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

 

    	A-3-5

    	 

    

 

			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-3-6

    	 

    

 

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 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:
July 8, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
July 8, 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-4

	 	 	 
	Pass-Through Rate:  3.762%
    per annum	 	 
	 	 	 
	First Distribution Date: August 12,
    2015	 	Cut-Off Date:  With respect
    to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 		 
	Aggregate Initial Certificate Principal
    Amount of the Class A-4 Certificates:  $268,724,000	 	Scheduled Final Distribution Date:
    the Distribution Date in June 2025

 

	 

                                                                     CUSIP:  17323Y
AD1  
	 	Initial Certificate Principal
    Amount of this Certificate: $[_____]
	 	 	 
	ISIN: US17323YAD13 

         

        Common Code: 125481884

	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B,
Class PEZ, Class C, Class D, Class E, Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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

 

    	A-4-2

    	 

    

 

each month, commencing in August 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 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

 

    	A-4-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the 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 

 

    	A-4-4

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting
as 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

 

    	A-4-5

    	 

    

 

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-4-6

    	 

    

 

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 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:
July 8, 2015 

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
July 8, 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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.]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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-AB

 

	Pass-Through Rate:  3.431% per annum	 	 
	 	 	 
	First Distribution Date: August 12, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-AB Certificates:  $46,974,000	 	Scheduled Final Distribution Date: the Distribution Date in February 2025

 

	
        CUSIP:  17323Y AE9

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN: US17323YAE95

         

        Common Code: 125775608

        

         
	 	 
	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 X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F,
Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating
Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator. 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

 

    	A-5-2

    	 

    

 

each month, commencing in August 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 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

 

    	A-5-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty 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 or any Custodial 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 (if the Trustee is then acting as 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, the 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

 

    	A-5-4

    	 

    

 

			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 or any Custodial 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 (if the Trustee is then acting as 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

 

    	A-5-5

    	 

    

 

			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-5-6

    	 

    

 

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 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-AB Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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-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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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 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-6-1

    	 

    

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS X-A 

	 	 	 
	Pass-Through
Rate:  Variable IO3	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan,
	 	 	the
    Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Notional Amount of the Class X-A	 	Scheduled
    Final Distribution Date:  the Distribution
	Certificates:  $565,089,000	 	Date
    in June 2025

 

	CUSIP:  17323Y
    AL3	 	Initial
    Notional Amount of this Certificate: $[_____]
	 	 	 
	ISIN:      US17323YAL39	 	 
	 	 	 
	Common Code:  125775748	 	 
		 	 
	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-AB, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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.

	 	 

 

3 The
initial approximate Pass-Through Rate as of the Closing Date is 0.604% per annum. 

    	A-6-2

    	 

    

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 August 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.

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; (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

    	A-6-3

    	 

    

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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,
    the 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

 

    	A-6-4

    	 

    

  

	 	 	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 or any Custodial 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 (if the Trustee is then acting
as 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-6-5

    	 

    

	 	(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-6-6

    	 

    

 

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 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 X-A Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Certificate
	 	Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-A Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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 MORTAGE
TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-7-1

    	 

    

 

CITIGROUP COMMERCIAL MORTAGE
TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS A-S

 

	Pass-Through Rate:  The
    WAC Rate less 0.001% per annum3	 	 
	 	 	 
	First Distribution Date: August 12, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-S Certificates:  $58,763,000.  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 June 2025

 

	
        CUSIP:  17323Y AF6

         

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:     US17323YAF60 

         

        Common Code: 125775624

          
	 	 
	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-AB, Class X-A, Class B, Class PEZ,
Class C, Class D, Class E, Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator. 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 4.199% per annum.

 

    	A-7-2

    	 

    

 

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 August 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 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.

 

    	A-7-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty 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
or any Custodial 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 (if the Trustee is then acting as 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-7-4

    	 

    

 

			

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, the 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-7-5

    	 

    

 

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
or any Custodial 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 (if the Trustee is then acting as 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-7-6

    	 

    

 

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 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 A-S Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-8-1

    	 

    

 

CITIGROUP COMMERCIAL MORTGAGE
TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS B

	Pass-Through Rate:  The WAC
    Rate3	 	 
	 	 	 
	First Distribution Date: August 12, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class B Certificates:  $42,871,000.  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 June 2025
	 	 	 
	CUSIP:  17323Y AG4	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN: US17323YAG44 

         

        Common Code: 125775683
	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class PEZ,
Class C, Class D, Class E, Class F, Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator. 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 4.200% per annum.

 

    	A-8-2

    	 

    

 

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 August 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.

 

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.

 

    	A-8-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty 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
or any Custodial 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 (if the Trustee is then acting as 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-8-4

    	 

    

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, the 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-8-5

    	 

    

 

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
or any Custodial 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 (if the Trustee is then acting as 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-8-6

    	 

    

 

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 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 B Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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 MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-9-1

    	 

    

  

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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: August 12, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates: $135,486,000.  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 June 2025
	 	 	 

	
        CUSIP:  17323Y AK5

         
	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:     US17323YAK55

         

        Common Code: 125775721 
	 
	 	 
	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-AB, Class X-A, Class A-S, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class R and Class S Certificates (together with the Class PEZ 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating
Advisor, Deutsche Bank Trust Company

 

    	A-9-2

    	 

    

 

Americas, as Trustee, and Citibank, N.A., as Certificate Administrator. 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 August 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
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-9-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty 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 or any Custodial 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 (if the Trustee is then acting as 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-9-4

    	 

    
 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account,
the Exchangeable Distribution Account, the 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-9-5

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting as 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-9-6

    	 

    

 

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 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 PEZ Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class PEZ Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS C

 

	Pass-Through Rate:  The WAC Rate3	 	 
	 	 	 
	First Distribution Date: August 12, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class C Certificates:  $33,852,000.  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 June 2025
	 	 	 
	CUSIP:  17323Y AH2	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17323YAH27

         

        Common Code: 125775691 
	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class D, Class E, Class F,
Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating
Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator. 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 4.200% per annum.

 

    	A-10-2

    	 

    

 

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 August 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.

 

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.

 

    	A-10-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty 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 or any Custodial 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 (if the Trustee is then acting as 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, the 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 or any Custodial 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 (if the Trustee is then acting as 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 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 C Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS D

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS 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 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.

 

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 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-11-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS D

 

	Pass-Through
    Rate:  The WAC Rate3	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Certificate Principal Amount of the Class D Certificates:  $24,284,000	 	Scheduled
    Final Distribution Date: the Distribution Date in June 2025

 

	CUSIP:  17323Y
AJ8

                                                                         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:     US17323YAJ82
	 	 
	 	 	 
	 	 	 
	Common
    Code: 125775705	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class E, Class F,
Class G, Class H, Class R and Class S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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.

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 4.200% per annum.

 

    	A-11-2

    	 

    

 

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 August 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 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

 

    	A-11-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the 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

 

    	A-11-4

    	 

    
 

		 	
                                         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 or any Custodial 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 (if the Trustee is then acting
as 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-11-5

    	 

    

 

		(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-11-6

    	 

    

 

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 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 D Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-12-1

    	 

    

 

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-12-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS E

 

	Pass-Through
    Rate:  The WAC Rate4	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Certificate Principal Amount of the Class E Certificates:  $11,000,000	 	Scheduled
    Final Distribution Date: the Distribution Date in June 2025

 

	CUSIP:  17323Y
    AN95

    U1746C AA56

    17323Y AP47	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	ISIN:     US17323YAN948

USU1746CAA549

US17323YAP4310 
	 	 
	 	 	 
	Common
    Code: 125777252	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class F,
Class G, Class H, Class R and Class S Certificates (together with the Class E Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.200% 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-12-3

    	 

    

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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 August 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 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-12-4

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the Excess Interest
                                         Distribution Account, the Distribution Account or any REO Account,

 

    	A-12-5

    	 

    
 

		 	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 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

 

    	A-12-6

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting
as 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 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

 

    	A-12-7

    	 

    

 

(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 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-12-8

    	 

    

 

 

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:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-12-9

    	 

    

 

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-12-10

    	 

    

 

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-12-11

    	 

    

 

EXHIBIT
A-13

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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 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-13-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS F

 

	Pass-Through
    Rate:  The WAC Rate4	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Certificate Principal Amount of the Class F Certificates:  $14,864,000	 	Scheduled
    Final Distribution Date: the Distribution Date in June 2025

 

	CUSIP:  17323Y
AQ25 

        U1746C
AB36 

        17323Y
AR07

         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:      US17323YAQ268
               USU1746CAB389

               US17323YAR0910
	 	 
	 	 	 
	Common
    Code: 125777287	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class G, Class H, Class R and Class S Certificates (together with the Class F Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.200% 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-13-3

    	 

    

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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 August 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 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-13-4

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the Excess Interest
                                         Distribution Account, the Distribution Account or any REO Account,

 

    	A-13-5

    	 

    

 

			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 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

 

    	A-13-6

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting
as 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 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

 

    	A-13-7

    	 

    

 

(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 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 F Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-14-1

    	 

    

 

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-14-2

    	 

    
 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS G

 

	Pass-Through
    Rate:  The WAC Rate4	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Certificate Principal Amount of the Class G Certificates:  $12,231,000	 	Scheduled
    Final Distribution Date: the Distribution Date in June 2025

  

	CUSIP:  17323Y
AS85

                U1746C
AC16

                17323Y
AT67 

         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:      US17323YAS818

 USU1746CAC119

 US17323YAT6410
	 	 
	 	 	 
	Common
    Code: 125777295	 	 
	 	 	 
	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-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class H, Class R and Class S 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 July 1,
2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage

 

 

4
  The initial approximate Pass-Through Rate as of the Closing Date is 4.200% 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-14-3

    	 

    

 

Securities
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer,
Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate
Administrator. 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 August 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 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-14-4

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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 or any Custodial 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 (if the Trustee is then acting as 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, the Excess Interest
                                         Distribution Account, the Distribution Account or any REO Account, 

 

    	A-14-5

    	 

    

 

			 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 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

 

    	A-14-6

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting
as 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 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

 

    	A-14-7

    	 

    

 

(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 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 G  Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS H

 

[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 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS H

 

	Pass-Through
    Rate:  The WAC Rate4	 	 
	 	 	 
	First
    Distribution Date: August 12, 2015	 	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.
	 	 	 
	Aggregate
    Initial Certificate Principal Amount of the Class H Certificates:  $19,132,869	 	Scheduled
    Final Distribution Date: the Distribution Date in June 2025

  

	CUSIP: 17323Y
AU35

U1746C AD96

17323Y AV17

         
	 	Initial
    Certificate Principal Amount of this Certificate: $[_____]
	ISIN:      US17323YAU388
 USU1746CAD939
 US17323YAV1110
	 	 
	 	 	 
	Common
    Code: 125777317	 	 
	 	 	 
	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 H 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 A-S, Class B, Class PEZ, Class C, Class D, Class E,
Class F, Class G, Class R and Class S Certificates (together with the Class H 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 July 1,
2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage

 

 

4
  The initial approximate Pass-Through Rate as of the Closing Date is 4.200% 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

    	 

    

 

Securities
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer,
Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate
Administrator. 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 August 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 H
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 H 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-15-4

    	 

    

 

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 the 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, the RFT Guaranty and the KGS
Holdings Guaranty 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 or any Custodial 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 (if the Trustee is then acting as 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, the Excess Interest
                                         Distribution Account, the Distribution Account or any REO Account, 

 

    	A-15-5

    	 

    

 

		 	 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 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

 

    	A-15-6

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting
as 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 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

 

    	A-15-7

    	 

    

 

(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 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 H Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 H 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 H Certificate of the entire Percentage Interest represented
by the within Class H Certificates to the above-named Assignee(s) and to deliver such Class H 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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, 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 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-16-1

    	 

    

 

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-16-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS R

 

	Percentage
    Interest:  [     ]%	 	 
	 	 	 
	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.	 	 

  

	CUSIP:17323Y
AY5 

         
	 	 
	ISIN:    US17323YAY59 
	 	 
	 	 	 
	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-AB,
Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F, Class G, Class H and Class
S 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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.

 

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 August 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.

 

    	A-16-3

    	 

    

 

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 the 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, the RFT Guaranty and the KGS Holdings Guaranty
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.

 

    	A-16-4

    	 

    

 

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 or any Custodial 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 (if the Trustee is then acting as 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, the 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
                                         

 

    	A-16-5

    	 

    

 

		 	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 or any Custodial 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 (if the Trustee is then acting
as 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,

 

    	A-16-6

    	 

    

 

		(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).

 

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 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

 

    	A-16-7

    	 

    

 

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 R Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 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 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-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-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS S

 

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 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)(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, OR (2) 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 ONLY BE TRANSFERRED TO AND OWNED BY A PERSON THAT IS EITHER (A) A QIB OR (B) OTHER 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.

 

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.

 

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-17-1

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-GC31

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC31, CLASS s

 

	Percentage
    Interest:  [     ]%	 	 
	 	 	 
	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in July 2015 for that Mortgage Loan.	 	 

  

	CUSIP:   17323Y
AW91

17323Y AX72

         
	 	 
	ISIN:
     US17323YAW933

US17323YAX764
	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] [as nominee] is the registered owner of an
interest in a Trust Fund, including the distributions to be made with respect to the Class 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, other than in the case of the Outside Serviced
Trust Loan, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Trust Loan) 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 A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F,
Class G, Class H and Class R Certificates (together with the Class 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 July 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, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.
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 beneficial ownership interest in certain assets of a grantor trust consisting primarily of any collections
of Excess Interest and the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

 

1   For Rule 144A Certificates

 

2   For IAI Certificates

 

3   For Rule 144A Certificates

 

4   For IAI Certificates

 

    	A-17-2

    	 

    

 

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 August 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 then distributable, if any, with respect to the Class S 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, Excess Interest actually collected 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 (excluding the CCRE Strip) 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

 

    	A-17-3

    	 

    

 

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 the 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, the RFT Guaranty and
the KGS Holdings Guaranty 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 or any Custodial 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 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 Exchangeabile Distribution Account, the 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

 

    	A-17-4

    	 

    
 

		 	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 or any Custodial 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 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 Mortgage
                                         Loans (or Serviced Loan Combinations, if applicable) which are required to be distributed
                                         on a Certificate of any Class or to any Serviced Companion Loan Holder, as 

 

    	A-17-5

    	 

    

 

		 	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-17-6

    	 

    

 

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 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-17-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:  July 8, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  July 8, 2015

	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-17-8

    	 

    

 

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 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 S Certificate of the entire Percentage Interest represented
by the within Class S Certificates to the above-named Assignee(s) and to deliver such Class S Certificate to the following
address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number

 

    	A-17-9

    	 

    

 

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-17-10

    	 

    

 

EXHIBIT
B

MORTGAGE LOAN SCHEDULE

 

    	B-1

    	 

    

 

 

	CGCMT 2015-GC31 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 / ARD	 	Maturity Date / ARD	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)
	1	 	 	 	8344	 	135 South LaSalle	 	135 South LaSalle Street	 	Chicago	 	Illinois	 	60604	 	100,000,000.00	 	3.2950%	 	118	 	5/6/2025	 	0	 	0.0050%	 	0.0000%
	2	 	1	 	7NA2C0	 	Selig Office Portfolio	 	 	 	 	 	 	 	 	 	72,000,000.00	 	3.9085%	 	117	 	4/6/2025	 	0	 	0.0025%	 	0.0025%
	2.01	 	 	 	7NA2C0-1	 	1000 Second Avenue	 	1000 Second Avenue	 	Seattle	 	Washington	 	98104	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	2901 Third Avenue	 	2901 Third Avenue	 	Seattle	 	Washington	 	98121	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	3101 Western Avenue	 	3101 Western Avenue	 	Seattle	 	Washington	 	98121	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	300 Elliott Avenue West	 	300 Elliott Avenue West	 	Seattle	 	Washington	 	98119	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	3131 Elliott Avenue	 	3131 Elliott Avenue	 	Seattle	 	Washington	 	98121	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	2615 Fourth Avenue	 	2615 Fourth Avenue	 	Seattle	 	Washington	 	98121	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	190 Queen Anne Avenue North	 	190 Queen Anne Avenue North	 	Seattle	 	Washington	 	98109	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	200 First Avenue West	 	200 First Avenue West	 	Seattle	 	Washington	 	98119	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	18 West Mercer Street	 	18 West Mercer Street	 	Seattle	 	Washington	 	98119	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	2	 	7N6445	 	Dallas Market Center	 	2050 and 2100 North Stemmons Freeway	 	Dallas	 	Texas	 	75207	 	71,803,978.03	 	4.0975%	 	118	 	5/6/2025	 	358	 	0.0025%	 	0.0075%
	4	 	 	 	8535	 	Pasadena Office Tower	 	150 South Los Robles Avenue	 	Pasadena	 	California	 	91101	 	42,000,000.00	 	4.1300%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	5	 	 	 	 	 	St. Anthony’s Healthplex North	 	13401 North Western Avenue	 	Oklahoma City	 	Oklahoma	 	73114	 	29,929,067.20	 	3.9350%	 	118	 	5/1/2025	 	358	 	0.0050%	 	0.0000%
	6	 	 	 	8119	 	Rockside Road Office Portfolio	 	 	 	 	 	 	 	 	 	29,500,000.00	 	4.3400%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0300%
	6.01	 	 	 	8119-1	 	Highpointe Corporate Park	 	9555, 9775 and 9885 Rockside Road	 	Valley View	 	Ohio	 	44125	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	Rockside Business Pointe	 	9700 and 9800 Rockside Road	 	Valley View	 	Ohio	 	44125	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	Southport Center	 	8333 Rockside Road	 	Valley View	 	Ohio	 	44125	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	MRN III	 	9445 and 9665 Rockside Road	 	Valley View	 	Ohio	 	44125	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	Chalet Garden Apartments	 	320 West Branch Avenue	 	Pine Hill	 	New Jersey	 	08021	 	27,500,000.00	 	4.4100%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	8	 	 	 	7N2D77	 	Orinda Square	 	2 and 4 Theatre Square	 	Orinda	 	California	 	94563	 	22,700,000.00	 	4.2790%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	9	 	 	 	7NBS48	 	Park at Sugar Creek	 	14015-14033 Southwest Freeway	 	Sugar Land	 	Texas	 	77478	 	22,700,000.00	 	4.1065%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	10	 	 	 	7N5YU6	 	Mesa Town Center	 	8915-9035 Mira Mesa Boulevard	 	San Diego	 	California	 	92126	 	22,200,000.00	 	3.9010%	 	119	 	6/6/2025	 	0	 	0.0050%	 	0.0000%
	11	 	 	 	15021377	 	NY Seven Self Storage Portfolio	 	 	 	 	 	 	 	 	 	20,547,389.97	 	4.4200%	 	118	 	5/6/2025	 	358	 	0.0050%	 	0.0000%
	11.01	 	 	 	15021377.01	 	Affordable Malta	 	2353 Route 9	 	Mechanicville	 	New York	 	12118	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	A Space Place	 	3220 Horseblock Road	 	Medford	 	New York	 	11763	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	Dix Ave Mini Storage	 	128 Dix Avenue	 	Glens Falls	 	New York	 	12801	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	Snyders Best Rate	 	1322 Loudon Road	 	Cohoes	 	New York	 	12047	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	Affordable Wilton	 	3 Commerce Park Drive	 	Wilton	 	New York	 	12831	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	Rotterdam Secured	 	130 Old Mill Lane	 	Rotterdam	 	New York	 	12306	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	Affordable Saratoga	 	655 Saratoga Road	 	Wilton	 	New York	 	12831	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	Oklahoma Walmart Portfolio	 	 	 	 	 	 	 	 	 	15,093,360.00	 	4.4200%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	12.01	 	 	 	8496-2	 	Walmart - Lawton	 	3754 Southwest Lee Boulevard	 	Lawton	 	Oklahoma	 	73505	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	Walmart - Oklahoma City	 	4900 South Sooner Road	 	Oklahoma City	 	Oklahoma	 	73135	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	Promenades Plaza	 	3280 Tamiami Trail	 	Port Charlotte	 	Florida	 	33952	 	14,600,000.00	 	4.5800%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	14	 	 	 	7N3F32	 	Hagerstown Plaza	 	1636-1650 Wesel Boulevard	 	Hagerstown	 	Maryland	 	21740	 	14,160,572.51	 	3.9970%	 	118	 	5/6/2025	 	358	 	0.0050%	 	0.0400%
	15	 	 	 	8434	 	Best Storage Portfolio	 	 	 	 	 	 	 	 	 	12,464,973.60	 	3.9500%	 	118	 	5/6/2025	 	358	 	0.0050%	 	0.0500%
	15.01	 	 	 	8434-1	 	Best Storage-Tudor Road	 	3521 East Tudor Road and 4303 Florina Street	 	Anchorage	 	Alaska	 	99507, 99508	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	Best Storage-Woodland Drive	 	3703 Woodland Drive	 	Anchorage	 	Alaska	 	99517	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 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 / ARD	 	Maturity Date / ARD	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)
	16	 	3	 	7996	 	Crowne Plaza Bloomington	 	3 Appletree Square	 	Bloomington	 	Minnesota	 	55425	 	12,170,872.05	 	4.6500%	 	115	 	2/6/2025	 	355	 	0.0025%	 	0.0025%
	17	 	 	 	8372	 	Magnolia Hotel Omaha	 	1615 Howard Street	 	Omaha	 	Nebraska	 	68102	 	11,200,000.00	 	4.4100%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	18	 	 	 	7N2BK0	 	Oakmont Apartments	 	14495 Southwest Beef Bend Road	 	Tigard	 	Oregon	 	97224	 	10,700,000.00	 	4.1540%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0400%
	19	 	 	 	37	 	Butterfield Shopping Center	 	33321-33417 Temecula Parkway and 43810 Butterfield Stage Road	Temecula	 	California	 	92592	 	10,100,000.00	 	4.8500%	 	118	 	5/6/2025	 	360	 	0.0050%	 	0.0000%
	20	 	 	 	8565	 	CSS Kaneohe	 	46-004 Kawa Street	 	Kaneohe	 	Hawaii	 	96744	 	9,000,000.00	 	3.9300%	 	119	 	6/6/2025	 	0	 	0.0050%	 	0.0000%
	21	 	 	 	7N2DD4	 	Cottage Landing Apartments	 	301 Coolidge Street	 	Lafayette	 	Louisiana	 	70501	 	9,000,000.00	 	4.1730%	 	118	 	5/6/2025	 	360	 	0.0050%	 	0.0400%
	22	 	 	 	8349	 	Gables CitiTower	 	999 Ponce De Leon Boulevard	 	Coral Gables	 	Florida	 	33134	 	8,986,916.65	 	3.9500%	 	119	 	6/6/2025	 	359	 	0.0050%	 	0.0000%
	23	 	 	 	8345	 	Avalon Apartments	 	13180 Schavey Road	 	DeWitt	 	Michigan	 	48820	 	7,875,000.00	 	4.3800%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	24	 	 	 	 	 	Shippensburg Shopping Center	 	40 Shippensburg Shopping Center	 	Shippensburg	 	Pennsylvania	 	17257	 	7,190,169.26	 	4.3000%	 	119	 	6/1/2025	 	359	 	0.0050%	 	0.0000%
	25	 	 	 	8513	 	Black Rock Commons	 	15232 Willisville Road	 	Houston	 	Texas	 	77049	 	6,625,000.00	 	4.2500%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	26	 	 	 	14120308	 	Deer Park Gardens	 	7329 Carrie Lane	 	Deer Park	 	Texas	 	77536	 	6,400,000.00	 	4.3100%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	27	 	 	 	8426	 	Stonegate at Stillwater	 	1815 North Boomer Road	 	Stillwater	 	Oklahoma	 	74075	 	6,300,000.00	 	4.3000%	 	118	 	5/6/2025	 	360	 	0.0025%	 	0.0700%
	28	 	 	 	60	 	Infinity Corporate Center	 	10500 Antenucci Boulevard	 	Garfield Heights	 	Ohio	 	44125	 	6,150,000.00	 	4.3800%	 	118	 	5/6/2025	 	360	 	0.0025%	 	0.0400%
	29	 	 	 	 	 	Diamonette Building	 	11091 Northwest 27th Street	 	Doral	 	Florida	 	33172	 	6,000,000.00	 	4.2800%	 	119	 	6/1/2025	 	360	 	0.0050%	 	0.0000%
	30	 	 	 	7N9Z78	 	Truckee River Terraces	 	501 West 1st Street	 	Reno	 	Nevada	 	89503	 	5,900,000.00	 	4.1905%	 	118	 	5/6/2025	 	360	 	0.0025%	 	0.0700%
	31	 	 	 	15040279	 	College Village Shopping Center	 	11701 College Boulevard	 	Overland Park	 	Kansas	 	66210	 	5,835,000.00	 	4.4900%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	32	 	 	 	15040278	 	Cape May Portfolio	 	 	 	 	 	 	 	 	 	5,525,000.00	 	4.6800%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	32.01	 	 	 	15040278.01	 	North Cape May Storage	 	3414 Bayshore Road	 	North Cape May	 	New Jersey	 	08204	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	Cape May Court House Storage	 	1005 South Route 9	 	Cape May Court House	 	New Jersey	 	08210	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	Northfield Office Complex	 	5600 and 5700 Crooks Road	 	Troy	 	Michigan	 	48098	 	5,237,304.15	 	4.6900%	 	118	 	5/6/2025	 	358	 	0.0025%	 	0.0500%
	34	 	 	 	 	 	Walgreens-Smithfield	 	1 Eddie Dowling Highway	 	North Smithfield	 	Rhode Island	 	02896	 	5,155,000.00	 	4.1400%	 	119	 	6/1/2025	 	0	 	0.0050%	 	0.0000%
	35	 	 	 	7NBRR8	 	Castroville Industrial Portfolio	 	 	 	 	 	 	 	 	 	5,000,000.00	 	3.9570%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0400%
	35.01	 	 	 	7NBRR8-1	 	1081 and 1083 Harkins Road	 	1081 and 1083 Harkins Road	 	Salinas	 	California	 	93901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	11145 and 11165 Commercial Parkway	 	11145 and 11165 Commercial Parkway	 	Castroville	 	California	 	95012	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	11285 Commercial Parkway	 	11285 Commercial Parkway	 	Castroville	 	California	 	95012	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	11085 Commercial Parkway	 	11085 Commercial Parkway	 	Castroville	 	California	 	95012	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	11325 Commercial Parkway	 	11325 Commercial Parkway	 	Castroville	 	California	 	95012	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	74	 	Chester County Multifamily Portfolio	 	 	 	 	 	 	 	 	 	4,993,283.15	 	4.3900%	 	119	 	6/6/2025	 	359	 	0.0050%	 	0.0000%
	36.01	 	 	 	 	 	Avondale Apartments	 	200 First Street	 	Avondale	 	Pennsylvania	 	19311	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	Granite Court	 	431 and 433 West Gay Street	 	West Chester	 	Pennsylvania	 	19380	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	Highlands Plaza	 	2900 Lakeland Highlands Road	 	Lakeland	 	Florida	 	33803	 	4,893,640.63	 	4.5800%	 	119	 	6/6/2025	 	359	 	0.0050%	 	0.0000%
	38	 	 	 	8431	 	Apple Creek Apartments	 	2801 South Brahma Boulevard	 	Kingsville	 	Texas	 	78363	 	4,700,000.00	 	4.3000%	 	118	 	5/6/2025	 	360	 	0.0025%	 	0.0700%
	39	 	 	 	8485	 	Walgreens Winston-Salem	 	2125 Cloverdale Avenue	 	Winston-Salem	 	North Carolina	 	27103	 	4,518,384.48	 	4.4000%	 	118	 	5/6/2025	 	358	 	0.0025%	 	0.0700%
	40	 	 	 	8338	 	Kohl’s Tallahassee FL	 	6785 Thomasville Road	 	Tallahassee	 	Florida	 	32312	 	4,288,794.31	 	4.4000%	 	119	 	6/6/2025	 	239	 	0.0050%	 	0.0000%
	41	 	 	 	 	 	Blue Bell Heights/Skyline Village	 	909 Gross Road and 1228 West Scyene Road	 	Mesquite	 	Texas	 	75149	 	3,895,011.78	 	4.6600%	 	119	 	6/1/2025	 	359	 	0.0050%	 	0.0000%
	42	 	 	 	8430	 	Rite Aid Portfolio	 	 	 	 	 	 	 	 	 	3,789,760.61	 	4.1500%	 	118	 	5/6/2025	 	358	 	0.0050%	 	0.0000%
	42.01	 	 	 	8430-1	 	Rite Aid - Manchester	 	335 Center Street	 	Manchester	 	Connecticut	 	06040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	Rite Aid - Catskill	 	226 West Bridge Street	 	Catskill	 	New York	 	12414	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	8473	 	210 West Huron	 	210 West Huron Street	 	Ann Arbor	 	Michigan	 	48104	 	3,675,000.00	 	4.4600%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	44	 	 	 	8497	 	Eagle’s Pointe Apartments	 	5502 Kirkwood Boulevard Southwest	 	Cedar Rapids	 	Iowa	 	52404	 	3,600,000.00	 	4.3900%	 	119	 	6/6/2025	 	360	 	0.0025%	 	0.0500%
	45	 	 	 	 	 	Dorchester Village Apartments	 	4381 Gwinnett Street	 	North Charleston	 	South Carolina	 	29418	 	3,394,047.96	 	4.7200%	 	119	 	6/1/2025	 	299	 	0.0050%	 	0.0000%
	46	 	 	 	8255	 	AmericInn - Eagle Colorado	 	85 Pond Road	 	Eagle	 	Colorado	 	81631	 	3,393,678.16	 	4.3100%	 	119	 	6/6/2025	 	299	 	0.0050%	 	0.0000%
	47	 	 	 	15031003.00	 	Golden Triangle Self Storage	 	1216 and 1250 Mount Homer Road	 	Eustis	 	Florida	 	32726	 	3,200,000.00	 	4.4800%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	48	 	 	 	8433	 	Metro Storage	 	23325 Van Born Road	 	Taylor	 	Michigan	 	48180	 	2,608,650.43	 	4.6700%	 	82	 	5/6/2022	 	358	 	0.0050%	 	0.0500%
	49	 	 	 	8321	 	Cedar - Dover Plaza	 	3001-3015 North Wooster Avenue	 	Dover	 	Ohio	 	44622	 	2,474,014.94	 	4.7000%	 	118	 	5/6/2025	 	358	 	0.0050%	 	0.0500%
	50	 	 	 	15032701	 	On-Site Self Storage	 	815 12th Street	 	Hammonton	 	New Jersey	 	08037	 	2,350,000.00	 	4.7700%	 	119	 	6/6/2025	 	360	 	0.0050%	 	0.0000%

  

    	 

    	 

    

 

CGCMT 2015-GC31 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 / ARD (Mos.)	 	Date / ARD	 	(Mos.)	 	Fees
	1	 	 	 	8344	 	135 South LaSalle	 	CGMRC	 	NAP	 	Yes	 	5/6/2030	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	1	 	7NA2C0	 	Selig Office Portfolio	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.01	 	 	 	7NA2C0-1	 	1000 Second Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	2901 Third Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	3101 Western Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	300 Elliott Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	3131 Elliott Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	2615 Fourth Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	190 Queen Anne Avenue North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	200 First Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	18 West Mercer Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	2	 	7N6445	 	Dallas Market Center	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	 	 	8535	 	Pasadena Office Tower	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	St. Anthony’s Healthplex North	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	8119	 	Rockside Road Office Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.01	 	 	 	8119-1	 	Highpointe Corporate Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	Rockside Business Pointe	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	Southport Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	MRN III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	Chalet Garden Apartments	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	7N2D77	 	Orinda Square	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	7NBS48	 	Park at Sugar Creek	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	7N5YU6	 	Mesa Town Center	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	 	 	15021377	 	NY Seven Self Storage Portfolio	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.01	 	 	 	15021377.01	 	Affordable Malta	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	A Space Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	Dix Ave Mini Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	Snyders Best Rate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	Affordable Wilton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	Rotterdam Secured	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	Affordable Saratoga	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	Oklahoma Walmart Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.01	 	 	 	8496-2	 	Walmart - Lawton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	Walmart - Oklahoma City	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	Promenades Plaza	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14	 	 	 	7N3F32	 	Hagerstown Plaza	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	 	 	8434	 	Best Storage Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.01	 	 	 	8434-1	 	Best Storage-Tudor Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	Best Storage-Woodland Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 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 / ARD (Mos.)	 	Date / ARD	 	(Mos.)	 	Fees
	16	 	3	 	7996	 	Crowne Plaza Bloomington	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	8372	 	Magnolia Hotel Omaha	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	7N2BK0	 	Oakmont Apartments	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	 	 	37	 	Butterfield Shopping Center	 	KGS	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	8565	 	CSS Kaneohe	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	7N2DD4	 	Cottage Landing Apartments	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	8349	 	Gables CitiTower	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23	 	 	 	8345	 	Avalon Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	 	 	Shippensburg Shopping Center	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	8513	 	Black Rock Commons	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	14120308	 	Deer Park Gardens	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	8426	 	Stonegate at Stillwater	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	60	 	Infinity Corporate Center	 	KGS	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	 	 	Diamonette Building	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	7N9Z78	 	Truckee River Terraces	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	15040279	 	College Village Shopping Center	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	15040278	 	Cape May Portfolio	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.01	 	 	 	15040278.01	 	North Cape May Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	Cape May Court House Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	Northfield Office Complex	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	 	 	Walgreens-Smithfield	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	7NBRR8	 	Castroville Industrial Portfolio	 	GSMC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.01	 	 	 	7NBRR8-1	 	1081 and 1083 Harkins Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	11145 and 11165 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	11285 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	11085 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	11325 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	74	 	Chester County Multifamily Portfolio	 	KGS	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.01	 	 	 	 	 	Avondale Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	Granite Court	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	Highlands Plaza	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	8431	 	Apple Creek Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	8485	 	Walgreens Winston-Salem	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	8338	 	Kohl’s Tallahassee FL	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	 	 	Blue Bell Heights/Skyline Village	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	8430	 	Rite Aid Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.01	 	 	 	8430-1	 	Rite Aid - Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	Rite Aid - Catskill	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	8473	 	210 West Huron	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	8497	 	Eagle’s Pointe Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45	 	 	 	 	 	Dorchester Village Apartments	 	RAIT Funding, LLC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	46	 	 	 	8255	 	AmericInn - Eagle Colorado	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	47	 	 	 	15031003.00	 	Golden Triangle Self Storage	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	48	 	 	 	8433	 	Metro Storage	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	49	 	 	 	8321	 	Cedar - Dover Plaza	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	50	 	 	 	15032701	 	On-Site Self Storage	 	RMF	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	1	The Cut-off Date Balance of $72,000,000 represents note A-3 of a $345,000,000 whole loan evidenced by multiple pari passu notes. Note A-1, with a Cut-off Date Balance of $125,000,000 was contributed to CGCMT 2015-GC29. Note A-2, with a Cut-off Date Balance of $123,000,000 was contributed to GSMS 2015-GC30. One remaining companion loan with a Cut-off Date Balance of $25,000,000 that is held outside the issuing entity and is expected to be contributed to a future securitization.  Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate cut-off date principal balance of $345,000,000.
	2	The Cut-off Date Balance of $71,803,978 represents the note A-2 of a $259,000,000 whole loan evidenced by multiple pari passu notes.  Note A-1, with a Cut-off Date Balance of $129,646,071 was contributed to GSMS 2015-GC30. One remaining companion loan with a Cut-off Date Balance of $56,844,816 that is held outside the issuing entity and is expected to be contributed to a future securitization. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $258,294,865.
	3	The Cut-off Date Balance of $12,170,872 represents the A-2 note of a $26,250,000 loan combination evidenced by two pari passu notes.  The companion loan is evidenced by the A-1 note with a principal balance of $13,909,568 as of the Cut-off Date, which was contributed to the CGCMT 2015-GC29 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $26,080,440.

 

    	 

    	 

    

 

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-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, Class [__]

 

The
undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Deutsche
Bank Trust Company Americas, as Custodian, for the Holders of Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage
Pass-Through Certificates, Series 2015-GC31, 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 July 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer,
Pentalpha Surveillance LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator and Deutsche Bank Trust Company
Americas, as Trustee.

 

(  )     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.

 

(  )     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

 

    	C-1

    	 

    
 

 

_________, 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.

 

	 	[MASTER
SERVICER/SPECIAL SERVICER] 

[OUTSIDE SERVICER/ OUTSIDE 

SPECIAL SERVICER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	C-2

    	 

    

 

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-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	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	Pentalpha Surveillance LLC	 	 	 	 	 
	 	 	 	 	Mortgage Loan
    Detail	11	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOI Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency Loan
    Detail	13	 	 
	 	Trustee / Custodian	Deutsche Bank Trust Company
    Americas	 	 	 	 	 
	 	 	 	 	Appraisal Reduction
    Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification
    Detail	17	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Specially Serviced
    Loan Detail	19	 	 
	 	Special Servicer	Torchlight Loan Services, LLC	 	 	 	 	 
	 	 	 	 	Unscheduled Principal
    Detail	21	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Liquidated Loan
    Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 	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-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

 

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	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

	 	 	 	 	 	 	 	 	 	 	 	 
	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)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

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	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

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)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31

    Commercial Mortgage Pass-Through Certificates

    Series 2015-GC31	

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	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	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	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	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	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	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	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31

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	 	 	 	 	 	 	 	 	 

 

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                                         Available at www.sf.citidirect.com	Page 12 of 24	© Copyright 2015 Citigroup

    	 

    

 

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	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	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	Historical Delinquency
    Information

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	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%  

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	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	 	 	 	 	 	 

 

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                                         Available at www.sf.citidirect.com	Page 15 of 24	© Copyright 2015 Citigroup

    	 

    

  

	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	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	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	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	 

 

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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-GC31	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-GC31
	 	 
	 	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	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates

    Series 2015-GC31

    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	 	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-GC31

 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	 	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-GC31

 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	 	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-GC31

 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	 	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-GC31

 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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-GC31	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-GC31

 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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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 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-GC31

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through
        Certificates, Series 2015-GC31, Class [__] 
	 

 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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-GC31

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through
        Certificates, Series 2015-GC31, Class [__] 
	 

 

  

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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-GC31

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through
Certificates, Series 2015-GC31, Class [__] 
	 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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 Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

 

*      Select
appropriate depository.

 

    	G-1

    	 

    

 

 We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, 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-GC31

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, Class [__]
	 

 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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 commenced or threatened in connection with which this certificate is or would be relevant,
we 

 

 

 

*
     Select, as applicable.

 

    	H-1

    	 

    

 

irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, 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-GC31

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, Class [__]
	 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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-GC31

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, Class [__]
	 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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-GC31

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, Class [__]
	 

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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 commenced or threatened in connection with which this certificate is or would be relevant,
we

 

    	K-1

    	 

    

 

irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, 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-GC31

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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 thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is

 

    	L-1-1

    	 

    

 

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-GC31

 

	  	Re:	Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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 July 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special
Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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 respected for United States income tax purposes (and the Transferor may continue
to be liable

 

    	L-2-1

    	 

    

 

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-GC31

 

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-GC31

 

Deutsche
Bank Trust Company Americas, as Trustee

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

 

[Transferor]

[______]

[______]

Attention:
[______]

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31
	 

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase [$_____________ initial aggregate [principal amount] [notional
amount]] [_____% Percentage Interest] of Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates,
Series 2015-GC31, 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 July 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as

 

    	L-3-1

    	 

    

 

Master
Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank
Trust Company Americas, as Trustee, 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 F, CLASS G OR CLASS H 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 OR CLASS S 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.]

 

[FOR
TRANSFERS OF CLASS S CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is (1) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or (2) an entity that
qualifies as an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under

 

    	L-3-2

    	 

    

 

the
Securities Act of 1933, as amended, or an 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 Securities Act of 1933, as amended.]

 

    	L-3-3

    	 

    

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

    	L-3-4

    	 

    

 

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-GC31

 

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-GC31

 

Deutsche
Bank Trust Company Americas, as Trustee

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-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31, 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 July 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National
Association, as master servicer, Torchlight Loan Services, LLC, as special servicer, Pentalpha Surveillance LLC, as operating
advisor, Deutsche Bank Trust Company Americas, as trustee, and Citibank, N.A., as certificate administrator, on behalf of the
holders of Commercial Mortgage Pass Through Certificates, Series 2015-GC31 (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 certificated fully registered

 

    	L-4-1

    	 

    

 

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 June 24, 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-1

FORM OF INVESTOR CERTIFICATION FOR OBTAINING

INFORMATION AND NOTICES

 

[Date]

 

[Wells
Fargo Bank, National Association 

Commercial
Mortgage Servicing 

MAC
D1086 

550
South Tryon Street, 14th Floor 

Charlotte,
North Carolina 28202 

Attention:
CGCMT 2015-GC31 Asset Manager]

 

[Citibank,
N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC31]

 

	  	Re:	
        Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31
	 

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of July
1, 2015 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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].

 

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 of 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

 

 

1 Only required for a Certificateholder or a Beneficial Owner.

 

    	M-1-1

    	 

    

 

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.

 

IN
WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year
written above.

	 	 	 	 	 	 	 
	 	[Certificateholder][Beneficial 
Owner][Prospective Purchaser][Serviced 
Companion Loan Holder][Companion Loan 
Holder Representative]
	  	  	  	  	  	  	  
	  	By: 	  
	  	  	  	  	  	  	  
	  	Name: 	  
	  	  	  	  	  	  	  
	  	Title: 	  

	  	  	  	  	  	  	  
	  	Company: 	  
	  	  	  	  	  	  	  
	  	Phone: 	  

 

    	M-1-2

    	 

    

 

EXHIBIT
M-2

 

FORM
OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS

 

[Date]

 

Citibank,
N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC31

 

	Attention:	Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31

 

In
accordance with the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of
July 1, 2015 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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 Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor.

 

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 Certificate Administrator or the Operating Advisor.

 

		___	The
                                         undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer,
                                         the Trustee, 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 Trustee, the Certificate Administrator or the Operating
                                         Advisor, as applicable.

 

    	M-2-1

    	 

    

 

		___	The
                                         undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee,
                                         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, employees, agents
or other authorized representatives (collectively, the “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.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year
written above.

 

		[Certificateholder]
[Beneficial Owner]	 

 

		By:  	 

 

		  Name:  	 

 

		  Title:  	 

 

		  Company:  	 

 

		Phone:  	 

 

    	M-2-2

    	 

    

 

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-GC31, Commercial Mortgage Pass-Through Certificates Series 2015-GC31
(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, CMBS.com Inc. 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 July 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as master servicer, Torchlight Loan Services, LLC, as special servicer, Pentalpha Surveillance
LLC, as operating advisor, Citibank, N.A., as certificate administrator 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-GC31 Asset Manager]

 

[Torchlight
Loan Services, LLC

701
Brickell Avenue, Suite 2200

Miami,
Florida 33131

Attention:
William Clarkson/CGCMT 2015-GC31]

 

Deutsche
Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention: Trust Administration – GI1531

 

Citigroup
Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	Citigroup
Commercial Mortgage Trust 2015-GC31 Commercial Mortgage Pass-Through Certificates, Series 2015-GC31

 

Ladies
and Gentlemen:

 

In
connection with the Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31
(the “Certificates”), we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as
Master Servicer, and Torchlight Loan Services, 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 July 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Citibank,
N.A., as Certificate Administrator 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-GC31

 

		Re:	Citigroup
Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31

 

Ladies
and Gentlemen:

  

In
accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of
July 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer,
Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate
Administrator, with respect to the Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates,
Series 2015-GC31 (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-GC31

 

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.

	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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 (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 (to the extent the Trustee was required to make an advance during the applicable calendar year)
	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

 

 

 

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)(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 (with respect to (A) and (B))
	1122(d)(3)(ii)	 	Amounts due to investors
    are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
    agreements.	 	Certificate
    Administrator
	1122(d)(3)(iii)	 	Disbursements made to an
    investor are posted within two business days to the 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 Servicer’s records with respect to an obligor’s unpaid
    principal balance.	 	Master
    Servicer

 

    	O-2

    	 

    

	 	 	 	 	 
	SERVICING
    CRITERIA	 	APPLICABLE
    

    SERVICING 

    CRITERIA
	Reference	 	Criteria	 	 
	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-GC31 Supplemental Servicer Schedule

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor
	1	 	 	 	8344	 	CGMRC	 	135 South LaSalle	 	135 S LaSalle Property, LLC	 	Office	 	100,000,000.00	 	5/1/2015	 	0	 	0	 	Michael Karfunkel 2005 GRAT and George Karfunkel
	2	 	1, 2	 	7NA2C0	 	GSMC	 	Selig Office Portfolio	 	Selig Holdings Company L.L.C.	 	 	 	72,000,000.00	 	3/19/2015	 	0	 	0	 	Selig Family Holdings, LLC and Martin Selig
	2.01	 	 	 	7NA2C0-1	 	 	 	1000 Second Avenue	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	 	 	2901 Third Avenue	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	 	 	3101 Western Avenue	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	 	 	300 Elliott Avenue West	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	 	 	3131 Elliott Avenue	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	 	 	2615 Fourth Avenue	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	 	 	190 Queen Anne Avenue North	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	 	 	200 First Avenue West	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	 	 	18 West Mercer Street	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	3	 	3,4	 	7N6445	 	GSMC	 	Dallas Market Center	 	WTC-Trade Mart 2015, L.P.	 	Mixed Use	 	72,000,000.00	 	4/29/2015	 	360	 	358	 	Dallas Market Center Financial, L.L.C.
	4	 	5	 	8535	 	CGMRC	 	Pasadena Office Tower	 	Sherman Oaks Capital Associates, LP and Pasadena Holdings, LLC	 	Office	 	42,000,000.00	 	5/28/2015	 	360	 	360	 	Albert Taban and Michael Pashaie
	5	 	6	 	 	 	RAIT Funding, LLC	 	St. Anthony’s Healthplex North	 	WHP Senior, LLC	 	Office	 	30,000,000.00	 	4/3/2015	 	360	 	358	 	G. David Neff, Jr., Dwight Darin Miller, the G. David Neff Jr. Living Trust and the Dwight Darin Miller Living Trust
	6	 	 	 	8119	 	CGMRC	 	Rockside Road Office Portfolio	 	MRN Cleaveland I, LLC, MRN Cleaveland II, LLC, MRN Cleaveland III, LLC and Southport Center, LLC	 	 	 	29,500,000.00	 	5/7/2015	 	360	 	360	 	Richard V. Nosan
	6.01	 	 	 	8119-1	 	 	 	Highpointe Corporate Park	 	 	 	Mixed Use	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	 	 	Rockside Business Pointe	 	 	 	Mixed Use	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	 	 	Southport Center	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	 	 	MRN III	 	 	 	Office	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	RMF	 	Chalet Garden Apartments	 	Chalet Apartments 5774 LLC	 	Multifamily	 	27,500,000.00	 	5/21/2015	 	360	 	360	 	Pinchos Shemano
	8	 	 	 	7N2D77	 	GSMC	 	Orinda Square	 	Orinda Dunhill LLC and DE Orinda Borrower LLC	 	Mixed Use	 	22,700,000.00	 	5/15/2015	 	360	 	360	 	William L. Hutchinson and Donald Engle
	9	 	 	 	7NBS48	 	GSMC	 	Park at Sugar Creek	 	KFLP Partnership, LTD. and JDLP, LTD.	 	Mixed Use	 	22,700,000.00	 	5/29/2015	 	360	 	360	 	Kamran Farhadi and James R. Damavandi
	10	 	 	 	7N5YU6	 	GSMC	 	Mesa Town Center	 	Mesa Town Center, LLC	 	Retail	 	22,200,000.00	 	5/8/2015	 	0	 	0	 	William Simmons
	11	 	 	 	15021377	 	RMF	 	NY Seven Self Storage Portfolio	 	Prime Malta LLC, Prime Saratoga LLC, Prime Wilton LLC, Prime Self Storage of Long Island LLC, Prime Dix Ave LLC, Prime Rotterdam LLC and Prime Latham LLC	 	 	 	20,600,000.00	 	4/30/2015	 	360	 	358	 	Robert Moser and Robert Morgan
	11.01	 	 	 	15021377.01	 	 	 	Affordable Malta	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	 	 	A Space Place	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	 	 	Dix Ave Mini Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	 	 	Snyders Best Rate	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	 	 	Affordable Wilton	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	 	 	Rotterdam Secured	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	 	 	Affordable Saratoga	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	CGMRC	 	Oklahoma Walmart Portfolio	 	Hollywood WNM Lawton, LLC and Hollywood WNM

Sooner, LLC	 	 	 	15,093,360.00	 	5/12/2015	 	360	 	360	 	Kenneth Shimm
	12.01	 	 	 	8496-2	 	 	 	Walmart - Lawton	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	 	 	Walmart - Oklahoma City	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	RMF	 	Promenades Plaza	 	JLJI PC, LLC	 	Retail	 	14,600,000.00	 	5/21/2015	 	360	 	360	 	Jeff Morr
	14	 	 	 	7N3F32	 	GSMC	 	Hagerstown Plaza	 	Hagerstown Plaza, LLC	 	Retail	 	14,200,000.00	 	5/1/2015	 	360	 	358	 	Stephen Swartz and Roland Guyot
	15	 	 	 	8434	 	CGMRC	 	Best Storage Portfolio	 	Tudor Storage, LLC and Storage West SPE, LLC	 	 	 	12,500,000.00	 	4/22/2015	 	360	 	358	 	Arthur Lloyd Davidson, Jr.
	15.01	 	 	 	8434-1	 	 	 	Best Storage-Tudor Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	 	 	Best Storage-Woodland Drive	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor
	16	 	7	 	7996	 	CGMRC	 	Crowne Plaza Bloomington	 	Bloomington Hotel Ventures L.L.C.	 	Hospitality	 	12,250,000.00	 	1/20/2015	 	360	 	355	 	Myron Kaeding, Dr. Ambrish Gupta, Dr. Vimla Bhooshan and Dr. Yudh Gupta
	17	 	 	 	8372	 	CGMRC	 	Magnolia Hotel Omaha	 	Magnolia Omaha, LP	 	Hospitality	 	11,200,000.00	 	5/21/2015	 	360	 	360	 	H. Stevens Holtze III
	18	 	 	 	7N2BK0	 	GSMC	 	Oakmont Apartments	 	Oakmont Apartment Investors, LLC	 	Multifamily	 	10,700,000.00	 	5/29/2015	 	360	 	360	 	Thomas B. Brenneke and G. Nickolas Tri
	19	 	8	 	37	 	KGS	 	Butterfield Shopping Center	 	BRSC 3-6, LLC	 	Retail	 	10,100,000.00 	 	4/30/2015	 	360	 	360	 	Mark P. Esbensen
	20	 	 	 	8565	 	CGMRC	 	CSS Kaneohe	 	CSS OAHU II	 	Self Storage	 	9,000,000.00	 	5/27/2015	 	0	 	0	 	Timothy D. Davis, Robert J. Dailey, Thomas A. Dailey, William D. Schmicker and Dwight W. Davis
	21	 	 	 	7N2DD4	 	GSMC	 	Cottage Landing Apartments	 	Cottage Landing Properties, LLC	 	Multifamily	 	9,000,000.00	 	4/30/2015	 	360	 	360	 	H. Jackson Wallace and W.F. Trick
	22	 	 	 	8349	 	CGMRC	 	Gables CitiTower	 	999 Ponce, LLC	 	Office	 	9,000,000.00	 	5/8/2015	 	360	 	359	 	Xavier F. Rosales
	23	 	 	 	8345	 	CGMRC	 	Avalon Apartments	 	Country Meadows DeWitt, LLC	 	Multifamily	 	7,875,000.00	 	5/26/2015	 	360	 	360	 	Julie K. Lawton-Essa
	24	 	9,10	 	 	 	RAIT Funding, LLC	 	Shippensburg Shopping Center	 	WRD Shippensburg LP	 	Retail	 	7,200,000.00	 	5/22/2015	 	360	 	359	 	Michael B Willner
	25	 	 	 	8513	 	CGMRC	 	Black Rock Commons	 	Local Blackrock LLC	 	Retail	 	6,625,000.00	 	5/15/2015	 	360	 	360	 	Claudio Fernando Belocopitt
	26	 	 	 	14120308	 	RMF	 	Deer Park Gardens	 	Mansion Partners, Ltd.	 	Multifamily	 	6,400,000.00	 	6/1/2015	 	360	 	360	 	Charles G. Nickson
	27	 	 	 	8426	 	CGMRC	 	Stonegate at Stillwater	 	FN Capital, LLC	 	Multifamily	 	6,300,000.00	 	4/28/2015	 	360	 	360	 	Clifton D. Cabaness II, Scott James and John E. Baxter
	28	 	 	 	60	 	KGS	 	Infinity Corporate Center	 	10500 Antenucci Holdings LLC	 	Office	 	6,150,000.00 	 	4/16/2015	 	360	 	360	 	Kailash R. Kedia
	29	 	 	 	 	 	RAIT Funding, LLC	 	Diamonette Building	 	Camel, LLC	 	Industrial	 	6,000,000.00	 	5/7/2015	 	360	 	360	 	Steve Calderon and Carlos Melendez
	30	 	 	 	7N9Z78	 	GSMC	 	Truckee River Terraces	 	Ralston West	 	Multifamily	 	5,900,000.00	 	4/30/2015	 	360	 	360	 	Grady Kromer, Cheryl Kromer and Grady Kromer, Trustee of the Kromer Family Trust
	31	 	 	 	15040279	 	RMF	 	College Village Shopping Center	 	CVA, LLC	 	Retail	 	5,835,000.00	 	6/1/2015	 	360	 	360	 	Ralph W. Varnum and Kirby V. Deeter
	32	 	 	 	15040278	 	RMF	 	Cape May Portfolio	 	Curcio NJ, North Cape May, LLC and Curcio NJ, Cape May Courthouse, LLC	 	 	 	5,525,000.00	 	5/29/2015	 	360	 	360	 	Robert Moser and Robert Morgan
	32.01	 	 	 	15040278.01	 	 	 	North Cape May Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	 	 	Cape May Court House Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	CGMRC	 	Northfield Office Complex	 	Northfield Plaza Associates, L.L.C.	 	Office	 	5,250,000.00	 	4/30/2015	 	360	 	358	 	Alan Hayman
	34	 	 	 	 	 	RAIT Funding, LLC	 	Walgreens-Smithfield	 	N Smithfield LLC	 	Retail	 	5,155,000.00	 	5/12/2015	 	0	 	0	 	Maurice Grondesky
	35	 	 	 	7NBRR8	 	GSMC	 	Castroville Industrial Portfolio	 	A/J Properties 1977 LLC, A/J Properties CIP 1 LLC, A/J Properties CIP 3 LLC, A/J Properties CIP 4 LLC and A/J Properties CIP 36 LLC	 	 	 	5,000,000.00	 	5/29/2015	 	360	 	360	 	Paul Johnson, Jr.
	35.01	 	 	 	7NBRR8-1	 	 	 	1081 and 1083 Harkins Road	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	 	 	11145 and 11165 Commercial Parkway	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	 	 	11285 Commercial Parkway	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	 	 	11085 Commercial Parkway	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	 	 	11325 Commercial Parkway	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 
	36	 	11	 	74	 	KGS	 	Chester County Multifamily Portfolio	 	Granite Court Apartments, Inc. and Avondale Rentals, Inc.	 	 	 	5,000,000.00 	 	5/27/2015	 	360	 	359	 	Richard L. Walkup, Jr.
	36.01	 	 	 	 	 	 	 	Avondale Apartments	 	 	 	Multifamily	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	 	 	Granite Court	 	 	 	Multifamily	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	RMF	 	Highlands Plaza	 	JLJI LL, LLC	 	Retail	 	4,900,000.00	 	5/22/2015	 	360	 	359	 	Jeff Morr
	38	 	 	 	8431	 	CGMRC	 	Apple Creek Apartments	 	Jester Trails Apartments, LTD., Applecreek Lonestar, LLC and Las Palmas Group TX LLC	 	Multifamily	 	4,700,000.00	 	4/27/2015	 	360	 	360	 	Howard Yates, Mark Yates, Richard Stein, Ellen Stein and Barry Nisen
	39	 	 	 	8485	 	CGMRC	 	Walgreens Winston-Salem	 	Tenney’s Winston-Salem, LLC	 	Retail	 	4,530,000.00	 	5/1/2015	 	360	 	358	 	Donald J. Tenney, Carol A. Tenney
	40	 	 	 	8338	 	CGMRC	 	Kohl’s Tallahassee FL	 	Continental 182 Fund LLC	 	Retail	 	4,300,000.00	 	5/21/2015	 	240	 	239	 	Continental Properties Company, Inc.
	41	 	 	 	 	 	RAIT Funding, LLC	 	Blue Bell Heights/Skyline Village	 	Rana Enterprise Holdings, LLC	 	Mixed Use	 	3,900,000.00	 	5/11/2015	 	360	 	359	 	Mohammed A. Shaikh and Rana Shaikh
	42	 	 	 	8430	 	CGMRC	 	Rite Aid Portfolio	 	226 West Bridge Developers Corp. and 335 Center Street Developers Corp.	 	 	 	3,800,000.00	 	4/29/2015	 	360	 	358	 	Dmitry Volkov
	42.01	 	 	 	8430-1	 	 	 	Rite Aid - Manchester	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	 	 	Rite Aid - Catskill	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 
	43	 	12	 	8473	 	CGMRC	 	210 West Huron	 	WIC 111North LLC	 	Office	 	3,675,000.00	 	5/15/2015	 	360	 	360	 	Brad Hayosh 
	44	 	 	 	8497	 	CGMRC	 	Eagle’s Pointe Apartments	 	MIMG XXII Eagle’s Pointe, LLC	 	Multifamily	 	3,600,000.00	 	5/8/2015	 	360	 	360	 	C. Robert Nicolls, II
	45	 	 	 	 	 	RAIT Funding, LLC	 	Dorchester Village Apartments	 	Larkin DV Holdings, LLC	 	Multifamily	 	3,400,000.00	 	5/21/2015	 	300	 	299	 	Charles B. Jordan
	46	 	 	 	8255	 	CGMRC	 	AmericInn - Eagle Colorado	 	Eagle-Vail Partners, LLC	 	Hospitality	 	3,400,000.00	 	5/8/2015	 	300	 	299	 	W. Craig Turner
	47	 	 	 	15031003.00	 	RMF	 	Golden Triangle Self Storage	 	Golden Triangle Storage, Inc.	 	Self Storage	 	3,200,000.00	 	5/22/2015	 	360	 	360	 	Coco Y. Smith
	48	 	 	 	8433	 	CGMRC	 	Metro Storage	 	Metro Storage II, L.L.C.	 	Self Storage	 	2,615,000.00	 	4/10/2015	 	360	 	358	 	Timothy J. Judge
	49	 	13	 	8321	 	CGMRC	 	Cedar - Dover Plaza	 	DNZ-Dover, LLC	 	Retail	 	2,480,000.00	 	5/1/2015	 	360	 	358	 	Dan Israely
	50	 	 	 	15032701	 	RMF	 	On-Site Self Storage	 	Curcio NJ, Hammonton, LLC	 	Self Storage	 	2,350,000.00	 	5/22/2015	 	360	 	360	 	Robert Moser and Robert Morgan

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	Upfront RE  	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Letter of Credit	 	Tax Reserve ($)	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)
	1	 	 	 	8344	 	CGMRC	 	135 South LaSalle	 	No	 	2,686,534.58	 	671,633.65	 	0.00	 	0.00	 	0.00	 	20,970.08	 	0.00
	2	 	1, 2	 	7NA2C0	 	GSMC	 	Selig Office Portfolio	 	No	 	255,018.98	 	255,018.98	 	0.00	 	0.00	 	0.00	 	33,989.00	 	0.00
	2.01	 	 	 	7NA2C0-1	 	 	 	1000 Second Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	 	 	2901 Third Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	 	 	3101 Western Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	 	 	300 Elliott Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	 	 	3131 Elliott Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	 	 	2615 Fourth Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	 	 	190 Queen Anne Avenue North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	 	 	200 First Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	 	 	18 West Mercer Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	3,4	 	7N6445	 	GSMC	 	Dallas Market Center	 	No	 	439,167.30	 	87,833.46	 	47,499.75	 	0.00	 	910,580.00	 	0.00	 	910,580.00
	4	 	5	 	8535	 	CGMRC	 	Pasadena Office Tower	 	No	 	134,852.92	 	26,970.58	 	28,497.70	 	3,562.21	 	0.00	 	2,366.00	 	0.00
	5	 	6	 	 	 	RAIT Funding, LLC	 	St. Anthony’s Healthplex North	 	No	 	17,998.23	 	5,999.41	 	16,008.64	 	4,002.16	 	0.00	 	1,614.12	 	58,108.20
	6	 	 	 	8119	 	CGMRC	 	Rockside Road Office Portfolio	 	No	 	0.00	 	50,075.71	 	0.00	 	5,166.35	 	0.00	 	7,046.25	 	0.00
	6.01	 	 	 	8119-1	 	 	 	Highpointe Corporate Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	 	 	Rockside Business Pointe	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	 	 	Southport Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	 	 	MRN III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	RMF	 	Chalet Garden Apartments	 	No	 	100,065.00	 	47,650.00	 	29,312.49	 	13,958.33	 	0.00	 	12,019.33	 	0.00
	8	 	 	 	7N2D77	 	GSMC	 	Orinda Square	 	No	 	87,167.82	 	29,055.94	 	0.00	 	0.00	 	0.00	 	2,413.89	 	90,000.00
	9	 	 	 	7NBS48	 	GSMC	 	Park at Sugar Creek	 	No	 	129,591.06	 	21,598.51	 	62,614.95	 	11,194.76	 	0.00	 	1,750.00	 	0.00
	10	 	 	 	7N5YU6	 	GSMC	 	Mesa Town Center	 	No	 	114,021.28	 	28,505.32	 	0.00	 	0.00	 	0.00	 	3,400.00	 	0.00
	11	 	 	 	15021377	 	RMF	 	NY Seven Self Storage Portfolio	 	No	 	118,021.39	 	28,100.33	 	43,185.74	 	5,141.16	 	0.00	 	2,938.36	 	0.00
	11.01	 	 	 	15021377.01	 	 	 	Affordable Malta	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	 	 	A Space Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	 	 	Dix Ave Mini Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	 	 	Snyders Best Rate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	 	 	Affordable Wilton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	 	 	Rotterdam Secured	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	 	 	Affordable Saratoga	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	CGMRC	 	Oklahoma Walmart Portfolio	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	12.01	 	 	 	8496-2	 	 	 	Walmart - Lawton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	 	 	Walmart - Oklahoma City	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	RMF	 	Promenades Plaza	 	No	 	94,911.89	 	22,598.07	 	136,837.70	 	11,847.42	 	0.00	 	2,883.80	 	0.00
	14	 	 	 	7N3F32	 	GSMC	 	Hagerstown Plaza	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	15	 	 	 	8434	 	CGMRC	 	Best Storage Portfolio	 	No	 	125,742.86	 	12,574.29	 	18,629.80	 	2,328.73	 	0.00	 	2,540.58	 	0.00
	15.01	 	 	 	8434-1	 	 	 	Best Storage-Tudor Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	 	 	Best Storage-Woodland Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule

 

	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	Upfront RE  	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Letter of Credit	 	Tax Reserve ($)	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)
	16	 	7	 	7996	 	CGMRC	 	Crowne Plaza Bloomington	 	No	 	355,285.00	 	71,057.00	 	0.00	 	14,259.53	 	0.00	 	0.00	 	0.00
	17	 	 	 	8372	 	CGMRC	 	Magnolia Hotel Omaha	 	No	 	0.00	 	14,548.90	 	59,882.13	 	4,990.18	 	0.00	 	20,420.14	 	0.00
	18	 	 	 	7N2BK0	 	GSMC	 	Oakmont Apartments	 	No	 	70,120.56	 	8,765.07	 	0.00	 	0.00	 	0.00	 	2,854.17	 	0.00
	19	 	8	 	37	 	KGS	 	Butterfield Shopping Center	 	No	 	8,723.41	 	8,723.41	 	6,029.96	 	861.42	 	0.00	 	468.91	 	30,000.00
	20	 	 	 	8565	 	CGMRC	 	CSS Kaneohe	 	No	 	40,928.91	 	8,185.78	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	21	 	 	 	7N2DD4	 	GSMC	 	Cottage Landing Apartments	 	No	 	38,664.48	 	6,444.08	 	23,318.50	 	3,886.42	 	0.00	 	1,554.00	 	0.00
	22	 	 	 	8349	 	CGMRC	 	Gables CitiTower	 	No	 	268,763.98	 	38,394.85	 	37,187.69	 	18,593.85	 	0.00	 	3,669.79	 	900,000.00
	23	 	 	 	8345	 	CGMRC	 	Avalon Apartments	 	No	 	54,564.18	 	7,794.88	 	20,993.18	 	3,498.86	 	0.00	 	3,708.33	 	133,500.00
	24	 	9,10	 	 	 	RAIT Funding, LLC	 	Shippensburg Shopping Center	 	No	 	42,345.45	 	5,293.18	 	7,798.70	 	599.90	 	375,000.00	 	1,647.65	 	59,315.40
	25	 	 	 	8513	 	CGMRC	 	Black Rock Commons	 	No	 	170,128.20	 	21,266.02	 	3,119.73	 	1,559.86	 	0.00	 	226.08	 	0.00
	26	 	 	 	14120308	 	RMF	 	Deer Park Gardens	 	No	 	67,476.15	 	10,710.50	 	28,444.06	 	9,029.86	 	0.00	 	3,979.17	 	0.00
	27	 	 	 	8426	 	CGMRC	 	Stonegate at Stillwater	 	No	 	24,325.75	 	8,108.58	 	93,329.78	 	8,484.53	 	100,000.00	 	6,250.00	 	200,000.00
	28	 	 	 	60	 	KGS	 	Infinity Corporate Center	 	No	 	0.00	 	26,333.00	 	10,070.65	 	1,258.83	 	0.00	 	2,021.00	 	0.00
	29	 	 	 	 	 	RAIT Funding, LLC	 	Diamonette Building	 	No	 	86,416.65	 	10,802.08	 	52,163.44	 	6,520.43	 	190,000.00	 	0.00	 	50,000.00
	30	 	 	 	7N9Z78	 	GSMC	 	Truckee River Terraces	 	No	 	25,190.92	 	6,297.73	 	0.00	 	0.00	 	0.00	 	4,590.67	 	0.00
	31	 	 	 	15040279	 	RMF	 	College Village Shopping Center	 	No	 	29,973.03	 	14,272.87	 	5,884.36	 	1,120.83	 	0.00	 	763.10	 	0.00
	32	 	 	 	15040278	 	RMF	 	Cape May Portfolio	 	No	 	16,865.10	 	5,354.00	 	2,136.20	 	1,017.24	 	0.00	 	903.75	 	0.00
	32.01	 	 	 	15040278.01	 	 	 	North Cape May Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	 	 	Cape May Court House Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	CGMRC	 	Northfield Office Complex	 	No	 	128,057.31	 	14,228.59	 	5,322.48	 	5,322.48	 	0.00	 	5,242.33	 	314,539.80
	34	 	 	 	 	 	RAIT Funding, LLC	 	Walgreens-Smithfield	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	35	 	 	 	7NBRR8	 	GSMC	 	Castroville Industrial Portfolio	 	No	 	16,951.68	 	5,650.56	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	35.01	 	 	 	7NBRR8-1	 	 	 	1081 and 1083 Harkins Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	 	 	11145 and 11165 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	 	 	11285 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	 	 	11085 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	 	 	11325 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	11	 	74	 	KGS	 	Chester County Multifamily Portfolio	 	No	 	42,070.01	 	5,259.00	 	31,245.81	 	4,463.99	 	412,050.00	 	1,603.00	 	0.00
	36.01	 	 	 	 	 	 	 	Avondale Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	 	 	Granite Court	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	RMF	 	Highlands Plaza	 	No	 	29,668.80	 	7,064.00	 	48,648.60	 	4,212.00	 	0.00	 	1,282.15	 	0.00
	38	 	 	 	8431	 	CGMRC	 	Apple Creek Apartments	 	No	 	54,515.21	 	9,085.87	 	27,052.38	 	6,763.09	 	175,000.00	 	0.00	 	175,000.00
	39	 	 	 	8485	 	CGMRC	 	Walgreens Winston-Salem	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	40	 	 	 	8338	 	CGMRC	 	Kohl’s Tallahassee FL	 	No	 	0.00	 	0.00	 	341.78	 	0.00	 	0.00	 	0.00	 	0.00
	41	 	 	 	 	 	RAIT Funding, LLC	 	Blue Bell Heights/Skyline Village	 	No	 	56,149.43	 	9,358.24	 	27,871.14	 	2,533.74	 	0.00	 	1,508.13	 	0.00
	42	 	 	 	8430	 	CGMRC	 	Rite Aid Portfolio	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	42.01	 	 	 	8430-1	 	 	 	Rite Aid - Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	 	 	Rite Aid - Catskill	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	12	 	8473	 	CGMRC	 	210 West Huron	 	No	 	137,756.67	 	12,523.33	 	2,967.30	 	494.55	 	0.00	 	331.58	 	11,937.00
	44	 	 	 	8497	 	CGMRC	 	Eagle’s Pointe Apartments	 	No	 	47,415.38	 	9,483.08	 	12,820.50	 	1,424.50	 	0.00	 	2,273.33	 	0.00
	45	 	 	 	 	 	RAIT Funding, LLC	 	Dorchester Village Apartments	 	No	 	47,351.65	 	6,764.52	 	24,935.20	 	6,233.80	 	179,196.00	 	3,425.00	 	0.00
	46	 	 	 	8255	 	CGMRC	 	AmericInn - Eagle Colorado	 	No	 	3,774.49	 	3,774.49	 	5,597.38	 	1,119.48	 	0.00	 	4,888.25	 	0.00
	47	 	 	 	15031003.00	 	RMF	 	Golden Triangle Self Storage	 	No	 	19,268.17	 	2,621.52	 	5,550.07	 	2,642.89	 	0.00	 	731.25	 	0.00
	48	 	 	 	8433	 	CGMRC	 	Metro Storage	 	No	 	50,160.04	 	5,573.34	 	638.40	 	319.20	 	0.00	 	871.00	 	31,356.00
	49	 	13	 	8321	 	CGMRC	 	Cedar - Dover Plaza	 	No	 	6,098.07	 	6,098.07	 	4,744.33	 	677.78	 	0.00	 	1,120.26	 	0.00
	50	 	 	 	15032701	 	RMF	 	On-Site Self Storage	 	No	 	9,479.23	 	4,513.92	 	1,717.24	 	817.74	 	0.00	 	699.69	 	0.00

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Upfront	 	Ongoing	 	 	 	Upfront Debt	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)	 	TI/LC Caps ($)	 	Service Reserve ($)	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description
	1	 	 	 	8344	 	CGMRC	 	135 South LaSalle	 	0.00	 	52,425.21	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	2	 	1, 2	 	7NA2C0	 	GSMC	 	Selig Office Portfolio	 	0.00	 	203,932.00	 	0.00	 	0.00	 	0.00	 	337,524.00	 	0.00	 	0.00	 	0.00	 	7,278,662.00	 	0.00	 	Unexecuted Lease Holdback ($3,900,807); Unfunded Obligations ($3,377,855)
	2.01	 	 	 	7NA2C0-1	 	 	 	1000 Second Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	 	 	2901 Third Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	 	 	3101 Western Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	 	 	300 Elliott Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	 	 	3131 Elliott Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	 	 	2615 Fourth Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	 	 	190 Queen Anne Avenue North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	 	 	200 First Avenue West	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	 	 	18 West Mercer Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	3,4	 	7N6445	 	GSMC	 	Dallas Market Center	 	1,500,000.00	 	0.00	 	1,500,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	4	 	5	 	8535	 	CGMRC	 	Pasadena Office Tower	 	550,000.00	 	0.00	 	450,000.00	 	0.00	 	0.00	 	32,500.00	 	0.00	 	0.00	 	0.00	 	569,439.00	 	0.00	 	Free Rent Reserve ($411,490); Unfunded Obligations Reserve ($157,949)
	5	 	6	 	 	 	RAIT Funding, LLC	 	St. Anthony’s Healthplex North	 	0.00	 	4,026.96	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	205,617.45	 	0.00	 	Construction Reserve (162,604.95); Mezzanine Interest Reserve (43,012.50)
	6	 	 	 	8119	 	CGMRC	 	Rockside Road Office Portfolio	 	371,000.00	 	19,459.00	 	701,908.20	 	0.00	 	0.00	 	9,375.00	 	0.00	 	0.00	 	0.00	 	346,906.00	 	0.00	 	Free Rent Reserve
	6.01	 	 	 	8119-1	 	 	 	Highpointe Corporate Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	 	 	Rockside Business Pointe	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	 	 	Southport Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	 	 	MRN III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	RMF	 	Chalet Garden Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	748,326.00	 	0.00	 	25,000.00	 	0.00	 	0.00	 	0.00	 	 
	8	 	 	 	7N2D77	 	GSMC	 	Orinda Square	 	0.00	 	10,416.67	 	350,000.00	 	0.00	 	0.00	 	918,205.00	 	0.00	 	0.00	 	0.00	 	519,061.00	 	0.00	 	Unfunded Obligations Reserve
	9	 	 	 	7NBS48	 	GSMC	 	Park at Sugar Creek	 	0.00	 	10,000.00	 	300,000.00	 	0.00	 	0.00	 	120,653.50	 	0.00	 	19,473.30	 	0.00	 	586,075.16	 	0.00	 	Unfunded Obligations Reserve
	10	 	 	 	7N5YU6	 	GSMC	 	Mesa Town Center	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	41,195.00	 	0.00	 	990.00	 	0.00	 	0.00	 	0.00	 	 
	11	 	 	 	15021377	 	RMF	 	NY Seven Self Storage Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	10,250.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	11.01	 	 	 	15021377.01	 	 	 	Affordable Malta	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	 	 	A Space Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	 	 	Dix Ave Mini Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	 	 	Snyders Best Rate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	 	 	Affordable Wilton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	 	 	Rotterdam Secured	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	 	 	Affordable Saratoga	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	CGMRC	 	Oklahoma Walmart Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	40,600.00	 	0.00	 	Punchlist Reserve
	12.01	 	 	 	8496-2	 	 	 	Walmart - Lawton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	 	 	Walmart - Oklahoma City	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	RMF	 	Promenades Plaza	 	250,000.00	 	10,573.93	 	380,662.00	 	0.00	 	0.00	 	6,750.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	14	 	 	 	7N3F32	 	GSMC	 	Hagerstown Plaza	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	15	 	 	 	8434	 	CGMRC	 	Best Storage Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	65,087.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	15.01	 	 	 	8434-1	 	 	 	Best Storage-Tudor Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	 	 	Best Storage-Woodland Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule

 

	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Upfront	 	Ongoing	 	 	 	Upfront Debt	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)	 	TI/LC Caps ($)	 	Service Reserve ($)	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description
	16	 	7	 	7996	 	CGMRC	 	Crowne Plaza Bloomington	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	23,750.00	 	0.00	 	0.00	 	0.00	 	4,654,443.00	 	0.00	 	PIP Reserve ($4,612,308); Parking Rent Reserve ($42,135)
	17	 	 	 	8372	 	CGMRC	 	Magnolia Hotel Omaha	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	10,350.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	18	 	 	 	7N2BK0	 	GSMC	 	Oakmont Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	19	 	8	 	37	 	KGS	 	Butterfield Shopping Center	 	0.00	 	2,500.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	66,622.80	 	0.00	 	Unfunded Obligations Reserve ($43,750); Big 5 Cam Holdback ($22,872.80)
	20	 	 	 	8565	 	CGMRC	 	CSS Kaneohe	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	21	 	 	 	7N2DD4	 	GSMC	 	Cottage Landing Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	22	 	 	 	8349	 	CGMRC	 	Gables CitiTower	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	17,215.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	23	 	 	 	8345	 	CGMRC	 	Avalon Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	6,875.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	24	 	9,10	 	 	 	RAIT Funding, LLC	 	Shippensburg Shopping Center	 	30,000.00	 	5,492.17	 	197,718.00	 	0.00	 	0.00	 	224,207.00	 	0.00	 	0.00	 	0.00	 	4,672.67	 	0.00	 	Sprint Free Rent Reserve
	25	 	 	 	8513	 	CGMRC	 	Black Rock Commons	 	0.00	 	2,487.10	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	3,500.00	 	583.33	 	Ground Lease Reserve
	26	 	 	 	14120308	 	RMF	 	Deer Park Gardens	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	27	 	 	 	8426	 	CGMRC	 	Stonegate at Stillwater	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	253,125.00	 	0.00	 	0.00	 	0.00	 	825,000.00	 	0.00	 	Economic Holdback
	28	 	 	 	60	 	KGS	 	Infinity Corporate Center	 	1,325,356.39	 	10,260.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	29	 	 	 	 	 	RAIT Funding, LLC	 	Diamonette Building	 	30,000.00	 	2,334.55	 	125,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	30	 	 	 	7N9Z78	 	GSMC	 	Truckee River Terraces	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	51,782.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	31	 	 	 	15040279	 	RMF	 	College Village Shopping Center	 	85,000.00	 	1,907.75	 	100,000.00	 	0.00	 	0.00	 	90,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	32	 	 	 	15040278	 	RMF	 	Cape May Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	12,450.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	32.01	 	 	 	15040278.01	 	 	 	North Cape May Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	 	 	Cape May Court House Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	CGMRC	 	Northfield Office Complex	 	375,000.00	 	19,416.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	34	 	 	 	 	 	RAIT Funding, LLC	 	Walgreens-Smithfield	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	35	 	 	 	7NBRR8	 	GSMC	 	Castroville Industrial Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	37,500.00	 	0.00	 	Earthquake Retrofit Reserve
	35.01	 	 	 	7NBRR8-1	 	 	 	1081 and 1083 Harkins Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	 	 	11145 and 11165 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	 	 	11285 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	 	 	11085 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	 	 	11325 Commercial Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	11	 	74	 	KGS	 	Chester County Multifamily Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	47,950.00	 	0.00	 	0.00	 	0.00	 	340,000.00	 	0.00	 	ACC Holdback 
	36.01	 	 	 	 	 	 	 	Avondale Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	 	 	Granite Court	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	RMF	 	Highlands Plaza	 	0.00	 	5,555.98	 	0.00	 	0.00	 	0.00	 	323,125.00	 	0.00	 	0.00	 	0.00	 	78,750.00	 	0.00	 	SSDS O&M Remediation Funds
	38	 	 	 	8431	 	CGMRC	 	Apple Creek Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	300,403.75	 	0.00	 	0.00	 	0.00	 	75,000.00	 	0.00	 	Roof Repairs Reserve
	39	 	 	 	8485	 	CGMRC	 	Walgreens Winston-Salem	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	40	 	 	 	8338	 	CGMRC	 	Kohl’s Tallahassee FL	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	41	 	 	 	 	 	RAIT Funding, LLC	 	Blue Bell Heights/Skyline Village	 	200,000.00	 	0.00	 	200,000.00	 	0.00	 	0.00	 	25,462.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	42	 	 	 	8430	 	CGMRC	 	Rite Aid Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	42.01	 	 	 	8430-1	 	 	 	Rite Aid - Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	 	 	Rite Aid - Catskill	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	12	 	8473	 	CGMRC	 	210 West Huron	 	50,000.00	 	2,210.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	236,954.00	 	0.00	 	Deepfield Lease Reserve ($130,500); Deepfield Finance Reserve ($66,700); Deepfield GAP Rent Reserve ($39,754)
	44	 	 	 	8497	 	CGMRC	 	Eagle’s Pointe Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	52,150.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	45	 	 	 	 	 	RAIT Funding, LLC	 	Dorchester Village Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	69,569.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	46	 	 	 	8255	 	CGMRC	 	AmericInn - Eagle Colorado	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	2,500.00	 	0.00	 	0.00	 	0.00	 	123,023.00	 	0.00	 	PIP Reserve
	47	 	 	 	15031003.00	 	RMF	 	Golden Triangle Self Storage	 	0.00	 	204.17	 	0.00	 	0.00	 	0.00	 	4,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	48	 	 	 	8433	 	CGMRC	 	Metro Storage	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	8,750.00	 	0.00	 	0.00	 	0.00	 	25,000.00	 	0.00	 	Leasing Office Construction Reserve
	49	 	13	 	8321	 	CGMRC	 	Cedar - Dover Plaza	 	150,000.00	 	1,920.50	 	115,230.00	 	0.00	 	0.00	 	39,062.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	50	 	 	 	15032701	 	RMF	 	On-Site Self Storage	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule

 

	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Period-	 	Period-	 	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	 	Default	 	Late Fee	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($) (1)	 	Method	 	Fee Rate (%) (2)	 	Lease Y/N	 	Prepayment Provision (3)	 	Loan Flag	 	Service ($)	 	Method
	1	 	 	 	8344	 	CGMRC	 	135 South LaSalle	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	1,310,047	 	sf	 	278,396.99	 	Actual/360	 	0.0102%	 	No	 	Lockout/26_Defeasance/89_0%/5	 	 	 	 	 	 
	2	 	1, 2	 	7NA2C0	 	GSMC	 	Selig Office Portfolio	 	0	 	0	 	No	 	No	 	No	 	Various	 	In Place	 	Hard	 	1,631,457 	 	sf	 	237,767.08	 	Actual/360	 	0.0102%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	2.01	 	 	 	7NA2C0-1	 	 	 	1000 Second Avenue	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	447,792 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.02	 	 	 	7NA2C0-2	 	 	 	2901 Third Avenue	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	269,862 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.03	 	 	 	7NA2C0-3	 	 	 	3101 Western Avenue	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	187,035 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.04	 	 	 	7NA2C0-4	 	 	 	300 Elliott Avenue West	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	226,159 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.05	 	 	 	7NA2C0-5	 	 	 	3131 Elliott Avenue	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	189,849 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.06	 	 	 	7NA2C0-6	 	 	 	2615 Fourth Avenue	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	124,276 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.07	 	 	 	7NA2C0-7	 	 	 	190 Queen Anne Avenue North	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	84,582 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.08	 	 	 	7NA2C0-8	 	 	 	200 First Avenue West	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	66,470 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	2.09	 	 	 	7NA2C0-9	 	 	 	18 West Mercer Street	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	35,432 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	3	 	3,4	 	7N6445	 	GSMC	 	Dallas Market Center	 	5 days grace, one time only	 	5 days grace, one time only	 	No	 	No	 	No	 	ACM	 	In Place	 	Hard	 	3,101,772 	 	sf	 	347,798.42	 	Actual/360	 	0.0152%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	4	 	5	 	8535	 	CGMRC	 	Pasadena Office Tower	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	141,969	 	sf	 	203,674.91	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_>YM or 1%/90_0%/5	 	 	 	 	 	 
	5	 	6	 	 	 	RAIT Funding, LLC	 	St. Anthony’s Healthplex North	 	5	 	5	 	No	 	No	 	No	 	None	 	In-Place	 	Hard	 	96,847	 	sf	 	135,609.74	 	Actual/360	 	0.0102%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	6	 	 	 	8119	 	CGMRC	 	Rockside Road Office Portfolio	 	0	 	0	 	No	 	No	 	No	 	Various	 	Springing	 	Hard	 	389,949	 	sf	 	146,680.79	 	Actual/360	 	0.0402%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	6.01	 	 	 	8119-1	 	 	 	Highpointe Corporate Park	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	135,921	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.02	 	 	 	8119-3	 	 	 	Rockside Business Pointe	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	115,918	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.03	 	 	 	8119-2	 	 	 	Southport Center	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	93,993	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.04	 	 	 	8119-4	 	 	 	MRN III	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	44,117	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	7	 	 	 	15040101	 	RMF	 	Chalet Garden Apartments	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	484	 	Units	 	137,871.74	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	8	 	 	 	7N2D77	 	GSMC	 	Orinda Square	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	90,537 	 	sf	 	112,056.08	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	9	 	 	 	7NBS48	 	GSMC	 	Park at Sugar Creek	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	140,254 	 	sf	 	109,771.64	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	10	 	 	 	7N5YU6	 	GSMC	 	Mesa Town Center	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	140,676 	 	sf	 	73,170.84	 	Actual/360	 	0.0102%	 	No	 	Lockout/11_>YM or 1%/105_0%/4	 	 	 	 	 	 
	11	 	 	 	15021377	 	RMF	 	NY Seven Self Storage Portfolio	 	0	 	0	 	No	 	No	 	No	 	Various	 	Springing	 	Springing	 	235,069	 	sf	 	103,400.26	 	Actual/360	 	0.0102%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	11.01	 	 	 	15021377.01	 	 	 	Affordable Malta	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	77,875	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.02	 	 	 	15021377.02	 	 	 	A Space Place	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	33,230	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.03	 	 	 	15021377.03	 	 	 	Dix Ave Mini Storage	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	39,200	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.04	 	 	 	15021377.04	 	 	 	Snyders Best Rate	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	22,500	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.05	 	 	 	15021377.05	 	 	 	Affordable Wilton	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	29,100	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.06	 	 	 	15021377.06	 	 	 	Rotterdam Secured	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	20,064	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.07	 	 	 	15021377.07	 	 	 	Affordable Saratoga	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	13,100	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	12	 	 	 	8496	 	CGMRC	 	Oklahoma Walmart Portfolio	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	82,234	 	sf	 	75,760.06	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	12.01	 	 	 	8496-2	 	 	 	Walmart - Lawton	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	41,117	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	12.02	 	 	 	8496-1	 	 	 	Walmart - Oklahoma City	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	41,117	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	13	 	 	 	15040277	 	RMF	 	Promenades Plaza	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	230,704	 	sf	 	74,671.67	 	Actual/360	 	0.0102%	 	No	 	Lockout/23_>YM or 1%/93_0%/4	 	 	 	 	 	 
	14	 	 	 	7N3F32	 	GSMC	 	Hagerstown Plaza	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	75,080 	 	sf	 	67,768.41	 	Actual/360	 	0.0502%	 	No	 	Lockout/23_>YM or 1%/93_0%/4	 	 	 	 	 	 
	15	 	 	 	8434	 	CGMRC	 	Best Storage Portfolio	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	116,471	 	sf	 	59,317.15	 	Actual/360	 	0.0602%	 	No	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	15.01	 	 	 	8434-1	 	 	 	Best Storage-Tudor Road	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	79,918	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	15.02	 	 	 	8434-2	 	 	 	Best Storage-Woodland Drive	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	36,553	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

CGCMT 2015-GC31 Supplemental Servicer Schedule

 

	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Period-	 	Period-	 	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	 	Default	 	Late Fee	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($) (1)	 	Method	 	Fee Rate (%) (2)	 	Lease Y/N	 	Prepayment Provision (3)	 	Loan Flag	 	Service ($)	 	Method
	16	 	7	 	7996	 	CGMRC	 	Crowne Plaza Bloomington	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	430	 	Rooms	 	63,165.51	 	Actual/360	 	0.0102%	 	No	 	Lockout/29_Defeasance/89_0%/2	 	 	 	 	 	 
	17	 	 	 	8372	 	CGMRC	 	Magnolia Hotel Omaha	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	145	 	Rooms	 	56,151.40	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/88_0%/7	 	 	 	 	 	 
	18	 	 	 	7N2BK0	 	GSMC	 	Oakmont Apartments	 	0	 	0	 	No	 	No	 	No	 	None	 	None	 	None	 	125 	 	Units	 	52,037.96	 	Actual/360	 	0.0502%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	19	 	8	 	37	 	KGS	 	Butterfield Shopping Center	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Soft Springing	 	                                    41,992 	 	sf	 	53,296.87	 	Actual/360	 	0.0102%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	20	 	 	 	8565	 	CGMRC	 	CSS Kaneohe	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	50,645	 	sf	 	29,884.38	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	21	 	 	 	7N2DD4	 	GSMC	 	Cottage Landing Apartments	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	189 	 	Beds	 	43,869.83	 	Actual/360	 	0.0502%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	22	 	 	 	8349	 	CGMRC	 	Gables CitiTower	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	129,068	 	sf	 	42,708.35	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	23	 	 	 	8345	 	CGMRC	 	Avalon Apartments	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	178	 	Units	 	39,341.94	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	24	 	9,10	 	 	 	RAIT Funding, LLC	 	Shippensburg Shopping Center	 	5	 	5	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	131,812	 	sf	 	35,630.74	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	25	 	 	 	8513	 	CGMRC	 	Black Rock Commons	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	27,132	 	sf	 	32,591.02	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	26	 	 	 	14120308	 	RMF	 	Deer Park Gardens	 	0	 	0	 	No	 	No	 	No	 	ACM & LBP	 	Springing	 	Springing	 	191	 	Units	 	31,709.36	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	27	 	 	 	8426	 	CGMRC	 	Stonegate at Stillwater	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	300	 	Units	 	31,176.90	 	Actual/360	 	0.0777%	 	No	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	28	 	 	 	60	 	KGS	 	Infinity Corporate Center	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	                                    93,277 	 	sf	 	30,724.18	 	Actual/360	 	0.0477%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	29	 	 	 	 	 	RAIT Funding, LLC	 	Diamonette Building	 	5	 	5	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	112,634	 	sf	 	29,621.87	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	30	 	 	 	7N9Z78	 	GSMC	 	Truckee River Terraces	 	0	 	0	 	No	 	No	 	No	 	None	 	None	 	None	 	176 	 	Units	 	28,819.31	 	Actual/360	 	0.0777%	 	No	 	Lockout/26_Defeasance/87_0%/7	 	 	 	 	 	 
	31	 	 	 	15040279	 	RMF	 	College Village Shopping Center	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	45,786	 	sf	 	29,530.43	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	32	 	 	 	15040278	 	RMF	 	Cape May Portfolio	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	72,300	 	sf	 	28,588.36	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	32.01	 	 	 	15040278.01	 	 	 	North Cape May Storage	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	31,325	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	32.02	 	 	 	15040278.02	 	 	 	Cape May Court House Storage	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	40,975	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	33	 	 	 	8447	 	CGMRC	 	Northfield Office Complex	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	232,992	 	sf	 	27,196.94	 	Actual/360	 	0.0577%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	34	 	 	 	 	 	RAIT Funding, LLC	 	Walgreens-Smithfield	 	5	 	5	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	14,559	 	sf	 	18,031.76	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	35	 	 	 	7NBRR8	 	GSMC	 	Castroville Industrial Portfolio	 	0	 	0	 	No	 	No	 	No	 	Various	 	Springing	 	Springing	 	112,380 	 	sf	 	23,746.98	 	Actual/360	 	0.0502%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	35.01	 	 	 	7NBRR8-1	 	 	 	1081 and 1083 Harkins Road	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	29,660 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	35.02	 	 	 	7NBRR8-2	 	 	 	11145 and 11165 Commercial Parkway	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	28,000 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	35.03	 	 	 	7NBRR8-3	 	 	 	11285 Commercial Parkway	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	21,600 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	35.04	 	 	 	7NBRR8-4	 	 	 	11085 Commercial Parkway	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	18,120 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	35.05	 	 	 	7NBRR8-5	 	 	 	11325 Commercial Parkway	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	15,000 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	36	 	11	 	74	 	KGS	 	Chester County Multifamily Portfolio	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	                                          63 	 	Units	 	25,008.52	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	36.01	 	 	 	 	 	 	 	Avondale Apartments	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	                                          47 	 	Units	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	36.02	 	 	 	 	 	 	 	Granite Court	 	 	 	 	 	No	 	No	 	No	 	ACM	 	 	 	 	 	                                          16 	 	Units	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	37	 	 	 	15040276	 	RMF	 	Highlands Plaza	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	102,572	 	sf	 	25,061.04	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	38	 	 	 	8431	 	CGMRC	 	Apple Creek Apartments	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	120	 	Units	 	23,258.96	 	Actual/360	 	0.0777%	 	No	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	39	 	 	 	8485	 	CGMRC	 	Walgreens Winston-Salem	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	13,650	 	sf	 	22,684.47	 	Actual/360	 	0.0777%	 	No	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	40	 	 	 	8338	 	CGMRC	 	Kohl’s Tallahassee FL	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	100,000	 	sf	 	26,972.36	 	Actual/360	 	0.0102%	 	Yes	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	41	 	 	 	 	 	RAIT Funding, LLC	 	Blue Bell Heights/Skyline Village	 	5	 	5	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	120,650	 	sf	 	20,133.22	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	42	 	 	 	8430	 	CGMRC	 	Rite Aid Portfolio	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	22,257	 	sf	 	18,471.93	 	Actual/360	 	0.0102%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	42.01	 	 	 	8430-1	 	 	 	Rite Aid - Manchester	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	11,173	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	42.02	 	 	 	8430-2	 	 	 	Rite Aid - Catskill	 	 	 	 	 	No	 	No	 	No	 	None	 	 	 	 	 	11,084	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	43	 	12	 	8473	 	CGMRC	 	210 West Huron	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	26,526	 	sf	 	18,533.44	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	44	 	 	 	8497	 	CGMRC	 	Eagle’s Pointe Apartments	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	175	 	Beds	 	18,006.13	 	Actual/360	 	0.0577%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	45	 	 	 	 	 	RAIT Funding, LLC	 	Dorchester Village Apartments	 	5	 	5	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	137	 	Units	 	19,325.37	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	46	 	 	 	8255	 	CGMRC	 	AmericInn - Eagle Colorado	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	54	 	Rooms	 	18,533.51	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	47	 	 	 	15031003.00	 	RMF	 	Golden Triangle Self Storage	 	0	 	0	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	58,500	 	sf	 	16,175.92	 	Actual/360	 	0.0102%	 	No	 	Lockout/23_>YM or 1%/93_0%/4	 	 	 	 	 	 
	48	 	 	 	8433	 	CGMRC	 	Metro Storage	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	38,710	 	sf	 	13,515.27	 	Actual/360	 	0.0602%	 	No	 	Lockout/26_>YM or 1%/52_0%/6	 	 	 	 	 	 
	49	 	13	 	8321	 	CGMRC	 	Cedar - Dover Plaza	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Hard	 	38,409	 	sf	 	12,862.22	 	Actual/360	 	0.0602%	 	Yes	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	50	 	 	 	15032701	 	RMF	 	On-Site Self Storage	 	0	 	0	 	No	 	No	 	No	 	None	 	Springing	 	Springing	 	55,975	 	sf	 	12,287.06	 	Actual/360	 	0.0102%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 

 

    	 

    	 

    

 

	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 $72,000,000
    represents note A-3 of a $345,000,000 whole loan evidenced by multiple pari passu notes. Note A-1, with a Cut-off Date Balance
    of $125,000,000 was contributed to CGCMT 2015-GC29. Note A-2, with a Cut-off Date Balance of $123,000,000 was contributed
    to GSMS 2015-GC30. One remaining companion loan with a Cut-off Date Balance of $25,000,000 that is held outside the issuing
    entity and is expected to be contributed to a future securitization.  Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD,
    Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan
    Per Unit calculations are based on the aggregate cut-off date principal balance of $345,000,000.
	2	 	The lockout period will be at least 27
    payment dates beginning with and including the first payment date of May 6, 2015. For the purposes of this free writing prospectus,
    the assumed lockout period of 27 payment dates is based on the expected CGCMT 2015-GC31 securitization closing date in July
    2015. The actual lockout period may be longer.
	3	 	The Cut-off Date Balance of $71,803,978
    represents the note A-2 of a $259,000,000 whole loan evidenced by multiple pari passu notes.  Note A-1, with a Cut-off
    Date Balance of $129,646,071 was contributed to GSMS 2015-GC30. One remaining companion loan with a Cut-off Date Balance of
    $56,844,816 that is held outside the issuing entity and is expected to be contributed to a future securitization. Cut-off
    Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield
    on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $258,294,865.
	4	 	The lockout period will be at least 26
    payment dates beginning with and including the first payment date of June 6, 2015. For the purposes of this free writing prospectus,
    the assumed lockout period of 26 payment dates is based on the expected CGCMT 2015-GC31 securitization closing date in July
    2015. The actual lockout period may be longer.
	5	 	Ongoing TI/LC Reserves are waived beginning
    with the First Monthly Payment Date and continuing through and including the due date occurring in December 2017. On the due
    date occurring in January 2018, to the extent the TI/LC Reserve balance exceeds $170,000, the lender will disburse to the
    borrower the amount of TI/LC Reserve funds that is in excess of $170,000 such that the balance of the TI/LC Reserve will be
    $170,000 on such due date. Beginning on the due date occurring in January 2018, the borrower is required to begin making monthly
    payments of $14,167, subject to the TI/LC Reserve Cap of $450,000.
	6	 	The mortgage loan amortizes based on a
    non-standard amortization schedule and the Underwritten NCF DSCR (1.64x) is calculated based on the aggregate debt service
    for the 12-month period starting August 1, 2015. See Annex G in the Free Writing Prospectus for the related amortization schedule.
    The Appraised Value presents the “As-Is” Appraised Value of the Mortgaged Property. The Cut-off Date LTV Ratio
    is calculated on the basis of such “As-Is” Appraised Value, as the conditions for stabilization have not yet been
    met as of the date hereof. The LTV Ratio at Maturity is calculated in whole or in part on the basis of the “Prospective
    Market Value Upon Stabilization” Appraised Value.
	7	 	The Cut-off Date Balance of $12,170,872
    represents the A-2 note of a $26,250,000 loan combination evidenced by two pari passu notes.  The companion
    loan is evidenced by the A-1 note with a principal balance of $13,909,568 as of the Cut-off Date, which was contributed to
    the CGCMT 2015-GC29 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR,
    Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are
    based on the aggregate Cut-off Date Balance of $26,080,440.
	8	 	The Ongoing TI/LC Reserve for the first
    24 months of the Loan term will be paid in accordance with a schedule set forth in the loan agreement. The Ongoing TI/LC Reserve
    payments are calculated to be the difference between the IO debt service payment and the amortizing debt service payment.
    In accordance with the Loan Agreement, on the 25th monthly payment date and every monthly payment date of the Loan term thereafter,
    the Borrower is required to deposit $2,500.00 into the Leasing Reserve.
	9	 	The borrower is required to fund an Ongoing
    Replacement Reserve in the amount of $1,647.65 on each monthly payment date until such time that the reserve balance equals
    $59,315.40. In the event the reserve is less than $19,771.80 and/or an event of default exists, the borrower’s obligation
    to make monthly deposits recommences until the reserve balance equals $59,315.40, or such event of default is cured. 
	10	 	The borrower is required to fund an Ongoing
    TI/LC Reserve in the amount of $5,492.17 on each monthly payment date until such time that the reserve balance equals $197,718.00.
    In the event the reserve is less than $131,812.00 and/or an event of default exists, the borrower’s obligation to make
    monthly deposits recommences until the reserve balance equals $197,718.00 or such event of default is cured. 
	11	 	At origination, the ACC Holdback of $340,000
    was taken to cover the cost to reinstate the Sponsor’s personal residential mortgages. The Sponsor will have 30 days
    to reinstate his personal residential mortgages. As long as the Sponsor reinstates his personal residential mortgages, the
    funds will be reimbursed. In the event the sponsor does not reinstate his residential mortgages, the funds may be held as
    additional collateral for the Loan.
	12	 	Provided each of the Mlive, Deepfield,
    and Flagstar Bank leases do not expire any earlier than three years beyond the loan’s Maturity Date and the property
    is at least 85% occupied, the TI/LC Reserve account shall be subject to a cap of $79,578.
	13	 	The $115,230 cap on the TI/LC Reserve account
    excludes the initial $150,000 deposit into the TI/LC Reserve account.

  

    	 

    	 

    

 

 

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-GC31

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 July 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating
Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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 Pooling and Servicing Agreement with respect to the resolution or

 

 

 

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

    	 

    

 

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].

 

5.          In
addition to the other information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL
ITEMS].

 

    	R-2

    	 

    

 

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
	Truckee
    River Terraces	GEMSA
    Loan Services, L.P.
	Infinity
    Corporate Center	Bellwether
    Enterprise Real Estate Capital, LLC
	Castroville
    Industrial Portfolio	Bellwether
    Enterprise Real Estate Capital, LLC
	Rockside
    Road Office Portfolio	RiverCore
    Servicing, LLC
	Cedar
    Dover Plaza	RiverCore
    Servicing, LLC
	Northfield
    Office Complex	Berkadia
    Commercial Mortgage LLC
	Eagle’s
    Pointe Apartments	Berkadia
    Commercial Mortgage LLC
	Stonegate
    at Stillwater	Berkadia
    Commercial Mortgage LLC
	Apple
    Creek Apartments	Berkadia
    Commercial Mortgage LLC
	Walgreens
    Winston-Salem	Berkadia
    Commercial Mortgage LLC
	Best
    Storage Portfolio	The
    BSC Group, LLC
	Metro
    Storage	The
    BSC Group, LLC
	Oakmont
    Apartments	Holliday
    Fenoglio Fowler, L.P.
	Cottage
    Landing Apartments	Holliday
    Fenoglio Fowler, L.P.
	Hagerstown
    Plaza	PFG
    Servicing Corporation

 

    	S-1

    	 

    

 

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 – CI1531

 

Citibank,
N.A., 

as
Certificate Administrator 

388
Greenwich Street, 14th Floor 

New
York, NY 10013 

Attention:Global
Transaction Services – 

CGCMT
2015-GC31

 

Torchlight
Loan Services, LLC 

701
Brickell Avenue, Suite 2200 

Miami,
Florida 33131 

Attention:
William Clarkson/CGCMT 2015-GC31

 

	  	Re:	Citigroup Commercial Mortgage Trust 2015-GC31, Commercial
    Mortgage Pass-Through Certificates, Series 2015-GC31	 

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating
Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, on behalf of the
holders of Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (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 LOAN COMBINATION] Loan Combination]], is not [performing its duties
under the Pooling

 

    	T-1

    	 

    

 

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-GC31 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 and Regulation AB Item 1100(d)(1) party relating to a Mortgage
    Loan sold by such Mortgage Loan Seller to the Depositor
	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:  Significant Enhancement Provider Information	Depositor
	Item
    8:  Other Information	Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    9:  Exhibits	Certificate
Administrator 

        Depositor 

 

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 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-GC31 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-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 reported by the party controlling such

 

    	V-1

    	 

    

 

	Item
    on Form 10-K	Party
    Responsible 
	 	 litigation),
    (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator and Regulation AB Item 1100(d)(1)
    party relating to a Mortgage Loan sold by such Mortgage Loan Seller to the Depositor
	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 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 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 originator and Regulation AB Item 1100(d)(1) party relating to a Mortgage Loan sold by such Mortgage Loan
        Seller to the Depositor, (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-GC31

 

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 July 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National
Association, as master servicer, Torchlight Loan Services, LLC, as special servicer, Pentalpha Surveillance LLC, as operating
advisor, Deutsche Bank Trust Company Americas, as trustee, 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-GC31 (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-GC31 (the “Trust”),
        Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”), issued pursuant
        to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
        between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master
        servicer, Torchlight Loan Services, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor, Citibank,
        N.A., as certificate administrator (the “Certificate Administrator”), 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-GC31 (the
        “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of July 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”), Torchlight Loan Services, LLC, as special
        servicer (the “Special Servicer”), Pentalpha Surveillance LLC, as operating advisor, Citibank, N.A.,
        as certificate administrator (the “Certificate Administrator”), 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 upon my knowledge and the compliance review conducted in preparing the servicer

 

    	Y-2-1

    	 

    

 

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-GC31 (the
        “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of July 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”), Torchlight Loan Services, LLC, as special
        servicer (the “Special Servicer”), Pentalpha Surveillance LLC, as operating advisor, Citibank, N.A.,
        as certificate administrator (the “Certificate Administrator”), 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

 

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-3-1

    	 

    

 

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.

 

	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-GC31 (the
“Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”),
issued pursuant to the Pooling and Servicing Agreement, dated as of July 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”), Torchlight Loan Services, LLC, as special servicer (the “Special Servicer”),
Pentalpha Surveillance LLC, as operating advisor (the “Operating Advisor”), Citibank, N.A., as certificate
administrator (the “Certificate Administrator”), 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-GC31 (the
        “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of July 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”), Torchlight Loan Services, LLC, as special
        servicer (the “Special Servicer”), Pentalpha Surveillance 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 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 criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and

 

    	Y-5-1

    	 

    

 

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-5-2

    	 

    

 

EXHIBIT
Y-6

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31 (the
        “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC31 (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of July 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”), Torchlight Loan Services, LLC, as special
        servicer (the “Special Servicer”), Pentalpha Surveillance 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”)
	 

  

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
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 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-GC31 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 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement	Master
Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements
it is a party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which the Depositor
(and no other party to the Pooling and Servicing Agreement) is a party) 

        Depositor 

	Item
    1.02- Termination of a Material Definitive Agreement	Master
Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements
it is a party to or entered into on behalf of the Trust) 

        Certificate
Administrator (other than as to agreements to which the Depositor (and no other party to the 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-GC31 pursuant to that Pooling
and Servicing Agreement, dated as of July 1, 2015 (the “Agreement”) by and among Citigroup Commercial Mortgage
Securities Inc. as depositor, Wells Fargo Bank, National Association, as master servicer, Torchlight Loan Services, LLC, as special
servicer, Pentalpha Surveillance LLC, as operating advisor, Deutsche Bank Trust Company Americas, as Trustee, 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-GC31 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-GC31
	 	 	 	 
	 	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”) for Citigroup Commercial Mortgage Trust 2015-GC31 pursuant to that Pooling
and Servicing Agreement, dated as of July 1, 2015 (the “Agreement”) by and among Citigroup Commercial Mortgage
Securities Inc. as depositor, Wells Fargo Bank, National Association, as master servicer, Torchlight Loan Services, LLC, as special
servicer, Pentalpha Surveillance LLC, as operating advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A.,
as certificate administrator, hereby constitutes and appoints Torchlight Loan Services, LLC (the “Special Servicer”),
by and through the Special 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 Special Servicer and all properties (“REO Properties”) administered by the Special Servicer
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate to effectuate the enumerated transactions described in items (1) through (12) below with respect to
the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and delivered
by such Attorneys-in-Fact if such documents are required, permitted or contemplated under the Agreement pursuant to the authority
granted Special Servicer therein. 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-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, 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 the appearance
    on behalf of the Trustee, in bankruptcy cases affecting any Mortgage or Deed of Trust or the related promissory note;

 

    	AA-2-2

    	 

    

 

	 	 	 	 
	 	 	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 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, REO

 

    	AA-2-3

    	 

    

 

	 	 	 	 
	 	 	 	Property or otherwise, documents relating to the management, operation,
    maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements and requests by any borrower
    with respect to modifications of the standards of operation and management of such Mortgaged Properties or the replacement
    of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges granted or provided
    to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment
    agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable servitudes,
    or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating to the
    custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of [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 Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer
also has the power to delegate the authority given to it by 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 Special Servicer's attorneys-in-fact shall have no greater authority
than that held by the Special Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit
in any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Special
Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas
except as specifically provided for herein. If the Special Servicer receives any notice of suit, litigation or proceeding in the
name of Deutsche Bank Trust Company Americas, then the Special Servicer shall promptly forward a copy of same to the Trustee.

 

This
limited power of attorney is not intended to extend the powers granted to the Special Servicer under the Agreement or to allow
the Special Servicer to take any action with respect to Mortgages, Deeds of Trust or the related promissory notes not authorized
by the Agreement.

 

The
Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from
and against any and all liabilities, obligations, losses,

 

    	AA-2-4

    	 

    

 

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 Special Servicer, or
its attorneys-in-fact, of the powers granted to it hereunder. The foregoing indemnity shall survive the termination of this Limited
Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice, and without further inquiry, 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-GC31 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-GC31
	 	 	 	 
	 	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}

 

    	AA-2-5

    	 

    

 

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

	8/10/2015	 	 	$46,974,000.00	 	5/10/2020	 	 	$46,974,000.00	 
	9/10/2015	 	 	$46,974,000.00	 	6/10/2020	 	 	$46,974,000.00	 
	10/10/2015	 	 	$46,974,000.00	 	7/10/2020	 	 	$46,218,388.78	 
	11/10/2015	 	 	$46,974,000.00	 	8/10/2020	 	 	$45,513,360.11	 
	12/10/2015	 	 	$46,974,000.00	 	9/10/2020	 	 	$44,805,702.78	 
	1/10/2016	 	 	$46,974,000.00	 	10/10/2020	 	 	$44,042,086.39	 
	2/10/2016	 	 	$46,974,000.00	 	11/10/2020	 	 	$43,328,942.42	 
	3/10/2016	 	 	$46,974,000.00	 	12/10/2020	 	 	$42,559,996.51	 
	4/10/2016	 	 	$46,974,000.00	 	1/10/2021	 	 	$41,841,325.41	 
	5/10/2016	 	 	$46,974,000.00	 	2/10/2021	 	 	$41,119,974.62	 
	6/10/2016	 	 	$46,974,000.00	 	3/10/2021	 	 	$40,237,302.57	 
	7/10/2016	 	 	$46,974,000.00	 	4/10/2021	 	 	$39,509,967.87	 
	8/10/2016	 	 	$46,974,000.00	 	5/10/2021	 	 	$38,727,237.62	 
	9/10/2016	 	 	$46,974,000.00	 	6/10/2021	 	 	$37,994,271.14	 
	10/10/2016	 	 	$46,974,000.00	 	7/10/2021	 	 	$37,146,945.49	 
	11/10/2016	 	 	$46,974,000.00	 	8/10/2021	 	 	$36,353,788.84	 
	12/10/2016	 	 	$46,974,000.00	 	9/10/2021	 	 	$35,557,683.90	 
	1/10/2017	 	 	$46,974,000.00	 	10/10/2021	 	 	$34,701,592.46	 
	2/10/2017	 	 	$46,974,000.00	 	11/10/2021	 	 	$33,899,345.15	 
	3/10/2017	 	 	$46,974,000.00	 	12/10/2021	 	 	$33,037,287.30	 
	4/10/2017	 	 	$46,974,000.00	 	1/10/2022	 	 	$32,228,852.44	 
	5/10/2017	 	 	$46,974,000.00	 	2/10/2022	 	 	$31,417,412.32	 
	6/10/2017	 	 	$46,974,000.00	 	3/10/2022	 	 	$30,433,363.65	 
	7/10/2017	 	 	$46,974,000.00	 	4/10/2022	 	 	$29,615,246.57	 
	8/10/2017	 	 	$46,974,000.00	 	5/10/2022	 	 	$28,737,517.91	 
	9/10/2017	 	 	$46,974,000.00	 	6/10/2022	 	 	$27,917,369.71	 
	10/10/2017	 	 	$46,974,000.00	 	7/10/2022	 	 	$27,038,361.00	 
	11/10/2017	 	 	$46,974,000.00	 	8/10/2022	 	 	$26,211,897.87	 
	12/10/2017	 	 	$46,974,000.00	 	9/10/2022	 	 	$25,382,363.50	 
	1/10/2018	 	 	$46,974,000.00	 	10/10/2022	 	 	$24,494,237.53	 
	2/10/2018	 	 	$46,974,000.00	 	11/10/2022	 	 	$23,658,319.25	 
	3/10/2018	 	 	$46,974,000.00	 	12/10/2022	 	 	$22,763,992.28	 
	4/10/2018	 	 	$46,974,000.00	 	1/10/2023	 	 	$21,921,643.17	 
	5/10/2018	 	 	$46,974,000.00	 	2/10/2023	 	 	$21,076,163.59	 
	6/10/2018	 	 	$46,974,000.00	 	3/10/2023	 	 	$20,062,564.03	 
	7/10/2018	 	 	$46,974,000.00	 	4/10/2023	 	 	$19,210,173.16	 
	8/10/2018	 	 	$46,974,000.00	 	5/10/2023	 	 	$18,299,845.54	 
	9/10/2018	 	 	$46,974,000.00	 	6/10/2023	 	 	$17,440,902.77	 
	10/10/2018	 	 	$46,974,000.00	 	7/10/2023	 	 	$16,524,210.97	 
	11/10/2018	 	 	$46,974,000.00	 	8/10/2023	 	 	$15,658,668.15	 
	12/10/2018	 	 	$46,974,000.00	 	9/10/2023	 	 	$14,789,908.39	 
	1/10/2019	 	 	$46,974,000.00	 	10/10/2023	 	 	$13,863,680.85	 
	2/10/2019	 	 	$46,974,000.00	 	11/10/2023	 	 	$12,988,248.89	 
	3/10/2019	 	 	$46,974,000.00	 	12/10/2023	 	 	$12,055,540.30	 
	4/10/2019	 	 	$46,974,000.00	 	1/10/2024	 	 	$11,173,387.09	 
	5/10/2019	 	 	$46,974,000.00	 	2/10/2024	 	 	$10,287,954.99	 
	6/10/2019	 	 	$46,974,000.00	 	3/10/2024	 	 	$9,291,833.75	 
	7/10/2019	 	 	$46,974,000.00	 	4/10/2024	 	 	$8,399,406.63	 
	8/10/2019	 	 	$46,974,000.00	 	5/10/2024	 	 	$7,450,189.79	 
	9/10/2019	 	 	$46,974,000.00	 	6/10/2024	 	 	$6,550,916.49	 
	10/10/2019	 	 	$46,974,000.00	 	7/10/2024	 	 	$5,595,049.61	 
	11/10/2019	 	 	$46,974,000.00	 	8/10/2024	 	 	$4,688,879.81	 
	12/10/2019	 	 	$46,974,000.00	 	9/10/2024	 	 	$3,779,341.57	 
	1/10/2020	 	 	$46,974,000.00	 	10/10/2024	 	 	$2,813,503.84	 
	2/10/2020	 	 	$46,974,000.00	 	11/10/2024	 	 	$1,896,993.65	 
	3/10/2020	 	 	$46,974,000.00	 	12/10/2024	 	 	$924,383.70	 
	4/10/2020	 	 	$46,974,000.00	 	1/10/2025	 	 	$850.29	 
	 	 	 	 	 	2/10/2025

    and thereafter	 	 	$0.00	 

 

    	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-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31

 

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 July 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special
Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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-GC31 Asset Manager 

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series 2015-GC31

 

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 July 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Torchlight Loan Services, LLC, as Special Servicer,
Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, 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 pursuant to the Securities Act and registered or qualified
pursuant to any applicable state

 

    	CC-2-1

    	 

    

 

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

 

Morningstar
Credit Ratings, LLC

220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

Attention: CMBS Surveillance

E-mail: cmbsratings@morningstar.com

 

		From:	Wells
                                         Fargo Bank, National Association, in its capacity as Master Servicer (the “Master
                                         Servicer”) under the Pooling and Servicing Agreement, dated as of July 1, 2015
                                         (the “Pooling and Servicing Agreement”), between Citigroup Commercial
                                         Mortgage Securities Inc., as Depositor, the Master Servicer, Torchlight Loan Services,
                                         LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche
                                         Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.

 

		Date:	____________,
                                         20___

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2015-GC31, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-GC31 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 AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B)

 

    	DD-1

    	 

    

 

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:

 

1.          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 ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance
of the Subject Mortgage Loan ($____________).

 

2.The
defeasance was consummated on ____________, 20__.

 

3.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:

 

4.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.]

 

5.          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].

 

6.          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 (“TLGP”). Based upon a written report from an independent certified accountant,
such

 

    	DD-2

    	 

    

 

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.

 

7.          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”).

 

8.          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.

 

9.          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 defined in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance

 

    	DD-3

    	 

    

 

collateral only
in Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).

 

10.          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”).

 

11.          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.

 

12.          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.

 

13.          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.

 

14.          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

    	 

    

 

15.          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.

 

16.          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-GC31

 

Citibank,
N.A.,

          as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services–CGCMT 2015-GC31

 

	  	Re:	Citigroup Commercial Mortgage Trust 2015-GC31,
    Commercial Mortgage Pass-Through Certificates, Series 2015-GC31	 

 

Ladies
and Gentlemen:

 

Pursuant
to the terms of the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Deutsche Bank Trust Company
Americas, as Trustee, 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]

 

	Deutsche
                           Bank Trust Company Americas

                           1761 East St. Andrew Place

                           Santa Ana, California, 92705-4934

                           Attention: Trust Administration – GI1529

         
	Citibank,
                           N.A.,

                           388 Greenwich Street, 14th Floor

                           New York, NY 10013

                           Attention: Global Transaction Services –CGCMT 2015-GC29

         

	Midland
Loan Services, a Division of PNC Bank, National Association,

as Master Servicer 

        10851
Mastin Street, Suite 700 

        Overland
Park, Kansas 66210 

        Attention:
Executive Vice President – Division Head 
	Midland
Loan Services, a Division of PNC Bank, National Association,

as Special Servicer 

        10851
Mastin Street, Suite 700 

        Overland
Park, Kansas 66210 

        Attention:
Executive Vice President – Division Head

         

	Situs
Holdings, LLC

2 Embarcadero, Suite 1300, 

        San
Francisco, California 94111, 

        Attention:
Stacey Ciarlanti, Vice President 
	 

 

	  	Re:	
        Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through
        Certificates, Series 2015-GC29
	 

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of April 1, 2015 (the “GC29 PSA”), between
Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and special servicer, Situs Holdings, LLC, as operating advisor, Deutsche Bank Trust Company Americas, as trustee
and Citibank, N.A., as certificate administrator. Capitalized terms used but not defined herein shall have the meanings given
to them in the GC29 PSA.

 

The
undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “GC31
PSA”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as master servicer (the “GC31 Master Servicer”), Torchlight Loan Services, LLC, as special servicer (the “GC31
Special Servicer”), Pentalpha Surveillance LLC, as operating advisor (the “GC31 Operating Advisor”),
Citibank, N.A., as certificate administrator (the “GC31 Certificate

 

    	FF-1-1

    	 

    

 

Administrator”) and Deutsche Bank Trust
Company Americas, as trustee (the “GC31 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust
2015-GC31 (the “GC31 Trust”) was established and the Selig Office Portfolio Companion Loan evidenced by promissory
note A-3 and the Crowne Plaza Bloomington Companion Loan evidenced by promissory note A-2 were transferred to the GC31 Trust as
of July 8, 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 GC31 PSA, is the holder of the Selig Office Portfolio Companion Loan evidenced
by promissory note A-3 and the Crowne Plaza Bloomington Companion Loan evidenced by promissory note A-2. You are directed to remit
to Wells Fargo Bank, National Association, as master servicer under the GC31 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 GC31
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 Selig Office Portfolio Companion Loans and the Crowne Plaza
Bloomington Companion Loan under the GC29 PSA and the respective Co-Lender Agreements with respect to the Selig Office Portfolio
Loan Combination and the Crowne Plaza Bloomington Loan Combination. The wire instructions for Wells Fargo Bank, National Association,
as GC31 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 GC31 Trustee, the GC31 Certificate Administrator, the GC31 Master Servicer, the GC31 Special Servicer
and the GC31 Operating Advisor with respect to the Selig Office Portfolio Companion Loan evidenced by promissory note A-3 and
the Crowne Plaza Bloomington Companion Loan evidenced by promissory note A-2 is as follows:

 

	GC31
    Trustee:	Deutsche
    Bank Trust Company Americas

    1761 East St. Andrew Place

    Santa Ana, California, 92705-4934

    Attention:  Trust Administration – GI1531

    Fax Number:  (714) 247-6022
	GC31
    Certificate Administrator:	Citibank,
    N.A.,

    388 Greenwich Street, 14th Floor

    New York, NY 10013

    Attention:  Global Transaction Services –CGCMT 2015-GC31 

    Fax Number:  (212) 816-5527

 

    	FF-1-2

    	 

    

 

	GC31
    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-GC31 Asset Manager

    Fax Number:  (704) 715-0036
	GC31
    Special Servicer:	Torchlight
Loan Services, LLC 

        701
Brickell Avenue, Suite 2200 

        Miami,
Florida 33131 

        Attention:
William Clarkson/CGCMT 2015-GC31 

        Fax
        Number: (305) 209-9971

         

        with
        a copy to:

         

        Torchlight
Loan Services, LLC 

        475
Fifth Avenue 

        New
York, New York 10017 

        Attention:
Jacob Baron/CGCMT 2015-GC31 

        Fax
Number: (646) 253-9753 

	 	 
	GC31
    Operating Advisor:	   Pentalpha
Surveillance LLC

   375 N. French Road, Suite 100 

           Amherst,
        New York 14228

         

           with
        a copy to:

         

           Bass,
Berry & Sims PLC 

           150
Third Avenue South 

           Nashville,
Tennessee 37201 

           Attention:
        Jay H. Knight

         

 

4.          The
GC31 Trust is subject to the reporting requirements of the Exchange Act.

 

5.          Enclosed
herewith is a copy of an executed version of the GC31 PSA.

 

    	FF-1-3

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-1-4

    	 

    

 

EXHIBIT
FF-2

 

FORM
OF NOTICE REGARDING OUTSIDE  

SERVICED
TRUST LOAN

 

[Date]

 

	U.S.
                           Bank National Association

                           190 South LaSalle Street, 7th Floor

                           Chicago, Illinois 60603

                           Attn: GSMC 2015-GC30

         
	U.S. Bank National Association

    190 South LaSalle Street, 7th Floor

    Chicago, Illinois 60603

    Attn: Bondholder Services GSMC 2015-GC30
	Midland
Loan Services, a Division of PNC Bank, National Association,

as Master Servicer 

        10851
Mastin Street, Suite 700 

        Overland
Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head

         
	Midland
Loan Services, a Division of PNC Bank, National Association,

as Special Servicer 

        10851
Mastin Street, Suite 700 

        Overland
Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head

         

	Trimont
Real Estate Advisors, Inc.

3424 Peachtree Road, NE, Suite 2200

Atlanta, Georgia 30326

Attention: J. Gregory Winchester 
	 

 

	  	Re:	GS
    Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30	 

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “GC30 PSA”), between GS
Mortgage Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer and special servicer, Trimont Real Estate Advisors, Inc., as operating advisor, and U.S. Bank National Association, as
trustee and certificate administrator. Capitalized terms used but not defined herein shall have the meanings given to them in
the GC30 PSA.

 

The
undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “GC31
PSA”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as master servicer (the “GC31 Master Servicer”), Torchlight Loan Services, LLC, as special servicer (the “GC31
Special Servicer”), Pentalpha Surveillance LLC, as operating advisor (the “GC31 Operating Advisor”),
Citibank, N.A., as certificate administrator (the “GC31 Certificate Administrator”) and Deutsche Bank Trust
Company Americas, as trustee (the “GC31 Trustee”),

 

    	FF-2-1

    	 

    

 

pursuant to which the Citigroup Commercial Mortgage Trust
2015-GC31 (the “GC31 Trust”) was established and the Dallas Market Center Companion Loan evidenced by promissory
note A-2 was transferred to the GC31 Trust as of July 8, 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 GC31 PSA, is the holder of the Dallas Market Center Companion Loan evidenced
by promissory note A-2. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the GC31
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 GC31 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 Dallas Market Center
Companion Loan under the GC30 PSA and the Co-Lender Agreement with respect to the Dallas Market Center Whole Loan. The wire instructions
for Wells Fargo Bank, National Association, as GC31 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 GC31 Trustee, the GC31 Certificate Administrator, the GC31 Master Servicer, the GC31 Special Servicer
and the GC31 Operating Advisor with respect to the Dallas Market Center Companion Loan evidenced by promissory note A-2 is as
follows:

 

	GC31
    Trustee:	Deutsche
    Bank Trust Company Americas

    1761 East St. Andrew Place

    Santa Ana, California, 92705-4934

    Attention:  Trust Administration – GI1531

    Fax Number:  (714) 247-6022
	GC31
    Certificate Administrator:	Citibank,
    N.A.,

    388 Greenwich Street, 14th Floor

    New York, NY 10013

    Attention:  Global Transaction Services –CGCMT 2015-GC31

    Fax Number:  (212) 816-5527
	GC31
    Master Servicer:	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086

    550 South Tryon Street, 14th Floor

    Charlotte, North Carolina 28202
 

 

    	FF-2-2

    	 

    

 

	 	Attention:  CGCMT
    2015-GC31 Asset Manager

    Fax Number:  (704) 715-0036
	GC31
    Special Servicer:	Torchlight
Loan Services, LLC 

        701
Brickell Avenue, Suite 2200 

        Miami,
Florida 33131 

        Attention:
William Clarkson/CGCMT 2015-GC31 

        Fax
        Number: (305) 209-9971

         

        with
        a copy to:

         

        Torchlight
Loan Services, LLC 

        475
Fifth Avenue 

        New
York, New York 10017 

        Attention:
Jacob Baron/CGCMT 2015-GC31 

        Fax
        Number: (646) 253-9753

         

	 	 
	GC31
    Operating Advisor:	   Pentalpha
Surveillance LLC

   375 N. French Road, Suite 100 

           Amherst,
        New York 14228

         

           with
        a copy to:

         

           Bass,
Berry & Sims PLC 

           150
Third Avenue South 

           Nashville,
Tennessee 37201 

           Attention:
Jay H. Knight 

		4.	The
                                         GC31 Trust is subject to the reporting requirements of the Exchange Act.

 

		5.	Enclosed
                                         herewith is a copy of an executed version of the GC31 PSA.

 

	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-2-3

    	 

    

 

EXHIBIT
GG

 

SPECIFIED
SERVICED MORTGAGE LOANS

 

None

 

    	GG-1Exhibit 4.2

 

GS MORTGAGE SECURITIES CORPORATION II,

Depositor,

 

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

Master Servicer,

 

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

Special Servicer,

 

TRIMONT REAL ESTATE ADVISORS, INC.,

Operating Advisor

 

U.S. BANK NATIONAL ASSOCIATION,

Certificate Administrator

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

Trustee

 

POOLING AND SERVICING AGREEMENT

Dated as of May 1, 2015 

 

Commercial Mortgage Pass-Through Certificates

Series 2015-GC30

 

    	  

    	 

    
 

 

TABLE OF CONTENTS

	  	  	  	  
	  	  	  	
Page

	  	  	  	  
	
ARTICLE I

	  	  	  	  
	  	
DEFINITIONS

	  	  
	 	 	 	 
	
Section 1.01

	
Defined Terms

	  	
6

	
Section 1.02

	
Certain Calculations

	  	
104

	
Section 1.03

	
Certain Constructions

	  	
108

	  
	
ARTICLE II

	  	  	  	  
	  	
CONVEYANCE OF MORTGAGE LOANS;

	  	  
	  	
ORIGINAL ISSUANCE OF CERTIFICATES

	  	  
	 	 	 	 
	
Section 2.01

	
Conveyance of Mortgage Loans

	  	
109

	
Section 2.02

	
Acceptance by the Trustee, the Custodian and the Certificate Administrator

	  	
112

	
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

	  	
114

	
Section 2.04

	
Representations and Warranties of the Depositor

	  	
119

	
Section 2.05

	
Representations, Warranties and Covenants of the Master Servicer

	  	
121

	
Section 2.06

	
Representations, Warranties and Covenants of the Special Servicer

	  	
122

	
Section 2.07

	
Representations and Warranties of the Trustee

	  	
124

	
Section 2.08

	
Representations and Warranties of the Certificate Administrator

	  	
126

	
Section 2.09

	
Representations, Warranties and Covenants of the Operating Advisor

	  	
127

	
Section 2.10

	
Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests

	  	
129

	
Section 2.11

	
Miscellaneous REMIC and Grantor Trust Provisions

	  	
130

	  
	
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

	  	
130

	
Section 3.02

	
Liability of the Master Servicer

	  	
139

	
Section 3.03

	
Collection of Certain Mortgage Loan Payments

	  	
139

	
Section 3.04

	
Collection of Taxes, Assessments and Similar Items; Escrow Accounts

	  	
141

	
Section 3.05

	
Collection Account; Distribution Accounts and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account

	  	
143

	
Section 3.05 A

	
Serviced Whole Loan Custodial Account

	  	
147

	
Section 3.06

	
Permitted Withdrawals from the Collection Account

	  	
149

 

    	-i-

    	 

    
 

 

	
Section 3.06 A

	
Permitted Withdrawals from the Serviced Whole Loan Custodial Account

	  	
154

	
Section 3.07

	
Investment of Funds in the Collection Account, the Excess Interest Distribution Account, the REO Account, the Interest Reserve Account, the Mortgagor Accounts, the Excess Liquidation Proceeds Reserve Account and Other Accounts

	  	
158

	
Section 3.08

	
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage

	  	
160

	
Section 3.09

	
Enforcement of Due-On-Sale Clauses; Assumption Agreements; Defeasance Provisions

	  	
165

	
Section 3.10

	
Appraisal Reductions; Realization Upon Defaulted Mortgage Loans

	  	
170

	
Section 3.11

	
Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files

	  	
176

	
Section 3.12

	
Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation

	  	
177

	
Section 3.13

	
Compensating Interest Payments

	  	
184

	
Section 3.14

	
Application of Penalty Charges and Modification Fees

	  	
184

	
Section 3.15

	
Access to Certain Documentation

	  	
186

	
Section 3.16

	
Title and Management of REO Properties

	  	
187

	
Section 3.17

	
Sale of Defaulted Mortgage Loans and REO Properties; Sale of Non-Serviced Mortgage Loans

	  	
192

	
Section 3.18

	
Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Companion Loan Holder

	  	
198

	
Section 3.19

	
Lock-Box Accounts, Escrow Accounts

	  	
199

	
Section 3.20

	
Property Advances

	  	
199

	
Section 3.21

	
Appointment of Special Servicer; Asset Status Reports

	  	
203

	
Section 3.22

	
Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping

	  	
207

	
Section 3.23

	
Interest Reserve Account

	  	
208

	
Section 3.24

	
Modifications, Waivers and Amendments

	  	
208

	
Section 3.25

	
Additional Obligations with Respect to Certain Mortgage Loans

	  	
213

	
Section 3.26

	
Certain Matters Relating to the Non-Serviced Mortgage Loans

	  	
213

	
Section 3.27

	
Additional Matters Regarding Advance Reimbursement

	  	
213

	
Section 3.28

	
Companion Loan Co-Lender Matters

	  	
215

	
Section 3.29

	
Appointment and Duties of the Operating Advisor

	  	
218

	
Section 3.30

	
Rating Agency Confirmation

	  	
222

	
Section 3.31

	
General Acknowledgement Regarding Companion Loan Holders

	  	
225

	  	  	  	  
	
ARTICLE IV

	  	  	  	  
	
DISTRIBUTIONS TO CERTIFICATEHOLDERS

	  	  	  	  
	
Section 4.01

	
Distributions

	  	
225

	
Section 4.02

	
Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer

	  	
238

	
Section 4.03

	
Compliance with Withholding Requirements

	  	
250

 

    	-ii-

    	 

    
 

 

	
Section 4.04

	
REMIC Compliance

	  	
250

	
Section 4.05

	
Imposition of Tax on the Trust REMICs

	  	
252

	
Section 4.06

	
Remittances; P&I Advances

	  	
254

	
Section 4.07

	
Grantor Trust Reporting

	  	
257

	  	  	  	  
	
ARTICLE V

	  	  	  	  
	
THE CERTIFICATES

	  	  	  	  
	
Section 5.01

	
The Certificates

	  	
259

	
Section 5.02

	
Form and Registration

	  	
260

	
Section 5.03

	
Registration of Transfer and Exchange of Certificates

	  	
262

	
Section 5.04

	
Mutilated, Destroyed, Lost or Stolen Certificates

	  	
269

	
Section 5.05

	
Persons Deemed Owners

	  	
270

	
Section 5.06

	
Appointment of Paying Agent

	  	
270

	
Section 5.07

	
Access to Certificateholders’ Names and Addresses; Special Notices

	  	
270

	
Section 5.08

	
Actions of Certificateholders

	  	
271

	
Section 5.09

	
Authenticating Agent

	  	
272

	
Section 5.10

	
Appointment of Custodian

	  	
272

	
Section 5.11

	
Maintenance of Office or Agency

	  	
273

	
Section 5.12

	
Exchanges of Exchangeable Certificates

	  	
273

	  	  	  	  
	
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

	  	
275

	
Section 6.02

	
Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating Advisor

	  	
276

	
Section 6.03

	
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and Others

	  	
276

	
Section 6.04

	
Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor

	  	
278

	
Section 6.05

	
Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer

	  	
279

	
Section 6.06

	
Master Servicer, Special Servicer as Owner of a Certificate

	  	
280

	
Section 6.07

	
Rating Agency Fees

	  	
281

	
Section 6.08

	
Termination of the Special Servicer Without Cause

	  	
281

	
Section 6.09

	
The Controlling Class Representative

	  	
285

	  	  	  	  
	
ARTICLE VII

	  	  	  	  
	
DEFAULT

	  	  	  	  
	
Section 7.01

	
Servicer Termination Events

	  	
290

 

    	-iii-

    	 

    
 

 

	
Section 7.02

	
Trustee to Act; Appointment of Successor

	  	
296

	
Section 7.03

	
Notification to Certificateholders

	  	
298

	
Section 7.04

	
Other Remedies of Trustee

	  	
298

	
Section 7.05

	
Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination

	  	
299

	
Section 7.06

	
Termination of the Operating Advisor

	  	
300

	  	  	  	  
	
ARTICLE VIII

	  	  	  	  
	
CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

	  	  	  
	
Section 8.01

	
Duties of the Trustee and the Certificate Administrator

	  	
303

	
Section 8.02

	
Certain Matters Affecting the Trustee and the Certificate Administrator

	  	
306

	
Section 8.03

	
Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans

	  	
309

	
Section 8.04

	
Trustee and Certificate Administrator May Own Certificates

	  	
310

	
Section 8.05

	
Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification

	  	
311

	
Section 8.06

	
Eligibility Requirements for the Trustee and the Certificate Administrator

	  	
313

	
Section 8.07

	
Resignation and Removal of the Trustee or the Certificate Administrator

	  	
314

	
Section 8.08

	
Successor Trustee or Successor Certificate Administrator

	  	
316

	
Section 8.09

	
Merger or Consolidation of the Trustee or the Certificate Administrator

	  	
317

	
Section 8.10

	
Appointment of Co-Trustee or Separate Trustee

	  	
317

	
Section 8.11

	
Access to Certain Information

	  	
318

	
Section 8.12

	
Compliance with the Patriot Act

	  	
320

	  	  	  	  
	
ARTICLE IX

	  	  	  	  
	
TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE

	  	  	  	  
	
Section 9.01

	
Termination; Optional Mortgage Loan Purchase

	  	
320

	  	  	  	  
	
ARTICLE X

	  	  	  	  
	
EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

	  	  
	
Section 10.01

	
Intent of the Parties; Reasonableness

	  	
325

	
Section 10.02

	
Filing Obligations

	  	
327

	
Section 10.03

	
Form 10-D Filings

	  	
328

	
Section 10.04

	
Form 10-K Filings

	  	
330

	
Section 10.05

	
Sarbanes-Oxley Certification

	  	
333

	
Section 10.06

	
Form 8-K Filings

	  	
334

	
Section 10.07

	
Annual Compliance Statements

	  	
335

 

    	-iv-

    	 

    
 

 

	
Section 10.08

	
Annual Reports on Assessment of Compliance with Servicing Criteria

	  	
337

	
Section 10.09

	
Annual Independent Public Accountants’ Servicing Report

	  	
339

	
Section 10.10

	
Significant Obligors

	  	
340

	
Section 10.11

	
Indemnification

	  	
341

	
Section 10.12

	
Amendments

	  	
343

	
Section 10.13

	
Regulation AB Notices

	  	
344

	
Section 10.14

	
Termination of the Certificate Administrator

	  	
344

	
Section 10.15

	
Termination of the Master Servicer or the Special Servicer

	  	
344

	
Section 10.16

	
Termination of Sub-Servicing Agreements

	  	
344

	
Section 10.17

	
Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan

	  	
345

	
Section 10.18

	
Termination of Exchange Act Filings with Respect to the Trust

	  	
347

	  	  	  	  
	
ARTICLE XI

	  	  	  	  
	
MISCELLANEOUS PROVISIONS

	  
	
Section 11.01

	
Counterparts

	  	
347

	
Section 11.02

	
Limitation on Rights of Certificateholders

	  	
348

	
Section 11.03

	
Governing Law

	  	
348

	
Section 11.04

	
Notices

	  	
349

	
Section 11.05

	
Severability of Provisions

	  	
351

	
Section 11.06

	
Notice to the Depositor and Each Rating Agency

	  	
351

	
Section 11.07

	
Amendment

	  	
353

	
Section 11.08

	
Confirmation of Intent

	  	
356

	
Section 11.09

	
Third-Party Beneficiaries

	  	
356

	
Section 11.10

	
Request by Certificateholders or a Companion Loan Holder

	  	
357

	
Section 11.11

	
Waiver of Jury Trial

	  	
357

	
Section 11.12

	
Submission to Jurisdiction

	  	
357

	
Section 11.13

	
Exchange Act Rule 17g-5 Procedures

	  	
358

	
Section 11.14

	
[Reserved]

	  	
360

	
Section 11.15

	
Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements

	  	
360

	
Section 11.16

	
PNC Bank, National Association

	  	
360

 

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-AB Certificate

	
Exhibit A-6

	
Form of Class X-A Certificate

	
Exhibit A-7

	
Form of Class X-B Certificate

	
Exhibit A-8

	
Form of Class X-D Certificate

	
Exhibit A-9

	
Form of Class A-S Certificate

	
Exhibit A-10

	
Form of Class B Certificate

 

    	-v-

    	 

    
 

 

	
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 E Certificate

	
Exhibit A-15

	
Form of Class F Certificate

	
Exhibit A-16

	
Form of Class G Certificate

	
Exhibit A-17

	
Form of Class R Certificate

	
Exhibit A-18

	
Form of Class S 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-1

	
Form of Investor Certification for Obtaining Information and Notices

	
Exhibit M-2

	
Form of Investor Certification for Exercising Voting Rights

	
Exhibit M-3

	
Form of Online Vendor Certification

	
Exhibit M-4

	
Form of Confidentiality Agreement

	
Exhibit N

	
Certificate Administrator Certification

	
Exhibit O

	
Servicing Criteria to be Addressed in Assessment of Compliance

	
Exhibit P

	
Supplemental Servicer Schedule

	
Exhibit Q

	
List of Authorized Representatives of the Depositor

	
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

    	-vi-

    	 

    
 

 

	
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 Z

	
Form 8-K Disclosure Information

	
Exhibit AA

	
Form of Power of Attorney for Master Servicer and 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 Non-Serviced Mortgage Loans

	
Exhibit GG

	
Form of Notice Regarding Mezzanine Loan Default

 

    	-vii-

    	 

    
 

 

Pooling and Servicing Agreement, dated as of May 1, 2015, among GS Mortgage Securities Corporation II, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Trimont Real Estate Advisors, Inc., as Operating Advisor, and U.S. Bank National Association, as Certificate Administrator and as Trustee.

 

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 Excess Interest, the Excess Interest Distribution Account and the proceeds thereof) be treated for federal income tax purposes as two separate REMICs (each, a “Trust REMIC” or, in the alternative, the “Upper-Tier REMIC” and the “Lower-Tier REMIC”). 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 represent the sole class of “residual interests” in the Upper-Tier REMIC.

 

There are also (i) 12 classes of uncertificated Lower-Tier Regular Interests issued under this Agreement (the Class LA-1, Class LA-2, Class LA-3, Class LA-4, 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 represent 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 the Lower-Tier Residual Interest and the Upper-Tier Residual Interest.

 

    	  

    	 

    
 

 

UPPER-TIER REMIC

 

The following table sets forth the Class designation, the approximate initial pass-through rate (the “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 (“Original Notional Amount”), as applicable, for each Class of Certificates (other than the Class S 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

	 	
1.439%

	 	
$      52,911,000

	
Class A-2

	 	
2.726%

	 	
$    138,851,000

	
Class A-3

	 	
3.119%

	 	
$    240,000,000

	
Class A-4

	 	
3.382%

	 	
$    353,977,000

	
Class A-AB

	 	
3.120%

	 	
$      81,051,000

	
Class X-A(1)

	 	
1.058%

	 	
$    969,430,000

	
Class X-B(1)

	 	
0.044%

	 	
$      73,071,000

	
Class A-S(2)

	 	
3.777%

	 	
$    102,640,000

	
Class A-S Regular Interest

	 	
3.777%

	 	
$    102,640,000

	
Class B(3)

	 	
4.151%

	 	
$      73,071,000

	
Class B Regular Interest

	 	
4.151%

	 	
$      73,071,000

	
Class PEZ(4)

	 	
(5)

	 	
$                      0

	
Class C(6)

	 	
4.195%

	 	
$      58,198,000

	
Class C Regular Interest

	 	
4.195%

	 	
$      58,198,000

	
Class D

	 	
3.384%

	 	
$      53,989,000

	
Class X-D(1)

	 	
0.811%

	 	
$      53,989,000

	
Class E

	 	
4.195%

	 	
$      23,849,000

	
Class F

	 	
4.195%

	 	
$      20,283,000

	
Class G

	 	
4.195%

	 	
$      39,451,775

	
Class R(7)

	 	
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 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.

 

	
(3)

	
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.

 

	
(4)

	
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.

 

    	-2-

    	 

    
 

 

	
(5)

	
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.

 

	
(6)

	
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.

 

	

(7)

	
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 to the Regular Certificates and the Class PEZ Regular Interest, will be distributed to the Holders of the Class R Certificates.

 

    	-3-

    	 

    
 

 

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, the corresponding component of the Class X Certificates (the “Corresponding Component”) and the Original Certificate Principal Amount for each Class of Regular Certificates and each Class PEZ Regular Interest. The following table also sets forth the Class designation and Original Certificate Principal Amount of the Exchangeable Certificates. 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

	 	

 

Original

Certificate 

Principal Amount(1)

	 	

 

Corresponding

Lower-Tier 

Regular 

Interest(2)(3)

	 	

 

Original Lower-Tier 

Principal Balance

	 	

 

Corresponding 

Component(3)

	
Class A-1

	 	
$   52,911,000

	 	
LA-1

	 	
$       52,911,000

	 	
Class A-1

	
Class A-2

	 	
$ 138,851,000

	 	
LA-2

	 	
$     138,851,000

	 	
Class A-2

	
Class A-3

	 	
$ 240,000,000

	 	
LA-3

	 	
$     240,000,000

	 	
Class A-3

	
Class A-4

	 	
$ 353,977,000

	 	
LA-4

	 	
$     353,977,000

	 	
Class A-4

	
Class A-AB

	 	
$   81,051,000

	 	
LA-AB

	 	
$       81,051,000

	 	
Class A-AB

	
Class A-S(4)

	 	
$ 102,640,000

	 	
N/A

	 	
N/A

	 	
N/A

	
Class A-S Regular Interest

	 	
$ 102,640,000

	 	
LA-S

	 	
$     102,640,000

	 	
Class A-S

	
Class B(5)

	 	
$   73,071,000

	 	
N/A

	 	
N/A

	 	
N/A

	
Class B Regular Interest

	 	
$   73,071,000

	 	
LB

	 	
$       73,071,000

	 	
Class B

	
Class PEZ(6)

	 	
$                   0

	 	
N/A

	 	
N/A

	 	
N/A

	
Class C(7)

	 	
$   58,198,000

	 	
N/A

	 	
N/A

	 	
N/A

	
Class C Regular Interest

	 	
$   58,198,000

	 	
LC

	 	
$       58,198,000

	 	
N/A

	
Class D

	 	
$   58,989,000

	 	
LD

	 	
$       58,989,000

	 	
Class D

	
Class E

	 	
$   23,849,000

	 	
LE

	 	
$       23,849,000

	 	
N/A

	
Class F

	 	
$   20,283,000

	 	
LF

	 	
$       20,283,000

	 	
N/A

	
Class G

	 	
$   39,451,775

	 	
LG

	 	
$       39,451,775

	 	
N/A

 

	
(1)

	
Approximate, subject to a variance of plus or minus 5%.

 

	
(2)

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

 

	
(3)

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

 

	
(4)

	
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.

 

	
(5)

	
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 

 

    	-4-

    	 

    
 

 

	 	
Class PEZ Component B will at all times equal the Certificate Principal Amount of the Class B Regular Interest.

 

	
(6)

	
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.

 

	
(7)

	
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.

 

The Certificate Principal Amount of any Class of Sequential Pay Certificates (other than Exchangeable Certificates) or Class PEZ Regular Interest outstanding at any time represents the maximum amount which holders thereof are entitled to receive as distributions allocable to principal from the cash flow on the Mortgage Loans and the other assets in the Trust Fund; provided, however, that in the event that amounts previously allocated as Realized Losses to a Class of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) or Class PEZ Regular Interest in reduction of the Certificate Principal Amount thereof are recovered subsequent to the reduction of the Certificate Principal Amount of such Class or Class PEZ Regular Interest to zero, such Class or Class PEZ Regular Interest may receive distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement. As of the Cut-Off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,238,271,775.

 

    	-5-

    	 

    
 

 

GRANTOR TRUST

 

The portions of the Trust Fund consisting of (i) the Class S Specific Grantor Trust Assets and (ii) 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 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 S Certificates shall represent undivided beneficial interests in the Class S Specific Grantor Trust Assets. 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. As provided herein, the Certificate Administrator shall not take any actions that 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.

 

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 10.04 of this Agreement.

 

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

 

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

 

“170 Broadway Co-Lender Agreement”: With respect to the 170 Broadway Whole Loan, the related co-lender agreement, dated as of March 20, 2015, by and between the holder of the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan Holder, relating to the relative rights of the holder of the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.

 

“170 Broadway Companion Loan”: With respect to the 170 Broadway Whole Loan, the related promissory note made by the related Mortgagor and secured by the 170 Broadway Mortgage and designated as promissory note A-1, which is not included in the Trust 

 

    	-6-

    	 

    
 

 

and is pari passu in right of payment with the 170 Broadway Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the 170 Broadway Co-Lender Agreement.

 

“170 Broadway Companion Loan Holder”: The holder of the 170 Broadway Companion Loan.

 

“170 Broadway Mortgage”: The Mortgage securing the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan.

 

“170 Broadway Mortgage Loan”: With respect to the 170 Broadway Whole Loan, the Mortgage Loan included in the Trust and identified on the Mortgage Loan Schedule as 170 Broadway, which is designated as promissory note A-2 and is pari passu in right of payment with the 170 Broadway Companion Loan to the extent set forth in the related Loan Documents and as provided in the 170 Broadway Co-Lender Agreement.

 

“170 Broadway Pooling and Servicing Agreement”: The Other Pooling and Servicing Agreement, dated as of April 1, 2015, among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank, N.A., as certificate administrator, and Situs Holdings LLC, as operating advisor, governing the creation of the 170 Broadway Securitization Trust and the issuance of securities backed by the assets of such 170 Broadway Securitization Trust.

 

“170 Broadway Securitization Trust”: The Citigroup Commercial Mortgage Trust 2015-GC29, which holds the 170 Broadway Companion Loan.

 

“170 Broadway Whole Loan”: The 170 Broadway Mortgage Loan, together with the 170 Broadway Companion Loan, each of which is secured by the 170 Broadway Mortgage. References herein to the 170 Broadway Whole Loan shall be construed to refer to the aggregate indebtedness secured under the 170 Broadway Mortgage.

 

“Acceptable Insurance Default”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, 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 Controlling Class Representative (unless 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 Controlling Class Representative 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 Controlling Class Representative the Special Servicer 

 

    	-7-

    	 

    
 

 

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.

 

“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 10.03 of this Agreement.

 

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

 

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

 

“Additional Servicer”: Each Affiliate of the Master Servicer that Services any of the Mortgage Loans, an Other Master Servicer, an Other Special Servicer and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer or the Certificate Administrator, 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 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 a Property Advance and for which there is no corresponding collection from a Mortgagor.

 

“Administrative Cost Rate”: With respect to any Mortgage Loan, as of any date of determination, a rate equal to the sum of the CREFC® Intellectual Property Royalty License Fee Rate, the Servicing Fee Rate, the Operating Advisor Fee Rate, and the Trustee/Certificate Administrator Fee Rate. In addition, the Administrative Cost Rate for a Serviced Companion Loan will be equal to the Servicing Fee Rate for such Serviced Companion Loan.

 

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

 

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“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.

 

“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 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 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 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 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 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 

 

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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.

 

“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 nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the 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.

 

“AMO”: Anderson McCoy & Orta, P.C., an Oklahoma professional corporation.

 

“Ancillary Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan, any and all demand fees, beneficiary statement charges, fees for insufficient or returned checks and other usual and 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 Loan, the date upon which such ARD Loan commences accruing interest at its Revised Rate.

 

“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 8.02(e) of this Agreement.

 

“Applicable Patriot Act Laws”: As defined in Section 8.12 of this Agreement.

 

“Applicable Monthly Payment”: For any Mortgage Loan (including a Non-Serviced Mortgage Loan and/or an REO Mortgage Loan) with respect to any calendar 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 Loan 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 Other Pooling and 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.

 

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

 

“Appraisal Reduction Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan 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 Mortgage Loan (or Serviced Whole Loan) as of the last day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised values 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 Mortgage Loan (or Serviced Whole Loan) as of the date of the calculation over (ii) the sum as of the Due Date occurring in the month of the date of determination of (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Mortgage Loan at a per annum rate equal to its Mortgage Loan Rate (and with respect to a Serviced Whole Loan, interest on the related Serviced Companion Loan at the related Mortgage Loan 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 Mortgage Loan (or Serviced Whole Loan) 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 Mortgage Loan (or Serviced Whole Loan) (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 receipt 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. 

 

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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 will equal 25% of the Stated Principal Balance of the related Mortgage Loan; provided that, upon receipt of an Appraisal by the Special Servicer, however, the Appraisal Reduction Amount for such Mortgage Loan (or the related Serviced Whole Loan, if applicable) will be recalculated in accordance with this definition without regard to this sentence. With respect to each Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan as to which an Appraisal Reduction Event has occurred (unless the Mortgage Loan (or Serviced Whole Loan) has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan (or Serviced Whole Loan)) and has remained current for three consecutive Monthly Payments, and with respect to which no other Appraisal Reduction Event has occurred with respect thereto 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 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 Mortgage Loan, Serviced Whole 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 Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and, in the case of a Whole Loan, determined in accordance with the Co-Lender Agreement, and each of the Master Servicer and the Certificate Administrator shall be entitled to rely conclusively on such determination by the Special Servicer. Upon completion, 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 Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan for which an Appraisal Reduction Amount has been determined, such Appraisal Reduction Amount will be eliminated. In addition, with respect to any Mortgage Loan (or Serviced Whole Loan, but not including the Non-Serviced Mortgage Loans), as to which an Appraisal Reduction Event has occurred, such Mortgage Loan (or Serviced Whole Loan) shall no longer be subject to the Appraisal Reduction Amount if (a) such Mortgage Loan (or Serviced Whole Loan) has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan (or Serviced Whole Loan)) and such Mortgage Loan (or Serviced Whole Loan) becomes and remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction Event has occurred and is continuing.

 

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Notwithstanding the foregoing, with respect to each Non-Serviced Mortgage Loan, the Appraisal Reduction Amount shall be the applicable pro rata portion of the “Appraisal Reduction Amount” relating to the related Non-Serviced Whole Loan, and calculated pursuant to the applicable Other Pooling and Servicing Agreement by the applicable Other Special Servicer. The parties hereto shall be entitled to rely on such calculations as reported to them by the applicable Other Special Servicer or Other Master Servicer. By their acceptance of their Certificates, the Certificateholders will be deemed to have acknowledged that each applicable Other Pooling and Servicing Agreement, the Selig Office Portfolio Co-Lender Agreement, the Courtyard by Marriott Portfolio Co-Lender Agreement and the 170 Broadway Co-Lender Agreement taken together, provide that any such “Appraisal Reduction Amount” will be calculated by the applicable Other Special Servicer or Other Master Servicer under the applicable Other Pooling and Servicing Agreement.

 

Appraisal Reduction Amounts with respect to a Serviced Whole Loan shall be allocated to the related Mortgage Loan and the related Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such related Mortgage Loan and the related Companion Loan(s);

 

“Appraisal Reduction Event”: With respect to any Mortgage Loan (or Serviced Whole Loan, but not the Non-Serviced Mortgage Loans), the earliest of (i) the date on which such Mortgage Loan (or Serviced Whole Loan) becomes a Modified Asset, (ii) the date on which such Mortgage Loan (or Serviced Whole 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 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 or Special Servicer (and in either such case the Master Servicer or the Special Servicer, as applicable, shall promptly deliver a copy thereof to the other servicer with respect to such Mortgage Loan), 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 Mortgage Loan (or Serviced Whole 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 Mortgage Loan that is part of a Serviced Whole Loan, 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 Whole Loan, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Mortgage Loan and any other Serviced Companion Loan(s) included as part of that Serviced Whole Loan. No Appraisal Reduction Event may occur at any time when the aggregate Certificate Principal Amount of all Classes of Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates) has been reduced to zero. The Special Servicer shall notify the 

 

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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, the appraised value of a Mortgaged Property 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. With respect to each Mortgaged Property securing each Non-Serviced Mortgage Loan, the appraised value allocable thereto, as determined pursuant to the applicable Other Pooling and 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 Loan”: Any Mortgage Loan that is identified as having an Anticipated Repayment Date and Revised Rate on the Mortgage Loan Schedule.

 

“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 Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, if applicable, any and all assumption fees of such Mortgage Loan (or Serviced Whole Loan, if applicable) for transactions effected under Sections 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 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 Whole Loan, on behalf of the Trust and the related 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.

 

“Authorized Representative”: With respect to the Depositor, any Person authorized by the Depositor to upload information to the Depositor’s 17g-5 Website, which (a) as of the Closing Date (and thereafter until other Persons are identified pursuant to clause (b)) 

 

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shall be the Persons identified, along with contact information and email addresses, on Exhibit Q to this Agreement, and (b) thereafter shall be such authorized representative(s) identified, along with contact information and email address(es), by the Depositor in writing, which shall be delivered from time to time when changes are made to the Master Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator.

 

“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 prior to the related Master Servicer Remittance Date (or, with respect to each Non-Serviced Mortgage Loan, as of the related Master Servicer Remittance Date to the extent received by the Master Servicer or Trustee pursuant to the applicable Other Pooling and Servicing Agreement and/or the applicable Co-Lender Agreement), including any amounts that may be transferred to the Collection Account on the Business Day prior to the related Master Servicer Remittance Date from any REO Account pursuant to Section 3.16(b) of this Agreement or Serviced Whole Loan Custodial Account, exclusive of (without duplication):

 

(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 (without regard to grace periods);

 

(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)), Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the related Determination Date (or, in the case of the Non-Serviced Mortgage Loans, after the related Master Servicer Remittance Date);

 

(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)     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 for which Withheld Amounts are required to be deposited in the Interest Reserve Account, and any Distribution 

 

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Date in (1) each February or (2) any January in a year that is not a leap year (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 Loan Rate, less the Administrative Cost Rate, to the extent such amounts are to be deposited in the Interest Reserve Account and held for future distribution pursuant to Section 3.23 of this Agreement;

 

(b)           the aggregate amount of any Compensating Interest Payments 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 with respect to the Mortgage Loans for which such P&I Advances are made); and

 

(c)           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 Mortgage Loan”: Any Mortgage Loan or 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 Mortgage 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-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 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 Loan 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 

 

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Fraction be greater than one. However, if such discount rate is greater than or equal to the lesser of (x) the Mortgage Loan 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; provided, that, if such discount rate is greater than or equal to the Mortgage Loan 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.

 

“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, Pennsylvania, Kansas, North Carolina, Minnesota, Illinois, Delaware, Florida 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 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 the sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined by the Master Servicer or 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 Loan 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).

 

“CCRE”: Cantor Commercial Real Estate Lending, L.P., a Delaware limited partnership, and its successors in interest.

 

“CCRE Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May 1, 2015, by and between CCRE and the Depositor.

 

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“Certificate”: Any 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, Class R and Class S Certificate issued, authenticated and delivered hereunder.

 

“Certificate Administrator”: U.S. Bank National Association, 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.usbank.com/abs.

 

“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) on or prior to the first Distribution Date, an amount equal to the aggregate initial Certificate Principal Amount of such Class of Sequential Pay Certificates or 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 from and including the Closing Date up to and including such date of determination) equal to the Certificate Principal Amount of such Class of Sequential Pay Certificates or Class PEZ Regular Interest on the Distribution Date immediately prior to such date of determination, after actual distributions of principal thereon and allocation of Realized Losses thereto on such prior Distribution Date, and increased on any Distribution Date (as and to the extent provided in the 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 aggregate Certificate Principal Amount of the Class A-S Certificates and the Class PEZ Component A-S shall at all times equal the Certificate Principal Amount of the Class A-S Regular Interest. The aggregate Certificate Principal Amount of the Class B Certificates and the Class PEZ Component B shall at all times equal the Certificate Principal Amount of the Class B Regular Interest. The aggregate Certificate Principal Amount of the Class C Certificates and the Class PEZ Component C shall at all times equal 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.

 

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“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; provided, however, that, except to the extent provided in the next proviso, 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 Operating Advisor, a manager of a Mortgaged Property, a Mortgagor, 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 Operating Advisor, a manager of a Mortgaged Property or a Mortgagor 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, however, that for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, 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 Operating Advisor or any of their Affiliates, such Certificate shall be deemed not to be outstanding; provided, however, 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; provided further, 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 10.05 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 10.05 of this Agreement.

 

“Certifying Servicer”: As defined in Section 10.07 of this Agreement.

 

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

 

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“CGMRC Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May 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 1.439%.

 

“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 2.726%.

 

“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 3.119%.

 

“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 3.382%.

 

“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-5 hereto.

 

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

 

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“Class A-AB Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.120%.

 

“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.

 

“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 3.777%.

 

“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 

 

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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.

 

“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 minus 0.044%.

 

“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.

 

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“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.

 

“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 

 

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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 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 3.384%.

 

“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-14 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-15 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-16 hereto.

 

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“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.

 

“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 Section 4.01(b) 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 

 

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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.

 

“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-17 hereto. The Class R Certificates have no Pass-Through Rate, Certificate Principal Amount or Notional Amount.

 

“Class 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-18 hereto and evidencing an undivided beneficial interest in the related portion of the Grantor Trust. The Class S Certificates have no Pass-Through Rate, Certificate Principal Amount or Notional Amount.

 

“Class S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) any Excess Interest and (ii) amounts held from time to time in the Excess Interest Distribution Account.

 

 “Class X Certificates”: The Class X-A, Class X-B and/or 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 the excess, if any of (i) the WAC Rate for such Distribution Date, over (ii) the Pass-Through Rate for the Class of 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-6 hereto.

 

“Class X-A Components”: The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-AB Component and Class A-S Component.

 

“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).

 

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“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-7 hereto.

 

“Class X-B Component”: The Class B Component.

 

“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.

 

“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-8 hereto.

 

“Class X-D Component”: The Class D Component.

 

“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”: May 29, 2015.

 

“Co-Lender Agreement”: Any of the Dallas Market Center Co-Lender Agrement, the Selig Office Portfolio Co-Lender Agrement, the Courtyard by Marriott Portfolio Co-Lender Agrement and the 170 Broadway 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 or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30” and which must be an Eligible Account.

 

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“Collection Period”: With respect to a Distribution Date and each Mortgage Loan, the period beginning on the day after 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 June 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.

 

“Commission”: The Securities and Exchange Commission.

 

“Companion Loan”: Any of the Dallas Market Center Companion Loan, the Selig Office Portfolio Companion Loans, the Courtyard by Marriott Portfolio Companion Loans and the 170 Broadway Companion Loan.

 

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

 

“Companion Loan Holder Representative”: With respect to each Serviced Companion Loan, the related Non-Controlling Note Holder Representative (as defined in the related Co-Lender Agreement).

 

“Companion Loan Rating Agency”: With respect to any Companion Loan, any rating agency that was engaged by a participant in the securitization of such Companion Loan to assign a rating to the related 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 (including, but not limited to, the replacement of a Master Servicer or the Special Servicer), 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 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.

 

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

 

“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.

 

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“Component”: With respect to (a) the Class X-A Certificates, the Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-AB Component and Class A-S Component, (b) the Class X-B Certificates, the Class B Component, and (c) 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 Non-Serviced Mortgage 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. In the case of each Non-Serviced Mortgage Loan, “Condemnation Proceeds” means any portion of such proceeds received by the Trust Fund in connection with the related Non-Serviced Mortgage Loan, pursuant to the allocations provided for 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 Whole Loan), 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, Special Servicer Servicing Personnel, the Operating Advisor Surveillance Personnel, the Certificate Administrator Personnel or the Trustee Personnel.

 

“Consent Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, if applicable, any and all fees actually paid by a Mortgagor with respect to any consent or approval required pursuant to the terms of the related Loan Documents that does not involve a modification evidenced by a signed writing, assumption, extension, waiver or amendment of the terms of the related Loan Documents.

 

“Consultation Termination Event”: The event that occurs when (i) no Class of Control Eligible Certificates has an aggregate Certificate Principal Amount at least equal to 25% of the initial Certificate Principal Amount of such Class or (ii) deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement.

 

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

 

“Control Termination Event”: The event that occurs when (i) no Class of Control Eligible Certificates has an aggregate Certificate Principal Amount (as notionally reduced by any 

 

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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 (ii) deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement.

 

“Controlling Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate 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. The Controlling Class as of the Closing Date will be the Class G Certificates.

 

“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 Trustee, the Certificate Administrator and the Operating Advisor; 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.

 

The initial Controlling Class Representative on the Closing Date shall be DoubleLine Capital LP, and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume DoubleLine Capital LP or any successor Controlling Class Representative selected thereby is the Controlling Class Representative on behalf of DoubleLine Capital LP as Holder (or Beneficial Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar receives (a) written notice of a replacement Controlling Class Representative or (b) written notice that DoubleLine Capital LP is no longer the Holder (or Beneficial Owner) of a majority of the applicable Control Eligible Certificates.

 

“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 and the Certificate Administrator is located at 190 South LaSalle Street, 7th floor, Chicago, Illinois 60603, and (ii) the Certificate Administrator is located for certificate transfer purposes, at 111 Fillmore Avenue, St. Paul, Minnesota 55107 and a custodial office at 1133 Rankin Street, Suite 100, St. Paul, Minnesota 55116, Attention: Bondholder Services – GSMS 2015-GC30, (iii) with respect to the Custodian, the office of the Custodian located at U.S. Bank Global Trust Services, Attn: Commercial Certifications, 1133 Rankin Street, Suite 100, St. Paul, Minnesota 55116, and 

 

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for all other purposes except as specifically set forth herein, 190 South LaSalle Street, 7th floor, Chicago, Illinois 60603.

 

“Corrected Mortgage Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole 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 Mortgage Loan or Serviced Whole 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.

 

“Courtyard by Marriott Portfolio Co-Lender Agreement”: With respect to the Courtyard by Marriott Portfolio Whole Loan, the related co-lender agreement, dated as of April 29, 2015, by and between the holder of the Courtyard by Marriott Portfolio Mortgage Loan and the Courtyard by Marriott Portfolio Companion Loan Holders, relating to the relative rights of the holder of the Courtyard by Marriott Portfolio Mortgage Loan and the Courtyard by Marriott Portfolio Companion Loan Holders, as the same may be amended from time to time in accordance with the terms thereof.

 

“Courtyard by Marriott Portfolio Companion Loan”: With respect to the Courtyard by Marriott Portfolio Whole Loan, each of the related promissory notes made by the related Mortgagor and secured by the Courtyard by Marriott Portfolio Mortgage and designated as (a) promissory note A-1, note A-2A and note A-2B, respectively, which are not included in the Trust and are pari passu in right of payment with the Courtyard by Marriott Portfolio Mortgage Loan and (b) promissory note B, which is not included in the Trust and is subordinate in right of payment to the Courtyard by Marriott Portfolio Mortgage Loan and to promissory note A-1, note A-2A and note A-2B, each to the extent set forth in the related Loan Documents and as provided in the Courtyard by Marriott Portfolio Co-Lender Agreement.

 

“Courtyard by Marriott Portfolio Companion Loan Holder”: A holder of a Courtyard by Marriott Portfolio Companion Loan.

 

“Courtyard by Marriott Portfolio Mortgage”: The Mortgage securing the Courtyard by Marriott Portfolio Mortgage Loan and the Courtyard by Marriott Portfolio Companion Loan.

 

“Courtyard by Marriott Portfolio Mortgage Loan”: With respect to the Courtyard by Marriott Portfolio Whole Loan, the Mortgage Loan included in the Trust and identified on the Mortgage Loan Schedule as Courtyard by Marriott Portfolio, which is designated as promissory 

 

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note A-2C and is pari passu in right of payment with the Courtyard by Marriott Portfolio Pari Passu Companion Loans and senior in right of payment to the Courtyard by Marriott Portfolio Subordinate Companion Loan, to the extent set forth in the related Loan Documents and as provided in the related Courtyard by Marriott Portfolio Co-Lender Agreement.

 

“Courtyard by Marriott Portfolio Pari Passu Companion Loans”: With respect to the Courtyard by Marriott Portfolio Whole Loan, the related promissory notes designated as promissory notes A-1, A-2A and A-2B, which are pari passu to the Courtyard by Marriott Portfolio Mortgage Loan, and which, together with the Courtyard by Marriott Portfolio Mortgage Loan, are senior in right of payment to the Courtyard by Marriott Portfolio Subordinate Companion Loan, to the extent set forth in the related Loan Documents and as provided in the related Courtyard by Marriott Portfolio Co-Lender Agreement.

 

 “Courtyard by Marriott Portfolio Pooling and Servicing Agreement”: The Other Pooling and Servicing Agreement, dated as of May 1, 2015, among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, CWCapital Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, and Pentalpha Surveillance LLC, as operating advisor, governing the creation of the Courtyard by Marriott Portfolio Securitization Trust and the issuance of securities backed by the assets of such Courtyard by Marriott Portfolio Securitization Trust.

 

“Courtyard by Marriott Portfolio Securitization Trust”: The COMM 2015-CCRE23 Mortgage Trust, which holds the Courtyard by Marriott Portfolio Pari Passu Companion Loans designated as promissory notes A-1 and A-2A and the Courtyard by Marriott Portfolio Subordinate Companion Loan.

 

“Courtyard by Marriott Portfolio Subordinate Companion Loan”: With respect to the Courtyard by Marriott Portfolio Whole Loan, the related promissory note designated as promissory note B, which is subordinate in right of payment to the Courtyard by Marriott Portfolio Mortgage Loan and the Courtyard by Marriott Portfolio Pari Passu Companion Loans, to the extent set forth in the related Loan Documents and as provided in the related Courtyard by Marriott Portfolio Co-Lender Agreement.

 

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

 

“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 

 

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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.

 

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

 

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

 

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

 

“CREFC® Delinquent Loan Status Report”: 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.

 

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

 

“CREFC® Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (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 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 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)”: (a) The following seven electronic files (and any other files as may become adopted and promulgated by CREFC® as part 

 

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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;

 

(b)           The following eleven supplemental reports (and any other reports as may become adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical Loan Modification 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 Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet, (ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC® Reconciliation of Funds Report;

 

(c)           The following eight templates (and any other templates as may be 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® Historical Bond/Collateral Realized Loss Reconciliation Template, (iv) CREFC® Historical Liquidation Loss Template, (v) CREFC® Interest Shortfall Reconciliation Template, (vi) CREFC® Servicer Remittance to Certificate Administrator Template, (vii) CREFC® Significant Insurance Event Template and (viii) CREFC® Loan Modification Template; and

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC® Operating Statement Analysis Report”: The 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® 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 Report”: The monthly report in the “Reconciliation of Funds” 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® 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.

 

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

 

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

 

“Custodial Agreement”: The custodial agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator, as the same may be amended or modified from time to time in accordance with the terms thereof. For avoidance of doubt, as of the Closing Date, the Custodian is the Certificate Administrator.

 

“Custodian”: Any Custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Certificate Administrator is Custodian, named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Certificate Administrator or the Master Servicer or any Affiliate or agent of the Certificate Administrator or the Master Servicer, but may not be the Depositor or any Affiliate thereof.

 

“Cut-Off Date”: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in June 

 

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

 

“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.

 

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

 

“Dallas Market Center Companion Loan”: With respect to the Dallas Market Center Whole Loan, the related promissory note made by the related Mortgagor and secured by the Dallas Market 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 Dallas Market Center Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Dallas Market Center Co-Lender Agreement.

 

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

 

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

 

“Dallas Market Center Mortgage Loan”: With respect to the Dallas Market Center Whole Loan, the Mortgage Loan included in the Trust and identified on the Mortgage Loan Schedule as Dallas Market Center, which is designated as promissory note A-1 and is pari passu in right of payment with the Dallas Market Center Companion Loan to the extent set forth in the related Loan Documents and as provided in the Dallas Market Center Co-Lender Agreement.

 

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

 

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

 

“Debt Service Coverage Ratio”: With respect to any Mortgage Loan (or Whole Loan, 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 Whole Loan, if applicable) during such period; provided that with respect to the Mortgage Loans (and with respect to any Whole 

 

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Loan 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 Whole Loan, 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 Whole Loan, if applicable).

 

“Default Interest”: With respect to any Mortgage Loan or Companion Loan, all interest (other than Excess Interest) accrued in respect of such Mortgage Loan or 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 Loan Rate.

 

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

 

“Defaulted Mortgage Loan”: A Mortgage Loan or Serviced Whole 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 Serviced Whole Loan”: Any Whole Loan that is a Defaulted Mortgage Loan.

 

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

 

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

 

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

 

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“Depositor”: GS Mortgage Securities Corporation II, a Delaware corporation, and its successors and assigns.

 

“Depositor’s 17g-5 Website”: A website to be maintained (or caused to be maintained) by the Depositor in order to comply with 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 Mortgage Loan or Serviced Whole Loan, 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 Whole Loan, 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 Whole Loan, 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;

 

(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;

 

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(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, if any; and

 

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

 

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

 

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

 

“Disclosable Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or related REO Property (other than any interest in REO Property acquired with respect to any Non-Serviced Whole Loan), 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 the related Mortgage Loan or Serviced Whole Loan and any purchaser of the related Mortgage Loan, Serviced Whole Loan or REO Property) in connection with the disposition, workout or foreclosure of such Mortgage Loan (or Serviced Whole Loan, if applicable), the management or disposition of the related REO Property, and the performance by the Special Servicer or any Affiliate of any other special servicing duties under 

 

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this Agreement other than (1) any compensation which is payable to the Special Servicer under this Agreement or (2) to the extent included in a CREFC® Report for the applicable period, 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”: The Lower-Tier Distribution Account, the Upper-Tier Distribution Account and the Exchangeable Distribution Account, each of which may be subaccounts of a single Eligible Account.

 

“Distribution Date”: The fourth Business Day following the Determination Date in each month, commencing June 2015. The first Distribution Date shall be June 12, 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 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 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 Companion Loan, as the case may be, had 

 

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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 Companion Loan, as the case may be, had been scheduled to be first due.

 

“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 Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date.

 

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

 

“EDGAR-Compatible Format”: means 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 at least “A2” by Moody’s (or, if applicable, the short term rating is at least “P-1” by Moody’s) and, (ii) an account or accounts maintained with U.S. Bank National Association or PNC Bank, National Association so long as U.S. Bank National Association’s or PNC Bank, National Association’s, as applicable, long-term unsecured debt rating or deposit account rating shall be at least “A2” by Moody’s (if the deposits are to be held in the account for more than 30 days) or U.S. Bank National Association’s or PNC Bank, National Association’s, as applicable, short-term deposit account or short-term unsecured debt rating shall be at least “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, the long-term unsecured debt obligations of such institution or trust company are rated at least “A2” by Moody’s, 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, (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 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 and that has not been a 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 the sole or material factor in such rating action, (ii) that can and will make the representations and warranties set forth in 

 

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Section 2.09(a) of this Agreement, (iii) that is not the Special Servicer, the Controlling Class Representative, or an Affiliate of the Special Servicer or the Controlling Class Representative and (iv) that has not been paid any fees, compensation or other remuneration by the Special Servicer or successor special servicer (x) in respect of its obligations under this Agreement or (y) for the appointment or recommendation for replacement 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, either (i) it is rated in one of the four highest generic ratings categories by a Rating Agency authorized by the U.S. Department of Labor 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 Loan, additional interest accrued on such Mortgage Loan after the Anticipated Repayment Date allocable to the difference between the Revised Rate and the Mortgage Loan Rate, plus any compound interest thereon, to the extent permitted by applicable law and the related Loan Documents. The Excess Interest 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.

 

“Excess Interest 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 Class S Certificateholders, which (subject to any changes in the identities of the Certificate Administrator and/or the Trustee) shall be entitled “U.S. Bank National Association, as Certificate Administrator, for the benefit of U.S. Bank National Association, as Trustee, and the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 – Excess Interest Distribution Account”. Any such account shall be an Eligible Account. The Excess Interest Distribution Account shall be 

 

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held solely for the benefit of the Holders of the Class S Certificates. 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.

 

 “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 Companion Loan Holder pursuant to the 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 each Non-Serviced Whole Loan, Excess Liquidation Proceeds shall mean each Non-Serviced Mortgage Loan’s pro rata share of any “Excess Liquidation Proceeds” determined in accordance with the applicable Other Pooling and Servicing 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) of this Agreement for the benefit of the Certificateholders, which (subject to any changes in the identity of the Trustee or the Certificate Administrator) shall be entitled “U.S. Bank National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

 

“Excess Modification Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, 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 the related Mortgage Loan (or Serviced Whole Loan, 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 with respect to the related Mortgage Loan (or Serviced Whole Loan, 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 Mortgage Loan (or Serviced Whole Loan, if applicable) or REO Property; provided that if the related Mortgage Loan (or Serviced Whole Loan, if applicable) ceases being a Corrected Mortgage Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the Special Servicer prior to such Mortgage Loan (or Serviced Whole Loan) ceasing to be a Corrected Mortgage Loan shall no longer be offset against future Liquidation Fees and Workout Fees unless such Mortgage Loan (or Serviced Whole Loan) ceased to be a Corrected Mortgage Loan within 18 months of it becoming a modified Mortgage Loan (or Serviced Whole Loan). If such Mortgage Loan (or Serviced Whole Loan) ceases to be a Corrected Mortgage Loan, 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, 

 

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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 prior 12-month period) with respect to any Mortgage Loan (or Serviced Whole Loan, if applicable) shall be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Mortgage Loan (or Serviced Whole Loan, if applicable) after giving effect to such transaction, and (ii) $25,000.

 

“Excess Penalty Charges”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, if applicable, and any Collection Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Mortgage Loan (or Serviced Whole Loan, if applicable) during such Collection Period, over (ii) all unpaid or unreimbursed Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder(s)) with respect to such Mortgage Loan (or Serviced Whole Loan, 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 and Companion Loans during the related Prepayment Period exceed the Compensating Interest Payment.

 

“Excess Servicing Fees”: With respect to each Mortgage Loan (and any successor REO Mortgage Loan with respect thereto), 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 (and any successor REO Mortgage Loan with respect thereto), a rate per annum equal to the Master Servicer’s interest in 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.

 

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“Excess Servicing Fee Right”: With respect to each Mortgage 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, the Master Servicer shall be the owner of such Excess Servicing Fee Right.

 

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

 

“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 for the benefit of the Holders of the Exchangeable Certificates, which (subject to any changes in the identity of the Trustee or the Certificate Administrator) shall be entitled “U.S. Bank National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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.

 

“FATCA Investor Information”: With respect to any Holder, information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax.

 

“FATCA Provisions”: Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof.

 

“FATCA Withholding Tax”: Any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to the FATCA Provisions.

 

“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, the Controlling Class Representative, or any related Companion Loan Holder (or its Companion Loan Holder Representative), in each case, which does not include any communication (other than the related Asset Status Report) between the Special Servicer and the Controlling Class Representative 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 

 

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Asset Status Report unless, prior to the occurrence and continuance of a Control Termination Event, the Controlling Class Representative 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 Whole Loan that is a Specially Serviced Loan or REO Mortgage Loan, as the case may be, a determination that there has been a receipt of all of the Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds and other payments and recoveries that the Special Servicer, or the applicable Other Special Servicer with respect to each Non-Serviced Mortgage Loan that is a “Specially Serviced Loan” (as such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement) or any related REO Property, has determined in accordance with the Servicing Standard would ultimately be recoverable; provided that with respect to each Non-Serviced Mortgage Loan, the Final Recovery Determination shall be made by the applicable Other Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement.

 

“FIRREA”: The Financial Institutions Reform, Recovery and Enforcement Act, as it may be amended from time to time.

 

“Fitch”: Fitch Ratings, Inc. or its successors in interest.

 

“Five Mile”: MC-Five Mile Commercial Mortgage Finance LLC, a Delaware limited liability company, and its successors in interest.

 

“Five Mile Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May 1, 2015, by and between Five Mile and the Depositor.

 

“Form 8-K Disclosure Information”: As defined in Section 10.06 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 (i) the Class S Specific Grantor Trust Assets, beneficial ownership of which is represented by the Class S Certificates and (ii) 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, as further described in this Agreement.

 

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

 

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

 

“GSMC”: Goldman Sachs Mortgage Company, a New York limited partnership, and its successors in interest.

 

“GSMC Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May 1, 2015, by and between GSMC and the Depositor.

 

“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.

 

“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) 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 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, the Companion Loan Holder 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 

 

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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”: Goldman, Sachs & Co., Citigroup Global Markets Inc., Cantor Fitzgerald & Co., Deutsche Bank Securities Inc. and Drexel Hamilton, LLC.

 

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

 

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

 

“Insurance Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan (including any amounts paid by the Master Servicer pursuant to Section 3.07 of this Agreement). In the case of any Non-Serviced Mortgage Loan, “Insurance Proceeds” means any portion of such proceeds received by the Trust Fund in connection with the related Non-Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Interest Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates (other than the Class X Certificates) and 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 

 

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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 and any Class of Regular Certificates and any Class PEZ Regular Interest, the calendar month preceding the month in which such Distribution Date occurs. Each Interest Accrual Period with respect to each Class of Regular Certificates and the Class PEZ Regular Interests 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 identity of the Trustee or the Certificate Administrator) shall be entitled “U.S. Bank National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Interest Reserve Account” and which shall be an Eligible Account.

 

“Interest Shortfall”: With respect to any Distribution Date for any Class of Regular Certificates and any Class PEZ Regular Interest, the sum of (a) the portion, of the Interest Distribution Amount for such Class or Class PEZ Regular Interest remaining unpaid as of the close of business on the preceding Distribution Date, and (b) to the extent permitted by applicable law, (i) other than in the case of 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 Whole Loan, the applicable Other Depositor, the applicable Other Master Servicer, the applicable Other Special Servicer (or any independent contractor engaged by such Other Special Servicer), or the applicable Other Trustee, the related Companion Loan Holder or its Companion Loan Holder Representative, any holder of a related mezzanine loan, or any Person actually known to a 

 

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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 Companion Loan Holder or a 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 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 of or investor in or of any of the foregoing and (B) except in the case of a prospective purchaser of a Certificate, a Companion Loan Holder or a Companion Loan Holder Representative, such Person has received a copy of the Prospectus Supplement and the Prospectus, substantially in the form of Exhibit M-1 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 Companion Loan Holder or a Companion Loan Holder Representative), (A) such Person is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor, (B) such Person is or is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing, (C) such Person has received a copy of the Prospectus Supplement and the Prospectus, substantially in the form of Exhibit M-2 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website or the Master Servicer’s website and (D) such Person agrees to keep any Privileged Information confidential and will not violate any securities laws; provided that, for purposes of clause (ii), if such Person is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the 

 

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Trustee, 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 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. A holder of a mezzanine loan may only execute a physical Investor Certification (rather than an electronic certification) and will be considered an Affiliate of a Mortgagor with respect to the related Mortgage Loan upon the occurrence of an event that would permit acceleration of the mezzanine loan. The Certificate Administrator may require that Investor Certifications be re-submitted from time to time in accordance with its policies and procedures and will be required to restrict access to the Certificate Administrator’s Website to a mezzanine lender upon notice from the Special Servicer pursuant to this Agreement that an event of default has occurred under such mezzanine loan. Such Special Servicer, to the extent it has actual knowledge, shall promptly give notice to the Certificate Administrator that an event of default under a mezzanine loan has occurred in the form of Exhibit GG attached hereto or such other form as may be mutually agreed to by the Special Servicer and the Certificate Administrator.

 

“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.

 

“KBRA”: means Kroll Bond Rating Agency, Inc. and its successors in interest. If neither KBRA nor any successor remains in existence, “KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person 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 Serviced Whole Loan), any of the following events: (i) such Mortgage Loan (or Serviced Whole Loan) is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage Loan (or Serviced Whole Loan); (iii) such Mortgage Loan is repurchased or substituted for 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 Whole Loan) is purchased by the holder of a mezzanine loan or a Serviced 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 Whole Loan) is purchased by another party in accordance with Section 3.17 of this Agreement; or (ix) in the case of a Non-Serviced Mortgage 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 Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement. With respect to any REO Property (and the 

 

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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 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 Mortgage 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 Mortgage Loan (or Serviced Whole Loan) repurchased or substituted as contemplated by Section 2.03 of this Agreement, any Specially Serviced Loan or any REO Property 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 any related 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 the offset of 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 Mortgage Loan or Serviced Whole Loan or any Mortgaged Property purchased or repurchased 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 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 holder of a Companion Loan does not purchase such Mortgage Loan or Serviced Whole Loan within 90 days of when such holder’s first purchase option first becomes exercisable under the related intercreditor agreement or Co-Lender Agreement, as applicable, (provided, however, if such Specially Serviced Loan becomes a Corrected Loan, then upon the occurrence of a subsequent purchase option event, a new 90 day period will commence and no Liquidation Fee will be payable based upon, or out of, Liquidation Proceeds received in connection with any such purchase of such Specially Serviced Loan during such new 90 day 

 

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period)) 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 holder of a Companion Loan does not purchase such REO Property within 90 days of when such holder’s first purchase option first becomes exercisable under the related intercreditor agreement or Co-Lender Agreement, as applicable, and (b) the Liquidation Fee with respect to each Mortgage Loan or REO Mortgage Loan 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 Mortgage Loan or REO Mortgage Loan; provided, further that if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a)(ii) of the definition of “Specially Serviced Loan” as a result of a payment default at maturity and the related payment or proceeds are received within 90 days following the related maturity date in connection with the full and final payoff or refinancing of the related Mortgage Loan or Serviced Whole Loan, 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% with respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) repurchased or substituted as contemplated by Section 2.03 of this Agreement, each Specially Serviced Loan and each REO Property, provided, however, that except as contemplated in the definition of “Liquidation Fee”, no Liquidation Fee will be less than $25,000.

 

“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 Whole Loan, the loan agreement, if any, between the related originator(s) and the Mortgagor, pursuant to which such Mortgage Loan or Serviced Whole Loan, as applicable, was made.

 

“Loan Documents”: With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination or any subsequent modification of such Mortgage Loan or Serviced Whole Loan 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 Five Mile Loan Purchase Agreement, the GSMC Loan Purchase Agreement, the CGMRC Loan Purchase Agreement, the SMF Loan Purchase Agreement and/or the CCRE Loan Purchase Agreement, as applicable.

 

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

 

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“Loan-to-Value Ratio”: With respect to any Mortgage Loan or Whole Loan, 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 Whole Loan, 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 Whole Loan 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 Whole Loan 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 Whole Loan, 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.

 

“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 identity of the Trustee or the Certificate Administrator) shall be entitled “U.S. Bank National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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 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 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, and increased on any Distribution Date (as and to the extent provided in the penultimate sentence of the first paragraph of Section 4.01(f) 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.

 

“Lower-Tier Regular Interests”: The Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF and Class LG Interests.

 

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“Lower-Tier REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (other than the Excess Interest), any related REO Property (or a beneficial interest in the applicable portion of the “REO Property” under the applicable Other Pooling and Servicing Agreement related to any Non-Serviced Mortgage Loan) acquired in respect thereof and all proceeds of such REO Property, other property of the Trust Fund related thereto and amounts held in respect thereof from time to time in the Collection Account, any Serviced Whole Loan 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 and Excess Interest.

 

“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 Mortgage Loans and/or Serviced Whole Loan 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 Section 3.03(a) of this Agreement) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs but excluding waiver of Penalty Charges) of a Mortgage Loan or Serviced Whole Loan or any extension of the Maturity Date of any Mortgage Loan or Serviced Whole Loan;

 

(c)           any sale of a Defaulted Mortgage Loan or REO Property (other than in connection with the termination of the Trust Fund) for less than the applicable Purchase Price (excluding the amount described in clause (f) of the definition of “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 Mortgage Loan or Serviced Whole Loan, or any consent to either of the foregoing, other than immaterial condemnation actions and other similar takings or if otherwise required pursuant to the specific terms of the related Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

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(f)            any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan or Serviced Whole 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 property management company changes or franchise changes (in each case, to the extent the lender is required to consent or approve under the 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 Mortgage Loan or Serviced Whole 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 Mortgage Loan or Serviced Whole Loan other than pursuant to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(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 Mortgage Loan or Serviced Whole Loan, any acceleration of such Mortgage Loan or Serviced Whole Loan, as the case may be, or initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect to the related Mortgagor or Mortgaged Property;

 

(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 Mortgage Loan or Serviced Whole Loan, or an action to enforce rights with respect thereto, in each case, in a manner that materially and adversely affects the Holders of the Control Eligible Certificates;

 

(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.

 

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

 

“Master Servicer”: Midland Loan Services, a Division of PNC 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 Companion Loan, the Maturity Date for the related Mortgage Loan.

 

“Modification Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, if applicable, 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 related Loan Documents (as 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 Mortgage Loan (or Serviced Whole Loan).

 

“Modified Asset”: Any Mortgage Loan or any Serviced Whole 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 Mortgage Loan or Serviced Whole 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

 

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(c)           in the reasonable, good faith judgment of the Special Servicer, otherwise materially impairs the security for such Mortgage Loan or Serviced Whole 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 Serviced Companion Loan) and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage Loan Rate, which is payable by the related Mortgagor on such Due Date under the related Note or Notes. The Monthly Payment with respect to (i) an REO Mortgage Loan or REO Serviced 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 Loan after the related Anticipated Repayment Date, is the monthly payment that would otherwise have been payable on the related Due Date had the related Note not been discharged or the related Maturity Date or Anticipated Repayment Date 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 Whole Loan is the aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan.

 

“Moody’s”: Moody’s Investors Service, Inc. and its successors in interest. If neither Moody’s Investors Service, Inc. nor any successor remains in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the 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.

 

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

 

“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 Serviced Whole Loan.

 

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

 

(1)           (A) the original executed Note for such Mortgage Loan, endorsed (without recourse, representation or warranty, express or implied) to the order of “U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS 

 

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Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30” 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 Whole Loan, a copy of the executed Note for the related 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 “U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 [and the holder of the related Companion Loan, as their interests may appear]” or a copy of such assignment (if the related Mortgage Loan Seller or its designee, rather than the Trustee or Certificate Administrator, is responsible for the recording thereof);

 

(5)           an original or copy of the assignment of all unrecorded documents relating to the Mortgage Loan, in favor of “U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 [and the holder of the related 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 Whole Loan) 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 (which may be in the form of an electronically issued title policy) or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan or the related Serviced Whole Loan (or, if such policy has not been issued, a “marked-up” pro forma title policy marked as binding and 

 

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countersigned by the title insurer or its authorized agent, or an irrevocable, binding commitment 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 Whole Loan, if applicable), if any, and any ground lessor estoppel;

 

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

 

(10)         an original of any guaranty under such Mortgage Loan or the related Serviced Whole Loan, 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 Whole Loan, 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 “U.S. Bank National Association, not in its individual capacity but solely as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 [and the holder of the related 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 Whole Loan or in favor of any assignee prior to the Trustee, and an original 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 Whole Loan 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 Whole Loan and any related assignment thereof (with the original to be delivered to the Master Servicer);

 

(19)         copies of any franchise agreement, property management agreement or hotel management agreement and related comfort letters (together with (i) copies of any 

 

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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 last paragraph of Section 2.01(b)) and/or estoppel letters relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment thereof; and

 

(20)         in the case of a Whole Loan, 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 Certificate Administrator or a Custodian appointed thereby, 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 each Non-Serviced Mortgage Loan, the preceding document delivery requirements with respect to clauses (2) through (20) above shall be met by the delivery by the applicable Mortgage Loan Seller to the Custodian of a copy of each of the documents specified above (other than with respect to the documents specified in clause (1)).

 

“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 Loan, REO Mortgage Loan or defeased Mortgage Loan and each Non-Serviced Mortgage Loan but not the Companion Loans.

 

“Mortgage Loan Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO Serviced 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, Excess Interest or the Revised Rate with respect to any Mortgage Loan or any related note(s) held by any Companion Loan Holder, as the case may be.

 

“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;

 

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(iv)    the original Mortgage Loan Rate;

 

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

 

(vi)    in the case of a Balloon Mortgage 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 Whole Loan, separately identifying the Servicing Fee Rate applicable to the related Serviced Companion Loan in such Serviced Whole Loan, and in the case of a Non-Serviced Mortgage Loan, separately identifying the primary servicing fee rate payable to the applicable Other Master 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 Loan;

 

(xi)    the Anticipated Repayment Date, if applicable;

 

(xii)   the Revised Rate, if applicable; and

 

(xiii)  whether such Mortgage Loan is part of a Serviced Whole Loan, in which case the information required by clauses (iii), (iv), (v) and (vi) above shall also be set forth for the Companion Loan in the related Serviced Whole Loan; provided that, if there are no Serviced Whole Loans, the information in this clause will not be required to be included on the Mortgage Loan Schedule.

 

“Mortgage Loan Seller”: Each of GSMC, CGMRC, SMF, Five Mile and CCRE, 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.

 

“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.

 

“Mortgaged Property”: The underlying property securing a Mortgage Loan and the related Companion Loan, including any REO Property (including with respect to a Non-Serviced Mortgage Loan), consisting of a fee simple estate, and, with respect to certain Mortgage Loans and the related Companion Loans, 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 

 

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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 Serviced 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.

 

“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 respect to the environmental insurance policy, applied to pay any costs, expenses, penalties, fines or similar items.

 

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

 

“Net Mortgage Loan Rate”: With respect to any Mortgage Loan (including any REO Mortgage Loan), a per annum rate equal to the Mortgage Loan 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 Loan 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 Loan 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 Loan 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 net of any Withheld Amounts and (ii) the Net Mortgage Loan Rate for the one-month period preceding the Due Date in March shall be determined taking into account the addition of any such Withheld Amounts. Also notwithstanding the foregoing, for purposes of calculating Pass-Through Rates 

 

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and the WAC Rate, the Net Mortgage Loan 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 Other 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 with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the 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.

 

“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 Whole Loan or REO Mortgage Loan or REO Whole Loan, 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 a related 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 Mortgage Loan, Whole Loan or REO Property by the Master Servicer or the Trustee, or in the case of the Non-Serviced Mortgage Loans, any comparable advance made by the Other Master Servicer or Other Trustee which Property Advance (or other 

 

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comparable advance) such party or the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, in accordance with the Servicing Standard (or, with respect to the Trustee, its good faith business judgment), will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan, Whole Loan 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, the Special Servicer’s or the Trustee’s entitlement to reimbursement for such Advance. The determination as to the recoverability of any servicing advance previously made or proposed to be made with respect to any Non-Serviced Mortgage Loan shall be made by the Other Master Servicer or Other Special Servicer, as the case may be, pursuant to the Other Pooling and Servicing Agreement, and any such determination so made shall be conclusive and binding upon the Trust and the Certificateholders.

 

“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, Class S 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, (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-Serviced Companion Loan”: The Selig Office Portfolio Companion Loans, the Courtyard by Marriott Portfolio Companion Loans and the 170 Broadway Companion Loan, as applicable.

 

“Non-Serviced Companion Loan Holder”: The holder of a Non-Serviced Companion Loan.

 

“Non-Serviced Mortgage Loan”: The Selig Office Portfolio Mortgage Loan, the Courtyard by Marriott Portfolio Mortgage Loan and the 170 Broadway Mortgage Loan, as applicable.

 

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“Non-Serviced Whole Loan”: The Selig Office Portfolio Whole Loan, the Courtyard by Marriott Portfolio Whole Loan and the 170 Broadway Whole Loan a, as applicable (in each case, which shall include any successor REO Mortgage Loan or successor REO Companion Loan).

 

“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).

 

“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, (c) with respect to the Class X-D Certificates, the Class X-D Notional Amount and (d) with respect to each Component, the applicable Component Notional Amount.

 

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

 

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

 

“Offering Circular”: The offering circular dated May 18, 2015, relating to the Private Certificates (other than the Class S 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”: Trimont Real Estate Advisors, Inc., a Georgia corporation, 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) $10,000 or (b) the amount as the related Mortgagor agrees to pay with respect to any Mortgage Loan (or Serviced Whole 

 

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Loan, as applicable), payable pursuant to Section 3.06(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 reduce the Operating Advisor Consulting Fee with respect to any Major Decision; provided, further that the Master Servicer or the 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 Non-Serviced Mortgage 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 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 0.0014% per annum.

 

“Operating Advisor Surveillance 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 or (d) a resignation of the Master Servicer or the 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”: A defined in Section 6.09(h) of this Agreement.

 

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

 

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“Other Certificate Administrator”: With respect to each Non-Serviced Mortgage Loan, the certificate administrator under the applicable Other Pooling and Servicing Agreement.

 

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

 

“Other Exchange Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and 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.

 

“Other Master Servicer”: With respect to each Non-Serviced Mortgage Loan, the master servicer under the applicable Other Pooling and Servicing Agreement.

 

“Other Operating Advisor”: With respect to each Non-Serviced Mortgage Loan, the operating advisor under the applicable Other Pooling and Servicing Agreement.

 

“Other Paying Agent”: With respect to each Non-Serviced Mortgage Loan, the paying agent under the applicable Other Pooling and Servicing Agreement.

 

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

 

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

 

“Other Special Servicer”: With respect to each Non-Serviced Mortgage Loan, the special servicer under the applicable Other Pooling and Servicing Agreement.

 

“Other Trustee”: With respect to each Non-Serviced Mortgage Loan, the trustee under the applicable Other Pooling and Servicing Agreement.

 

“Overlapping Fee Interest”: In the case of a Mortgage Loan secured in whole or in part by a Ground Lease, the related fee interest in the real property underlying such Ground Lease that has also been pledged to secure such Mortgage Loan.

 

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

 

“P&I Advance”: As to any Mortgage Loan (including the Non-Serviced Mortgage Loans and any REO Mortgage Loan), any advance made by the Master Servicer or the 

 

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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.

 

“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-AB Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-B 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 X-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 and Class S Certificates do not have Pass-Through Rates.

 

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

 

“Penalty Charges”: With respect to any Mortgage Loan or Serviced Whole Loan (or successor REO Mortgage Loan or successor REO Serviced Companion Loan), any amounts actually collected thereon from the Mortgagor that represent default charges, penalty charges, late fees and/or Default Interest, subject to any allocation provisions of any related Co-Lender Agreement and excluding any amounts allocable to a Serviced Companion Loan or Non-Serviced Companion Loan pursuant to the related Co-Lender Agreement and excluding any Excess Interest.

 

“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 or Class S 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. With respect to any Class R Certificate or any Class S Certificate, the percentage interest is set forth on the face thereof. For these purposes on any date of determination, the “initial denomination as of the Closing Date” of any Exchangeable Certificate received in an exchange shall 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 shall 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 shall 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.

 

“Performing Party”: As defined in Section 10.11 of this Agreement.

 

“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 

 

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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 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 (which may include the Certificate Administrator or the Trustee or its affiliates), (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 KBRA and (2) the short-term obligations of which are rated in the highest short-term rating category by 

 

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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 and Morningstar); 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 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 and Morningstar); 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 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 

 

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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 at least “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 and Morningstar); 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), provided that: (A) (i) if maturing in three (3) months or less, such commercial paper carries either a short term rating of “P-1” by Moody’s or a long term rating of “A2” or better by Moody’s, (ii) if maturing in six (6) months or less but more than three (3) months, carries a short term rating of “P-1” by Moody’s and a long term rating of “Aa3” or better by Moody’s and (iii) if maturing in longer than six (6) months, carries a short term rating of “P-1” by Moody’s and a long term rating of “Aaa” by Moody’s (provided that investments of funds in any Escrow Account pursuant to this clause (A) must only be rated “P-1” by Moody’s); and (B) such commercial paper is 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 (B) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency and Morningstar); 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 Moody’s in its highest money market fund ratings category (or, if not rated by such Rating Agency, otherwise acceptable to such Rating Agency, KBRA and Morningstar, 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, 

 

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would be listed in clauses (i) – (viii) 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 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 (viii) above, the Master Servicer shall invest the funds in such Mortgagor Accounts in accordance with the terms of the related Loan Documents.

 

For purposes of any condition set forth above, to the effect that any investment or the issuer thereof must have a minimum rating by KBRA, as applicable, such condition shall be deemed to be waived if such investment or the issuer thereof, as applicable, is not rated by KBRA, as applicable.

 

“Permitted Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance and/or other insurance commissions and fees, title agency fees, and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Mortgage Loan, Companion 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 

 

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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.

 

“Pool Special Servicer”: As defined in Section 6.08(i) 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 each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment Interest Excess”: With respect to any Distribution Date, for each Mortgage 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 after 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) that accrued for such Mortgage 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, 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).

 

“Prepayment Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Prepayment Period, which Principal Prepayment was applied to such Mortgage 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 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 and ending on the day immediately preceding such Due Date, inclusive.

 

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

 

“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 

 

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

 

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

 

(B)          the Unscheduled Payments of the Mortgage Loans (including the REO Mortgage Loans) received during the related Prepayment Period (or, in the case of the Non-Serviced Mortgage Loans, as of the related Master Servicer Remittance 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 (including any servicing advance with respect to a Non-Serviced Mortgage Loan under the related Other Pooling and Servicing Agreement reimbursed out of general collections on the Mortgage Loans) plus interest on such Nonrecoverable Advances that are paid or reimbursed 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 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 Whole Loan 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 

 

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aggregate amount actually distributed with respect to principal on the Certificates on such preceding Distribution Date in respect of such Principal Distribution Amount.

 

“Private Certificates”: The Class E, Class F Class G, Class R and Class S Certificates.

 

“Privileged Information”: Any (i) correspondence or other communications between the Controlling Class Representative (and, in the case of a Serviced Whole Loan, the related 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 the Controlling Class Representative under this Agreement and/or a Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative or other designee) 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) 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 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 Controlling Class Representative, 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 Controlling Class Representative (but only for so long as a Consultation Termination Event has not occurred and is not continuing), any Companion Loan Holder that delivers an Investor Certification, the Trustee, the Certificate Administrator, the Operating Advisor, the Mortgage Loan Sellers, a designee of the Depositor and any Person who provides the Certificate Administrator with an Investor Certification, which Investor Certification may be submitted electronically via the Certificate Administrator’s Website; provided that in no event shall a Mortgagor, manager of a Mortgaged Property, an affiliate of a Mortgagor, an affiliate of a manager of a Mortgaged Property, principal, partner, member, joint venture, limited partner, employee, representative, director, advisor or investor in any of the foregoing or an agent of any of the foregoing be considered a Privileged Person.

 

“Property Advance”: As to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property, 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’ 

 

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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 Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, 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, 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 Mortgaged Property, (c) obtaining any Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, (d) any enforcement or judicial proceedings with respect to a 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 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.

 

“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 February 9, 2015, relating to the Public Certificates.

 

“Prospectus Supplement”: The prospectus supplement dated May 18, 2015, relating to the Public Certificates.

 

“Public Certificates”: 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 and Class X-D 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 

 

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Excess Interest or Default Interest, at the related Mortgage Loan Rate in effect from time to time through the Due Date in the Collection Period of purchase; plus (c) all related unreimbursed 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 any Non-Serviced Mortgage Loan, the pro rata portion of any comparable 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 any Non-Serviced Mortgage Loan, all comparable amounts with respect to P&I Advances related to such Non-Serviced Mortgage Loan and, with respect to outstanding Property Advances, the pro rata portion of any comparable 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 (or, in the case of any Non-Serviced Mortgage Loan, the pro rata portion of any comparable amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement); 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) and, if the applicable Mortgage Loan Seller repurchases or substitutes for such Mortgage Loan more than 120 days following the earlier of the responsible party’s discovery or receipt of notice of the subject Material Breach or Material Document Defect, as the case may be, a Liquidation Fee. With respect to any REO Property that relates to a Serviced Whole Loan, 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, 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 “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 Morningstar and/or Fitch) or (B) one NRSRO (which may include Morningstar and/or Fitch) and A.M. Best Company)), (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 claim paying ability rated at least as follows by at least one of the following NRSROs: “A-” by S&P, “A3” by Moody’s, “A-” by Fitch 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 

 

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Servicer or the Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency and Morningstar. “Qualified Insurer” shall also mean any entity that satisfies all of the criteria, other than the 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 Loan Rate not less than the Mortgage Loan 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 Mortgage 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 

 

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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 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 Loan 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 Certificates 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 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 May 2050.

 

“Rating Agency”: Each of Moody’s, KBRA and Morningstar 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 designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor, and specific ratings of Moody’s, KBRA and Morningstar 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, KBRA or Morningstar shall mean “Aaa” with respect to Moody’s and “AAA” with respect to KBRA and Morningstar, 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 the 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 Sequential Pay 

 

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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 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 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.

 

“Regular Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class D, Class X-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 Securities 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 Servicing Criteria” means 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 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 S and 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-AB, Class A-S, Class B, Class PEZ, Class C and Class D Certificates and the Notional Amount of the Class X-A, Class X-B and Class X-D Certificates have been reduced to zero.

 

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“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.

 

“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 for the benefit of the Certificateholders and the Companion Loan Holders, which (subject to any changes in the identities of the Special Servicer or the Trustee) shall be entitled “[Midland Loan Services, a Division of PNC Bank, National Association] [the successor Special Servicer], as Special Servicer on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 and the Companion Loan Holder REO Account, as their interests may appear.” Any such account or accounts shall be an Eligible Account.

 

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

 

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

 

“REO Mortgage Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property or a beneficial interest in a Mortgaged Property acquired upon a foreclosure or deed-in-lieu of foreclosure of any of the Non-Serviced Mortgage Loans under the applicable Other Pooling and Servicing Agreement. For the avoidance of doubt, any such beneficial interest will not be serviced by the Special Servicer under this Agreement.

 

“REO Proceeds”: With respect to any REO Property and the related REO Mortgage Loan and REO Companion Loan, all revenues and proceeds received by the Special Servicer with respect to such REO Property, REO Mortgage Loan or REO Companion Loan which do not constitute Liquidation Proceeds.

 

“REO Property”: A Mortgaged Property title to which has been acquired on behalf of the Trust Fund and any related Companion Loan Holder through foreclosure, deed in lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures each Non-Serviced Mortgage Loan shall constitute an REO Property if and when it is acquired under the applicable Other Pooling and Servicing Agreement on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Non-Serviced Mortgage 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 Non-Serviced Mortgage Loan.

 

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

 

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

 

“Reportable Event”: As defined in Section 10.06 of this Agreement.

 

“Reporting Servicer”: As defined in Section 10.08 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.

 

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“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 (and, in the event that the Certificate Administrator is the Certificate Registrar, the Custodian or the Paying Agent, of the Certificate Registrar, the Custodian or the Paying Agent, as applicable), 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 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.

 

“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 Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default) for such ARD Loan, as calculated and as set forth in the related Loan Agreement.

 

“Rule 144A”: Rule 144A under the Securities 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 17g-5”: Rule 17g-5 under the Exchange Act.

 

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

 

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

 

“Sarbanes-Oxley Certification”: As defined in Section 10.04 of this Agreement.

 

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

 

(A)           the principal component of all scheduled Monthly Payments and Balloon Payments which became due on the related Due Date in the related Collection Period (if received by the Master Servicer by the Business Day prior to the 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 the Non-Serviced Mortgage Loans, by the related Master Servicer Remittance Date), net of the principal portion of any unreimbursed P&I Advances related to such Mortgage Loan.

 

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

 

“Selig Office Portfolio Additional Permitted Debt”: “Additional Permitted Debt” as defined in the Selig Office Portfolio Co-Lender Agreement.

 

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

 

“Selig Office Portfolio Companion Loan”: With respect to the Selig Office Portfolio Whole Loan, each of the related promissory notes made by the related Mortgagor and secured by the Selig Office Portfolio Mortgage and designated as promissory notes A-1 and A-3, respectively, which are not included in the Trust and are pari passu in right of payment with the Selig Office Portfolio Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement; provided that if the related Mortgagor elects to incur any Selig Office Portfolio Additional Permitted Debt in accordance with the related Loan Agreement, the Selig Office Portfolio Companion Loans shall include the related promissory note(s) evidencing the Selig Office Portfolio Additional Permitted Debt.

 

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“Selig Office Portfolio Companion Loan Holder”: The holder of any Selig Office Portfolio Companion Loan.

 

“Selig Office Portfolio Mortgage”: The Mortgage securing the Selig Office Portfolio Mortgage Loan and the Selig Office Portfolio Companion Loans.

 

“Selig Office Portfolio Mortgage Loan”: With respect to the Selig Office Portfolio Whole Loan, the Mortgage Loan included in the Trust and identified on the Mortgage Loan Schedule as Selig Office Portfolio, which is designated as promissory note A-2 and is pari passu in right of payment with the Selig Office Portfolio Companion Loans to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement.

 

“Selig Office Portfolio Pooling and Servicing Agreement”: The Other Pooling and Servicing Agreement, dated as of April 1, 2015, among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank, N.A., as certificate administrator and Situs Holdings, LLC, as operating advisor, governing the creation of the Selig Office Portfolio Securitization Trust and the issuance of securities backed by the assets of such Selig Office Portfolio Securitization Trust.

 

“Selig Office Portfolio Securitization Trust”: The Citigroup Commercial Mortgage Trust 2015-GC29, which holds the Selig Office Portfolio Companion Loan designated as promissory note A-1.

 

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

 

“Sequential Pay Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, 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 and 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 Companion Loan”: The Dallas Market Center Companion Loan.

 

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

 

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“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 Companion Loan that is part of the Serviced Whole Loan (or a portion thereof or interest therein).

 

“Serviced Whole Loan”: The Dallas Market Center Whole Loan (which shall include any successor REO Whole Loan).

 

“Serviced Whole Loan Custodial Account”: With respect to the Serviced Whole Loan, 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 Whole Loan, which (subject to any changes in the identities of the Master Servicer or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, and the related Companion Loan Holder, as their interests may appear.”

 

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

 

“Servicer”: As defined in Section 10.01(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 or Serviced Companion Loan (including if it is or is part of a Specially Serviced Loan) or any successor REO Mortgage Loan or successor REO Serviced 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 Whole Loan is computed and shall be prorated for partial periods.

 

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

 

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“Servicing Fee Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage 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 “Sub-Servicing Fee Rate %” on the Mortgage Loan Schedule and with respect to each Serviced Companion Loan, 0.0075% 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 or Companion 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 nor any draft documents, privileged or internal communications, credit underwriting, due diligence analysis or data shall be required to be delivered as part of the Servicing File. Notwithstanding anything to the contrary contained herein, with respect to each Non-Serviced Mortgage Loan, the Servicing File shall consist of a copy of each Servicing File delivered under the applicable Other Pooling and Servicing Agreement.

 

“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 with respect to the Trust Fund 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 Mortgage Loans, the Serviced Whole 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 trustee for Certificateholders or, with respect to each Serviced Whole Loan, on behalf of the Certificateholders and the Companion Loan Holder(s), as a collective whole as if such Certificateholders and any related Companion Loan Holder(s) constituted a single lender) 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 

 

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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 Mortgage Loan or Serviced Whole Loan; (ii) with a view to: the timely recovery of all payments of principal and interest, including Balloon Payments, under the Mortgage Loans and Serviced Whole Loans or, in the case of (1) a Specially Serviced Loan or (2) a Mortgage Loan or Serviced Whole Loan as to which the related Mortgaged Property is an REO Property, the maximization of recovery on the Mortgage Loan to the 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 Whole Loan to the Certificateholders and the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender)) 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 Whole Loan, to the Certificateholders and the related Companion Loan Holder) to be performed at the Calculation Rate); and (iii) without regard to (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 Serviced 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 only apply with respect to each Non-Serviced Mortgage Loan and any related REO Property 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 Mortgage Loan or any Serviced Whole Loan, 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) with respect to the Trust. The Significant Obligor relating to the Trust is the Mortgaged Property related to the Dallas Market Center Mortgage Loan.

 

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

 

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

 

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“SMC Guaranty”: The letter agreement dated as of May 1, 2015, by SMC, for the benefit of the Depositor.

 

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

 

“SMF Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May 1, 2015, by and between SMF and the Depositor.

 

“Special Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.07(c) 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”: Midland Loan Services, a Division of PNC Bank, National Association, a national banking association or its successor in interest, or any successor Special Servicer appointed as provided herein.

 

 “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 Mortgage Loan, Serviced Whole Loan or REO Property, any of the Special Servicing Fee, the Workout Fee, and the Liquidation Fee which shall be due to the Special Servicer or any other fee due to the Special Servicer pursuant to Section 3.12 of this Agreement.

 

“Special Servicing Fee”: With respect to each Specially Serviced Loan (other than a Non-Serviced Mortgage Loan) and any REO Property (other than an REO Property related to a Non-Serviced Mortgage 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 such 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 Mortgage Loan, Companion Loan or Whole Loan, as applicable, 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, a rate equal to 0.25% per annum.

 

“Specially Serviced Loan”: Any Mortgage Loan (excluding a Non-Serviced Mortgage Loan) or Serviced Whole Loan (including a related REO Mortgage Loan and, if applicable, an REO Serviced Companion Loan) as to which any of the following events has occurred:

 

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(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 Mortgage 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 Mortgage Loan or Serviced Whole Loan delinquent with respect to the Balloon Payment as to which the related Mortgagor delivered to the Master Servicer or the Special Servicer (and in either such case the Master Servicer or the Special Servicer, as applicable, shall promptly deliver a copy thereof to the other servicer), a refinancing commitment acceptable 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 as due during which the refinancing is scheduled to occur);

 

(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 Controlling Class Representative (unless a Control Termination Event has occurred and is continuing)) materially impairs the value of the related Mortgaged Property as security for the Mortgage Loan or Serviced Whole Loan or otherwise materially adversely affects the interests of Certificateholders in the Mortgage Loan (or, in the case of a Serviced Whole Loan, the interests of the Certificateholders or the related Companion Loan Holder in the Serviced Whole Loan), and (ii) continues unremedied for the applicable grace period under the terms of the Mortgage Loan or Serviced Whole 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 related Mortgage Loan or Serviced Whole 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 Mortgage Loan (or, in the case of any Serviced Whole Loan, the Certificateholders or the related Companion Loan Holder in the Serviced Whole Loan); or

 

(c)          the Master Servicer or Special Servicer (and, in the case of the Special Servicer, with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing)) determines that (i) a default (other than an Acceptable Insurance Default) under the Mortgage Loan or Serviced Whole Loan is reasonably foreseeable, (ii) such default would materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or Serviced Whole Loan or otherwise materially adversely affect the interests of Certificateholders in the Mortgage Loan (or, in the case of a Serviced Whole Loan, the interests of the 

 

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Certificateholders or the related Companion Loan Holders in such Serviced Whole Loan), and (iii) the default is likely to continue unremedied for the applicable cure period under the terms of the Mortgage Loan or Serviced Whole Loan or, if no cure period is specified and the default is capable of being cured, for 30 days (provided that such 30-day grace period does not apply to a default that gives rise to immediate acceleration without application of a grace period under the terms of the Mortgage Loan or Serviced Whole Loan); 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 Controlling Class Representative, unless a Control Termination Event has occurred and is continuing) determines in accordance with the Servicing Standard that the circumstances warrant that the related Mortgage Loan or Serviced Whole 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 shall have received notice of the commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property;

 

provided, however, that a Mortgage Loan or Serviced Whole Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Mortgage Loan or Serviced Whole 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 Mortgage Loan or Serviced Whole 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 Mortgage Loan or Serviced Whole 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);

 

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(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 Mortgage Loan’s becoming a Specially Serviced Loan. If any Mortgage Loan that is part of a Serviced Whole Loan becomes a Specially Serviced Loan, then the related Companion Loan shall also become a Specially Serviced Loan. If the Companion Loan that is included in a Serviced Whole Loan becomes a Specially Serviced Loan, then the related Mortgage Loan that is part of such Serviced Whole Loan shall also become a Specially Serviced Loan.

 

“Sponsor”: Each of GSMC, CGMRC, SMF, Five Mile and CCRE, and their respective successors in interest.

 

“Startup Day”: The day designated as such pursuant to Section 2.11(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) the principal portion of each Monthly Payment due on such Mortgage Loan after the Cut-Off Date (or, in the case of a Qualified Substitute Mortgage Loan, the Due Date in the related month of substitution), if received by the Trust or advanced by the Master Servicer or the Trustee 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 Mortgage Loan for a Distribution Date on or before such date of determination and (iii) any adjustment thereto 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 Mortgage Loan as of the Determination Date for the most recent Distribution Date occurring on or before such date of determination. The Stated Principal Balance of a Serviced Companion Loan (other than an REO Serviced Companion Loan), as of any date of determination, shall equal (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 

 

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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 on or before such date of determination and (iii) any adjustment thereto 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 occurring on or before such date of determination. The Stated Principal Balance of a Mortgage Loan with respect to which title to the related Mortgaged Property has been acquired on behalf of the Trust Fund and/or the related Serviced Companion Loan Holder(s), as applicable, 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 on or before such date of determination. 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(s) 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 on or before such date of determination. 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 is zero. The Stated Principal Balance of a Serviced Whole Loan (including an REO Whole Loan), 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(s) (including any REO Serviced Companion Loan(s)). For purposes of this definition, if remittances are made to any Serviced Companion Loan Holder on any day of the month other than the Distribution Date in such month, then 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.

 

“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 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 

 

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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;

 

(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;

 

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(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 without the Overlapping Fee Interest;

 

(xviii)      whether the Mortgage Loan is secured by a Ground Lease and the Overlapping Fee Interest;

 

(xix)         whether the related Mortgage Loan is a Defeasance Loan; and

 

(xx)          whether such Mortgage Loan is part of any Serviced Whole Loan, in which case the information required by clauses (xiv) and (xv) above shall also be set forth for the Companion Loan in such Serviced Whole Loan; provided that, if there are no Serviced Whole Loans, the information in this clause will not be required to be included on the Supplemental Servicer Schedule.

 

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.

 

“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.

 

“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 

 

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as a percentage, of (a) the Certificate Principal Amount of that Certificate (or, in the case of a Class PEZ Certificate, the portion of the Certificate Principal Amount of the related Class PEZ Component with the same letter designation as such Class PEZ Regular Interest, that is evidenced by the Class PEZ Certificate) to (b) the outstanding 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 Whole Loan, 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 Whole Loan, 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account and the 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 and the SMC Guaranty 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.

 

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“Trust REMIC”: Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”: U.S. Bank National Association, a national banking association, 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.

 

“Underwriters”: Goldman, Sachs & Co., Citigroup Global Markets Inc., Cantor Fitzgerald & Co., 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.

 

“Unscheduled Payments”: With respect to any Distribution Date and the Mortgage Loans (including the Non-Serviced Mortgage Loans and any REO Mortgage Loans), the aggregate of (a) all principal prepayments received on the Mortgage Loans during the applicable Prepayment Period 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 the Trust’s interest in any REO Properties (including any interest in REO Property acquired with respect to any Non-Serviced Whole Loan) during the applicable Prepayment Period, 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. With respect to any Distribution Date and any Serviced Companion Loan, the aggregate of (a) all principal prepayments received on such Serviced Companion Loan during the applicable Prepayment Period 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 

 

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Fund Expenses incurred in connection with the related Companion Loan) and, if applicable, Net REO Proceeds received with respect to such Serviced Companion Loan and the related Companion Loan Holder’s interest in any related REO Property during the applicable Prepayment Period.

 

“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 identity of the Trustee or the Certificate Administrator) shall be entitled “U.S. Bank National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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.

 

“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).

 

“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 and Class S Certificates, (b) 1% in the aggregate to the Class X-A, Class X-B and Class X-D Certificates, allocated among 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 Sequential Pay Certificates or Class PEZ Certificates, a percentage equal to the product of (i) 99% multiplied by (ii) a fraction, the numerator of which is equal to the aggregate outstanding Certificate Principal Amount of such Class and the denominator of which is equal to the aggregate outstanding Certificate Principal Amounts of all Classes of Sequential Pay Certificates and Class PEZ 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 

 

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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 Loan 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.

 

“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.

 

“Whole Loan”: Any of the Dallas Market Center Whole Loan, the Selig Office Portfolio Whole Loan, the Courtyard by Marriott Portfolio Whole Loan and the 170 Broadway Whole Loan (and shall include any respective successor REO Whole Loan).

 

“Withheld Amounts”: As defined in Section 3.23 of this Agreement.

 

“Workout-Delayed Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Whole Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Whole Loan becomes a Corrected Mortgage 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 Mortgage Loan (other than with respect to the Non-Serviced Mortgage Loans) equal to the Workout Fee Rate applied to each collection of interest (other than Default Interest and 

 

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Excess Interest) and principal (other than any amount for which a Liquidation Fee is paid) received on such Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan; provided that no Workout Fee shall be payable by the Trust with respect to a Corrected Mortgage Loan if and to the extent that the Corrected Mortgage 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 related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan is modified by the Special Servicer in accordance with the terms hereof; provided, further that if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan 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 Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, 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 Mortgage Loan shall be reduced by any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to such Mortgage Loan or Serviced Whole Loan 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% with respect to any Corrected Mortgage Loan, 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 any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then-related maturity date (or if the rate in clause (a) above would result 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 related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Mortgage 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 the related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Mortgage Loan through and including the then related maturity date.

 

“Yield Maintenance Charge”: With respect to any Mortgage Loan or Companion Loan, the yield maintenance charge or prepayment premium, if any, payable under the related Note (in the case of a Mortgage Loan) or the related note(s) in favor of the related Companion Loan Holder (in the case of a Companion Loan) in connection with certain prepayments.

 

“YM Groups”: As defined in Section 4.01(c) of this Agreement.

 

“YM Group A”: As defined in Section 4.01(c) of this Agreement.

 

“YM Group B”: As defined in Section 4.01(c) of this Agreement.

 

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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 Certificates 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 Certificates 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 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 (and, in the case of any Non-Serviced Mortgage Loan, subject to any prior allocations under the related Co-Agreement and/or the applicable Other Pooling and Servicing Agreement) 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 Co-Lender Agreement; provided, however, in the absence of such express provisions of the related Loan Documents 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 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 Nonrecoverable Advances and any interest thereon to the extent previously allocated from principal collections with respect to such Mortgage Loan;

 

(iii)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related 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 Loan Rate through and including the end of the related Mortgage Loan interest accrual period in which such collections are 

 

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received by or on behalf of the Trust, 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 or late payment charges then due and owing under such Mortgage Loan;

 

(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 (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)        as a recovery of any Excess Interest then due and owing under such Mortgage Loan;

 

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 

 

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condemnation) if, immediately following such release, the loan-to-value ratio of the related Mortgage Loan or the Serviced Whole Loan 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 Whole Loan in the manner permitted by such REMIC Provisions.

 

(e)           Collections by or on behalf of the Trust in respect of the REO Property for any REO Mortgage Loan (and, in the case of each Non-Serviced Mortgage Loan, subject to any prior or alternative allocations under the related Co-Lender Agreement or the applicable Other Pooling and Servicing Agreement) (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property (and, if applicable, except as expressly set forth in the related Co-Lender Agreement)) shall be deemed allocated for purposes of collecting amounts due under the related 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 Nonrecoverable Advances and any interest thereon to the extent previously allocated from principal collections with respect to the related REO Mortgage Loan;

 

(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 Loan Rate through and including the end of the related Mortgage Loan interest accrual period in which such collections are received by or on behalf of the Trust, 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 the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clauses (v) below or clause (d)(v) above on earlier dates);

 

(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 pursuant to this clause (v) or clause (d)(v) above on earlier dates);

 

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(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, Excess Interest or 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; and

 

(ix)          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 Companion Loans or a Mortgaged Property or REO Property (other than the Trust’s interest in any REO Property acquired with respect to any Non-Serviced Mortgage Loan) (including for purposes of the definition of “Servicing Standard”) 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 Other Pooling and Servicing Agreement related to each Non-Serviced 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 Co-Lender Agreement and the related Non-Serviced Mortgage 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-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D, Class X-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 and Class A-AB Certificates are the only Classes of Certificates (other than the Class X and Class R Certificates) outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A and Class X-B 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 S and Class R 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 

 

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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.

 

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 GS Mortgage Securities Trust 2015-GC30, 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, to the extent related to the foregoing, 7, 11, 12, 13, 14, 16, 17, 18 and 23 of each Loan Purchase Agreement, (iii) the SMC Guaranty, (iv) the Co-Lender Agreements and (v) 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, interest and other amounts due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding any Loan Seller Defeasance Rights and Obligations with respect to the Mortgage Loans). Such assignment of each Mortgage Loan that is part of a Whole Loan is further subject to the terms and conditions of the applicable Other Pooling and 

 

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Servicing Agreement (if any) and each 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 the Custodian (on behalf of the Trustee), on or before the Closing Date, the Mortgage File for each Mortgage Loan, with copies to be delivered, within five (5) Business Days after the Closing Date, to the Master Servicer (other than with respect to the Non-Serviced Mortgage Loans) and the Special 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 the Non-Serviced Mortgage Loans) 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 Non-Serviced Mortgage Loans), 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 Trust (in care of the Master Servicer) that may be required in order for the Master Servicer to draw on such letter of credit on behalf of the Trust in accordance with the applicable terms thereof and/or of the related 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 Trust 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 Trust 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 Trust.

 

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.

 

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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), the Master Servicer and the Special 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.

 

(c)           The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Loan Purchase Agreement that it shall cause AMO to record and file at the related Mortgage Loan Seller’s expense, in the appropriate public office for real property records or UCC financing statements, as appropriate, each related assignment of Mortgage and assignment of Assignment of Leases, in favor of the Trustee 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” and, with respect to any Mortgage Loan to which the Custodian has agreed to record and file such documents, the Custodian shall promptly undertake to record or file any such document upon its receipt thereof. This subsection (c) shall not apply to any Non-Serviced Mortgage Loan because the documents referred to herein have been assigned to an Other 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 the Non-Serviced Mortgage Loans), 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 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 

 

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Leases, the Mortgage Loan Seller shall obtain therefrom and deliver 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 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 to cure such defect, as the case may be, and the Mortgage Loan Seller shall record or file, or cause AMO to record or file, or with respect to any assignments the Custodian has agreed to file as described above, to deliver to the Custodian the substitute or corrected document. The Custodian shall upon receipt from the applicable Mortgage Loan Seller cause the same to be duly recorded or filed, as appropriate.

 

(d)           In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the related Loan Purchase Agreement) to deliver to and deposit (or cause to be delivered and deposited) with the Master Servicer within five (5) Business Days after the Closing Date, (i) 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 (other than the Non-Serviced Mortgage Loans) or the related Serviced Companion Loan, (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) and the Serviced Companion Loans or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans and the Serviced Companion Loans or holders of interests therein and (C) are in the possession or under the control of the applicable Mortgage Loan Seller, together with (ii) all unapplied Escrow Payments and reserve funds in the possession or under the control of the applicable Mortgage Loan Seller that relate to such Mortgage Loans 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; provided, further, that the applicable Mortgage Loan Seller shall not be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations. In addition, attached as Exhibit P to this Agreement is the Supplemental Servicer Schedule. 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 the Serviced Companion Loan, on behalf of and for the benefit of the applicable Companion Loan Holder).

 

(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.

 

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(f)           The Custodian with respect to the Serviced Whole Loans, shall also hold the related Mortgage File for the use and benefit of the Companion Loan Holders.

 

(g)           The parties to this Agreement acknowledge and agree, with respect to each Mortgage Loan that is part of a Serviced Whole Loan and each Non-Serviced Mortgage Loan, that the Trust assumes the obligations and rights of the holder of such Mortgage Loan under the respective Co-Lender Agreement and any applicable Other Pooling and Servicing Agreement.

 

(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, directly or 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 (to the extent such documents constituting the Mortgage Files are actually delivered to the Trustee or Custodian) and (ii) all other assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse claim, and declares that it or the Custodian on its behalf holds and will hold such documents and any other documents subsequently received by it that constitute portions of the Mortgage Files, and that the Custodian on behalf of the Trustee holds and will hold the Mortgage Loans and such other assets, 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 Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Whole Loan, the Custodian shall also hold the portion of such Mortgage File that relates to the Companion Loan in such Serviced Whole Loan in trust for the use and benefit of the related 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 or the possession of the Custodian on its behalf, and (ii) the original Note (or, if accompanied by a lost note affidavit, the copy of such Note) received by it or the Custodian with respect to such Mortgage Loan has been reviewed by it or by the Custodian on its behalf 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 material 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 

 

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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 Whole Loan, to the related 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): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect to the Non-Serviced Mortgage Loans), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Whole Loan) 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 this Agreement has been completed (based solely on receipt by the Custodian of the particular recorded/filed documents); (iii) all documents received by it or the Custodian with respect to such Mortgage Loan have been reviewed by it or the Custodian on its behalf 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. 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 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 the Non-Serviced Mortgage Loans), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Whole Loan) 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.

 

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(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 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).

 

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 Companion Loan Holder (if applicable) and, subject to Section 11.13 of this Agreement, each of the Rating Agencies (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 Material Breach (including through a written notice given by the Master Servicer or the Special Servicer, as provided above), the Trustee shall require the applicable Mortgage Loan Seller (with, in the case of the Mortgage Loans sold to the Depositor by SMF, simultaneous notice to SMC, as guarantor of certain of SMF’s obligations under the SMF Loan Purchase Agreement, pursuant to the SMC Guaranty), 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), to cure the same in all material respects (which cure shall include payment of losses and any Additional Trust Fund Expenses 

 

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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 (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust’s interest therein with respect to any Mortgage Loan that is part of a Whole 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 later than 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 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 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 

 

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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.

 

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 Companion Loan Holder (if applicable) and, subject to Section 11.13 of this Agreement, each of the Rating Agencies (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 unless it is the party that notified the Special Servicer thereof, the Certificate Administrator and the Trustee.

 

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 “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, (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 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 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 GS Mortgage Securities Trust 2015-GC30 Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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 

 

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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 15Ga-1 Notice pursuant to this Section 2.03(a) (a “15Ga-1 Notice Provider”) shall be required to provide any information in a 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each Loan Purchase Agreement will provide that (i) any 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 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(a) by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right the 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 15Ga-1 Notice.

 

On or before the Closing Date, the Depositor shall deliver to the Master Servicer a copy of each Loan Purchase Agreement and the SMC Guaranty, which the Master Servicer shall provide to each Sub-Servicer.

 

With respect to each Non-Serviced Mortgage Loan, the parties to this Agreement agree that if a “material document defect” exists with respect to a Non-Serviced Companion Loan under the Other Pooling and Servicing Agreement and the related Mortgage Loan Seller (or other responsible repurchasing entity) repurchases the related Companion Loan pursuant to the Other Pooling and Servicing Agreement, such Mortgage Loan Seller shall also repurchase such Non-Serviced Mortgage Loan; provided, however, that such repurchase obligation does not apply to any “material document defect” related solely to the promissory note for such Companion Loan.

 

(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 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.

 

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(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 Mortgage Loan Seller, upon delivery to each of them of a receipt executed by the applicable Mortgage Loan Seller evidencing such repurchase or substitution, all portions of the Mortgage File and other documents (including, without limitation, the Servicing File), and all escrows 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 (and such receipt shall be deemed to be the Master Servicer’s direction to the Trustee and the Custodian to) 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 the Non-Serviced Mortgage Loans) 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.

 

(d)           The related Loan Purchase Agreement and, as applicable, the SMC Guaranty provide 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. For purposes of this Agreement, the purchase or replacement by SMC pursuant to the SMC Guaranty of any Mortgage Loan for which SMF is the related Mortgage Loan Seller shall be deemed a purchase or replacement by SMF.

 

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 Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor 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 

 

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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 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 certificate of incorporation or by-laws 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;

 

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(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 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 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 Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Whole Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the 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 the Depositor, the Special Servicer, the Operating Advisor 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 

 

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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 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 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 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 

 

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been completed and except for consents, approvals, authorizations, orders, filings or registrations which are not required in order for the Master Servicer to enter into this Agreement but may be required (and if so required, will be obtained) in connection with the Master 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 or Serviced Whole Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder and the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

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 and the Master Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing Date, that:

 

(i)            The Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America, and the Special Servicer is in compliance with the laws of each 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 violate the Special 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 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;

 

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(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 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 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 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 

 

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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 to the Depositor, for the benefit of the Certificateholders and the Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing Date, that:

 

(i)            The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America; 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;

 

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(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 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

 

(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 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 Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Whole Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the 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 Depositor, for the benefit of the Certificateholders and the Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Trustee, 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 

 

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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 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 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 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 Companion Loan Holder, the Master Servicer, the Special Servicer or the Certificate 

 

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Administrator in any Mortgage Loan or Serviced Whole Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the 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 Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)            The Operating Advisor is a corporation, duly organized, validly existing and in good standing under the laws of the State of Georgia; and the Operating Advisor is in compliance with the laws of the jurisdiction in which each 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 

 

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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 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 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 Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Whole Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.10     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests.

 

(a)           The Trustee 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 and, concurrently with such delivery, (i) the Trustee acknowledges and hereby declares that it holds the Mortgage Loans (excluding Excess Interest) for the benefit of the Holders of the Class R Certificates (in respect of the Lower-Tier Residual Interest) and the Lower-Tier REMIC, (ii) the Certificate Administrator acknowledges the issuance of the Lower-Tier Regular Interests and the Lower-Tier Residual Interest in exchange for the assets of the Lower-Tier REMIC, (iii) 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 the Trustee acknowledges and hereby declares that it holds the same on behalf of the Holders of the Certificates (other than the Class S Certificates) and the Upper-Tier REMIC, and (iv) the Certificate Administrator acknowledges that it has executed and caused to be authenticated and delivered to and upon the order of the Depositor, (A) in exchange for the assets of the Upper-Tier REMIC, the Regular 

 

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Certificates, the Class PEZ Regular Interests and the Upper-Tier Residual Interest, evidencing ownership of the Upper-Tier REMIC, and (B) 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.

 

(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, (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 and (iii) has caused the Certificate Administrator to execute, and has caused the Authenticating Agent to authenticate and deliver to or upon the order of the Depositor, in exchange for the Class PEZ Regular Interests, and the Depositor hereby acknowledges the receipt by it or its designees of the Exchangeable Certificates in authorized Denominations.

 

(c)           The Trustee acknowledges the assignment of the Excess Interest to the Grantor Trust. The Certificate Administrator acknowledges that it has executed and caused to be authenticated and delivered to and upon the order of the Depositor the Class S Certificates in exchange for the Excess Interest. Accordingly, the Class S Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the Excess Interest Distribution Account and proceeds thereof, which portions shall be treated as part of a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.

 

Section 2.11     Miscellaneous REMIC and Grantor Trust Provisions.

 

(a)           The Class LA-1, Class LA-2, Class LA-3, Class LA-4, 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).

 

(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 

 

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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 or 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 Class A-S, Class B, Class C, Class PEZ and Class S 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 Class S Specific 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.

 

(a)           The Master Servicer (with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the Serviced Whole Loans that are not Specially 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 Non-Serviced Mortgage Loans, which will be serviced pursuant to the applicable Other Pooling and 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 Whole Loan, for the benefit of the Certificateholders and the related Companion Loan Holder(s) as a collective whole as if such Certificateholders and Companion Loan Holder(s) constituted a single lender, subject to the terms and conditions of the Co-Lender Agreements) 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 Mortgage Loans or Serviced Whole Loans and, in the case of the Serviced Whole Loans, the related Co-Lender Agreements; 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 the Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Loans (other than the Non-Serviced Mortgage 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 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 

 

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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 Whole Loan, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Holder(s) constituted a single lender, subject to the terms and conditions of the Co-Lender Agreements), including, without limitation, with respect to each Mortgage Loan and Serviced Companion Loan, (A) to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion Loan Holders, the Trustee, the Certificate Administrator and the Custodian 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 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 Loans (and related Serviced Companion Loans) and the Mortgaged Properties; and (B) to direct, manage, prosecute and/or defend any action, suit or proceeding of any kind filed in the name of the Master Servicer or the Special Servicer in their respective capacity on behalf of the Trustee or the Trust, subject to clause (i) of the following paragraph. 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 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 Non-Serviced Mortgage Loans) and the Companion Loans in accordance with applicable law and the terms hereof, the related Loan Documents and the Co-Lender 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 the Special Servicer any powers of attorney substantially in the form of Exhibit AA 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 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 the 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 Subservicer 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 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 

 

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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 Subservicer shall indemnify the Trustee for any and all costs, losses, liabilities and expenses (including reasonable legal fees 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, including the reasonable legal costs or expenses incurred by the Trustee in bringing any type of suit or action against the Master Servicer or Special Servicer, as applicable, in a court of law or in any other forum in connection with such negligent or willful misuse of such power of attorney.

 

(b)           Unless otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment received on a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Companion 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 Mortgage Loan or Serviced Companion Loan being defeased pursuant to its terms to the principal balance of and interest on such Mortgage Loan or Serviced Companion Loan as of the Due Date immediately following the receipt of such amounts. If with respect to any Mortgage Loan (or Serviced Whole Loan) the related Loan Documents permit the lender, at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole 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 Mortgage Loan (or Serviced Whole Loan); provided that any such amounts may be used, if permitted under the related Loan Documents, to defease the related Mortgage Loan (or Serviced Whole Loan) or, upon an event of default under the related Mortgage Loan (or Serviced Whole Loan), to prepay the Mortgage Loan (or Serviced Whole Loan).

 

(c)           The Master Servicer may enter into Sub-Servicing Agreements with third parties 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) 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; and (v) the Master Servicer shall notify the applicable Mortgage Loan Seller of any such agreement. 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 

 

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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.

 

Any Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans and/or Serviced Whole Loan 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 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 Whole Loan 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 Companion Loan Holders, including: (i) with respect to the allocation of collections on or in respect of such Serviced Whole Loan, and the making of remittances, to the Trust, as holder of the related Mortgage Loan, and to the related Companion Loan Holder; (ii) with respect to the 

 

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allocation of expenses and losses relating to such Whole Loan to the Trust, as holder of the related Mortgage Loan, and to the related Companion Loan Holder and (iii) the consultation rights of the related Companion Loan Holder or its Companion Loan Holder Representative. With respect to any Serviced Whole Loan, the Master Servicer (if such Serviced Whole Loan is a non-Specially Serviced Loan) or the Special Servicer (if such Serviced Whole Loan has become a Specially Serviced Loan or the related Mortgaged Property has been converted to an REO Property) shall (i) prepare and provide to such Companion Loan Holder all notices, reports, statements and communications to be delivered by the holder of the related Mortgage Loan under the related Co-Lender Agreement; and (ii) 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 and/or as set forth herein. All provisions required to be included herein by the related Co-Lender Agreement are deemed included. In the event of any conflict between this Agreement and a Co-Lender Agreement, the terms of such Co-Lender Agreement shall control with respect to the related Serviced Whole Loan.

 

(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 Whole Loan 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 Whole Loan. If pursuant to the foregoing sentence, the Master Servicer or the Trustee does not intend to make a Property Advance with respect to a Serviced Whole Loan that the Master Servicer or the Trustee would have made if the related Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer or the Trustee, as the case may be, shall promptly notify the holder of the related 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 Whole Loan is removed from the Trust Fund, the Master Servicer or the Trustee, as the case may be, shall deliver to the related Companion Loan Holder (or the master servicer of any securitization of the related 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 obligations and responsibilities, if any, hereunder and the Master Servicer’s authority, if any, with respect to each Non-Serviced Mortgage Loan and each Non-Serviced Companion Loan related to each Non-Serviced Mortgage Loan are limited by and subject to the terms of each Co-Lender Agreement and this Agreement and the rights of an Other Master Servicer and an Other Special Servicer with respect thereto under the applicable Other Pooling and Servicing Agreement. The Master Servicer further recognizes the respective rights and obligations of an Other Trustee and/or the Companion Loan Holders (or the representatives thereof) under each respective Co-Lender Agreement including with respect to (i) the allocation of collections on or in respect of a Non-

 

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Serviced Whole Loan in accordance with the related Co-Lender Agreement, (ii) the purchase of a Non-Serviced Whole Loan or related Non-Serviced Mortgage Loan by the related Non-Serviced Companion Loan Holder or their designees in accordance with the respective Co-Lender Agreement to the extent provided therein and (iii) any cure rights that a Non-Serviced Companion Loan Holder may exercise, if applicable, in accordance with the related Co-Lender Agreement. The Trustee shall cooperate with the Master Servicer in connection with the enforcement of the rights of the Trustee on behalf of the Trust (as holder of each Non-Serviced Mortgage Loan) under each related Co-Lender Agreement and each applicable Other Pooling and Servicing Agreement. The Master Servicer (under the power of attorney granted by the Trustee) shall take such actions as it shall deem reasonably necessary to facilitate servicing of each Non-Serviced Companion Loan by the related Other Master Servicer and Other 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 File to the related Other Master Servicer or Other Special Servicer under the related applicable Other Pooling and Servicing Agreement.

 

None of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee shall have any obligation or authority to supervise any Other Master Servicer, any Other Special Servicer, any Other Operating Advisor, any Other Certificate Administrator, any Other Trustee or any other party to the applicable Other Pooling and Servicing Agreement or to make Property Advances with respect to any of the Non-Serviced Mortgage Loans or a Non-Serviced Companion Loan related to the Non-Serviced Mortgage Loans. The obligation of the Master Servicer to provide information to the Certificate Administrator, the Trustee or any other Person with respect to each Non-Serviced Mortgage Loan and any Non-Serviced Companion Loan related to each Non-Serviced Mortgage Loan is dependent on their receipt of the corresponding information from an Other Master Servicer or an Other Special Servicer, as applicable.

 

(h)           The parties hereto acknowledge that each Non-Serviced Whole Loan 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 Non-Serviced Mortgage Loan and Non-Serviced Companion Loan are to be serviced and administered by an Other Master Servicer and Other Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement, and (ii) in the event that the applicable Non-Serviced Companion Loan is no longer part of the trust fund created by the applicable Other Pooling and Servicing Agreement and the related Non-Serviced Mortgage Loan remains an asset of the Trust Fund, then, as set forth in the related Co-Lender Agreement, the related Whole Loan shall be serviced in accordance with the applicable provisions of the applicable Other Pooling and Servicing Agreement as if such agreement was still in full force and effect with respect to the related Whole Loan, 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 Non-Serviced Mortgage Loan.

 

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(i)           The parties hereto recognize the respective rights and obligations of the “Initial Note Holders” and “Note Holders” under the Co-Lender Agreements for such Non-Serviced Mortgage Loans, including with respect to the allocation of collections and losses on or in respect of such Non-Serviced Mortgage Loans and the related Non-Serviced Companion Loans and the making of payments to the “Initial Note Holders” and “Note Holders” in accordance with each such Co-Lender Agreement and the applicable Other Pooling and Servicing Agreement. Although each Non-Serviced Mortgage Loan is not serviced and administered hereunder, the Master Servicer for each such Non-Serviced Mortgage Loan shall have certain duties as set forth herein and shall constitute the “Master Servicer” hereunder with respect to each such Non-Serviced Mortgage Loan.

 

If there are at any time amounts due from the Trust, as holder of each Non-Serviced Mortgage Loan, to any party under the related Co-Lender Agreement or the applicable Other Pooling and Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account. If the Master Servicer or the Special Servicer receives a request from a party to the applicable Other Pooling and Servicing Agreement related to the Non-Serviced Mortgage Loans to consent to a modification, waiver or amendment of, or other loan-level action related to, such Non-Serviced Mortgage Loan (and a modification, waiver or amendment of the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement shall not be subject to the operation of this sentence but shall instead be subject to the operation of the second succeeding sentence), then the Master Servicer shall promptly forward any such request it receives to the Special Servicer and the Special Servicer shall promptly deliver a copy of such request it receives (from the Master Servicer or directly from a party to the applicable Other Pooling and Servicing Agreement) to the Controlling Class Representative (if no Control Termination Event has occurred and is continuing) and the Controlling Class Representative shall exercise any right of consent; provided, however, that, if such Non-Serviced Mortgage Loan were serviced hereunder and such action would not be permitted without Rating Agency Confirmation, then the Controlling Class Representative shall not exercise such right of consent without first having received such Rating Agency Confirmation (payable at the expense of the party requesting such approval, if a Certificateholder or a party to this Agreement, and otherwise from the Collection Account). If a Responsible Officer of the Trustee receives actual notice of a termination event under the applicable Other Pooling and Servicing Agreement, then the Trustee shall notify the Master Servicer, the Special Servicer and the Controlling Class Representative (in writing), and the Master Servicer and the Special 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 Other Pooling and Servicing Agreement with respect to such termination event (provided that the Master Servicer and the Special Servicer shall only be required to comply with such instructions if such instructions are in accordance with the applicable Other Pooling and 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 Other Pooling and Servicing Agreement) or if the Master Servicer is not permitted by the applicable Other Pooling and Servicing Agreement to follow such instructions or if a Control Termination Event has occurred, then the Master Servicer shall take such action or inaction (to the extent permitted by the applicable Other 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 Master Servicer by the Certificate Administrator) within a 

 

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reasonable period of time that does not exceed such response time as is afforded under the applicable Other Pooling and Servicing Agreement. If the Trustee receives a written request from any party to the applicable Other Pooling and Servicing Agreement for consent to or approval of a modification, waiver or amendment of the applicable Other Pooling and 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 Other Pooling and Servicing Agreement in effect as of the Closing Date or a change in servicer under the applicable Other Pooling and Servicing Agreement, then the Trustee (if it shall have received a prior Rating Agency Confirmation from each Rating Agency (at the expense of the party requesting such approval of the Trustee, if a Certificateholder or a party to this Agreement and otherwise from the Collection Account) with respect to such consent or approval) shall grant such consent or approval; provided that unless a Control Termination Event has occurred and is continuing, the Trustee shall obtain the consent of the Controlling Class Representative prior to granting any such consent. The Trustee shall not take any action and shall not be liable for failing to take any action except upon obtaining such consent and direction. During the continuation of any termination event under the applicable Other Pooling and Servicing Agreement, each of the Trustee, 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). The reasonable costs and expenses incurred by the Master Servicer, Special Servicer or the Trustee in connection with such enforcement shall be paid by the Master Servicer out of the Collection Account as a Servicing Advance. The Trustee and the Master Servicer shall each promptly forward all material notices or other communications delivered to it in connection with the applicable Other Pooling and Servicing Agreement to the other such party, the Depositor and (prior to the occurrence of a Control Termination Event) the Controlling 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-Serviced Mortgage Loan were a Mortgage Loan that is serviced and administered under this Agreement, to the Depositor (who shall promptly post such notice to the Depositor’s website in accordance with Section 11.13) and, in accordance with Section 11.13, the Rating Agencies. Any obligation of the Master Servicer, if any, to provide information and collections to the Trustee, the Certificate Administrator, the Controlling Class Representative and the Certificateholders with respect to any Non-Serviced Mortgage Loan shall be dependent on its receipt of the corresponding information and collections from an Other Master Servicer or an Other Special Servicer. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate with the Controlling Class Representative to facilitate the exercise by the Controlling Class Representative of any consent, approval or consultation rights set forth in this Section 3.01(i); provided, however, the Trustee, the Certificate Administrator, the Master Servicer and Special Servicer shall have no right or 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 the Non-Serviced Mortgage Loans, the parties to this Agreement agree as follows:

 

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(i)            pursuant to the applicable Other Pooling and Servicing Agreement, an Other Master Servicer is obligated to make “Property Advances” and incur “Additional Trust Fund Expenses” (each as defined in the applicable Other Pooling and Servicing Agreement) with respect to each Non-Serviced Mortgage Loan; the Trust shall be responsible for its pro rata share of any “Nonrecoverable Property Advances” (and advance interest thereon) and any “Additional Trust Fund Expenses” (each as defined in the applicable Other Pooling and Servicing Agreement), but only to the extent that they relate to servicing and administration of the Non-Serviced Mortgage Loans, including without limitation, any unpaid “Special Servicing Fees”, “Liquidation Fees” and “Workout Fees” (each as defined in the applicable Other Pooling and Servicing Agreement) relating to the Non-Serviced Mortgage Loans; and in the event that the funds received with respect to each Non-Serviced Whole Loan are insufficient to cover “Servicing Advances” or “Additional Trust Fund Expenses” (each as defined in the applicable Other Pooling and Servicing Agreement), (i) the Master Servicer shall, promptly following notice from an Other Master Servicer, reimburse an Other Master Servicer, an Other Special Servicer, an Other Certificate Administrator or an Other Trustee, as applicable (such reimbursement, to the extent owed to an Other Special Servicer, an Other Certificate Administrator or an Other Trustee, may be paid by the Master Servicer to an Other Master Servicer, who shall pay such amounts to an Other Special Servicer, an Other Certificate Administrator or an Other Trustee, as applicable), out of general funds in the Collection Account for the Trust’s pro rata share of any such “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (each as defined in the applicable Other Pooling and Servicing Agreement), and (ii) if the applicable Other Pooling and Servicing Agreement permits an Other Master Servicer, an Other Special Servicer, an Other Certificate Administrator or an Other Trustee to reimburse itself from an Other Trust’s general account, then the parties to this Agreement hereby acknowledge and agree that an Other Master Servicer, an Other Special Servicer, an Other Certificate Administrator or an Other Trustee, as applicable, may do so and the Master Servicer shall be required to, promptly following notice from an Other Master Servicer, reimburse an Other Trust out of general funds in the Collection Account for the Trust’s pro rata share of any such “Nonrecoverable Servicing Advances” and/or “Additional Trust Fund Expenses” (each as defined in the applicable Other Pooling and Servicing Agreement) specifically related to the subject Non-Serviced Mortgage Loan;

 

(ii)           each of the parties to the applicable Other Pooling and Servicing Agreement shall be indemnified with respect to losses, costs and expenses relating to a Non-Serviced Mortgage Loan as and to the same extent the applicable Other Trust is required to indemnify each of such Persons in respect of other mortgage loans in an Other Trust pursuant to the terms of Other Pooling and Servicing Agreement by the Trust to the extent of the Trust’s pro rata share of such Indemnified Items, and to the extent amounts on deposit in the “Serviced Whole Loan Custodial Account” (as defined in the applicable Other Pooling and Servicing Agreement) are insufficient for reimbursement of such amounts, the Master Servicer shall, promptly following notice from an Other Master Servicer, reimburse each of such applicable Persons for the Trust’s pro rata share of the insufficiency out of general funds in the Collection Account;

 

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(iii)          in the event of a conflict between the provisions of this Agreement and the related Co-Lender Agreement, the related Co-Lender Agreement shall prevail, provided that in no event shall the Master Servicer or the Special Servicer, as the case may be, take action or omit to take action in accordance with the terms of the Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer to violate the Servicing Standard or REMIC Provisions; and

 

(iv)          the Other Master Servicer, Other Special Servicer and Other Trust shall be third party beneficiaries of this Section 3.01(j).

 

(k)           To the extent required under the 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.

 

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 with respect to the primary servicing of any Non-Serviced Mortgage Loans) and the Serviced Companion Loans 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 with respect to the primary servicing of any Non-Serviced Mortgage Loans) and the Serviced Companion Loans. 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 non-Specially 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 Mortgage Loans (excluding the Non-Serviced Mortgage Loans) and the Serviced Companion Loan it is obligated to service hereunder (including Special Servicing Fees, Workout Fees, Liquidation Fees (in the case of Specially Serviced Loans 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 each ARD Loan, so long as the related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the applicable 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 

 

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Maturity Date of the related ARD Loan or until the outstanding principal balance of such ARD 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 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 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 3.06A 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 Mortgage Loans (other than Non-Serviced Mortgage Loans) other than Specially Serviced Loans, and 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 non-Specially 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 or 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 and the Serviced Companion Loans as are permitted or required under this Section 3.03.

 

(b)           In the event that the Master Servicer or the applicable Special Servicer receives Excess Interest and is aware that it has received Excess Interest on or prior to the Determination Date for any Distribution Date, or receives notice from the related Mortgagor that the Master Servicer or such Special Servicer will be receiving Excess Interest on or prior to the Determination Date for any Distribution Date, the Master Servicer or such Special Servicer, as the case may be, shall notify the Certificate Administrator no later than two Business Days prior to such Distribution Date in the CREFC® Loan Periodic Update File. None of the Master Servicer, the applicable 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)           The Certificate Administrator shall deliver to an Other Depositor, an Other Trustee, an Other Certificate Administrator, an Other Special Servicer, an Other Master Servicer and an Other 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 Trust is the holder of such Non-Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of such Non-Serviced Mortgage Loan under the related Co-Lender Agreement and the applicable Other Pooling and Servicing Agreement (which notice shall also provide contact information for the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the party designated to exercise the rights of the “Non-Controlling Note Holder” under each Co-Lender Agreement (to the extent the Certificate Administrator has received notice of the relevant contact information)), accompanied by a statement that a copy of an executed version of this Agreement 

 

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is available upon request, and (B) notice of any subsequent change in the identity of the Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note Holder” under each Co-Lender Agreement (together with the relevant contact information (to the extent the Certificate Administrator has received notice of such event and the relevant contact information)). The Master Servicer shall, within two (2) Business Days of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect to each Non-Serviced Mortgage Loan, the Mortgaged Property related to each Non-Serviced Mortgage Loan or any related REO Property.

 

(d)           With respect to each Non-Serviced Mortgage Loan, if the Master Servicer does not receive from an Other Master Servicer any Monthly Payment or other amounts known by the Master Servicer to be owing on each Non-Serviced Mortgage Loan in accordance with the terms of the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall provide notice of such failure to an Other Master Servicer, an Other Trustee and an Other Certificate Administrator.

 

Section 3.04     Collection of Taxes, Assessments and Similar Items; Escrow Accounts.

 

(a)           With respect to each Mortgaged Property securing a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole 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 Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole 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 Non-Serviced Mortgage Loans) 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 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 the Non-Serviced Mortgage Loans) 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 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 would remediate any adverse environmental condition or circumstance at the related Mortgaged 

 

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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 Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Companion Loan Holder(s) constituted a single lender). 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 Whole Loan 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, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, the 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 Whole Loan, as applicable;

 

(ii)           to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Whole Loan, 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 Whole Loan, as applicable, and the Servicing Standard;

 

(iv)          to clear and terminate such Escrow Account upon the termination of this Agreement;

 

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(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 Whole Loan, 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 Mortgage Loan (other than the Non-Serviced Mortgage Loans) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole 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 Whole Loan as of the date required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the 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 and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. As and when required under this Agreement, the Master Servicer shall transfer to the Collection Account any amounts to be transferred thereto from a Serviced Whole Loan Custodial Account as contemplated by Section 3.06A(a)(i) of this Agreement. In addition, the Master Servicer shall deposit or cause to be deposited in the Collection Account within two (2) Business Days following receipt of properly identified funds the following payments and collections received or made by it on or 

 

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with respect to the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan):

 

(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)          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 the Collection Account;

 

(v)            all Net REO Proceeds withdrawn from an REO Account pursuant to Section 3.16(b) of this Agreement and 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 the Special Servicer, including pursuant to Section 2.03 of this Agreement.

 

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 the 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 Penalty Charges and 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 

 

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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, the Trustee 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) above with respect to a Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan), 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 any Mortgage Loan related to a Serviced Whole Loan) 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, in trust for the benefit of the Certificateholders. Each of the Distribution Accounts 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 for the benefit of the Certificateholders. The Excess Liquidation Proceeds Reserve Account 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. Funds in the Excess Liquidation Proceeds Reserve Account may be invested by the Certificate Administrator in Permitted Investments in accordance with the provisions of Section 3.07 of this Agreement.

 

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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)           Prior to any Determination Date for the first Prepayment Period during which Excess Interest is received on any ARD Loan, and upon notification from the Master Servicer or the applicable Special Servicer pursuant to Section 3.03(a) of this Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name of the Certificate Administrator for the benefit of the Class S Certificateholders. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior to the applicable Distribution Date, the Master Servicer shall withdraw from the Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest received prior to the Determination Date for the applicable Prepayment Period. Funds in the Excess Interest Distribution Account may be invested by the Certificate Administrator in Permitted Investments in accordance with the provisions of Section 3.07 of this Agreement.

 

The Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the extent required to make the distributions of Excess Interest required by Section 4.01(k) of this Agreement.

 

Following the distribution of Excess Interest to Class S Certificateholders on the first Distribution Date after which there are no longer any ARD Loans outstanding, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(e)           The Certificate Administrator shall establish and maintain the Exchangeable Distribution Account in its own name on behalf of the Trustee, for the benefit of the Holders of the Exchangeable Certificates. The Exchangeable Distribution Account 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.

 

(f)           Notwithstanding anything to the contrary herein, each 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. For the avoidance of doubt, the Collection Account, the Lower-Tier Distribution Account, the Excess Liquidation Proceeds Account and the Interest Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier 

 

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REMIC, the Upper-Tier Distribution Account (including interest, if any, earned on the investor of funds in such account) will be owned by the Upper-Tier REMIC and the Excess Interest Distribution Account and the Exchangeable Distribution Account (including interest, if any, earned on the investment in such accounts) will be owned by the Grantor Trust for the benefit of the Holders of the Class S Certificates and the Exchangeable Certificates, respectively, each for federal income tax purposes.

 

Section 3.05A.     Serviced Whole Loan Custodial Account.

 

(a)           The Master Servicer shall establish and maintain, with respect to each Serviced Whole Loan, one or more separate accounts, which may be sub-accounts of a single account (with respect to each Serviced Whole Loan, the “Serviced Whole Loan Custodial Account”) in which the amounts described in clauses (i) through (vii) 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 Companion Loan Holder, as their interests may appear; provided that a Serviced Whole Loan Custodial Account may be a sub-account of the Collection Account or another Serviced Whole Loan Custodial Account (but shall be deemed to be a separate account for purposes of applying the terms of this Agreement). Each of the Serviced Whole Loan 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 Serviced Whole Loan Custodial Account, within two Business Days following receipt (or, in the case of payments by the Master Servicer, when otherwise required to be so deposited under this Agreement) of properly identified funds, the following payments and collections received or made by it on or with respect to the Serviced Whole Loan:

 

(i)            all payments on account of principal on the related Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)           all payments on account of interest on the related Serviced Whole Loan;

 

(iii)          all Yield Maintenance Charges on the related Serviced Whole Loan;

 

(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 Serviced Whole Loan Custodial Account;

 

(v)           all Net REO Proceeds withdrawn from an REO Account pursuant to Section 3.16(b) of this Agreement and all Net Insurance Proceeds, Net Condemnation Proceeds and Net Liquidation Proceeds with respect to the related Serviced Whole Loan;

 

(vi)         any amounts received from the Mortgagor under the related Serviced Whole Loan 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

 

(vii)        any other amounts required by the provisions of this Agreement to be deposited into such Serviced Whole Loan Custodial Account by the Master Servicer or the Special Servicer, including any recovery of any Unliquidated Advances.

 

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(b)           The foregoing requirements for deposits in each Serviced Whole Loan 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 Serviced Whole Loan 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 Whole 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 the 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 Penalty Charges and Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Serviced Whole Loan into the related Serviced Whole Loan 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 Serviced Whole Loan Custodial Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Serviced Whole Loan Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate Administrator, the Trustee, the related Companion Loan Holders and the Special Servicer of the location and account number of each Serviced Whole Loan Custodial Account and shall notify the Certificate Administrator, the Trustee, the related Companion Loan Holder and the Special Servicer in writing of any subsequent change thereof. Each Serviced Whole Loan 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 (vii) of Section 3.05A(a) with respect to a Serviced Whole Loan, 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 Serviced Whole Loan 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 Whole Loan 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 

 

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related Serviced Whole Loan 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), 3.23, 4.01(a)(i) and Section 4.06(a) of this Agreement, respectively;

 

(ii)          to pay or reimburse the Master Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Whole Loan (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 of the particular item which was the subject of the related Advance, Penalty Charges, Condemnation Proceeds, REO Proceeds, Insurance Proceeds and 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 pursuant to Section 3.14 of this Agreement, 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 pursuant to Section 3.14 of this Agreement 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 Whole Loan 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 Whole Loan or REO Property after a Final Recovery Determination to the extent not recovered from the 

 

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related Serviced Whole Loan 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 Whole Loan, 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 the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual Period, the Special Servicing Fee (if any) in respect of the immediately preceding Interest Accrual Period, and any Special Servicing Compensation (if any) in respect of the immediately preceding Prepayment Period, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan, and, in the case of the Special Servicing Fee, from general collections, 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; provided, however, that in the case of any Mortgage Loan or REO Property related to a Serviced Whole Loan, (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 Serviced Whole Loan 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 Serviced Whole Loan Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement;

 

(iv)           in accordance with Section 2.03 of this Agreement, to reimburse itself, the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related REO Properties (including with respect to the Non-Serviced Mortgage Loans) for any unreimbursed expense reasonably incurred by itself, the Trustee or the Special 

 

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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 from the time such expense was incurred to, but excluding, the date such expense was reimbursed, but only to the extent that such expenses are not otherwise reimbursable, each such Person’s right to reimbursement pursuant to this clause (iv) with respect to any Mortgage Loan being subject to the following: (A) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause (f) of the definition of Purchase Price and (B) if no Purchase Price is paid or if an amount less than the Purchase Price is paid (so that the amounts described in the foregoing clause (A) are insufficient) and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan Purchase Agreement, then such Person shall be entitled to reimbursement from the Trust following the conclusion of such enforcement action;

 

(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 Whole Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related to such Serviced Whole Loan 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 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 Servicing Fees in respect of a Mortgage Loan (but only if the 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 not with respect to Non-Serviced Mortgage Loans, and only to the extent such Operating Advisor 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, the second sentence of Section 3.12(a), the third sentence of 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 Whole Loan, such expenses shall first be 

 

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reimbursed pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to such Serviced Whole Loan and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in 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, or Property Advance or Advance Interest Amount thereon with respect to a Serviced Whole Loan that represents a related Companion Loan’s allocable share of such cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon, the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Companion Loan, the “Trust Reimbursement Amount No.1”) collected from or on behalf of the related 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 an Other Master Servicer, Other Special Servicer, an Other Certificate Administrator or Other Trustee, as applicable, by the holders of each Non-Serviced Mortgage Loan pursuant to each 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)-(x) above.

 

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 

 

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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.

 

The Master Servicer shall pay to, subject to Section 3.01(j)(i), an Other Master Servicer, an Other Special Servicer, an Other Certificate Administrator or an Other Trustee, as applicable, from the Collection Account on each Master Servicer Remittance Date amounts permitted to be paid to such Other Master Servicer, such Other Special Servicer, such Other Certificate Administrator or such Other Trustee, as applicable, therefrom based upon an Officer’s Certificate received from such Other Master Servicer, such Other Special Servicer, such Other Certificate Administrator or such Other Trustee, as applicable, as of the first Business Day following the immediately preceding Determination Date, describing the item and amount to which such Other Master Servicer, such Other Special Servicer, such Other Certificate Administrator or such Other 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 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 to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator 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 the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess Interest Distribution 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. 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 Interest Reserve Account, the Excess Interest Distribution 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, 

 

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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 email sent to NoticeAdmin@midlandls.com (or such alternative email address provided by the Master Servicer to the Certificate Administrator in writing) and by facsimile transmission sent to telecopy number (913) 253-9001 (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 from and including the applicable required remittance date to, but not including, the date until such late payment is received by the Certificate Administrator.

 

Section 3.06A.     Permitted Withdrawals from the Serviced Whole Loan Custodial Account.

 

(a)            The Master Servicer may make withdrawals from the Serviced Whole Loan Custodial Account for each Serviced Whole Loan 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)            after the Determination Date, and (1) 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 Whole Loan, 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), to transfer to the Collection Account all amounts on deposit in the Serviced Whole Loan 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 (2) 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 Whole Loan, if such funds are received after the Determination Date and before the Distribution Date in any calendar month), to remit to each related Companion Loan Holder all amounts on deposit in the Serviced Whole Loan Custodial Account payable to such Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related 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 Whole Loan 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 Companion Loan Holders) of the particular item which was the subject of the related 

 

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Advance, Penalty Charges, Condemnation Proceeds, REO Proceeds, Insurance Proceeds and Liquidation Proceeds on or in respect of the particular Serviced Whole Loan 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 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 Companion Loan Holder with respect to a related Companion Loan (or any successor REO Companion Loan);

 

(iii)          to pay on or before each Master Servicer Remittance Date (1) to the Master Servicer as compensation, the aggregate unpaid Servicing Fee with respect to such Serviced Whole Loan (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 Companion Loan, as applicable, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) any interest or investment income earned on funds deposited in such Serviced Whole Loan Custodial Account and (2) to the Special Servicer as compensation, any Special Servicing Compensation and additional servicing compensation payable with respect to such Serviced Whole Loan; 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 Companion Loan Holder with respect to a related Companion Loan (or any successor REO Companion Loan), and no Servicing Fees or Special Servicing Compensation earned with respect to a related 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 Companion Loan from the related Companion Loan Holder);

 

(iv)          to pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Whole Loan 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 Operating Advisor, the Special Servicer or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid 

 

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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 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, 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 Whole Loan 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, or payment of Trustee/Certificate Administrator Fees, 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 Companion Loan Holder with respect to a related Companion Loan (or successor REO Companion Loan), 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 Serviced Whole Loan Custodial Account as are contemplated by the related Co-Lender Agreement and, to the extent consistent with the related Co-Lender Agreement, Section 3.14 of this Agreement;

 

(vii)         to withdraw any amount deposited into such Serviced Whole Loan Custodial Account that was not required to be deposited therein;

 

(viii)        if the related 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 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 Companion Loan (or REO Companion Loan); or

 

(ix)          to clear and terminate such Serviced Whole Loan 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 Serviced Whole Loan Custodial Account pursuant to subclauses (i) - (ix) above. If and to the extent that the Master Servicer has reimbursed or made 

 

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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 Whole Loan 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 a related Companion Loan’s allocable share of such cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon, 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 Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Companion Loan Holder) and deposit all such amounts (collectively, with respect to such 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 Companion Loan Holder into the Collection Account.

 

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 Serviced Whole Loan 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 Serviced Whole Loan 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 Serviced Whole Loan 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 Serviced Whole Loan 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, neither the Trustee/Certificate Administrator Fee nor the Operating Advisor Fee shall be paid from funds on deposit in a Serviced Whole Loan 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 

 

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Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the applicable Serviced Whole Loan, 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 Serviced Whole Loan 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 date specified in the related Co-Lender Agreement (or if no date is specified, 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 Whole Loan, 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 Companion Loan Holder all amounts on deposit in a Serviced Whole Loan Custodial Account payable to such Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related 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 Excess Interest Distribution Account, the REO Account, the Interest Reserve Account, the Mortgagor Accounts, the Excess Liquidation Proceeds Reserve Account and Other Accounts.

 

(a)           The Master Servicer, or with respect to any REO Account, the Special Servicer, or, with respect to each Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account (the foregoing accounts, the “Certificate Administrator Accounts”), the Certificate Administrator, may direct any depository institution maintaining the Collection Account, any Serviced Whole Loan Custodial Account, any Mortgagor Accounts (subject to the second succeeding sentence), the Certificate Administrator Accounts and the REO Accounts (each of the Collection Account, any Serviced Whole Loan Custodial Account, any REO Account, any Mortgagor Account and any Certificate Administrator 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; provided that any amounts invested by the Certificate Administrator in Permitted Investments managed or advised by the Certificate Administrator or its Affiliates shall mature on or prior to the Distribution Date in time to be available to make timely distributions to Certificateholders. 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 Whole Loan) or related documents, provided that in the absence of appropriate written 

 

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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 or the Certificate Administrator with respect to the Certificate Administrator 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 Certificate Administrator, 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 Certificate Administrator, the Master Servicer, any Mortgagor or any property manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or the Special Servicer in the case of REO Accounts, or the Certificate Administrator, in the case of the Certificate Administrator 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.

 

(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 Whole Loan) or applicable law to be for the benefit of the related Mortgagor, (ii) any REO Account, which shall be for the benefit of the Special Servicer or (iii) the Certificate Administrator Accounts, which shall be for the benefit of the Certificate Administrator and, if held in the Collection Account or REO Account shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable, in accordance with Section 3.06 or Section 3.16(b) of this Agreement, as applicable. The Master Servicer (or with respect to any REO Account, the Special Servicer and with respect to the Certificate Administrator Accounts, the Certificate Administrator) 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 

 

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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 Certificate Administrator, 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 Whole Loan) or applicable law, provided that, notwithstanding the foregoing, none of the Master Servicer, the Special Servicer or the Certificate Administrator (in their respective capacities as Master Servicer, Special Servicer and Certificate Administrator, 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 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 the Non-Serviced Mortgage Loans) 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 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 

 

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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 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 and with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing), shall cause to be maintained for each REO Property 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 the Collection Account pursuant to Section 3.05 of this Agreement or the Serviced Whole Loan 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 Mortgaged Property (other than an REO Property and other than with respect to the Non-Serviced Mortgage Loans) 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 Mortgage Loan or Serviced Whole 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 Companion Loan and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Whole Loan and as is available for the related property under the national flood insurance program (assuming that the area in which such 

 

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property is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related to a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Whole Loan, 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 Whole Loan or, if not specified, in-place at origination. If an REO Property (i) is located in a federally designated special flood hazard area or (ii) is related to a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole 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 the 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 Mortgage Loans) agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders and the 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 the Special Servicer 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 Mortgage Loan or Serviced Whole Loan 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 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 

 

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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 with respect to the Mortgaged Properties that secure the Non-Serviced Mortgage Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage Loan or, if applicable, related Serviced Whole Loan (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 any Non-Serviced Mortgage 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 Serviced Whole Loan 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 Whole Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent 

 

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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 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 with respect to the Mortgaged Properties that secures the respective Non-Serviced Mortgage Loans) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect of each Non-Serviced Mortgage 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 the 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 Serviced Whole Loan 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 Companion Loan(s) related thereto, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.

 

(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 the 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 

 

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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 the Serviced Companion Loan 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 of the Master Servicer (or its corporate parent) or the Special Servicer (or its corporate parent) is no lower than “A3” as rated by Moody’s and no lower than the equivalent of such Moody’s rating by KBRA (if then rated by KBRA) 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 for it to maintain or cause to be maintained by an agent or contractor servicing any Mortgage Loan or Serviced Whole Loan 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 Clauses; Assumption Agreements; Defeasance Provisions.

 

(a)           Upon receipt of any request of a consent or waiver in respect of a due-on-sale or due-on encumbrance provision, the Master Servicer, with respect to the non-Specially Serviced Loans and the Special Servicer with respect to Specially Serviced Loans shall (i) promptly analyze such request, including the preparation of written materials in connection with such analysis, and (ii) if approved, close the related transaction, subject to the consent of the Special Servicer and the consultation and/or consent rights (if any) of the Controlling Class Representative or the consultation rights of any related Serviced 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 3.28; 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 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 all non-Specially Serviced Loans, the Master Servicer and, in the case of 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 Mortgage 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 consent or waiver in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer (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) 

 

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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 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 such determination to waive enforcement of a due-on-sale or due-on-encumbrance provision, the Special Servicer or the Master Servicer, as applicable, shall deliver to the Trustee, the Certificate Administrator, each other party to this Agreement and, subject to Section 11.13 of this Agreement, each of the Rating Agencies 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 Mortgage Loans and Serviced Whole Loans, the Special Servicer shall, prior to consenting to a proposed action of the Master Servicer pursuant to this Section, and prior to itself taking such an action, obtain the written consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing), which consent shall be deemed given ten (10) Business Days after receipt (unless earlier objected to) by the Controlling Class Representative of the written recommendation of the Master Servicer or Special Servicer, as applicable, for such action and any additional information the Controlling Class Representative may reasonably request for the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable to Controlling Class Representative 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 Special Servicer or the Master Servicer, as applicable, shall have received a prior written Rating Agency Confirmation with respect to such action or (2) the related Mortgage Loan (including a Mortgage Loan related to a Serviced Whole Loan) (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 Mortgage Loan or Serviced Whole Loan, 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 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 Servicer, as applicable, shall have received a prior written received a Rating Agency Confirmation with respect to such action unless the related Mortgage Loan (including a Mortgage Loan related to a Serviced Whole Loan) (A) represents less than 5% of the principal 

 

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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 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, any rights arising out of sales 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. With respect to each Companion Loan, no waiver of a due-on-sale or due-on-encumbrance provision will be effective unless the Master Servicer or Special Servicer, as applicable, first consults with the related Companion Loan Holder or its Companion Loan Holder Representative (if and to the extent required under the applicable Co-Lender Agreement).

 

The Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall notify in writing the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and, subject to Section 11.13 of this Agreement, each Rating Agency and, with respect to a Serviced Whole Loan, the related 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.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Special Servicer or the Master Servicer, as applicable, shall deliver a Review Package to such Rating Agency in accordance with Section 11.13 of this Agreement.

 

Further, subject to the terms of the related Loan Documents and applicable law, the Special Servicer or the Master Servicer, as applicable, 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).

 

To the extent not prohibited by the applicable Loan Documents and applicable law, the Special Servicer or the Master 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.

 

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(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 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 Non-Serviced Mortgage Loans) or Serviced Whole Loan 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 Whole Loan 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, 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 Loan Documents), purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage Loan or Serviced Whole Loan 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 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, 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 SMF and Five Mile that are subject to defeasance, each of SMF and Five Mile, as applicable, has retained on behalf of itself or its Affiliate the right to establish or designate the successor borrower and to purchase or cause to be purchased the related defeasance collateral (“Loan Seller Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan that provides for Loan Seller 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 SMF or Five Mile, as applicable, in the case of the Mortgage Loans for which SMF or Five Mile, as applicable, is the related Mortgage Loan Seller.

 

(ii)           The Master Servicer shall require, to the extent the 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, 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 

 

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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 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, 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 each 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.

 

(v)           If the Mortgage Loan or Serviced Whole Loan 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 Whole Loan. 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).

 

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(viii)        The Master Servicer may accept as defeasance collateral of 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, but subject to Section 3.24, without any other approval or consent, the Master Servicer (for Mortgage Loans and Serviced Whole Loans but not Specially 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 Whole Loan to such easement, right of way or similar agreement; provided that the Master Servicer or Special Servicer, as applicable, (a) shall have determined in accordance with the Servicing Standard that such easement, right of way or similar agreement or other matter 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 (b) shall have determined that such easement, right of way or similar agreement or other matter 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 (b) above.

 

Section 3.10     Appraisal Reductions; Realization Upon Defaulted Mortgage Loans.

 

(a)           Promptly upon the occurrence of an Appraisal Reduction Event, 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 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, 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 Mortgage Loans 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 Whole Loan shall be delivered by the Special Servicer, upon request, to each related Companion Loan Holder.

 

The Certificate Principal Amount of each of the 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 

 

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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, and (v) 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 in writing of the determination of any such Appraisal Reduction Amount, and the Certificate Administrator upon receipt of such notice shall promptly notify in writing holders of each Class of Control Eligible Certificates of the determination of any such Appraisal Reduction Amount.

 

Any Appraisal Reduction Amounts with respect to the Serviced Whole Loans shall be allocated to the related Mortgage Loan and the related Serviced Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such related Mortgage Loan and the related Companion Loan(s).

 

The Holders of Certificates representing the majority of the Certificate Principal Amount of any Class of Certificates that is or would be determined to no longer be the Controlling Class (such Class, an “Appraised-Out Class”) as a result of an allocation of an Appraisal Reduction Amount in respect of such Class shall have the right to challenge the Special Servicer’s Appraisal Reduction Amount determination and, at their sole expense, obtain a second Appraisal of any Mortgage 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 

 

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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 Mortgage 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 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.

 

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(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 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 Officers’ Certificate delivered to the Trustee, the Certificate Administrator, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event) and any Companion Loan Holder.

 

In the event that title to any Mortgaged Property 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 Companion Loan Holders. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan or Serviced Whole Loan, the related 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 

 

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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 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 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 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 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 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, without their consent, or the Certificateholders or, if applicable, the related 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 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 Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, the related Companion Loan Holder(s) constituted a single lender 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 

 

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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 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 Companion Loan Holder, the Special Servicer may, in its discretion, establish a single member limited liability company with the Trust Fund and any related 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 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 accordance with the Servicing Standard, 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 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 Companion Loan Holder, as a collective whole as if the Trust Fund and any related Companion Holder constituted a single lender, 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 Companion Loan Holder, as a collective whole as if the Trust Fund and any related Companion Holder constituted a single lender, 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, the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust Fund and any related Companion Loan Holder, as a collective whole as if the Trust Fund and any related Companion Holder constituted a single lender. The Master Servicer shall pay the cost of any such compliance, containment, clean-up or remediation from the Collection Account.

 

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(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 Companion Loan Holder.

 

Section 3.11     Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan 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 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 the Special Servicer and delivery to the Custodian of a Request for Release, the Certificate Administrator shall promptly cause the Custodian to release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the 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 Whole Loan 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 Whole Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Collection Account have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become an REO Property, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the 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 Whole Loan, 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 

 

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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 Other Pooling and Servicing Agreement related to the Non-Serviced Mortgage Loans, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Non-Serviced Mortgage Loan, an Other Master Servicer, an Other Special Servicer or other similar party requests delivery to it of the original Note for such Non-Serviced Mortgage Loan, then such party shall deliver a Request for Release in the form of Exhibit C attached hereto to the Custodian. Upon receipt of a Request for Release, 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 each Non-Serviced Mortgage Loan in accordance with the preceding sentence, the Custodian shall obtain such documentation as is appropriate to evidence the holding by an Other Master Servicer, an Other 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. For the avoidance of doubt, the Custodian may rely on only the Request for Release as evidence that the original Note will be held by the applicable party on behalf of and for the benefit of the Trustee.

 

Section 3.12     Servicing Fees, Trustee/Certificate Administrator 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 Non-Serviced Mortgage Loans) and each Companion Loan and REO Companion Loan that is included as part of a Serviced Whole Loan and each Collection 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 Whole Loan or portion thereof, the related Serviced Whole Loan Custodial Account as set forth in Section 3.06(a)(iii) and Section 3.06(a)(vi) 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 non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) 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 non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by Special Servicer pursuant to Section 3.24 of this Agreement, (iii) 100% of any defeasance fee actually paid by a Mortgagor in connection with a defeasance of a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan as contemplated under Section 3.09 of this Agreement, (iv) 100% of any Assumption Fees with respect to a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) 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 non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by the Special Servicer, (vi) the aggregate Prepayment Interest Excess, 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 3.04(d) of this Agreement, (vii) 100% of Ancillary Fees (other than fees for 

 

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insufficient or returned checks) and assumption application fees actually received from Mortgagors on non-Specially Serviced Loans (other than the Non-Serviced Mortgage Loans), (viii) 100% of Consent Fees with respect to a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) that did not require the approval of the Special Servicer, (ix) 50% of any Consent Fees with respect to a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by the Special Servicer, (x) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans) other than Excess Penalty Charges accrued during the period such Mortgage Loan is a Specially Serviced Loan, (xi) 100% of fees for insufficient or returned checks actually received from Mortgagors on all Mortgage Loans (in the case of the Non-Serviced Mortgage Loans, only to the extent actually remitted by an Other Master Servicer), (xii) in the case of an ARD Loan that is a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans), 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 that did not require the approval of the applicable Special Servicer and (xiii) in the case of an ARD Loan that is a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans), 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 consented to by the applicable Special Servicer; 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 Whole Loan, 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 Whole Loan, 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 3.07(b), to withdraw from the Collection Account and the Serviced Whole Loan Custodial Accounts and to receive from any Mortgagor Accounts (to the extent not payable to the related Mortgagor under a Mortgage Loan or Serviced Whole Loan or applicable law) any interest or other income earned on deposits therein. Interest or other income earned on funds in the Collection Account, Serviced Whole Loan 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.

 

Midland Loan Services, a Division of PNC 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 

 

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the form attached as Exhibit CC-1 to this Agreement, and (iii) the prospective transferee shall have delivered to Midland Loan Services, a Division of PNC 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. Midland Loan Services, a Division of PNC 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 Midland Loan Services, a Division of PNC 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 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 Whole Loan, 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 

 

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related Serviced Companion Loan(s), and in no event shall Servicing Fees with respect to the related Serviced 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. 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 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 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.

 

(c)           As compensation for its activities hereunder, the Special Servicer shall be entitled, with respect to each Specially Serviced Loan (including each Companion Loan that is included as part of each Serviced Whole Loan) and 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 Whole Loan or portion thereof, the related Serviced Whole Loan Custodial Account as set forth in Section 3.06(a) and Section 3.06A. Each 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. The Special Servicer shall not be entitled to any Special Servicing Fee with respect to any Non-Serviced Mortgage Loan. 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 non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by the Special Servicer pursuant to Section 3.24 of this Agreement, (ii) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) 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 (other than the Non-Serviced Mortgage Loans), (iv) 50% of any Assumption Fees with respect to a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by the Special Servicer, (v) 100% of Ancillary Fees (other than fees for insufficient or returned checks) and assumption application fees actually received from Mortgagors on Specially Serviced Loans (other than the Non-Serviced Mortgage Loans), (vi) 100% of Consent Fees with respect to a Specially Serviced Loan (other than the Non-Serviced Mortgage Loans), (vii) 50% of any Consent Fees with respect to a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) consented to by the Special Servicer, (viii) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans) accrued during the period such Mortgage Loan is a Specially Serviced Loan, (ix) any interest or other income earned on deposits in the REO Accounts for any REO Loan 

 

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(other than the Non-Serviced Mortgage Loans) for which it is the Special Servicer, (x) in the case of an ARD Loan that is a Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) for which it is the related Special Servicer, 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 and (xi) in the case of an ARD Loan that is a non-Specially Serviced Loan (other than the Non-Serviced Mortgage Loans) for which it is the related Special Servicer, 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 consented to by such Special Servicer.

 

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 Mortgage Loan at the Workout Fee Rate on such Mortgage Loan or Serviced Whole Loan for so long as it remains a Corrected Mortgage Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to any Non-Serviced Mortgage Loan. The Workout Fee with respect to any Corrected Mortgage 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 Mortgage 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 Whole Loans that became Corrected Mortgage 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 Whole Loan subsequently becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan or Serviced Whole Loan 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 Mortgage Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Monthly Payments and which subsequently becomes a Corrected Mortgage Loan as a result of the Mortgagor making such three consecutive timely Monthly Payments. 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 for which it is related Special Servicer (other than with respect to the Non-Serviced Mortgage Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds in the Collection Account or the Serviced Whole Loan Custodial Account, as applicable. However, no Liquidation Fee will be payable 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 only be entitled to receive a Liquidation Fee or a Workout Fee for which it is related Special Servicer, but not both, with respect to any specific collections or proceeds on any Mortgage Loan or Serviced Whole Loan. 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.

 

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If at any time a Mortgage Loan or Serviced Whole Loan 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 opposed to the Realized Loss that would be incurred as a result of not collecting such amounts from the related Mortgagor.

 

Notwithstanding anything herein to the contrary, in the case of a Serviced Whole Loan, 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 Companion Loan, and in no event shall Special Servicing Compensation with respect to the related Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to 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 Companion Loan from the related Companion Loan Holder.

 

The Special Servicer shall not be entitled to any Liquidation Fee or Workout Fee with respect to any Non-Serviced Mortgage Loan or any Non-Serviced Companion Loan.

 

(d)           The Master Servicer, the Special Servicer, the Certificate Administrator and Trustee shall each 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 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, the Special Servicer, the Certificate Administrator 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 Whole Loans (to the extent recovery is permitted from a Serviced Whole Loan 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 Certificateholder or any other Person the response to which would, in the Master Servicer’s, the 

 

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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 2 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; provided that no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(g)           Each 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 Mortgage Loan or Companion Loan and any purchaser of any Mortgage Loan, Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of such Mortgage Loan or Serviced Whole Loan, the management or disposition of related 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 master servicer or special servicer as expressly provided for under the applicable Other Pooling and Servicing Agreement governing the securitization of a 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 Mortgage Loans or Serviced Companion Loans (other than the Specially Serviced Loans, the Non-Serviced Mortgage Loans and Defaulted Mortgage Loans), other than Principal Prepayments received in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, during the most recently ended Prepayment Period, and (ii) the sum of (A) the aggregate Servicing Fees with respect to each Mortgage Loan, Serviced Companion Loan, REO Mortgage Loan, and REO 

 

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Serviced Companion Loan for which Servicing Fees are being paid in such Prepayment Period, up to a maximum rate of 0.0025% per annum for the related Distribution Date with respect to each Mortgage Loan (and related REO Mortgage Loan) and Serviced Companion Loan (and related REO Serviced 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 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 the Non-Serviced Mortgage Loans. Any Compensating Interest Payments made with respect to a Serviced 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 the related Co-Lender Agreement and not applied pursuant to Section 3.06(a)(ii) of this Agreement) received with respect to a Mortgage Loan or a Serviced Whole Loan (in each case, subject to the related Co-Lender Agreement and, in the case of the Non-Serviced Mortgage Loans, only to the extent remitted to the Master Servicer by an Other Master Servicer and, in any event) 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 Whole Loan;

 

(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 Whole Loan previously determined to be Nonrecoverable Advances and previously reimbursed to the Master Servicer, the Special Servicer and/or 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 Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Whole Loan previously paid from the 

 

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Collection Account or Serviced Whole Loan Custodial Account (and such amounts will be retained or deposited in the Collection Account or Serviced Whole Loan 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 Serviced Whole Loan, Penalty Charges shall be allocated for the purposes and in the order set forth in the related Co-Lender Agreement.

 

The Special Servicer is not required to remit Penalty Charges and Modification Fees received by it from the borrower to the extent such Penalty Charges and Modification Fees would be allocated to the Special Servicer pursuant to this Section 3.14.

 

(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 the Master Servicer and the Special Servicer setting forth information regarding (1) the amount of Penalty Charges and Modification 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 and Modification 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 the 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 Companion Loan Holders that are, in the case of any Certificateholder or 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 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 Companion Loan Holders or any regulatory authority seeking such access in respect of the Companion Loan Holders, to records relating to the Companion Loans). Nothing in this Section 3.15 shall detract 

 

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from the obligation of the Master Servicer and the Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Mortgagors, and the failure of the Master Servicer and the 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 Companion Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Companion Loan Holder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or 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 any Certifying Certificateholder or Companion Loan Holder, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder or Companion Loan Holder) copies of any operating statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer.

 

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 Companion Loan if the disclosure of such items would constitute a waiver of the attorney-client privilege.

 

Each of the Master Servicer and Special Servicer, as appropriate, shall, without charge, (i) make a knowledgeable Servicing Officer available via telephone to verbally answer questions from 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, the Operating Advisor and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative shall reasonably agree, regarding the performance and servicing of the Mortgage Loans and Serviced Whole 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 Controlling Class Representative agree 

 

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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 Whole Loan) and/or REO Properties it intends to discuss. As a condition to such disclosure, the Controlling Class Representative 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 Loan, the Mortgaged Properties and/or the related Mortgagor 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 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 a Privileged Information Exception, or (ii) 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.

 

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 the Non-Serviced Mortgage Loans) is acquired for the benefit of Certificateholders (or, with respect to a Serviced Whole Loan, for the benefit of the Certificateholders and the related Companion Loan Holders(s)) (as a collective whole as if such Certificateholders and Companion Loan Holders(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 the related 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 

 

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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 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 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.

 

(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 with respect to the Non-Serviced Mortgage Loans) 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 Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Companion Loan Holder(s) constituted a single lender), 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 Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Companion Loan Holder(s) constituted a single lender) 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 

 

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or the Trustee) shall be entitled “[Midland Loan Services, a Division of PNC Bank, National Association] [the successor Special Servicer], as Special Servicer, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 [IN THE CASE OF AN REO PROPERTY RELATED TO A WHOLE LOAN: and the related 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 (other than Liquidation Proceeds, which shall be remitted to the Collection Account), 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

 

(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 accordance with the Servicing Standard, 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 Whole Loan, the related Serviced Whole Loan Custodial Account, on 

 

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a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds received or collected from each REO Property during the related Prepayment Period, except that in determining the amount of 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 Whole Loan 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;

 

unless, in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, the related Companion Loan Holder, the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, if the related Companion Loan is part of a REMIC, the related 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 

 

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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, the related Companion Loan Holder(s) 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 each related Companion Loan Holder 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 the Non-Serviced Mortgage Loans.

 

Section 3.17     Sale of Defaulted Mortgage Loans and REO Properties; Sale of Non-Serviced Mortgage Loans.

 

(a)           The parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding the Non-Serviced Mortgage Loans) 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 Whole Loan 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, in accordance with and subject to the provisions of the related intercreditor agreement.

 

(b)           Promptly upon a Mortgage Loan (excluding the Non-Serviced Mortgage Loans) or Serviced Whole Loan becoming a Defaulted Mortgage 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 Defaulted Serviced Whole Loan, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, in the 

 

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case of a Defaulted Serviced Whole Loan, the related Companion Loan Holder constituted a single lender) to attempt to sell such Defaulted Mortgage Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the related Companion Loan Holder(s) 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 Mortgage Loan. The Special Servicer shall notify 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 any affected Companion Loan Holder(s) of any inquiries or offers received regarding the sale of any Defaulted Mortgage Loan. Any Companion Loan that is part of a Defaulted Serviced Whole Loan 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, the related Companion Loan 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) not less than five (5) Business Days’ (but subject to paragraph (p) below with respect to a Serviced Whole Loan) 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, and notwithstanding anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may submit an offer for or purchase any Defaulted Mortgage Loan pursuant hereto.

 

(d)           Whether any cash offer constitutes a fair price for any Defaulted Mortgage Loan for purposes of Section 3.16(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) unless (i) the offer is equal to or greater than the applicable Purchase Price, (ii) the offer is the highest offer received and (iii) at least two other offers are received from independent third parties; 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. In all cases under this Agreement (except to the extent the Trustee is not required to determine whether any cash offer constitutes a fair price for any Defaulted Mortgage Loan pursuant to the immediately preceding sentence), in determining whether any offer received from an Interested Person represents a fair price for any Defaulted Mortgage 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 making an offer with respect to a Defaulted Mortgage Loan and (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 Property Advance. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Mortgage Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, updated 

 

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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 Mortgage Loan, any Appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan or Whole 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 and any equivalent amount for any related Companion Loan) shall in all cases be deemed a fair price; provided, however, that with respect to Interested Parties, the requirements of the first sentence of this Section 3.17(d) must be satisfied. 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, 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 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as applicable, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan, as applicable. If the Trustee designates such a third party to make such determination, the Trustee will be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph will be covered by, and will be 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 and any affected Companion Loan Holder in negotiating and taking any other action necessary or appropriate in connection with the sale of any Defaulted Mortgage 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 Serviced Whole Loan Custodial Account. Any sale of any Defaulted Mortgage 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 the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, to purchase a Mortgage Loan or Serviced Whole Loan, unless and until a Defaulted Mortgage Loan is sold pursuant to this Section, the Special Servicer shall continue to service and administer the Mortgage 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 a Mortgage Loan, as is consistent with this Agreement and the Servicing Standard.

 

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(g)           Any sale of a Mortgage Loan or Serviced Whole Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Mortgage Loan or Serviced Whole Loan purchased under this Section 3.17 or any Non-Serviced Mortgage Loan sold in accordance with the related Co-Lender Agreement or Other Pooling and Servicing Agreement shall be deposited into the Collection Account or the related Serviced Whole Loan Custodial Account, as applicable, and the Certificate Administrator, 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 Mortgage Loan or Serviced Whole Loan the related Mortgage File, and 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 Mortgage Loan or Serviced Whole 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 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 on behalf of the Certificateholders and the related 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 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 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 purchased hereunder shall be deposited in the Collection Account or, if applicable, the related Serviced Whole Loan Custodial Account. The Special Servicer shall notify 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) of any inquiries or offers received regarding the sale of any REO Property.

 

(j)            The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, the related Companion Loan 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) not less than three (3) Business Days’ prior written notice of its intention to sell any REO Property. 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 submit an offer for or purchase any REO Property pursuant hereto.

 

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(k)           Whether any cash offer constitutes a fair price for any REO Property 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. 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 making an offer with respect to an REO Property and selected by 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 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 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 affected Mortgage Loan or Serviced Whole Loan, the occupancy level and physical condition of the REO Property, the state of the local economy and the obligation to dispose of any REO Property within the time period specified in Section 3.16 of this Agreement. The Purchase Price for any REO Property shall in all cases be deemed a fair price; provided, however, that with respect to Interested Parties, the requirements of the first sentence of this Section 3.17(k) must be satisfied. Notwithstanding anything contained in this Section 3.17(k) to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in properties similar to the subject REO Property that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such REO Property. If the Trustee designates such a third party to make such determination, the Trustee will be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph will be covered by, and will be 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.

 

(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 Companion Loan Holder in negotiating and taking any other action necessary or appropriate in connection with the sale of any Defaulted Mortgage Loan or REO Property, 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 

 

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related Serviced Whole Loan Custodial Account. Any sale of any Defaulted Mortgage Loan or REO Property shall be final and without recourse to the Trustee, the Certificate Administrator or the Trust Fund or any related Companion Loan Holder (except such recourse to the Trust Fund and the related 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 Mortgage Loan or REO Property if the Special Servicer determines (in consultation with the Controlling Class Representative (unless a Consultation Termination Event exists) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Holder(s)), 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 Whole Loan or an REO Property that corresponds to a Serviced Whole Loan, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the 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 Whole Loan or an REO Property that corresponds to a Serviced Whole Loan, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related 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).

 

(n)           In no event shall the Trust Fund or the Trustee, the Master Servicer or the Special Servicer on the Trustee’s behalf purchase, or pay or advance costs to purchase, the Non-Serviced Mortgage Loans or the related Companion Loans or any Mortgage Loan.

 

(o)           Notwithstanding anything herein to the contrary, any party identified in the related Co-Lender Agreement or Other Pooling and Servicing Agreement (which, if the identified party is the holder of a Non-Serviced Mortgage 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 the Non-Serviced Mortgage Loan in accordance with the terms and conditions set forth in such Co-Lender Agreement and Other Pooling and 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, the Non-Serviced Mortgage Loan or the related Companion Loan or any 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 

 

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and other rights of, in each case if applicable, 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 an appropriate mezzanine loan holder and shall provide such notices to 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.

 

(q)           Notwithstanding anything to the contrary herein, the Special Servicer shall not sell a Defaulted Serviced Whole Loan without the written consent of the related Companion Loan Holder (provided that such consent is not required if the Companion Loan Holder is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered to such Companion Loan Holder: (a) at least 15 Business Days prior written notice of any decision to attempt to sell such Defaulted Serviced Whole Loan; (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 such Defaulted Serviced Whole Loan, and any documents in the Servicing File reasonably requested by such Companion Loan Holder that are material to the price of the Defaulted Whole Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the 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 such Companion Loan Holder may waive any of the delivery or timing requirements set forth in this sentence. A related Serviced Companion Loan Holder and its Companion Loan Holder Representative will each be permitted to make offers to purchase, and either such party is permitted to be the purchaser at any sale of, a Defaulted Serviced Whole Loan.

 

(r)            With respect to any Non-Serviced Mortgage Loan that becomes a “Defaulted Mortgage Loan” (as such term is defined pursuant to the terms of the applicable Other Pooling and Servicing Agreement), and with respect to any related REO Property, the liquidation of such Non-Serviced Mortgage Loan or such REO Property shall be administered by an Other Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement. Any such sale of a Non-Serviced Mortgage Loan or any related REO Property pursuant to the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement shall be final and without recourse to the Trustee or the Trust, and none of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder with respect to the purchase price for such Non-Serviced Mortgage Loan or such REO Property accepted on behalf of the Trust.

 

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Section 3.18     Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the 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 Mortgage Loan (but not the Non-Serviced Mortgage Loans) or Serviced Whole 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 (commencing in 2016) with respect to such Mortgaged Property relating to Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year (commencing in 2016) with respect to such Mortgaged Property relating to Mortgage Loans with an outstanding principal balance of less than $2,000,000; 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 Mortgage Loan or Serviced Whole Loan 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 Mortgage Loan or Serviced Whole Loan 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 the Non-Serviced Mortgage Loans) 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. The Master Servicer shall forward to the Special Servicer any written notice of default under a ground lease.

 

(c)           The Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each 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 Companion Loan related thereto.”

 

(d)           The Master Servicer is hereby authorized to exercise any rights granted under the applicable Other Pooling and Servicing Agreement in favor of the Trust (or a party on its behalf) as the holder of each Non-Serviced Mortgage Loan to obtain information from an Other Master Servicer (or other similar parties with an obligation to make advances) in connection with making nonrecoverability determinations. The Master Servicer shall promptly deliver to any Other Master Servicer, upon request, such information in the Master Servicer’s possession as an Other Master Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance would be “nonrecoverable.”

 

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(e)           If required under the Co-Lender Agreement, the Master Servicer shall promptly deliver to each 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 Companion Loan.

 

Section 3.19     Lock-Box Accounts, Escrow Accounts.

 

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 Whole Loan), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage Loan (or Serviced Whole Loan) until after the occurrence of an event of default under the Mortgage Loan that may result in the Mortgage Loan (or Serviced Whole Loan) being accelerated or becoming a Specially Serviced Loan.

 

Section 3.20     Property Advances.

 

(a)          Except with respect to each Non-Serviced Mortgage 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 Companion Loan Holder not less than five (or, in the case of emergency advances pursuant to Section 3.20(f) 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. In addition, the Special Servicer shall provide the Master Servicer, the Trustee and any affected Companion Loan Holder with such information in its possession as the Master Servicer, the Trustee or such 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 (or, if appropriate, any party under the applicable Other Pooling and Servicing Agreement in the case of each Non-Serviced Mortgage Loan) to the Master Servicer of a required Property Advance shall be deemed to be a determination by the Special Servicer (or such party under the applicable Other Pooling and Servicing Agreement) that such requested Property Advance is not a Nonrecoverable Advance, and the Master Servicer shall be entitled to conclusively rely on such determination. Although the Special Servicer (or, if appropriate, any party under the applicable Other Pooling and Servicing Agreement in the case of each Non-Serviced Mortgage Loan) may determine whether a Property Advance is a Nonrecoverable Advance, the Special Servicer (or other party) will have no right to make an affirmative determination that any Advance to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would be, recoverable. In 

 

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the absence of a determination by the Special Servicer (or, if appropriate, a party under the applicable Other Pooling and Servicing Agreement in the case of each Non-Serviced Mortgage Loan) that a Property Advance is a Nonrecoverable Advance, all 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 and shall be bound by such a determination by the Special Servicer (or, if appropriate, a party under the applicable Other Pooling and Servicing Agreement in the case of each Non-Serviced Mortgage Loan) 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 (but this statement shall not be construed to entitle the Special Servicer to 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). 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 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 Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so provide.

 

(b)           The Master Servicer shall notify the Trustee, the Special Servicer and any related 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)           None of the Master Servicer, the Special Servicer or the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan or Serviced Whole Loan or REO Property if the Master Servicer, the Special Servicer or the Trustee determines that such Advance will be a Nonrecoverable Advance. The determination by the Master Servicer or the Trustee that it has made (or, the determination by the Special Servicer that the Master Servicer or the Trustee has made) a Nonrecoverable Advance or the determination by the Master Servicer, the Special Servicer or the Trustee that any proposed Property Advance, if made, would constitute a 

 

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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 as set forth in Section 3.20(d). In making such recoverability determination, 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 Whole 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 (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.

 

The determination by the Master Servicer or the Special Servicer that a Property Advance has become a Nonrecoverable Property Advance or that any proposed Property Advance, if made pursuant to this Section 3.20 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 Property Advance, may be conclusively relied upon by the Master Servicer (in the case of such a determination by the Special Servicer) and the Trustee; provided that this sentence 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 determination by the Master Servicer, the Special Servicer or the Trustee that a Property Advance has become a Nonrecoverable Property Advance or that any proposed Property Advance, if made pursuant to this Section 3.20 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 Property Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to the Companion Loan Holders (and the related Other Master Servicer and Other Special Servicer, if applicable), in the case of any Serviced Whole Loan, 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 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 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 

 

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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 Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or the 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 or the Trustee that a Property Advance is or, if made, would be a Nonrecoverable Advance. The Trustee, in determining whether or not a Property Advance previously made is, or a proposed Property Advance, if made, would be, a Nonrecoverable Advance shall use its good faith business judgment.

 

(e)           The Master Servicer, the Special 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 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.

 

(f)           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 each Non-Serviced Mortgage 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 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, 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.

 

Section 3.21     Appointment of Special Servicer; Asset Status Reports.

 

(a)           Midland Loan Services, a Division of PNC Bank, National Association is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans and the Serviced Whole Loans.

 

(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 Whole Loan. Each Asset Status Report will be delivered in electronic format to the Operating Advisor (after the occurrence and during the continuance of a 

 

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Control Termination Event), the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Certificate Administrator, the related Companion Loan Holder, and, subject to Section 11.13 of this Agreement, each Rating Agency; provided, however, the Special Servicer shall not be required to deliver an Asset Status Report to the Controlling Class Representative if they are the same entity or affiliates of each other. 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 Whole Loan 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 Whole Loan 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 Whole Loan;

 

(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 Whole Loan 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;

  

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(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.

 

For so long as there is no continuing Control Termination Event, if within 10 Business Days (or, in the case of an Asset Status Report prepared prior to making a determination of an Acceptable Insurance Default, 20 Business Days) of receiving an Asset Status Report, the Controlling Class Representative does not disapprove such Asset Status Report in writing, then the Controlling Class Representative shall be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard or the terms of the applicable Loan Documents. If, prior to the occurrence and continuance of any Control Termination Event, the Controlling Class Representative disapproves such Asset Status Report within 10 Business Days (or, in the case of an Asset Status Report prepared prior to making a determination of an Acceptable Insurance Default, 20 Business Days) of receipt, 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), the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Certificate Administrator, the related Companion Loan Holders and, subject to Section 11.13 of this Agreement, each Rating Agency a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. Prior to the occurrence and continuance of any Control Termination Event, the Special Servicer shall revise such Asset Status Report as described above until the Controlling Class Representative shall fail to disapprove such revised Asset Status Report in writing within 10 Business Days (or, in the case of an Asset Status Report prepared prior to making a determination of an Acceptable Insurance Default, 20 Business Days) of receiving such revised Asset Status Report 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 Companion Loan Holders (as a collective whole as if such Certificateholders, and/or Companion Loan Holders, if applicable, constitute a single lender). The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section. In any event, for so long as a Control Termination Event has not occurred and is not continuing, if the Controlling Class Representative does not approve an Asset Status Report within 60 Business Days from the first submission thereof, the Special Servicer shall take such action as directed by the Controlling Class Representative, provided such action does not violate the Servicing Standard. Notwithstanding the foregoing, if the Special Servicer determines that 

 

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emergency action is necessary to protect the related Mortgaged Property or the interests of the Certificateholders and any related Companion Loan Holders, 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 (or 20 Business Day period, if applicable) 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 (or 20 Business Day period, if applicable) would materially and adversely affect the interest of the Certificateholders and the Companion Loan Holder (if applicable) and the Special Servicer has made a reasonable effort, prior to the occurrence and continuance of any Control Termination Event, to contact the Controlling Class Representative. The foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard.

 

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 of Certificates that were previously included in the Control Eligible Certificates), 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 Asset Status Report 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. The Special Servicer shall consider any such proposals from the Operating Advisor and/or the Controlling Class Representative 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 or the Controlling Class Representative 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).

 

Notwithstanding the foregoing or any other provision of this Agreement to the contrary, with respect to a Serviced Whole Loan, each related Companion Loan Holder (or its Companion Loan Holder Representative) shall, at all times contemplated by the related Co-Lender Agreement, be entitled to consult on a non-binding basis with the Special Servicer and 

 

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propose alternative courses of action in respect of any Asset Status Report as set forth in Section 3.28(d) of this Agreement.

 

(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 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 Companion Loan Holder, any Companion Loan Holder Representative or the Controlling Class Representative 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 Agreement or any Co-Lender Agreement, require or cause the Special Servicer to violate the terms of any Mortgage Loan or Serviced Whole Loan, expose any Certificateholder or any party to this Agreement or their Affiliates, officers, 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, result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of the Special Servicer’s 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.

 

Section 3.22     Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping.

 

(a)           Upon determining that any Mortgage Loan or Serviced Whole Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written notice thereof to the Special Servicer, any related Companion Loan Holder (in the case of a Serviced Whole Loan), the Operating Advisor, the Certificate Administrator, the Trustee and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative and, subject to Section 11.13 of this Agreement, each Rating Agency 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 the Mortgage Loan or Serviced Whole 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 

 

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(5) Business Days of the date such Mortgage Loan and/or Serviced Companion Loan became a Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan and/or Serviced Companion Loan until the Special Servicer has commenced the servicing of such Mortgage Loan and/or Serviced Companion Loan, which shall occur upon the receipt by the Special Servicer of the Servicing File. With respect to each such Mortgage Loan and/or Serviced Companion 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 Mortgage Loan and/or Serviced Companion 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 Mortgage Loan, the Special Servicer shall immediately give written notice thereof to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Companion Loan Holder and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative and, subject to Section 11.13 of this Agreement, each Rating Agency and, upon giving such notice and the return of the Servicing File to the Master Servicer, such Mortgage Loan and/or Serviced Companion 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 Mortgage Loan and/or Serviced Companion Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan and/or Serviced Companion Loan as a Mortgage Loan and/or Serviced Companion 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 Mortgage Loan or Serviced Whole 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, upon request, 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 its possession. Upon request, the Special Servicer shall provide the Master Servicer and the Operating Advisor with any information reasonably required by the Master Servicer to perform its duties under this Agreement to the extent such information is within its possession.

 

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Section 3.23     Interest Reserve Account. The Certificate Administrator shall establish and maintain the Interest Reserve Account. The Interest Reserve Account shall be established and maintained as an Eligible Account. On each Master Servicer Remittance Date occurring in February and on any Master Servicer Remittance Date occurring in January in a year which is not a leap year (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 which 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 Loan 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.

 

Section 3.24     Modifications, Waivers and Amendments.

 

(a)           (i) With respect to non-Specially Serviced Loans (other than the Non-Serviced Mortgage Loans), the Master Servicer subject to the Special Servicer’s consent, except as set forth in the last sentence of the last paragraph of this Section 3.24(a) or (ii) with respect to Specially Serviced Loans, the Special Servicer, in each case subject to any applicable consultation rights of the Operating Advisor following a Control Termination Event, if any, any applicable consent and/or consultation rights of the Controlling Class Representative and, to the extent required in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Companion Loan Holder or its Companion Loan Holder Representative (as applicable), may modify, waive or amend any term of any Mortgage Loan or Whole Loan if such modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of such Mortgage Loan or Whole 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)). The Master Servicer and the Special Servicer may rely on an Opinion of Counsel with respect to such determination.

 

In addition, with respect to non-Specially Serviced Mortgage Loans, to the extent any modification, waiver, amendment or other action constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement, the Master Servicer 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, prior to the occurrence and continuance of an applicable Control Termination Event, obtain the consent of the related Controlling Class Representative. Prior to the occurrence and 

 

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continuance of an applicable Control Termination Event, the Special Servicer shall also obtain the consent of the Controlling Class Representative 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 Whole 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.

 

When the Special Servicer’s consent is required with respect to any modification, waiver, amendment or other action with regard to any non-Specially 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 may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to any applicable consultation rights of the Operating Advisor or any applicable consent or consultation rights of the Controlling Class Representative or any applicable consultation rights of any Serviced Companion Loan Holder or its Companion Loan Holder Representative (as applicable)) to approve or disapprove any modification, waiver, amendment or other action that constitutes a Major Decision. Subject to Section 3.09 of this Agreement, the Special Servicer shall have 15 Business Days (or, with respect to a Serviced Whole Loan, 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 Master Servicer’s written analysis and recommendation and any supporting 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, if and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Special Servicer shall notify the Controlling Class Representative 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 Controlling Class Representative shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) from the date it 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 Whole Loan, 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 event, subject to the Co-Lender Agreement for any Whole Loan, if the Controlling Class Representative, if required, does not respond to a request for approval by 5:00 p.m. on the 10th Business Day or such longer period if required by the applicable 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 Controlling Class Representative, and if the Special Servicer does not respond to a request for 

 

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approval within the required 15 Business Days (or such longer period if required by the applicable Co-Lender Agreement) or 60 days, as applicable, the Master Servicer may deem its recommendation approved by the Special Servicer. With respect to any non-Specially Serviced Loan, the Master Servicer, without the consent of the Special Servicer or Controlling Class Representative, shall be responsible to determine whether to consent to or approve any request by the related Mortgagor with respect to any action that is not a Major Decision.

 

(b)           All modifications, waivers or amendments of any Mortgage Loan or Serviced Whole 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, shall notify in writing the Trustee, the Certificate Administrator, the Depositor, any related Companion Loan Holder (in the case of a Serviced Whole Loan which, for so long as any Serviced Companion Loan has been included in an Other Securitization Trust, shall be deemed to be the related master servicer under the related Other Pooling and Servicing Agreement, unless the notifying party has received written notice otherwise), 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, subject to Section 11.13 of this Agreement, each Rating Agency, in writing, of any modification, waiver or amendment of any term of any Mortgage Loan or Serviced Whole Loan and the date thereof, and shall deliver a copy to the Trustee, any related Companion Loan Holder (in the case of a Serviced Whole Loan which, for so long as any Serviced Companion Loan has been included in an Other Securitization Trust, shall be deemed to be the related master servicer under the related Other Pooling and Servicing Agreement, unless the notifying party has received written notice otherwise), 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 requirements with respect to delivery of an assumption agreement 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 Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall request from the Certificate Administrator the name of the current Controlling Class Representative and shall request from the Master Servicer the name of the current related Companion Loan Holder(s). 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(s) of such current related Companion Loan Holder(s) from the Master Servicer, the Special Servicer shall notify the related Companion Loan Holder(s) that the related Serviced Whole Loan became a Specially Serviced Loan. The 

 

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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 (on a reasonably prompt basis) 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 Whole Loan 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 Mortgage Loan or Serviced Whole Loan beyond a date that is 3 years prior to the Rated Final Distribution Date; or

 

(ii)           if the Mortgage Loan or Serviced Whole Loan is secured by a ground lease, extend the Maturity Date of such Mortgage Loan or Serviced Whole 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 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 Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any. If, following any such release or taking, the loan-to-value ratio as so calculated is 

 

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greater than 125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal by 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 a Non-Serviced Mortgage 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 Other Pooling and Servicing Agreement, such rights shall be exercised by the Controlling Class Representative, in accordance with Section 3.01(i). The Master Servicer and the Special Servicer shall only be obligated to forward any requests received from the related Other Master Servicer or the related Other Special Servicer, as applicable, for such consent and/or consultation to the Controlling Class Representative, and shall have no right or obligation to exercise any such consent or consultation rights.

 

Section 3.25     Additional Obligations with Respect to Certain Mortgage Loans.

 

With respect to each Mortgage Loan (other than the Non-Serviced Mortgage Loans) with a Stated Principal Balance in excess of $35,000,000, with respect to 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.

 

With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), if any mezzanine loan is directly or indirectly secured by any equity interest of the related Mortgagor, the Master Servicer (if (i) the related Mortgage Loan is a non-Specially Serviced Loan and (ii) the performance of the particular obligation would not constitute a Major Decision) or the Special Servicer (if (i) the related Mortgage Loan is a Specially Serviced Loan or (ii) the performance of an obligation would constitute a Major Decision) shall perform the obligations of the Trust, as holder of the related Mortgage Loan, or its servicer under the related mezzanine loan intercreditor agreement.

 

Section 3.26     Certain Matters Relating to the Non-Serviced Mortgage Loans.

 

In the event that any of an Other Trustee, an Other Master Servicer, an Other Certificate Administrator or an Other Special Servicer shall be replaced in accordance with the terms of the applicable Other Pooling and Servicing Agreement and notice of such replacement is provided to the parties hereto, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to an Other Trustee, an Other Master Servicer, an Other Certificate Administrator or an Other Special Servicer, as the case may be, in each case with reasonable promptness following request therefor by a party to the applicable Other Pooling and 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 

 

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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 (unless a Control Termination Event has occurred and is continuing, in which case the Controlling Class Representative shall 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, subject 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 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, subject 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 

 

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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 Business Days, to make the Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.

 

Section 3.28     Companion Loan Co-Lender 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 Whole Loan is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder thereof shall be bound by the terms of the Co-Lender Agreement and shall assume the rights and obligations of the holder of the 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 holders of the Notes that represent the Companion Loans. Thereafter, such Mortgage File shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian 

 

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appointed thereby for the benefit thereof, on behalf of itself and the holders of the related Companion Loans as their interests appear under the Co-Lender Agreement. If the related Servicing File is not already in the possession of such party, it shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for the subject Serviced Whole Loan.

 

(b)           With respect to each Companion Loan that is part of a Serviced Whole 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 Companion Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Companion Loan Holder or is exercisable in conjunction with any related Companion Loan Holder or its Companion Loan Holder Representative, 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 Companion Loan Holder or its Companion Loan Holder Representative, as applicable. Additionally, notwithstanding anything in this Agreement to the contrary but subject to Section 3.17(q) (as to consent rights) and Section 3.28(d) below (as to consultation rights), the Master Servicer or Special Servicer, as applicable, shall consult with, seek the approval of, or obtain the consent of, the holder of any Companion Loan or its Companion Loan Holder Representative with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Co-Lender Agreement and shall not take such actions requiring consent of or consultation with the 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 Companion Loan Holder as required under the Co-Lender Agreement.

 

(c)           With respect to each Serviced Whole Loan, 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 Whole Loan:

 

(i)            (A) the amount of the distribution from the related Serviced Whole Loan 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 Whole Loan;

 

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

 

(iii)          the amount of the distribution to the related Companion Loan Holder, separately identifying the non-default interest, principal and other amounts included therein, and if the distribution to a Companion Loan Holder is less than the full amount that would be distributable to such Companion Loan Holder if there were sufficient 

 

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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 Whole Loan;

 

(iv)          the principal balance of each of the related Serviced Whole Loan and related 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 Companion Loan Holder (or the master servicer, special servicer or certificate administrator, as applicable, for the related
Other Securitization Trust on its behalf) by electronic means (which may include posting such information pursuant to the applicable
CREFC® reports on the Master Servicer’s website) and by such other means of delivery as reasonably requested
pursuant to the terms of the related Co-Lender Agreement.

 

(d)           Unless otherwise stated in the related Co-Lender Agreement, (i) the Special Servicer (with respect to Specially Serviced Loans) or the Master Servicer (with respect to non-Specially Serviced Loans), as applicable shall be required to provide copies to any related Companion Loan Holder (or its Companion Loan Holder Representative) of any notice, information and report that is required to be provided to the Controlling Class Representative, pursuant to this Agreement with respect to any Major Decisions within the same time frame such notice, information and report is required to be provided to the Controlling Class Representative (for this purpose, without regard to whether such items are actually required to be provided to the Controlling Class Representative under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event), and (ii) the Special Servicer shall be required to consult with any related Companion Loan Holder (or its Companion Loan Holder Representative) on a strictly non-binding basis, to the extent having received such notices, information and reports, such related Companion Loan Holder (or its Companion Loan Holder Representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the related Serviced Whole Loan, and consider alternative actions recommended by such related Companion Loan Holder (or its Companion Loan Holder Representative); provided that after the expiration of a period of ten (10) Business Days from the delivery to such related Companion Loan Holder (or its Companion Loan Holder Representative) by the Special Servicer of written notice of a proposed action, together with copies of the notice, information and report required to be provided to the Controlling Class Representative or the Special Servicer, as applicable, shall no longer be obligated to consult with such related Companion Loan Holder (or its Companion Loan Holder Representative), whether or not such related Companion Loan Holder (or its Companion Loan Holder Representative) has responded within such ten (10) Business Day period (unless, the Master Servicer or the 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 be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of any 

 

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related Companion Loan Holder (or its Companion Loan Holder Representative) set forth in the immediately preceding sentence, the Master Servicer or the Special Servicer, as applicable, may make any Major Decision or take any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholders and the related Companion Loan Holder. In no event shall the Master Servicer or the Special Servicer, as applicable, be obligated at any time to follow or take any alternative actions recommended by any related Companion Loan Holder (or its Companion Loan Holder Representative); provided, that after the expiration of a period of ten Business Days from the delivery to a related Companion Loan Holder (or its representative) of such items, the Special Servicer will no longer be obligated to consult with such Companion Loan Holder (or its representative), unless the Special Servicer proposes a new course of action that is materially different from the action previously proposed; provided that, if the Special Servicer determines (consistent with the Servicing Standard) that immediate action is necessary to protect the interests of the Certificateholders, the Special Servicer may take such action without waiting for such response. The Special Servicer shall not be obligated at any time to follow or take any alternative actions recommended by a Companion Loan Holder (or its representative) with respect to a Serviced Whole Loan.

 

(e)           In addition to the consultation rights of a Companion Loan Holder (or its Companion Loan Holder Representative) provided in the immediately preceding paragraph, a Companion Loan Holder shall have the right to attend (in person or telephonically) annual meetings with the Special Servicer at the offices of the Special Servicer upon reasonable notice and at times reasonably acceptable to the Special Servicer in which servicing issues related to the related Serviced Whole Loan are discussed.

 

(f)           Upon receipt of written notice of the transfer of all or a portion of any Serviced Companion Loan, the Master Servicer shall promptly notify the Special Servicer, the Trustee, the Custodian and the Certificate Administrator of any change in the identity and/or notice information of any Serviced Companion Loan Holder (or its representative) to the extent the Master Servicer has such information, such written notice is not also addressed to such applicable party and the Master Servicer has not previously provided such information thereto; provided that, if the Serviced Companion Loan has been included in an Other Securitization Trust, the Companion Loan Holder will be deemed to be the related master servicer under the related Other Pooling and Servicing Agreement for purposes of providing notice(s), reports and any other information to the Companion Loan Holder under this Agreement, unless the notifying party has received written notice otherwise. Subject to Section 11.04, the Master Servicer may reasonably rely on the information provided to the Master Servicer regarding the identity and/or contact information of a Serviced Companion Loan Holder (or its representative). Each of the Special Servicer, the Trustee, the Custodian and the Certificate Administrator shall be entitled to rely on such information so provided by the Master Servicer.

 

Section 3.29     Appointment and Duties of the Operating Advisor.

 

(a)           Trimont Real Estate Advisors, Inc. is hereby appointed to serve as the initial Operating Advisor.

 

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(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 and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Holder(s), constitute a single lender), and not solely any particular Class of Certificateholders or any Serviced Companion Loan Holder (as 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 Specially Serviced Loans and (ii) each 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 Specially Serviced Loans.

 

(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 Sections 10.07 and 10.08 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 10.09 of this Agreement, any Asset Status Report and other information (other than any communications between the Controlling Class Representative or a 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 Mortgage Loans were Specially Serviced Loans during the prior calendar year) prepare and deliver to the Depositor (which shall, subject to Section 11.13 of this Agreement, deliver such Operating Advisor Annual Report to the Rating Agencies), 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 the Specially Serviced Loans and with respect to each Asset Status Report delivered to the Operating 

 

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Advisor by the Special Servicer during the prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, this Section 3.29, 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 Specially Serviced Loans 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 delivered to the Trustee, the Certificate Administrator, the Special Servicer and the Depositor (which shall, subject to Section 11.13 of this Agreement, deliver such Operating Advisor Annual Report to the Rating Agencies), and the Certificate Administrator shall promptly upon receipt post such Operating Advisor Annual Report on the Certificate Administrator’s Website; provided, however, that the Operating Advisor shall deliver to the Special Servicer, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event) any annual report produced by the Operating Advisor no less than 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. 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. In addition, in the event the Special Servicer is replaced during the prior calendar year, the Operating Advisor shall only be required to prepare an Operating Advisor Annual Report relating to each entity that was acting as the Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report.

 

(e)            Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer will forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor after such calculations have 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 Controlling Class Representative 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 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 a 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, 

 

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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 applicable non-discretionary portions of the formula 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 related formula 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 the 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. The Certificate Administrator shall be entitled to conclusively rely on such third-party calculation.

 

(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 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.

 

(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, Controlling Class Representative or any Companion Loan Holder (or its Companion Loan Holder Representative) in connection with the exercise of the rights of the Controlling Class Representative or 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 

 

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by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless a Consultation Termination Event has occurred and is continuing, the Controlling Class Representative 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 or the Serviced Whole Loan Custodial Account, as applicable, pursuant to Section 3.06 or Section 3.06A of this Agreement, as applicable. 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 and Section 3.06A of this Agreement (or the Serviced Whole Loan Custodial Accounts), 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 Loan Documents. The Master Servicer or the Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master Servicer or the Special Servicer, as applicable, shall consult 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, within 10 Business Days of the Rating Agency Confirmation request being posted to the Depositor’s 17g-5 Website, such Rating Agency has not granted such request, rejected such request or replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and if there is no response to either such Rating Agency Confirmation request within five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then: 

 

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(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) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans) or the Special Servicer (with respect to the Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing, and in any event 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 such Controlling Class Representative 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 whether 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) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.30(b), 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 (i) as certified in writing by the replacement master servicer or special servicer, as applicable, 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 CMBS transaction that was rated by Moody’s and serviced by the applicable servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency; (ii) as certified in writing by the replacement master servicer or special servicer, as applicable, KBRA 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 KBRA is the non-responding Rating Agency; is the non-responding Rating Agency; and (iii) Morningstar, if (as certified to, in writing, by such replacement master servicer or replacement special servicer, as applicable) the replacement master servicer or replacement special servicer is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, 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 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 

 

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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, the 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, the 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)           Notwithstanding anything to the contrary in Section 3.30(a), for purposes of 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 Rating Agency Confirmation requirement in the related Mortgage Loan documents will not apply, even without the determination referred to in clause (x) of the first paragraph of Section 3.30(a) above by the Requesting Party or, if the Requesting Party is the related Mortgagor, then by the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Mortgage Loans), as applicable, provided that the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Mortgage Loans), as applicable, shall in any event review the 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).

 

(c)           For all other matters or actions (i) that are not specifically discussed in clauses (x), (y) or (z) of Section 3.30(a) above or (ii) that are not the subject of a Rating Agency Declination, the proposed action may not be permitted to proceed unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)           With respect to any Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of the related Mortgage Loan, the related Serviced Whole Loan or any related REO Property 

 

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(including, but not limited to, the replacement of the Master Servicer, the Special Servicer or a sub-servicer) (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, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative or applicable Certificateholders, 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 to be 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, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative or applicable Certificateholders, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterpart (i.e., the master servicer, special servicer, trustee or certificate administrator, if and as applicable), the Rule 17g-5 information provider for the Other Securitization Trust, or such other party or parties (as are agreed to by the Master Servicer, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative or applicable Certificateholders, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the extent not borne by the 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 Depositor under this Agreement for posting on the Depositor’s 17g-5 Website 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 Depositor, 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 an Other Master Servicer, an Other Special Servicer, an Other Trustee, an Other Certificate Administrator and the Rule 17g-5 information provider 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 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.

 

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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 the Class X Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) and 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) reimbursements of 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(a) 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) 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(a) shall be deemed to have been first distributed in respect of the Class LB Interest to the Upper-Tier REMIC in 

 

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respect of the Class B Regular Interest and (iii) 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(a) 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 on behalf of the Trustee 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 Certificates (other than the Exchangeable Certificates and the Class S 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 Holders of the Class A-1, Class A-2, Class A-3, Class A-4, 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 Holders of the Class A-1, Class A-2, Class A-3, Class A-4 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;

 

(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 

 

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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; and

 

(F)        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 (E) above until the outstanding Certificate Principal Amount of the Class A-AB Certificates has been reduced to zero;

 

(iii)         to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to 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 Class A-S Regular Interest, in respect of interest, up to an amount equal to the Interest Distribution Amount for the Class A-S Regular Interest;

 

(v)          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;

 

(vi)         to the Class A-S Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to 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 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 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 Class B Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to the Class B Regular Interest, plus 

 

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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 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 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 Class C Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to 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 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 those 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 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 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 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;

 

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(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 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;

 

(xxiv)       to the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to 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 Class A-1, Class A-2, Class A-3, Class A-4 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 

 

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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 shall be distributed to Holders of the Classes of Certificates as follows: (a) pro rata, between (i) the group (the “YM Group A”) of the Class A-1, Class A-2, Class A-3, Class A-4, 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 (ii) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of the Class D and 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) and 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), based upon the aggregate amount of principal distributed to the Classes of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) and/or Class PEZ Regular Interest(s) (and, therefore, the applicable Classes of Exchangeable Certificates) in each YM Group on such Distribution Date; and (b) as among the respective Classes of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) and Class PEZ Regular Interest(s) in each YM Group in the following manner: (1) the holders of each Class of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) and Class PEZ Regular Interest (and, therefore, the applicable Classes of Exchangeable Certificates) in such YM Group will be entitled to receive on each Distribution Date an amount 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 Sequential Pay 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 Sequential Pay Certificates (exclusive of the Exchangeable 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 Certificates or Class PEZ Regular Interest and (z) the portion of such Yield Maintenance Charge allocated to such YM Group, and (2) the portion of such Yield Maintenance Charge allocated to such YM Group remaining after such distributions will be distributed to the Class of Class X Certificates in such YM Group. If there is more than one Class of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) and/or Class PEZ Regular Interest (and, therefore, the applicable Classes of Exchangeable Certificates) in either YM Group entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Class(es) of Certificates and/or Class PEZ Regular Interest(s), the aggregate amount of such Yield Maintenance Charges will be allocated among all such Classes of Sequential Pay Certificates (exclusive of the Exchangeable Certificates) and/or Class PEZ Regular Interests (and, therefore, the applicable Classes of Exchangeable Certificates) up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

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 

 

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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 Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, 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 pro rata 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.

 

(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 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 in accordance with Section 4.01(b) of this Agreement, 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 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 

 

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as a result of Realized Losses to equal the Certificate Principal Amount of the Class of 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. Any such write-offs will be applied to the following Classes of Regular Certificates or 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, 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, and (v) 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 Certificates or Class PEZ Regular Interest in respect of which any such reimbursement is made. To the extent 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, the amount of such recovery (plus interest thereon that would have accrued on the amount of such recovery had such Certificate Principal Amount not been reduced in the first place from the time that the Realized Loss relating to such recovery resulted in a write-down of the Certificate Principal Amount of the applicable Class of Certificates until the time that the recovery of Realized Loss increased such Certificate Principal Amount) will be added to the Certificate Principal Amount of the Class or Classes of Regular Certificates (other than the Class X Certificates) or Class PEZ Regular Interest that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b) of this 

 

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Agreement, in each case up to the amount of the unreimbursed Realized Losses allocated to such Class of Certificates or Class PEZ Regular Interest (and, to the extent that the Certificate Principal Amount of 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 the Corresponding Lower-Tier Regular Interest). If the Certificate Principal Amount of any Class of Regular 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 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 and Class A-AB Certificates and the Class A-S Regular Interest and of the Lower-Tier Principal Balances of the Corresponding Lower-Tier Regular Interests resulting from allocations of Realized Losses. The Notional Amount of the Class X-B Certificates and 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 Principal Balance of the Corresponding Lower-Tier Regular Interest resulting from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and 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 Corresponding Lower-Tier Regular Interest 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.

 

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(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 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 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].

 

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(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.

 

(k)          On each Distribution Date, any Excess Interest received during the related Prepayment Period with respect to the ARD Loans shall be distributed to the Holders of the Class S Certificates from the Excess Interest Distribution Account.

 

(l)           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 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);

 

(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 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 

 

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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

 

(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 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).

 

(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 Section 4.01(b)(vii), 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);

 

(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 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

 

(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 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).

 

(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 

 

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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 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);

 

(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 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 respect of principal on the Class C Regular Interest under Section 4.01(b)(xi); 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 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).

 

(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.

 

(m)         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.

 

Section 4.02     Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer.

 

(a)          Based on information received from the Master Servicer and any other applicable Persons, on each Distribution Date, the Certificate Administrator shall provide or 

 

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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 Certificates (other than the Class X and Class R Certificates) 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;

 

(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;

 

(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;

 

(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 Loan 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 Non-Serviced Mortgage 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;

 

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(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 Non-Serviced Mortgage Loans) included in the Trust Fund as of the close of 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 Non-Serviced Mortgage 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 each 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 or 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;

 

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(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;

 

(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 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; and

 

(DD)    such additional information as contemplated by Exhibit D to this Agreement.

 

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. 

 

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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 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 promptly make available 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), the following items, in each case to the extent received by a Responsible Officer of the Certificate Administrator or prepared by the Certificate Administrator or otherwise delivered to the Certificate Administrator pursuant to the notice requirements of Section 11.04 of this Agreement or otherwise pursuant to this Agreement:

 

(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

 

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(B)        any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

(v)           the following “special notices”:

 

(A)        all Special Notices;

 

(B)        notice of any modification, amendment or waiver 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 or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the 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)        any notice of the termination of the Trust;

 

(H)        any notice of the occurrence and continuance of a Control Termination Event;

 

(I)         any 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 10.08 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 10.09 of this Agreement;

 

(vi)         the Investor Q&A Forum; and

 

(vii)        solely to Certificateholders and Beneficial Owners, the Investor Registry.

 

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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 provide assistance in using the Certificate Administrator’s Website through the Certificate Administrator’s customer service desk at telephone number (866) 252-4360.

 

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 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 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 (and Serviced Whole Loans) or the Mortgaged Properties and (c) submit questions to the Operating Advisor relating to the Operating Advisor Annual 

 

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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.

 

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 the Special Servicer shall be by email 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 has not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the Certificate Administrator’s Website.

 

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) that is a Privileged Person, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders and 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 

 

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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 email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator 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 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 Whole Loan, 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 

 

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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 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 Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited, Thomson Reuters 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.

 

Pursuant to Section 3.03(a) of this Agreement, the Master Servicer or the applicable Special Servicer, as the case may be, shall notify the Certificate Administrator in the CREFC® Loan Periodic Update File in the event such party receives Excess Interest on or prior to the Determination Date for any Distribution Date, or receives notice from the related Mortgagor that such party will be receiving Excess Interest on or prior to the Determination Date for any Distribution Date.

 

(b)           No later than the Business Day prior to each Distribution Date, subject to the penultimate paragraph of this subsection (b), the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor and the Special Servicer and Other Master Servicer 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 become 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 and Corrected Mortgage Loan Report, (3) CREFC® Total Loan Report, (4) the CREFC® Servicer Watch List and 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 

 

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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 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 (with respect to non-Specially Serviced Loans that are not Non-Serviced Mortgage Loans) or Special Servicer (with respect to Specially Serviced Loans that are not, and REO Properties that do not relate to, Non-Serviced Mortgage Loans), as applicable, shall prepare with respect to each Mortgaged Property and REO Property:

 

(i)            Within 30 days after receipt of a quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating statement for the 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 that calendar quarter, provided, however, that any analysis or report with respect to the first calendar quarter of each year will not be required to the extent provided in the then current applicable CREFC® guidelines (it being understood that as of the date of the Prospectus Supplement, the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12 month basis, or if the related Serviced Mortgage Loan is on the CREFC® Servicer Watch List). The Master Servicer (with respect to non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, shall deliver to the Certificate Administrator, the Operating Advisor and related Companion Loan Holders 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 and REO Properties) or the Master Servicer (with respect to non-Specially Serviced Loans) of an annual operating statement for each calendar year commencing with the calendar year and 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, 

 

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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 related Companion Loan Holders by electronic means the CREFC® NOI Adjustment Worksheet upon request.

 

The Certificate Administrator shall deliver or shall cause to be delivered, upon request, subject to Section 11.13 of this Agreement, to each Rating Agency, 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 Whole Loan 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 Companion Loan Holder (as to the related Serviced Whole Loan Custodial Account) and, subject to Section 11.13 of this Agreement, each Rating Agency a statement, setting forth the status of the Collection Account and each Serviced Whole Loan 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 Serviced Whole Loan 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 Whole Loan) the related Companion Loan Holder, upon reasonable request of the Certificate Administrator or any Companion Loan Holder, any and all additional information relating to the Mortgage Loans or any Serviced Whole Loan 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 

 

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report, document or information furnished by the Special Servicer to the Master Servicer 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 each Non-Serviced Mortgage 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 an Other Master Servicer under the applicable Other Pooling and 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, 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.

 

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.

 

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 Whole Loans available on any website that it has established.

 

With respect to each Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described information to the extent received from an Other Master Servicer or an Other 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 an Other Master Servicer under the applicable Other Pooling and Servicing Agreement.

 

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Section 4.03     Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to payments to Certificateholders and other payees of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders or payees 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 or payee pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any amount so withheld shall be treated as having been distributed to such Person for all purposes of this Agreement.

 

Each Holder, by acceptance of a Certificate, agrees to provide to the Certificate Administrator or the Trust, upon its request, the FATCA Investor Information. In addition, each Holder, by acceptance of a Certificate, agrees that the Certificate Administrator has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Holder that fails to comply with the requirements of the preceding sentence.

 

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 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 Class S 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 

 

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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 the case may be) would cause the termination of the REMIC status of either Trust REMIC or the imposition of tax on either 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 either 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 either 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 

 

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REMIC Provisions, in the Upper-Tier REMIC other than the Regular Certificates and the Upper-Tier 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: (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.

 

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 either Trust REMIC, such tax shall be charged against amounts otherwise distributable to Certificateholders; 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 either 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 either 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 

 

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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 either 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 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 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 preceding such Distribution Date;

 

(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 (iii) below and clause (c) 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 Serviced Whole Loan, but not a Companion Loan) to the extent such amounts were not received on such Mortgage Loan as of the 

 

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corresponding Determination Date 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)(x) 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 Serviced Companion Loans. The amount of interest required to be advanced in respect of payments on any Mortgage Loan as to which an Appraisal Reduction Amount exists will equal (i) the amount of interest required to be advanced by the Master Servicer without giving effect to such Appraisal Reduction Amount less (ii) an amount equal to the product of (x) the amount otherwise required to be advanced by the Master Servicer with respect to such delinquent payment of interest without giving effect to such Appraisal Reduction Amounts, and (y) a fraction, the numerator of which is the Appraisal Reduction Amount with respect to such Mortgage Loan and the denominator of which is the Stated Principal Balance 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, the Special Servicer or the Trustee 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 Master Servicer, the Special Servicer or the Trustee that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, 

 

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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 accordance with its good faith business judgment, and, shall be evidenced by an Officer’s Certificate as set forth in Section 4.06(b). In making such recoverability determination, 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 Whole 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 (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.

 

The determination by the Master Servicer 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, may be conclusively relied upon by the Master Servicer (in the case of such a determination by the Special Servicer) and the Trustee; provided that this sentence 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 P&I Advance constitutes or would constitute a Nonrecoverable Advance. 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, makes a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance.

 

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 the 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 Non-Serviced Mortgage Loan, the Master Servicer and the Trustee shall be entitled to rely on the “appraisal reduction amount” calculated by an Other Special Servicer or an Other Master Servicer in accordance with the terms of the applicable Other Pooling and 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 

 

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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 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, 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 Non-Serviced Mortgage Loan, if (1) an Other Master Servicer has determined that a proposed P&I Advance (as defined in the applicable Other Pooling and Servicing Agreement) with respect to each Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance previously made, would be, or is, as applicable, a “nonrecoverable advance,” and an Other Master 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 each Non-Serviced Mortgage Loan would be a Nonrecoverable P&I Advance, then none of the Master Servicer or the Trustee shall make any additional P&I Advance with respect to such Non-Serviced Mortgage Loan until the Master Servicer or the Special Servicer, as applicable, has consulted with an Other Master Servicer under the applicable Other Pooling and Servicing Agreement and they agree that circumstances with respect to such Mortgage Loans have changed such that a proposed future P&I Advance or P&I Advance would not be a “nonrecoverable advance.” With respect to each Non-Serviced Mortgage 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 Trustee and an Other Master Servicer written notice of such determination within two (2) Business Days after such determination was made.

 

In connection with any Non-Serviced Mortgage Loan, any determination by the Master Servicer for such Non-Serviced Mortgage Loan that any P&I Advance made or to be made with respect to such Non-Serviced 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 or on behalf of the related Companion Loan Holder regarding nonrecoverability of debt service advances on the related Non-Serviced Companion Loan.

 

(d)           If the Trustee, the Master Servicer or the Special Servicer has received written notice from Moody’s, KBRA or Morningstar to the effect that continuation of the Master 

 

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Servicer or the Special Servicer in such capacity would result in the downgrade, qualification or withdrawal of any rating then assigned by Moody’s, KBRA or Morningstar, as applicable, to any Class of Certificates and citing servicing concerns with such Master Servicer or the 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 Companion Loan Holders and the applicable master servicer of any Companion Loan.

 

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 Class S Certificates and the Exchangeable Certificates, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause to be 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 Classes of Exchangeable Certificates and the Class S 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 Excess Interest and the Excess Interest Distribution Account, the Class PEZ Specific 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 the Class S Certificates and 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 

 

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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 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 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 CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A CUSIPs. The Certificate Administrator shall 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 Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

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-AB Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class A-S Certificates, the Class B Certificates, the Class PEZ Certificates, the Class C Certificates, the Class D Certificates, the Class X-D Certificates, the Class E Certificates, the Class F Certificates, the Class G Certificates, the Class R Certificates and the Class S 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 comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

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(b)           The Public Certificates (other than the Class X-A, Class X-B and Class X-D Certificates) shall be issued in minimum denominations of $10,000 and integral multiples of $1 in excess thereof. The Private Certificates (other than the Class R and Class S 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 and Class S 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. The Class S Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class S Certificates and in integral multiples of 1% in excess thereof.

 

(c)           One authorized signatory shall sign the Certificates for the Certificate Administrator by manual or fax 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.

 

(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 

 

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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 and Class S Certificates) sold in offshore transactions in reliance on Regulation S under the Securities 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.

 

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 S and Class R Certificates) offered and sold to Qualified Institutional Buyers in reliance on 

 

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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 and the Class S 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.

 

(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 

 

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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 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 

 

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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.

 

(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 

 

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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 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 

 

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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 S or Class R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a Global Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 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 Person 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.

 

(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 

 

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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 Securities Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)            Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made pursuant to the provisions of clause (e) above.

 

(k)           If Private Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance with the Securities Act, or if a request is made to remove such legend on Certificates, the 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 Securities Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of Rule 144. 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 ERISA Restricted Certificate or Class R Certificate or Class S Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be an employee benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or Code Section 4975 or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf of any such Plan or using the assets of a Plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or of 

 

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applicable Similar Law) to purchase such ERISA Restricted Certificate, Class S Certificate or Class R Certificate, other than, in the case of the ERISA Restricted Certificates, an insurance company using the assets of its general account under circumstances whereby the purchase and holding of such Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 (or, as applicable, would not constitute 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, Class S Certificate or 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 a representation letter, substantially in the form of Exhibit L-3 to this Agreement, stating that the prospective transferee is not and will not be a Plan or a person acting on behalf of or using the assets of a Plan, other than, in the case of the ERISA Restricted Certificates, an insurance company using the assets of its general account under circumstances whereby the purchase and holding of such Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 (or, as applicable, would not constitute a non-exempt violation of Similar Law). No 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 or Class X-D Certificate and no Certificate which has ceased to be an ERISA Restricted Certificate (because of the proviso in the definition of “ERISA Restricted Certificate”) may be purchased by or transferred to any prospective purchaser or transferee that is or will be a Plan, or any person acting on behalf of any such Plan or using the assets of a Plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or of applicable Similar Law) to purchase such Certificate, unless (A) the purchaser is an “accredited investor” within the meaning of Rule 501(a)(1) of the Securities Act and (B) the acquisition, holding and disposition of such Certificate by the purchaser will not constitute or otherwise result in a non-exempt prohibited transaction under ERISA or Code Section 4975 (or a similar 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 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 

 

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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 applicable 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 Transferee Affidavit are false.

 

(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 

 

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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.

 

(v)           The Class S Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional Buyers or Institutional Accredited Investors.

 

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 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 

 

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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 (a) have a rating on its unsecured long-term debt of at least “A2” by Moody’s and, if rated by KBRA, a rating by KBRA at least equivalent to “A2” by Moody’s, and (b) have a rating on its unsecured short-term debt of at least “P-1” by Moody’s (or have such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation).

 

Section 5.07     Access to Certificateholders’ Names and Addresses; Special Notices.

 

(a)           If any Certifying Certificateholder, any 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 Companion Loan Holder that (a) states that such Certificateholder or 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 Certificateholder or any 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.

 

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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 a corporation 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.

 

Any corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation 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 

 

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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. The Certificate Administrator may appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Certificate Administrator, by entering into a Custodial Agreement (in the event the Certificate Administrator is not the Custodian) that is consistent in all material respects with this Agreement. The Certificate Administrator shall give prompt written notice to the Depositor of any appointment of a Custodian. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders and the Companion Loan Holders. Each Custodian shall be 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 “Baa1” from Moody’s and, if rated by KBRA, a rating by KBRA at least equivalent to “Baa1” by Moody’s, and shall be qualified to do business in the jurisdiction in which it holds any Mortgage File. Each Custodial Agreement may be amended only as provided in Section 11.07 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. The Certificate Administrator shall serve as the initial Custodian and shall be deemed appointed as Custodian at all times that no other party is so appointed in accordance with this Section 5.10. The Custodian, if the Custodian is not the Certificate Administrator, shall maintain a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement, with the Certificate Administrator named as loss payee. 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, with the Certificate Administrator named as loss payee. 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 Certificate 

 

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Administrator a Rating Agency Confirmation. The appointment of a Custodian 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 Custodian. In the event the Certificate Administrator is the Custodian, the Custodian may self-insure.

 

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 111 Fillmore Avenue, St. Paul, Minnesota 55107 Attn: Bondholder Services – GS 2015-GC30 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 

 

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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.

 

(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 “cmbs.transactions@usbank.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. 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)           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 

 

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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, any employee, director or officer of the Depositor, the Trust Fund and the Serviced Companion Loan Holders and hold the Depositor, 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 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 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 Servicer, the Special Servicer and the Operating Advisor shall keep in full effect its existence, rights and good standing as a national banking association, 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 

 

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(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 Serviced Whole Loan Custodial Account if and to the extent with respect to a Serviced Whole Loan and then out of the Collection Account, provided that, to the extent that the amount relates to a Serviced Whole Loan, is required under the Co-Lender Agreement to be borne by the holder of a related Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Serviced Whole Loan 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 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 

 

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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 the Depositor, the Master Servicer, the Special Servicer or 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 Serviced Whole Loan Custodial Account if and to the extent with respect to a Serviced Whole Loan and then out of the Collection Account, provided that to the extent that the amount relates to a Serviced Whole Loan, is required under the related Co-Lender Agreement to be borne by the holder of a related Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Serviced Whole Loan 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 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 Serviced Whole Loan Custodial Account, as applicable, as provided in Section 3.06 and Section 3.06A of this Agreement.

 

The Other Master Servicer, an Other Special Servicer, an Other Depositor, an Other Trustee, an Other Certificate Administrator, an Other Operating Advisor, and any of their respective directors, officers, employees or agents (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the related Co-Lender Agreement) of any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with any legal action relating to each Non-Serviced Mortgage Loan under the applicable Other Pooling and Servicing Agreement or this Agreement (but excluding any such items allocable to each Non-Serviced Companion Loan), reasonably requiring the use of counsel or the incurring of expenses other than any losses incurred by reason of any Other Indemnified Party’s willful misfeasance, bad faith or negligence in the performance of its obligations or duties or by reason of negligent disregard of obligations and duties under the applicable Other Pooling and Servicing Agreement.

 

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 

 

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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 of this Agreement and, in the case of a Serviced Whole Loan, 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; and (v) 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, the Special Servicer or the Operating Advisor upon determination that such duties hereunder are no longer permissible under applicable law, the Trustee 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, Special Servicer or Operating Advisor, as applicable, as though the Master Servicer, the Special Servicer or the Operating Advisor, 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 Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Master Servicer’s, the Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee and the Certificate Administrator.

 

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 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 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 

 

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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 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 neither 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.

 

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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 related 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 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 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 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.

 

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Section 6.08     Termination of the Special Servicer Without Cause.

 

(a)           At any time prior to the occurrence and continuance of any Control Termination Event, subject to Section 6.08(g) of this Agreement, the Controlling Class Representative shall be entitled to terminate the rights (subject to Section 3.12 and Section 6.03 of this Agreement) and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the Special Servicer with respect to a Serviced Whole Loan, the related Companion Loan Holder. Upon a termination (pursuant to the prior sentence) or a resignation (pursuant to Section 6.04(b) of this Agreement) of the Special Servicer, subject to Section 6.08(g) of this Agreement, the Controlling Class Representative shall appoint a successor to the Special Servicer; provided, however, that (i) such successor will meet the requirements set forth in Section 7.02 of this Agreement; (ii) the Controlling Class Representative shall (at no expense to the Trust) obtain and deliver to the Certificate Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed successor acting as the Special Servicer and (iii) in the case of the appointment of a successor Special Servicer with respect to a Serviced Whole Loan, the Controlling Class Representative shall (at no expense to the Trust or the related Other Securitization Trust) obtain and deliver to the certificate administrator (if any) and the trustee for the 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 the Special Servicer for the related Companion Loan.

 

Following the occurrence and during the continuance of a Control Termination Event, and subject to Section 6.08(g) of this Agreement, upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of the Certificates requesting a vote to terminate and replace the Special Servicer with a proposed successor Special Servicer, (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination of such existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website and by mailing at their addresses appearing in the Certificate Register. Upon the written direction of (a) Holders of Certificates evidencing at least 75% of the Voting Rights of the Certificates or (b) Holders of Non-Reduced Certificates evidencing more than 50% of the Voting Rights of each Class of Non-Reduced Certificates, subject to Section 6.08(g) of this Agreement (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), 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, and the proposed successor Special Servicer shall succeed to the duties of the Special Servicer all as if a removal and replacement were occurring pursuant to Section 7.01 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 

 

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and effect. The provisions set forth in the foregoing sentences of this Section 6.08(a) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. A 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 email notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(b)           At any time after the occurrence and during the continuance of a Consultation Termination Event and subject to Section 6.08(g) of this Agreement, 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 meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to succeed as the Special Servicer if appointed in accordance herewith. In such event, the Certificate Administrator shall promptly post a copy of such recommendation on the Certificate Administrator’s Website and by mail send notice to all Certificateholders, asking them to vote whether they wish to remove the Special Servicer. Upon (i) the written direction 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 of the same alphabetical designation as a single “Class” for such purpose) within 180 days of the initial request for a vote and (ii) receipt of Rating Agency Confirmation from each Rating Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall (i) subject to Section 6.08(g) of this Agreement, terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the recommended applicable successor Special Servicer and (ii) 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 receive the required written direction contemplated by clause (i) of the second preceding sentence within 180 days of the initial request for such vote, 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 

 

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the obligations of the Special Servicer under this Agreement 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).

 

(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 Whole Loan, 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, any 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 the Special Servicer shall be paid by the Controlling Class Representative or Certificateholders or 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 and (ii) 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 a Serviced Whole Loan or any related REO Property is involved, each related 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 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 Mortgage Loans and the Serviced Whole Loans for which it is the Special Servicer and the proceeds thereof, other than any rights 

 

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the Special Servicer may have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including without limitation the right to receive all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 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 Whole Loan or any related REO Property in accordance with Article VII 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 Serviced Whole Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related REO Property, and shall mean the Pool Special Servicer (as defined below in subsection (i)), 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 Serviced Whole Loan Special Servicer and the Pool 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 Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Whole Loan or any related REO Property, and shall mean the Pool 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 Pool 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 Pool Special Servicer or the applicable Serviced Whole Loan 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 Serviced Whole Loan Special Servicer and the applicable Pool Special Servicer as defined herein; 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” shall mean the applicable Serviced Whole Loan Special Servicer or the Pool Special Servicer, as applicable.

 

(i)            References in this Agreement to “Pool Special Servicer” mean the Person performing the duties and obligations of special servicer with respect to the applicable Mortgage Loans (exclusive of any Serviced Whole Loan or related REO Property as to which a different Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

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Section 6.09     The Controlling Class Representative.

 

(a)           For so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled to (1) advise the Special Servicer with respect to all Specially Serviced Loans, (2) advise the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer for a Major Decision, and (3) with respect to any Non-Serviced Mortgage Loan, exercise consultation and consent rights (if any) and attend annual meeting with an Other Master Servicer and an Other Special Servicer, in each case, to the extent the holder of a Non-Serviced Mortgage Loan is entitled to such rights pursuant to the related Co-Lender Agreement. 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), both (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 has occurred and is continuing, 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 Controlling Class Representative 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 by the Special Servicer within such ten (10) Business Day period or twenty (20) day period, as applicable, then the Controlling Class Representative will be deemed to have approved such action; provided further, that, in the event that the Special Servicer or 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 Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event in this Agreement, is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders and related Companion Loan Holder(s) constituted a single lender, 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 Controlling Class Representative’s (or, if applicable, the Special Servicer’s) response. The Special Servicer is not required to obtain the consent of the Controlling Class Representative for any Major Decision 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 (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 

 

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consent of, the Controlling Class Representative would have been required prior to the occurrence and continuance of such Control Termination Event.

 

In addition, for so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan or Serviced Whole Loan, as applicable, as the Controlling Class Representative may 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 preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special Servicer to violate any provision of any Loan Documents, 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 hereunder 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 Companion Loan Holders.

 

In the event the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any advice from the Controlling Class Representative would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Loan Documents, the 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 the Controlling Class Representative, the Trustee and, subject to Section 11.13 of this Agreement, the Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval of the Controlling Class Representative 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.

 

The Controlling Class Representative 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 gross negligence in the performance of duties or by reason of negligent disregard of obligations or duties.

 

By its acceptance of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Controlling Class Representative may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Controlling Class Representative may act solely in the interests of the Holders of the Controlling Class; (iii) the Controlling Class Representative does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; 

 

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(iv) the Controlling Class Representative may take actions that favor interests of the Holders of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates; and (v) the Controlling Class Representative shall have no liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and no Certificateholder may take any action whatsoever against the Controlling Class Representative or any affiliate, director, member, officer, employee, shareholder, member, partner, agent or principal thereof for having so acted; provided, however, that the rights of the Controlling Class Representative are subject to the intercreditor agreement.

 

(b)           Notwithstanding anything to the contrary contained herein: (i) after the occurrence and during the continuance of any 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, and the Master Servicer, the 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 to the extent set forth herein; and (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 Controlling Class Representative.

 

(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 Companion Loan Holder that would cause any one of them to violate applicable law, the terms of the related Serviced Whole Loan, 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 

 

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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 (on a reasonably prompt basis).                                         
(i)          the
identity of the then-current Controlling Class and a list of the Controlling Class Certificateholders; provided that,
if any Controlling Class Certificateholder is listed as being the Depository, then the Certificate Administrator shall promptly
request from the Depository the list of Beneficial Owners of the Controlling Class (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), and the Certificate Administrator
shall provide such list to the requesting party promptly upon receipt; provided, further that, if any Controlling
Class Certificateholder is listed as the Depository and the Certificate Administrator has actual knowledge of the identity of the
related Beneficial Owner, then the Certificate Administrator shall include such Beneficial Owner in the list provided to any requesting
party pursuant to this clause (i);

                                      
(ii)          for
so long as no Consultation Termination Event has occurred and is continuing, the identity of the Controlling Class Representative
and applicable contact information; and

                                    
(iii)          confirmation
as to whether a Control Termination Event has occurred in the previous calendar year preceding any such request, to such requesting
party, and each of the Master Servicer, Special Servicer, Operating Advisor and the Trustee shall be entitled to rely on such
information so provided by the Certificate Administrator.

In the event of a change in the Controlling Class, the Certificate Administrator shall promptly contact DoubleLine Capital LP, 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 that DoubleLine Capital LP or any successor Controlling Class Representative or Controlling Class Certificateholder(s) is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate Principal Amount and the Certificate Administrator has neither (i) received notice of the then-current Controlling Class Certificateholders (or, in the case of book entry certificates, Beneficial Owners) 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.

 

(e)           Once a Controlling Class Representative has been selected pursuant to clause (c) above, 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 actual knowledge by a Responsible 

 

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Officer 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.

 

(h)           Notwithstanding anything to the contrary contained herein, during such time as the Class E Certificates is the Controlling Class, 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 to cause the exercise of the rights of the Controlling Class Representative as 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 the Opting-Out Party (i) sells a majority of the Class E Certificates (by Certificate Principal Amount) to an unaffiliated third party and (ii) certifies 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, the successor holder of more than 50% of the Controlling Class Certificates (by Certificate Principal Amount) shall again have the rights of the Controlling Class Representative as set forth herein (including the rights to appoint a Controlling Class Representative or cause the exercise of the rights of the Controlling Class Representative) 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 rights to act as or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative or to cause the exercise of the rights of the Controlling Class Representative as set forth in this Agreement. No such successor Certificateholder described above in this paragraph shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to the Class E Transfer and had not also become a Corrected Mortgage Loan prior to such Class E Transfer until such time as such Mortgage Loan becomes a Corrected Mortgage Loan.

 

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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 any Serviced Whole Loan Custodial Account or to any 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, any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

(ii)           any failure by the Special Servicer to deposit into 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 any Serviced Whole Loan 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 (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) 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 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 the Special Servicer, as applicable, has commenced to cure such failure 

 

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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 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 the 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

 

(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)        either Moody’s or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (i) 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 (ii) 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 (i) or (ii), publicly citing servicing concerns with the Master Servicer or the 

 

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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)           the Master Servicer or the Special Servicer, as applicable, 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 the Master Servicer or the Special Servicer, as applicable, is not reinstated to that ranking within 60 days; 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 fail to deliver during any period in which the Trust or the Other Securitization Trust is subject to the reporting requirements of the Exchange Act the items required to be delivered by this Agreement to enable the Certificate Administrator, Depositor or Other Depositor or Other Exchange Act Reporting Party to comply with the Trust’s reporting obligations under the Exchange Act within 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 the related Serviced Whole Loan, at the direction of an affected 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) and/or (ix) above if the failure, default or event only has an adverse effect on a Serviced Companion Loan, the holder of a Serviced Companion Loan 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 the holder of any related Serviced Companion Loan 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 Whole Loan.

 

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 

 

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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 Whole Loans under this Agreement from at least three (3) Persons qualified to act as a successor Master Servicer hereunder in accordance with Section 6.02 (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 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 offer proposal shall require any Successful Bidder (as defined below), as a condition of such offer, 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 offer (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 offer 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 offer received from the Successful Bidder (net of “out-of-pocket” expenses incurred in connection with obtaining such offer 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 Whole Loans, 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 offer 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 Whole Loans

 

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and the proceeds thereof, other than any rights the Master Servicer or 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 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 the event and to the extent that it is a Certificateholder) or the Mortgage Loans and Serviced Whole Loans 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 Whole Loans 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 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 Serviced Whole Loan Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage Loans and Serviced Whole Loan, 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 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

 

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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 Companion Loan Holder of a Serviced Whole Loan and the Master Servicer is not otherwise terminated in accordance with Section 7.01(c), or (2) a Servicer Termination Event on the part of the Master Servicer occurs that affects only the Companion Loan, the Master Servicer may not be terminated in accordance with Section 7.01(c), but, at the written direction of the Companion Loan Holder, the Master Servicer will be required to appoint, within 30 days of such direction, a sub-servicer (or, if any Serviced Whole Loan 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 Companion Loan Holder in accordance with this Section 7.01(d), the Master Servicer shall obtain at its own expense a Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency, which shall be delivered and addressed to the related Companion Loan Holder and to the Trustee. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the direction of a 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 Whole Loan, 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 Whole Loan calculated at 0.0025% 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 Whole Loan in the event that any Serviced Whole Loan 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 Whole Loan 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 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.

 

In no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Servicer Termination Event until a Responsible Officer of the

 

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Trustee or the Certificate Administrator, as the case may be, has received written notice thereof or has actual knowledge thereof.

 

(e)           If the Trustee, the Certificate Administrator or the Master Servicer has received written notice from Moody’s, KBRA or Morningstar 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 replacement Master Servicer shall notify the related 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 be its 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 the 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 the 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 the 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 Whole Loan 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 the Companion Loans that accrue after the date of the Trustee’s succession to which the Master Servicer or the Special Servicer would have been entitled if the Master Servicer or the 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, 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

 

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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 Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer hereunder; provided that, for so long as no Control Termination Event has occurred or is continuing the Controlling Class Representative shall have the right to approve any such successor Special Servicer. No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by such successor of all the Master Servicer’s or the Special Servicer’s responsibilities, duties and liabilities hereunder. 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 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; 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 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 Companion Loan Holders and, subject to Section 11.13 of this Agreement, to each Rating Agency.

 

(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

 

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Holders of Certificates, any affected Companion Loan Holder (to the extent the Certificate Administrator has received the notice information for such Companion Loan Holder after a request therefor) and, subject to Section 11.13 of this Agreement, to each Rating Agency 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 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 the 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 Serviced Whole Loan 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 the Special Servicer, with respect to the related Serviced Whole Loan only, by each affected Companion Loan Holder) may, on behalf of all Holders of Certificates, waive any Servicer Termination Event on the part of the Master Servicer, the 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 Serviced Whole Loan 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,

 

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from the Trust Fund; provided that the Trust Fund shall be reimbursed by the Master Servicer, 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, 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 Companion Loan Holder related to a Serviced Whole Loan (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 Companion Loan Holder will be entitled to request that the Master Servicer appoint, within 60 days of the applicable Companion Loan Holder’s request, a sub-servicer (or, if the applicable Serviced Whole Loan is currently being subserviced, to replace, within 60 days of the applicable Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with respect to the applicable Serviced Whole Loan. In connection with the Master Servicer’s appointment of a sub-servicer at the request of a 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 Companion Loan Holder. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a 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 Whole Loan, except that the Master Servicer shall be entitled to retain a portion of the master servicing fee for the related Mortgage Loan calculated at 0.0025% 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 Whole Loan in the event that any Serviced Whole Loan 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 Whole Loan 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 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, which shall be delivered and addressed to the related Companion Loan Holder and to the Trustee, 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 cover such expense, the Master Servicer shall do so. In the event a successor Master Servicer is acting

 

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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

 

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(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 and by mail, 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 email notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

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(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 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 Controlling Class Representative and each Certificateholder within one Business Day of such appointment. 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. In the event the Operating Advisor is either (i) required to resign due to the Depositor, the Master Servicer, the Special Servicer, a Sponsor or an Affiliate thereof becoming the Operating Advisor or (ii) terminated pursuant to this Section 7.06, then, 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.

 

Notwithstanding the foregoing, if there are no classes of Sequential Pay Certificates (other than the Class E, Class F and Class G Certificates) are outstanding and the Class PEZ Certificates are not outstanding, then the Controlling Class Representative may terminate all of the rights and obligations of the Operating Advisor under this Agreement (other than any rights or obligations that accrued prior to such termination, including accrued and unpaid compensation and indemnification rights that arose out of events that occurred prior to such termination) without the payment of any termination fee, provided, however, that the Operating Advisor shall continue to receive the Operating Advisor Fee until the termination of the Trust Fund.

 

(d)           Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give written notice

 

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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 and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative and, subject to Section 11.13 of this Agreement, each Rating Agency. In the event that the Operating Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

ARTICLE VIII

 

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties of the Trustee 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.

 

(b)          Each of the Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee 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, that neither the Trustee nor 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 or the Certificate Administrator, as applicable, shall request a corrected instrument, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable, reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator 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)           Neither the Trustee, the Certificate Administrator nor any of their respective officers, directors, employees, agents or “control” persons within the meaning of the

 

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Securities 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 or the Certificate Administrator, as applicable, or 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 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, neither the Trustee nor 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 or the Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, the Trustee 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 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)           Neither the Trustee nor 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 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)          Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, agents or control persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not the same Person as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other than by the Trustee 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, the Special Servicer, the Depositor, the Operating Advisor or any other third Person, including, without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)           Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action unless such action is

 

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incidental to its respective duties as Trustee 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 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 or the Certificate Administrator, as the case may be, or by reason of negligent disregard of the Trustee’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 or the Certificate Administrator, as the case may be, of any of its representations or warranties contained in Section 2.07 or Section 2.08, as applicable, herein; provided, however, that the Trustee 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; and

 

(vi)          Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person upon the occurrence of which the Trustee or the Certificate Administrator, as applicable, may be required to act, unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of such failure. Each of the Trustee and the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special Servicer’s failure to provide scheduled reports or other information when and as required to be delivered to the Trustee or the Certificate Administrator, as applicable, pursuant to Section 4.02(b) of this Agreement (other than the CREFC® Total Loan Report, the CREFC® Advance Recovery Report, the CREFC® Comparative Financial Status Report, the CREFC® Loan Setup File, the CREFC® Operating Statement Analysis Report, the CREFC® NOI Adjustment Worksheet or any other report that is required to be sent upon request or triggered by the action of any party).

 

None of the provisions contained in this Agreement shall require the Trustee or the Certificate Administrator, in its capacity as Trustee or the Certificate Administrator, as applicable, to (x) 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 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 or (y) exercise any of its rights or powers or take any action if it determines such exercise or action is contrary to law, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator, as applicable, to perform, or, with respect to the Trustee, be responsible for the manner of performance of, any of the obligations of the Master Servicer, the Special Servicer or the Operating Advisor under this Agreement, except, with respect to the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of 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

 

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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 make a written request from the Certificate Administrator written confirmation of whether a Consultation Termination Event or a Control Termination Event occurred during the previous calendar year and the Certificate Administrator shall deliver such confirmation, based on information in its possession, to the requesting party within 15 days of such request. Further, the Certificate Administrator shall post a “special notice” on its website within 10 days of its determination of the commencement or cessation of any Consultation Termination Event or Control Termination Event.

 

Section 8.02     Certain Matters Affecting the Trustee and the Certificate Administrator.

 

(a)            Except as otherwise provided in Section 8.01 of this Agreement:

 

(i)            Each of the Trustee 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 neither the Trustee 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 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)     Neither the Trustee nor 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 or the Certificate Administrator, as applicable, reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby;

 

 (B)      the right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and neither the Trustee nor the Certificate Administrator shall be answerable for other than its negligence or willful misconduct in the performance of any such act; and

 

 (C)        provided that subject to the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a

 

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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)         Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, Affiliates, agents or “control” persons within the meaning of the Securities Act shall be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the Trustee 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 (considering each 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); 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 or knowledge of an event only when a Responsible 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

 

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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 either Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances or cause the Grantor Trust to fail to qualify as a grantor trust.

 

(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)           Neither the Trustee nor 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)           In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Laws”), the Certificate Administrator or the Trustee, as applicable, is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Certificate Administrator or the Trustee, as applicable. Accordingly, each of the parties agrees to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Certificate Administrator and the Trustee to comply with Applicable Laws.

 

(f)           Each of the Custodian, Authenticating Agent, Paying Agent and Certificate Registrar shall be entitled to the same rights, indemnities, immunities, privileges and protections afforded to the Certificate Administrator or the Trustee, as applicable, hereunder in the same manner as if such party were the named Certificate Administrator or Trustee herein.

 

Section 8.03     Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans. The recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, and the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor assume no responsibility for their correctness. The Trustee, 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

 

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for sale or the validity, enforceability or sufficiency of any Mortgage Loan or related document. Neither the Trustee nor 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, neither the Trustee nor 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 its review thereof pursuant to Section 2.02); the performance or enforcement of any 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 actual knowledge by a Responsible Officer 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 or the Certificate Administrator, as applicable, of its obligation to perform its duties as specifically set forth in this Agreement. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by the Depositor

 

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of any of the Certificates or of the proceeds of the sale of such Certificates, or for the use or application of any funds paid to the Depositor, the Master Servicer, the Special Servicer or the Certificate Administrator (in the case of the Trustee only) 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 Interest Distribution Account, the Excess Liquidation Proceeds Reserve 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 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 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 and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the Trustee 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 Certificate Administrator or such agent, as the case may be.

 

Section 8.05     Payment of Trustee/Certificate Administrator 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. The Trustee/Certificate Administrator Fee shall 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. No Trustee/Certificate Administrator 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,

 

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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 and the Certificate Administrator 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 or the Certificate Administrator, 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 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, neither the Trustee nor the Certificate Administrator shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid the Trustee/Certificate Administrator Fee or the Trustee’s expenses or the Certificate Administrator’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, 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 Trust, the Trustee, 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 Trust, 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 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 Paying Agent, 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

 

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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, 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, Authenticating Agent, 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 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 in Section 2.07 or Section 2.08, as applicable.

 

(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 (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) in connection with this Agreement or arising in respect of this Agreement, the Mortgage Loans 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

 

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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 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, the Certificate Registrar or the Custodian.

 

(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:

 

(i)           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;

 

(ii)           have a combined capital and surplus of at least $50,000,000;

 

(iii)         (a) have a rating on its unsecured long term debt of at least “A2” by Moody’s and, if rated by KBRA, a rating by KBRA at least equivalent to “A2” Moody’s (provided that the Trustee may maintain a long-term unsecured debt rating of at least “Baa2” by Moody’s, and, if rated by KBRA, a rating by KBRA at least equivalent to “Baa2” Moody’s if the Master Servicer maintains a rating of at least “A2” by Moody’s, and, if rated by KBRA, a rating by KBRA at least equivalent to “A2” by Moody’s), and (b) have a rating on its unsecured short-term debt of at least “P-1” by Moody’s and, if rated by KBRA, a rating by KBRA at least equivalent to “P-1” by Moody’s, or have such other rating(s) with respect to which the Rating Agencies have provided a Rating Agency Confirmation.

 

(iv)         be subject to supervision or examination by federal or state authority; and

 

(v)          in the case of the Trustee, shall not be an Affiliate of the Master Servicer (except during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02).

 

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 or the Certificate Administrator, as applicable, administers the Trust Fund is a state or local jurisdiction that

 

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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 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 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.

 

Section 8.07     Resignation and Removal of the Trustee or the Certificate Administrator. Either the Trustee or the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving 30 days written notice thereof to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator (as applicable), the Trustee (as applicable), the Operating Advisor, the Certificate Holders, the Companion Loan Holders and, subject to Section 11.13 of this Agreement, each Rating Agency. Following such 30 day notice of resignation, the Master Servicer shall promptly appoint a successor Trustee or the Certificate Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating Agency Confirmation to the resigning Trustee or Certificate Administrator, as applicable, and the successor Trustee or Certificate Administrator, as applicable. If no successor Trustee 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 or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee or Certificate Administrator, as applicable. The Trustee 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).

 

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If at any time either the Trustee or the Certificate 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 Master Servicer, or if at any time either the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee 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 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 or the Certificate Administrator, as applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument, which shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor Trustee 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 upon 30 days written notice remove the Trustee or the Certificate Administrator and appoint a successor Trustee 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), one complete set to the Certificate Administrator (in connection with the removal of the Trustee), one complete set to the Trustee or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee or Certificate Administrator, as applicable, so appointed and a copy thereof shall be delivered to the Companion Loan Holders.

 

In the event that the Trustee 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 Whole Loans 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, indemnities 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 or the Certificate Administrator, as applicable). The Trustee 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 or Certificate Administrator, as applicable, is terminated without cause by the holders of Certificates evidencing aggregate Voting Rights of 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 (including, but not limited to, reasonable attorney’s fees and expenses) of the Trustee or Certificate Administrator, as applicable, necessary to effect the transfer of the rights and obligations of the Trustee or Certificate Administrator, as applicable, to a successor Trustee or Certificate Administrator.

 

Any resignation or removal of the Trustee or the Certificate Administrator and appointment of a successor Trustee 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 or successor Certificate Administrator, as applicable, as provided in Section 8.08.

 

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Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, 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 consummation of such action or as part of 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 GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30” 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 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, after consultation with the Controlling Class Representative.

 

Section 8.08     Successor Trustee or Successor Certificate Administrator.

 

(a)           Any successor Trustee 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 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 or Certificate Administrator, as applicable, shall become effective and such successor Trustee or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator, 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 or Certificate Administrator. The predecessor Certificate Administrator shall deliver to the successor Certificate Administrator 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 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 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.

 

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Upon acceptance of appointment by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee 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 or Certificate Administrator, the successor Trustee 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.

 

Section 8.09     Merger or Consolidation of the Trustee or the Certificate Administrator. Any entity into which the Trustee or the Certificate Administrator may be merged or converted, or with which the Trustee or the Certificate Administrator, as applicable, may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust business of the Trustee or the Certificate Administrator, as applicable, shall be the successor of the Trustee or the Certificate Administrator, as applicable, 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. 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 Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act (at the expense of the Trustee) 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

 

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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 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 Controlling Class Representative) 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 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

 

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following items (to the extent such items were prepared by or delivered to the Certificate Administrator 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;

 

(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 10.08 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 10.09 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 File, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the Serviced Whole Loans) entered into or consented to by the Master Servicer, the Special Servicer, an Other Master Servicer or an Other Special Servicer and delivered to the Certificate Administrator 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;

 

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(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, an Other Master Servicer, an Other Special Servicer or an Other Trustee (and appointments of successors thereto);

 

(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.

 

Section 8.12     Compliance with the Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Patriot Act Laws”), each of the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable. Accordingly, each of the parties to this Agreement agrees to provide to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer, upon its respective reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer to comply with Applicable Patriot Act Laws.

 

  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 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

 

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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) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 the 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 Trust Fund with respect to 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 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 the Class R Certificates representing greater than a 50% Percentage Interest in such Class, may) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to each Non-Serviced Mortgage Loan, by the trust created under the applicable Other Pooling and Servicing Agreement) in respect of any Mortgage

 

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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 made by such party, 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 the case may be, in connection with such purchase).

 

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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also) effect such termination as provided in the prior paragraph if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 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 of each such Certificate or Lower-Tier Regular Interest, as the case may be, together with amounts required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement, (ii) to the Holders of the Class S Certificates, Excess Interest with respect to the Mortgage Loans received and not previously distributed pursuant to Section 4.01(k) of this Agreement or (iii) if no Regular Certificates are then outstanding, to the Holders of the Class R Certificates of any amount remaining in the Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account or the Excess Liquidation Proceeds Reserve Account, in either case, following the later to occur of (a) the receipt or collection of the

 

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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 with a copy to the Master Servicer, the Special Servicer and, subject to Section 11.13 of this Agreement, each Rating Agency at their addresses shown in the Certificate Register 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.

 

(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

 

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of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holder of the Class R Certificates, in each of the last four cases, pursuant to subsection (c).

 

(h)           Following the date on which the Class X-A Notional Amount, 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-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 the Certificates (including any outstanding Class X Certificates) (but excluding the Class S and Class R Certificates) for all of the Mortgage Loans (and if each Non-Serviced Mortgage Loan is no longer a “Mortgage Loan” due to the fact that the related Mortgaged Property has been foreclosed upon under the applicable Other Pooling and Servicing Agreement, the related REO Mortgage Loan) and the Trust’s interest in each 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 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 S and Class R Certificates) for all of the Mortgage Loans and each REO Property 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, 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 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 Certificate Administrator and the Trustee (other than the making of certain payments to Certificateholders and Companion Loan Holders, sending of certain notices, preparing and filing tax returns and maintenance of books and records), 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 S and 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 are deemed distributed to the Remaining Certificateholder in liquidation of the Trust Fund pursuant to this Section 9.01.

 

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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 Securities 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 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 GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, and any Serviced Companion Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor and the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information in its possession or reasonably available to it and necessary in the reasonable good faith determination of the Depositor or 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.

 

(a)           Succession; Subcontractors Reasonableness. 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 10.06 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

 

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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, each of the Master Servicer, the Special Servicer, the Sub-Servicer, the Custodian and the Certificate Administrator (each of the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 10.01(b) and Section 10.01(c), a “Servicer”) is permitted to utilize 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 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 benefit of the Depositor to comply with the provisions of Section 10.08 and Section 10.09 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 10.08 and Section 10.09 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 such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Sub-Servicer and Sub-Servicing Agreement. No Sub-Servicing Agreement (other than such agreements set forth on Exhibit S hereto) shall be effective until at least five (5) Business Days after such written notice is received by the Depositor, the Certificate Administrator and each such Other Depositor. 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 Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.06 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act)

 

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(d)           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 10.06 of this Agreement) and shall furnish pursuant to Section 10.06 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 and 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 10.06 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section 10.02   Filing Obligations.

 

(a)           The Master Servicer, the Special Servicer, 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 10.03, Section 10.04 and Section 10.06, the Certificate Administrator shall prepare for execution by the Depositor any Forms 10-D, 10-K and 8-K required by the Exchange Act, in order to permit the timely filing thereof, and the Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System) 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 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

 

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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 10.02 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 10.03   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, (i) be 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.

 

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 actual 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

 

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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. 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 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.

 

(b)           After preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review. 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 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 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 10.02(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 prepared and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000,

 

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email: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, email: joe.osborne@gs.com. 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 10-D is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 10.03. 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 such Form 10-D, 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, 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 10.03(b) of this Agreement.

 

Section 10.04   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 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 Person and each Additional Servicer engaged by each certifying Person or the Special Servicer, as described under Section 10.07; provided that the related signature pages may be delivered separately from such compliance statement,

 

(ii)        (A)      the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section 10.08, and

 

(B)      if any such report on assessment of compliance with Servicing Criteria described under Section 10.08 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 10.08 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,

 

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(iii)         (A)       the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.09, and

 

(B)        if any registered public accounting firm attestation report described under Section 10.09 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; provided that the related signature pages may be delivered separately.

 

Any disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall, pursuant to the following paragraph, be (i) reported by the parties set forth on Exhibit V to this Agreement to the Depositor and 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.

 

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

 

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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. 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 pursuant to this paragraph.

 

After preparing a Form 10-K, the Certificate Administrator shall forward electronically a preliminary copy of the 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 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 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 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 10.02(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 GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email:

 

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joe.osborne@gs.com. 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-K is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of their duties under this Section 10.04. 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 10-K, 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 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, 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(a) of this Agreement.

 

Section 10.05   Sarbanes-Oxley Certification. Each Form 10-K 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 Custodian and the Operating Advisor 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 (the “Certifying Person”) no later than March 15 in the year 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 and Exhibit Y-4, 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 Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, upon request by the Depositor, the Certificate Administrator will use commercially reasonable efforts to procure a Sarbanes-Oxley back-up certification similar in form and substance to the applicable certification from the Other Master Servicer, the Other Special Servicer, the Other Paying Agent and the Other 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 10.05 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be.

 

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Section 10.06   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 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 will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K, absent such reporting, direction and approval.

 

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. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit V 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 pursuant to this paragraph.

 

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After preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor for review no later than 1:00 p.m. (New York City time) on the third Business Day after the 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 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 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. 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 10.02(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, 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 GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.06 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 10.06. 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 such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

 

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, 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 10.07   Annual Compliance Statements. The Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator shall furnish (and the Master 

 

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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 and the Certificate Administrator, 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 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, subject to Section 11.13 of this Agreement, each Rating Agency. Promptly after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, respectively, or any related 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 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 any reporting period, if any party required to provide an Officer’s Certificate pursuant to this Section is the same entity as any other party required to provide such an Officer’s Certificate, then such parties may satisfy their obligations under this Section by providing a single Officer’s Certificate with respect to such reporting period that otherwise complies with the requirements under this Section.

 

With respect to any Non-Serviced Mortgage Loan serviced under the applicable Other Pooling and Servicing Agreement, the Certificate Administrator shall request, and upon receipt deliver to the Depositor, from an Other Master Servicer, Other Special Servicer, Other

 

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Trustee, Other Paying Agent or Other 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 applicable Other Pooling and Servicing Agreement. The Certificate Administrator shall notify the Depositor if such Officer’s Certificate has been requested from an Other Master Servicer, Other Special Servicer, Other Trustee, Other Paying Agent or Other Certificate Administrator but has not been delivered within 3 Business Days.

 

Section 10.08   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 Custodian, the Certificate Administrator and the Operating Advisor, 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 and any Servicing Function Participant, 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 Custodian, the Operating Advisor (only in the case of a report furnished by the Special Servicer and 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 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 and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 10.04 of this Agreement, 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 10.08 shall be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Each such report shall be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company, and shall address each of the 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 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

 

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Servicing Criteria for each party as set forth on Exhibit O to this Agreement and notify the Depositor of any exceptions.

 

(b)           On the Closing Date, the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator 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 Custodian, the Certificate Administrator and the Operating Advisor 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 Operating Advisor and any Servicing Function Participant submit their assessments pursuant to Section 10.08(a) of this Agreement, such parties will also at such time include the assessment (and related attestation pursuant to Section 10.09 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 Custodian, the Certificate Administrator 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 10.08, coupled with an attestation as required in Section 10.09 of this Agreement with respect to the period of time that the Master Servicer or the Special Servicer 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 any Non-Serviced Mortgage Loan serviced under the applicable Other Pooling and Servicing Agreement, the Certificate Administrator shall request, 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 10.09 from an Other Master Servicer, Other Special Servicer, Other Trustee, Other Paying Agent or Other Certificate Administrator and in form and substance similar to the annual report on assessment of compliance described in this Section 10.08 and the attestation described in Section 10.09. The Certificate Administrator shall notify the Depositor if such annual report on assessment of compliance has been requested from an Other Master Servicer, Other Special Servicer, Other Trustee, Other Paying Agent or Other Certificate Administrator but has not been delivered within 3 Business Days.

 

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(e)           With respect to any reporting period, if any party required to provide an assessment of compliance pursuant to this Section is the same entity as any other party required to provide such an assessment of compliance, then such parties may satisfy their obligations under this Section by providing a single assessment of compliance with respect to such reporting period that otherwise complies with the requirements under this Section.

 

Section 10.09   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 Custodian, the Certificate Administrator and the Operating Advisor, 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 Operating Advisor or the applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report to the Certificate Administrator, the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Custodian, 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, subject to Section 11.13 of this Agreement, each Rating Agency, 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 opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. 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 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 Custodian, the Certificate Administrator or the Operating Advisor as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor or any Servicing Function Participant with which it has entered into a servicing relationship with

 

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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 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 10.08 of this Agreement and notify the Depositor of any exceptions.

 

With respect to any reporting period, if any party required to provide a report pursuant to this Section is the same entity as any other party required to provide such a report, then such parties may satisfy their obligations under this Section by providing a single report with respect to such reporting period that otherwise complies with the requirements under this Section.

 

Section 10.10   Significant Obligors.

 

It is hereby acknowledged that the Mortgaged Property related to the Dallas Market Center Mortgage Loan is a Significant Obligor, and, accordingly, as Item 6 of Form 10-D and Item 1112(b)(1) of Form 10-K provide for the inclusion of updated net operating income for such Mortgaged Property, as required by Item 1112(b)(1) of Regulation AB, (a) on each Form 10-D to be filed on behalf of the Trust with respect to a Distribution Date immediately following the date in which each financial statement or other financial information (to the extent such financial information relates to updated net operating income) of the Significant Obligor is required to be delivered to the lender under the related Loan Documents (which, for the avoidance of doubt, is 45 calendar days following the end of each fiscal quarter (including year-end) or 90 calendar days following the end of each fiscal year as set forth in Sections 5.12 and 5.13 of the related loan agreement) or on each Form 10-K filed with respect to the Trust, as applicable. After receipt of the updated net operating income information, the Master Servicer shall update the following columns of the CREFC® Loan Periodic Update File for (i) the next applicable Distribution Date if the Master Servicer receives such updated net operating income information at least ten (10) Business Days prior to the Determination Date related to such Distribution Date or (ii) the second succeeding Distribution Date if the Master Servicer does not receive such updated net operating income information prior to the date set forth in clause (i): BB, BP, BT and BU (corresponding fields 54 – “Preceding Fiscal Year NOI,” 68 – “Most Recent NOI,” 72 – “Most Recent Financial As of Start Date” and 73 – “Most Recent Financial As of End Date”), as such column references and field numbers may change from time to time.

 

With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization Trust that includes such Serviced Companion Loan, the Master Servicer shall, after receipt of updated net operating income information, (x) promptly deliver the financial statements of such “significant obligor” to the Other Depositor and Other Exchange Act Reporting Party of such Other Securitization Trust and (y) update the following columns of the CREFC® Loan Periodic Update File related to such “significant obligor” for (i) the next applicable Distribution Date if the Master Servicer receives such updated net operating income information at least ten (10) Business Days prior to the Determination Date related to such

 

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Distribution Date or (ii) the second succeeding Distribution Date if the Master Servicer does not receive such updated net operating income information prior to the date set forth in clause (i): BB, BP, BT and BU (corresponding fields 54 – “Preceding Fiscal Year NOI,” 68 – “Most Recent NOI,” 72 – “Most Recent Financial As of Start Date” and 73 – “Most Recent Financial As of End Date”), as such column references and field numbers may change from time to time.

 

If the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial information is required to be delivered under the related Mortgage Loan Documents, the Master Servicer shall notify the Other Depositor with respect to such Other Securitization Trust that includes the related Companion Loan (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor) that it has not received them. The Master Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents.

 

The Master Servicer shall (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Mortgagor related to such “significant obligor” to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section 10.11  Indemnification. Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor and any employee, director or officer of the Depositor or any Other Depositor from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by such indemnified party arising out of (i) an actual breach by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, of its obligations under this Article X, (ii) negligence, bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, in the performance of such obligations, or (iii) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party, and will reimburse such indemnified party for any reasonable out-of-pocket legal or other expenses incurred by such indemnified party in connection with investigating or defending any such action or claim.

 

The Master Servicer, the Special Servicer 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

 

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Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor and any employee, director or officer of the Depositor or any Other Depositor from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such indemnified party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement or (ii) negligence, bad faith or willful misconduct its part in the performance of such obligations, (iii) any failure by such Servicer (as defined in Section 10.01(b)) to identify a Servicing Function Participant pursuant to Section 10.01(c), or (iv) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party, and will reimburse such indemnified party for any reasonable out-of-pocket legal or other expenses incurred by such indemnified party in connection with investigating or defending any such action or claim.

 

If the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, the Depositor, any Other Depositor, or any employee, director or officer of the Depositor or any Other Depositor, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Additional Servicer or other Servicing Function Participant (the “Performing Party”) shall contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand and such Performing Party on the other in connection with a breach of such Performing Party’s obligations pursuant to Section 10.05, Section 10.07, Section 10.08 or Section 10.09 (or breach of its obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith. The Master Servicer, the Special Servicer 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 10.11 shall survive the termination of this Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer or the Certificate Administrator.

 

In addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor or Other Depositor, as applicable, as necessary for the Depositor or 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 information (x) delivered by the Master Servicer, the Special

 

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Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such 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 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 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 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 any Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or 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 Other Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor, as the case may be. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator 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.

 

Section 10.12     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 Securities 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 

 

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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 10.13     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 fax to GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com.

 

Section 10.14     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 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 before the Depositor gives written notice to it that it is terminated in accordance with this Section 10.14 and (c) 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 10.14 on the date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Section 10.15     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 10.16     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 Certificate Administrator and the 

 

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Trustee, as applicable, shall (i) cause each Sub-Servicing Agreement 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 to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB or as otherwise contemplated by this Article X and (ii) promptly notify the Depositor following any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB or as otherwise contemplated by this Article 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 as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement.

 

Section 10.17     Notification Requirements and Deliveries in Connection with Securitization of a 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 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 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, obtain 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), setting forth the contact information for such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 10.07, Section 10.08 and Section 10.09 of this Agreement, (i) 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 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 

 

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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 10.07, Section 10.08 and Section 10.09 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, upon reasonable prior written request given in accordance with the terms of Section 10.17(a) above, shall timely provide (to the extent the reasonable cost thereof is paid or caused to be paid by the related Mortgage Loan Seller 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), to a holder of a related Companion Loan, 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 related Mortgage Loan Seller) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(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 10.17(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or caused to be paid by the related Mortgage Loan Seller) to the Other Depositor and any underwriters with respect to any securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred in Section 10.17(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 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 10.17(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 the second or third paragraph, as applicable, of this Section 10.17(d)) to the Other Depositor and the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: 

 

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(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 in connection with the closing of this Series 2015-GC30 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 10.17(d) shall be paid or caused to be paid by the applicable Mortgage Loan Seller that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such Other Securitization.

 

In the case of a Form 8-K that is filed by or on behalf of an Other Securitization 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 10.17(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section 10.18     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 10.03, 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 10.03, Section 10.04, Section 10.05, Section 10.06 and Section 10.07, and all parties’ obligations under this Article X shall recommence.

 

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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 fax 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 or with respect to the Certificates, any Mortgage Loan or Serviced Whole Loan, 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 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 or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, 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 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.

 

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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 personally delivered at or 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) or only with respect to any addressee of any party to which an electronic email address is set forth below, sent by electronic mail containing language requesting the recipient to confirm receipt thereof, to: (i) in the case of the Depositor, GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at gs-cmbs17g5surveillance@gs.com; (ii) in the case of an Authorized Representative of the Depositor, the email address listed on Exhibit Q to this Agreement, and with respect to any successor authorized representative, the email address identified by the Depositor in a writing delivered to the Master Servicer, the Special Servicer, the Custodian, the Operating Advisor, the Certificate Administrator and the Trustee; (iii) in the case of the Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, Attention: Executive Vice President – Division Head, fax number: (913) 253-9001, with a copy to Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, Attention: Kenda K. Tomes, fax number: (816) 412-9338, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at NoticeAdmin@midlandls.com and with respect to notices and emails relating to Section 4.02 of this Agreement, at NoticeAdmin@midlandls.com; (iv) in the case of the Certificate Administrator for certificate transfer purposes, U.S. Bank National Association, 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention: Bondholder Services GSMC 2015-GC30, fax number: (866) 807-8670, and with respect to email pursuant to Section 11.06 and Section 11.13 of this Agreement, at cmbs.transactions@usbank.com, and with respect to any notice or delivery of information under Article XI of this Agreement, by facsimile to (866) 807-8670 by email to cmbs.transactions@usbank.com and for other purposes, 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: GSMC 2015-GC30; (v) in the case of the Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street, Overland Park, Kansas 66210, Attention: Executive Vice President – Division Head, fax number: (913) 253-9001 with a copy to Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, fax number: (816) 412-9338, Attention: Kenda K. Tomes, email: kenda.tomes@stinsonleonard.com, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at NoticeAdmin@midlandls.com; (vi) in 

 

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the case of the Trustee, U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: GSMC 2015-GC30, fax number: (866) 807-8670, and with respect to email pursuant to Section 11.06 and Section 11.13 of this Agreement, at cmbs.transactions@usbank.com, and with respect to any notice or delivery of information under Article X of this Agreement, by fax to (866) 807-8670 and by email to cmbs.transactions@usbank.com; (vii) in the case of the Operating Advisor, Trimont Real Estate Advisors, Inc., 3424 Peachtree Road, NE, Suite 2200, Atlanta, Georgia 30326, Attention: J. Gregory Winchester, fax number: (404) 420-5610, email: trustadvisor@trimontrea.com; with a copy to: McKenna Long & Aldridge LLP, 303 Peachtree Road, Suite 5300, Atlanta, Georgia 30308, Attention: Patrick M. McGeehan, fax number: (404) 527-4198, email: pmcgeehan@mckennalong.com; (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) Morningstar Credit Ratings, LLC, 220 Gibraltar Road, Suite 300, Horsham, Pennsylvania 19044, Attention: CMBS Surveillance, e-mail: cmbsratings@morningstar.com; (ix) in the case of the Mortgage Loan Sellers, (a) Goldman Sachs Mortgage Company, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com, (b) 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 388 Greenwich Street, 19th 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 15Ga-1 Notice, cmbs.notice@citi.com, (c) MC-Five Mile Commercial Mortgage Finance LLC, 1330 Avenue of the Americas, New York, New York 10019, Attention: Matthew Philip, Managing Director, fax number: (212) 315-9857; (d) Starwood Mortgage Funding I LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Leslie K. Fairbanks, Executive Vice President, fax number: (305) 695-5449, email: lfairbanks@starwood.com, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Vincent Kallaher, Senior Vice President, fax number: (305) 695-5449, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: General Counsel, fax number: (305) 695-5449, and with respect to certifications pursuant to Section 2.02(b) of this Agreement, with a copy to: Anderson McCoy & Orta, 100 N. Broadway, 26th Floor, Oklahoma City, Oklahoma 73102, Attention: Vanessa Orta, email: vorta@amopc.com, with a copy to Marcia Moore-Allen, fax number: (405) 236-1448, email: mmoore-allen@amopc.com; and (e) Cantor Commercial Real Estate Lending, L.P., 110 East 59th Street, New York, New York 10022, Attention: Anthony Orso, with a copy to: Cantor Commercial Real Estate Lending, L.P., 110 East 59th Street, New York, New York 10022, Attention: Legal Department, email: legal@ccre.com; (x) in the case of the Underwriters and the Initial Purchasers, (a) Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com; (b) Citigroup Global Markets Inc., 390 Greenwich Street, 5th Floor, New 

 

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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; (c) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate, fax number: (646) 412-1500, email: jkerin@drexelhamilton.com; (d) 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 (e) Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York 10022, Attention: Stephen Merkel and Shawn Matthews, e-mail: smerkel@cantor.com; (xi) in the case of the initial Controlling Class Representative, DoubleLine Capital LP, 333 S. Grand Avenue, 18th Floor, Los Angeles, California 90071, Attention: CMBS Group, or as to each such Person such other address or email 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.

 

The obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable, has not changed, absent receipt of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

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.

 

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Section 11.06     Notice to the Depositor and Each Rating Agency.

 

(a)           The Certificate Administrator shall use its best efforts to promptly provide notice to an Authorized Representative of the Depositor by email with respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge, and the Depositor shall promptly upload such notice or information to the Depositor’s 17g-5 Website within five (5) Business Days, and after the Certificate Administrator receives written notification from the Depositor (which may be in the form of email) that the Depositor has posted such notice or information to the Depositor’s 17g-5 Website, the Certificate Administrator shall provide such notice or information to the Rating Agencies:

 

(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, the Special Servicer, the Trustee or the Certificate Administrator or any Other Master Servicer, Other Special Servicer or Other 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 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 to an Authorized Representative of the Depositor by email (or any other form of electronic delivery reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, 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 Depositor shall promptly upload such documents to the Depositor’s 17g-5 Website within five (5) Business Days, and after the Master Servicer or the Special Servicer, as applicable, receives written notification from the Depositor (which may be in the form of email) that the Depositor has uploaded such documents to the Depositor’s 17g-5 Website, the Master Servicer or the Special Servicer, as applicable, may provide such documents to the Rating Agencies:

 

(i)           each of its annual statements as to compliance described in Section 10.08 of this Agreement;

 

(ii)          each of its annual independent public accountants’ servicing reports described in Section 10.09 of this Agreement;

 

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(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 to an Authorized Representative of the Depositor by email 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 Depositor shall promptly upload such documents to the Depositor’s 17g-5 Website within five (5) Business Days.

 

Section 11.07     Amendment. This Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, 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 or any Serviced Companion Loan Holder;

 

(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;

 

(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 

 

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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 or, if applicable, any Serviced Companion Loan Holder, 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; and

 

(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

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This Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

(ii)          reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

(iii)        change in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or a 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;

 

(vi)        adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;

 

(vii)       adversely affect a 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 Special Servicer, the Master Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Companion Loan Holders, the Mortgage Loan Sellers, the Underwriters and/or the Initial 

 

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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 Special Servicer and each 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, subject to Section 11.13 of this Agreement, each Rating Agency. It shall not be necessary for the consent of Certificateholders or the Companion Loan Holders, the Mortgage Loan Sellers, the 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 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 or any Custodial Agreement unless, if requested by the Master Servicer, the Special Servicer, the Trustee 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 at any time that any Certificates are outstanding, and will not cause a tax to be imposed on either Trust REMIC under the REMIC Provisions or on the Grantor Trust (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property). Prior to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, 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 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 and the Certificate Administrator may, but shall not be obligated to, enter into any such amendment which affects the Trustee’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, subject to Section 11.13 of this Agreement, give each Rating Agency 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 

 

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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 Interest Reserve Account and, if established, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution 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 Companion Loan Holder (unless it is the Mortgagor under the applicable 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 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 10.04, Section 11.07 and Section 11.15 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 Companion Loan Holder, to the extent they affect the related Companion Loan and provided that such Companion Loan 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 a Companion Loan Holder. Where information or reports are required to be delivered to a Certificateholder or a 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 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 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.

 

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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 ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER 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 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 an Authorized Representative of the Depositor who shall post such written response to the Depositor’s 17g-5 Website within five (5) Business Days of receipt of such response, and after the responding party receives written notification from the Depositor (which may be in the form of email) that such response has been posted on the Depositor’s 17g-5 Website, such responding party may, but is not obligated to, provide such response to such Rating Agency.

 

(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 provide 

 

    	-358-

    	 

    
 

 

such information or communication to an Authorized Representative of the Depositor by email, which the Depositor shall upload to the Depositor’s 17g-5 Website within five (5) Business Days, and after the applicable party has received written notification from the Depositor (which may be in the form of email) that such information has been uploaded to the Depositor’s 17g-5 Website, the applicable party may but is not required to send such information to such Rating Agency. The foregoing shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall be in writing, with a cover letter indicating the nature of the request and shall include all information the requesting party believes is reasonably necessary for the applicable Rating Agency to make its decision. The Depositor shall notify each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Custodian in writing of any change in the identity or contact information of an Authorized Representative.

 

(c)           Notwithstanding the provisions of Section 11.13(a) or Section 11.13(b) of this Agreement, the Depositor may authorize, in its sole discretion, any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian to provide information directly to, or communicate with, a Rating Agency (including, but not limited to, responses to inquiries from such Rating Agency). Any such authorization shall be in writing (which writing may be electronic mail) by a Responsible Officer of the Depositor, and shall set forth the procedures that the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, shall follow if it elects (in its sole discretion) to provide information directly to the applicable Rating Agency, which procedures shall be reasonable and customary as is necessary to allow the Depositor to comply with Rule 17g-5.

 

(d)           Each of 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 Securities Act, the Exchange Act or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying Party’s breach of Section 11.06, Section 11.13(a), Section 11.13(b) or Section 11.13(c) 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 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 reasonable out-of-pocket legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim, as such expenses are incurred.

 

(e)           None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall have any liability for (i) the Depositor’s failure to post information provided by the Master Servicer, the Special 

 

    	-359-

    	 

    
 

 

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 Depositor’s 17g-5 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 Depositor posts the related information or communication if the Depositor fails to notify such party that it has posted such information or communication on the Depositor’s 17g-5 Website.

 

(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; or (y) such information has already been provided to an Authorized Representative of the Depositor and has been uploaded on to the Depositor’s 17g-5 Website.

 

(g)           The Depositor shall maintain the Depositor’s 17g-5 Website in accordance with Rule 17g-5(a)(3)(iii).

 

Section 11.14     [Reserved].

 

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 get the benefit of any securitization indemnification provisions in the Loan Documents. Therefore, the Depositor, Master Servicer, the Special Servicer and Trustee hereby agree to reasonably cooperate with any Mortgage Loan Seller at the sole reasonable expense of such Mortgage Loan Seller with respect to the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement related to indemnification of the lender and/or its affiliates with respect to any 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 and its respective affiliates to enforce such provisions for their respective benefits; 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 

 

    	-360-

    	 

    
 

 

assignment under this Section 11.15, such document shall be in form and substance reasonably acceptable to the Trustee.

 

Section 11.16     PNC Bank, National Association.

 

PNC Bank, National Association, by execution hereof by its division, Midland Loan Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services, a Division of PNC Bank, National Association.

 

[Signature Pages Follow]

 

    	-361-

    	 

    
 

 

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.

	  	  	  
	  	
GS MORTGAGE SECURITIES CORPORATION II, as Depositor

	  	  	  
	  	
By:

	
/s/ J. Theodore Borter

	  	  	
Name:  J. Theodore Borter

	  	  	
Title:    President

	  	  	  
	  	
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Master Servicer

	  	  	  
	  	
By:

	
/s/ David A. Eckels

	  	  	
Name:  David A. Eckels

	  	  	
Title:    Senior Vice President

	  	  	  
	  	
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Special Servicer

	  	  	  
	  	
By:

	
/s/ David A. Eckels

	  	  	
Name:  David A. Eckels

	  	  	
Title:    Senior Vice President

 

GS 2015-GC30 – Pooling and Servicing Agreement

 

    	  

    	 

    
 

 

	  	  	  
	  	
TRIMONT REAL ESTATE ADVISORS, INC., as Operating Advisor

	  	  	  
	  	
By:

	
/s/ J. Gregory Winchester

	  	  	
Name:  J. Gregory Winchester

	  	  	
Title:    Authorized Signatory

	  	  	  
	  	
U.S. BANK NATIONAL ASSOCIATION, as Certificate Administrator

	  	  	  
	  	
By:

	
/s/ Kirill Y. Titomir

	  	  	
Name:  Kirill Y. Titomir

	  	  	
Title:    Vice President

	  	  	  
	  	
U.S. BANK NATIONAL ASSOCIATION, as Trustee

	  	  	  
	  	
By:

	
/s/ Kirill Y. Titomir

	  	  	
Name:  Kirill Y. Titomir

	  	  	
Title:    Vice President

 

GS 2015-GC30 – Pooling and Servicing Agreement

 

    	  

    	 

    
 

 

	 	 
	STATE OF NEW YORK	)
	 	)  ss:
	COUNTY OF NEW YORK	)

 

On this 1st day of May, 2015, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared J. Theodore Borter, to me known who, by me duly sworn, did depose and acknowledge before me and say that he/she is a President of gs Mortgage Securities Corp. II, a New York limited Partnership, the limited Partnership described in and that executed the foregoing instrument; and that he/she signed his/her name thereto under authority of the board of directors of said New York limited Partnership and on behalf of such New York limited Partnership.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ Artrisa Y. Williams

	  	  	
Notary Public in and for the

	  	  	

State of New York

	 	 	 
	My Commission expires:	 	ARTRISA Y. WILLIAMS
	 	 	Notary Public, State of NewYork
	
[NOTARIAL SEAL]

	 	No. 01 WI6124039
	 	 	
Qualified in New York County

	 	 	Commission Expires May 24, 2017

 

    	  

    	 

    
 

 

	 	 
	STATE OF KANSAS	)
	 	)  ss:
	COUNTY OF JOHNSON	)

 

On this 21st day of May, 2015, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and sworn, personally appeared David A. Eckels, to me known who, by me duly sworn, did depose and acknowledge before me and say that he/she is a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association described in and that executed the foregoing instrument; and that he/she signed his/her name thereto under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ June E. Cho

	  	  	
Notary Public in and for the

	  	  	

State of Kansas

	 	 	 
	My Commission expires:	 	JUNE E. CHO
	 	 	NOTARY PUBLIC - State of Kansas
	
[NOTARIAL SEAL]

	 	My Appt. Exp. 06/11/18

 

    	  

    	 

    
 

 

	 	 
	STATE OF KANSAS	)
	 	)  ss:
	COUNTY OF JOHNSON	)

 

On this 21st day of May, 2015, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and sworn, personally appeared David A. Eckels, to me known who, by me duly sworn, did depose and acknowledge before me and say that he/she is a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association described in and that executed the foregoing instrument; and that he/she signed his/her name thereto under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ June E. Cho

	  	  	
Notary Public in and for the

	  	  	

State of Kansas

	 	 	 
	My Commission expires:	 	JUNE E. CHO
	 	 	NOTARY PUBLIC - State of Kansas
	
[NOTARIAL SEAL]

	 	My Appt. Exp. 06/11/18

 

    	  

    	 

    
 

 

	 	 
	STATE OF ILLINOIS	)
	 	)  ss:
	COUNTY OF COOK	)

On this 15 Day of May, 2015, before me, the undersigned, a Notary Public in and for the State of Illinois, duly commissioned and sworn, personally appeared Kirill Y Titomir, to me known who, by me duly sworn, did depose and acknowledge before me and say that he is a Vice President of U.S. Bank National Association, a national banking association, the national banking association described in and that executed the foregoing instrument; and that he signed his name thereto under authority of the board of directors of said national banking association and on behalf of such national banking association.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ Christopher J Nuxoll

	  	  	
Notary Public in and for the

	  	  	

State of Illinois

	OFFICER SEAL	 	 
	CHRISTOPHER J NUXOLL	 	 
	Notary Public - State of Illinois	 	 
	My Commission Expires Apr 15, 2018	 	 
	 	 	 
	My Commission expires:	 	 

 

    	  

    	 

    
 

 

	 	 
	
STATE OF GEORGIA

	)
	 	)  ss:
	
COUNTY OF FULTON

	)

 

On this 13th day of May, 2015, before me, the undersigned, a Notary Public in and for the State of Georgia, duly commissioned and sworn, personally appeared J. Gregory Winchester, to me known who, by me duly sworn, did depose and acknowledge before me and say that he is an Authorized Signatory of Trimont Real Estate Advisors, Inc., a Georgia corporation, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under authority of the board of directors of said corporation and on behalf of such corporation.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ Evanthe Faye Papastathis

	  	  	
Notary Public in and for the

	  	  	

State of Georgia

	 	 	 
	My Commission expires: December 25, 2018	 	 
	 	 	 
	
[NOTARIAL SEAL]

	 	 
	 	 	 
	

EVANTHE FAYE PAPASTATHIS

	 	 
	NOTARY 	 	 
	
EXPIRES

	 	 
	
GEORGIA

	 	 
	
Dec. 25, 2018

	 	 
	
PUBLIC

	 	 
	
FULTON COUNTRY

	 	 

 

    	  

    	 

    
 

 

	 	 
	STATE OF ILLINOIS	)
	 	)  ss:
	COUNTY OF COOK	)

On this 15 Day of May, 2015, before me, the undersigned, a Notary Public in and for the State of Illinois, duly commissioned and sworn, personally appeared Kirill Y Titomir, to me known who, by me duly sworn, did depose and acknowledge before me and say that he is a Vice President of U.S. Bank National Association, a national banking association, the national banking association described in and that executed the foregoing instrument; and that he signed his name thereto under authority of the board of directors of said national banking association and on behalf of such national banking association.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

	  	  	  
	  	 	
/s/ Christopher J Nuxoll

	  	  	
Notary Public in and for the

	  	  	

State of Illinois

	OFFICER SEAL	 	 
	CHRISTOPHER J NUXOLL	 	 
	Notary Public - State of Illinois	 	 
	My Commission Expires Apr 15, 2018	 	 
	 	 	 
	My Commission expires:	 	 

 

    	  

    	 

    
 

 

 

 

 

 

 

EXHIBIT A-1

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-1

 

	
Pass-Through Rate: 1.439%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $52,911,000

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2020

	
CUSIP:  36250GAL9

 

	 	
Initial Certificate Principal Amount of this Certificate: $[ ]

	
ISIN:      US36250GAL95

 

	 	  
	
Common Code: 123869702

	 	  
	  	 	  
	
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. 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-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, Class R and Class S Certificates (together with the Class A-1 Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-1-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

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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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-1-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-1-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

 

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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

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EXHIBIT A-2

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, CLASS A-2

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS 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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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-2-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-2

 

	
Pass-Through Rate: 2.726%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $138,851,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2020

	  	 	  

	
CUSIP:  36250GAM7

 

	 	
Initial Certificate Principal Amount of this Certificate: $[ ]

	
ISIN:      US36250GAM78

 

	 	  
	
Common Code: 123869729

	 	  
	  	 	  
	
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. 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-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, Class R and Class S Certificates (together with the Class A-2 Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-2-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-2-4

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-2-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-2-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, CLASS A-3

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS 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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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-3-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-3

 

	
Pass-Through Rate: 3.119%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $240,000,000

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	 	  

	
CUSIP:   36250GAN5

 

	 	
Initial Certificate Principal Amount of this Certificate: $[ ]

	
ISIN:      US36250GAN51

 

	 	  
	
Common Code: 123869745

	 	  
	  	 	  
	
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. 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-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, Class R and Class S Certificates (together with the Class A-3 Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-3-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-3-4

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-3-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-3-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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.]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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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-4-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-4

 

	
Pass-Through Rate: 3.382%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $353,977,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	
CUSIP:   36250GAP0

 

	 	
Initial Certificate Principal Amount of this Certificate: $[ ]

	
ISIN:      US36250GAP00

 

	 	  
	
Common Code: 123734238

	 	  
	  	 	  
	
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. 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-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, Class R and Class S Certificates (together with the Class A-4 Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-4-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-4-4

    	 

    
 

 

	
  

	 	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-4-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-4-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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.]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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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-5-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-AB

 

	
Pass-Through Rate: 3.120%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $81,051,000

	 	
Scheduled Final Distribution Date: the Distribution Date in October 2024

	  	 	  

	
CUSIP: 36250GAQ8

 

	 	
Initial Certificate Principal Amount of this Certificate: $[    ]

	
ISIN:     US36250GAQ82

 

	 	  
	
Common Code: 123869788

	 	  
	  	 	  
	
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. 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 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, Class R and Class S Certificates (together with the Class A-AB Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-5-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-5-4

    	 

    
 

 

	
  

	 	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-5-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-5-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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-AB Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	

Authorized Signatory

 

Dated: ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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-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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING 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 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-6-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS X-A

 

	
Pass-Through Rate: Variable IO1

	  
	  	  
	
First Distribution Date: June 12, 2015

	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $969,430,000

	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	  	  

	
CUSIP: 36250GAR6

 

	
Initial Notional Amount of this Certificate: $[    ]

	
ISIN:     US36250GAR65

	  
	
 

Common Code: 123869800

	  
	  	  
	
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. 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-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class R and Class S 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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.

 

 

1 The approximate Pass-Through Rate as of the Closing Date is 1.058%.

 

    	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 of each month, commencing in June 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, allocable to the Class X-A 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-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; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans (excluding the CCRE Strip) 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 Whole Loan, 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 

 

    	A-6-3

    	 

    
 

 

each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-6-4

    	 

    
 

 

	
  

	 	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-6-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-6-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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 X-A Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	

Authorized Signatory

 

Dated: ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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 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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING 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 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-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-7-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS X-B

	 	 	 
	
Pass-Through Rate: Variable IO1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $73,071,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	  	 	  

	
CUSIP: 36250GAS4

 

	 	
Initial Notional Amount of this Certificate: $[    ]

 

	
ISIN:     US36250GAS49

	 	  
	  	 	  
	
Common Code: 123869826

	 	  
	  	 	  
	
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. 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 A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class R and Class S 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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.

 

 

1 The initial approximate Pass-Through Rate as of the Closing Date is 0.044%.

 

    	A-7-2

    	 

    
 

 

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 of each month, commencing in June 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, allocable to the Class X-B 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-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; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans (excluding the CCRE Strip) 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 Whole Loan, 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 

 

    	A-7-3

    	 

    
 

 

each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-7-4

    	 

    
 

 

	
  

	 	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-7-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-7-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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-B Certificate to be duly executed.

	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	 	
By:

	 
	 	 	 	

Authorized Signatory

 

Dated: ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, 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-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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, CLASS X-D

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS 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 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 UNDERLYING 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 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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS X-D

 

	
Pass-Through Rate: Variable IO1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $53,989,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	
CUSIP:  36250GAY1

 

	 	
Initial Notional Amount of this Certificate: $[   ]

	
ISIN:      US36250GAY17

 

	 	  
	
Common Code: 123870077

	 	  
	  	 	  
	
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. 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 E, Class F, Class G, Class R and Class S 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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.

 

 

1 The initial approximate Pass-Through Rate as of the Closing Date is 0.811%.

 

    	A-8-2

    	 

    
 

 

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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, 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 

 

    	A-8-3

    	 

    
 

 

each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-8-4

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-8-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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).

 

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The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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-D Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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-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

 

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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

 

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EXHIBIT A-9

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

IN ADDITION, 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.

 

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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS A-S

 

	
Pass-Through Rate: The lesser of 3.777% per annum and the WAC Rate

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $102,640,000. 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 May 2025

	
CUSIP:  36250GAT2

 

	 	
Initial Certificate Principal Amount of this Certificate: $[           ] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	 	 	 
	
ISIN:      US36250GAT22

	 	  
	  	 	  
	
Common Code: 123869834

	 	  
	  	 	  
	
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. 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 B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class R and Class S Certificates (together with the Class A-S Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National 

 

    	A-9-2

    	 

    
 

 

Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    	A-9-3

    	 

    
 

 

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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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.

 

In addition, 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.

 

The Pooling and Servicing Agreement or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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-9-4

    	 

    
 

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-9-5

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-9-6

    	 

    
 

 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

IN ADDITION, 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.

 

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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC230

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS B

 

	
Pass-Through Rate: The WAC Rate minus 0.044%1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $73,071,000. 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 May 2025

	  	 	  
	
CUSIP: 36250GAU9

 

	 	
Initial Certificate Principal Amount of this Certificate: $[           ] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	
ISIN:     US36250GAU94

 

	 	  
	
Common Code: 123869842

	 	  
	  	 	  
	
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. 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 PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class R and Class S Certificates (together with the Class B Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont 

 

 

1 The initial approximate Pass-Through Rate as of the Closing date is 4.151%.

 

    	A-10-2

    	 

    
 

 

Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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.

 

In addition, 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.

 

The Pooling and Servicing Agreement or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-10-5

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-10-6

    	 

    
 

 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

IN ADDITION, 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.

 

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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS PEZ

 

	
Pass-Through Rate: N/A. 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: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $233,909,000. 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 May 2025

	  	 	  
	
CUSIP: 36250GAV7

 

	 	
Initial Certificate Principal Amount of this Certificate: $[           ] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	
ISIN:    US36250GAV77

 

	 	  
	
Common Code: 123869869

	 	  
	  	 	  
	
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. 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 C, Class D, Class X-D, Class E, Class F, Class G, Class R and Class S Certificates (together with the Class PEZ Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to 

 

    	A-11-3

    	 

    
 

 

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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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.

 

In addition, 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.

 

The Pooling and Servicing Agreement or any Custodial 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 Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

    	A-11-4

    	 

    
 

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 

 

    	A-11-5

    	 

    
 

 

Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and 

 

    	A-11-6

    	 

    
 

 

Servicing Agreement) 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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class PEZ Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

IN ADDITION, 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.

 

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

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS C

	 	 	 
	
Pass-Through Rate: The WAC Rate1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $58,198,000. 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 May 2025

	  	 	  
	
CUSIP: 36250GAW5

	 	
Initial Certificate Principal Amount of this Certificate: $[         ] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	
ISIN:     US36250GAW50

	 	  
	  	 	  
	
Common Code: 123869931

	 	  
	  	 	  
	
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. 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 D, Class X-D, Class E, Class F, Class G, Class R and Class S Certificates (together with the Class C Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont 

 

 

1 The initial approximate Pass-Through Rate as of the Closing date is 4.195%.

 

    	A-12-2

    	 

    
 

 

Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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.

 

In addition, 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.

 

The Pooling and Servicing Agreement or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-12-5

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-12-6

    	 

    
 

 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, CLASS D

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 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-13-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS D

	 	 	 
	
Pass-Through Rate: 3.384%

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $53,989,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	 	 	 
	
CUSIP: 36250GAX3

	 	
Initial Certificate Principal Amount of this Certificate: $[   ]

	 	 	 
	
ISIN:     US36250GAX34

	 	  
	  	 	  
	
Common Code: 123870026

	 	  
	  	 	  
	
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. 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 X-D, Class E, Class F, Class G, Class R and Class S Certificates (together with the Class D Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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-13-2

    	 

    
 

 

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 of each month, commencing in June 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, allocable 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 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 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-13-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-13-4

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-13-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-13-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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-13-7

    	 

    
 

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

    	A-13-8

    	 

    
 

 

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 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-13-9

    	 

    
 

 

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-13-10

    	 

    
 

EXHIBIT A-14

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY 

 

 

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

    	 

    
 

 

(A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-14-2

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS E

	 	 	 
	
Pass-Through Rate: The WAC Rate1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $23,849,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	 	 	 
	
CUSIP:   36250GAA32

U04023AA23

36250GAB14

	 	
Initial Certificate Principal Amount of this Certificate: $[   ]

	 	 	 
	
ISIN:       US36250GAA315

USU04023AA226

US36250GAB147

	 	  
	  	 	  
	
Common Code: 123929420

	 	  
	  	 	  
	
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. 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 

 

 

1 The initial approximate Pass-Through Rate as of the Closing date is 4.195%

  

2 For Rule 144A Certificates

  

3 For Regulation S Certificates

  

4 For IAI Certificates

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

 

    	A-14-3

    	 

    
 

 

A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class F, Class G, Class R and Class S Certificates (together with the Class E Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-14-6

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-14-7

    	 

    
 

 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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 E Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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 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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY 

 

 

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

    	 

    
 

 

(A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-15-2

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS F

	 	 	 
	
Pass-Through Rate: The WAC Rate1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $20,283,000

	 	
Scheduled Final Distribution Date: the Distribution Date in May 2025

	 	 	 
	
CUSIP:   36250GAC92

U04023AB03

36250GAD74

	 	
Initial Certificate Principal Amount of this Certificate: $[   ]

	 	 	 
	
ISIN:       US36250GAC965

USU04023AB056

US36250GAD797

	 	  
	  	 	  
	
Common Code: 123929438

	 	  
	  	 	  
	
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. 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  

 

 

1 The initial approximate Pass-Through Rate as of the Closing date is 4.195%

  

2 For Rule 144A Certificates

  

3 For Regulation S Certificates

  

4 For IAI Certificates

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

 

    	A-15-3

    	 

    
 

 

A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class G, Class R and Class S Certificates (together with the Class F Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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 within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

    	A-15-4

    	 

    
 

 

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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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-15-5

    	 

    
 

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-15-6

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-15-7

    	 

    
 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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 F Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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 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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY 

 

 

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

    	 

    
 

 

(A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-16-2

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS G

	 	 	 
	
Pass-Through Rate: The WAC Rate1

	 	  
	  	 	  
	
First Distribution Date: June 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in May 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in June 2015, the date that would have been its Due Date in May 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: $39,451,775

	 	
Scheduled Final Distribution Date: the Distribution Date in March 2026

	 	 	 
	
CUSIP:   36250GAE52

U04023 AC83

36250G AF24

	 	
Initial Certificate Principal Amount of this Certificate: $[   ]

	 	 	 
	
ISIN:       US36250GAE525

USU04023AC876

US36250GAF287

	 	  
	  	 	  
	
Common Code: 123929446

	 	  
	  	 	  
	
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. 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 

 

 

1 The initial approximate Pass-Through Rate as of the Closing date is 4.195%

  

2 For Rule 144A Certificates

  

3 For Regulation S Certificates

  

4 For IAI Certificates

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

 

    	A-16-3

    	 

    
 

 

A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class R and Class S Certificates (together with the Class G Certificates, the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 of each month, commencing in June 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, allocable 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-16-4

    	 

    
 

 

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 (excluding the CCRE Strip) 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 Whole Loan, 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 Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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-16-5

    	 

    
 

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

provided that no amendment pursuant to any of clauses (i)-(vii) 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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

    	A-16-6

    	 

    
 

 

The Pooling and Servicing Agreement or any Custodial 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 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 Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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), 

 

    	A-16-7

    	 

    
 

 

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 made by such party, 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).

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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 G Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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 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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, 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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE 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, INSTITUTIONS THAT ARE NOT 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 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 

 

    	A-17-1

    	 

    
 

 

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 “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

    	A-17-2

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS R

	 	 	 
	
Percentage Interest: [     ]%

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

	 	  

	 	 	 
	
CUSIP:    36250GAJ41

 U04023AE42

 36250GAK13

	 	  
	 	 	 
	
ISIN:        US36250GAJ404

 USU04023AE445

 US36250GAK136

	 	  
	  	 	  
	
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 serviced by the Master 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 S 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National 

 

 

1 For Rule 144A Certificates

  

2 For Regulation SCertificates

  

3 For IAI Certificates

  

4 For Rule 144A Certificates

  

5 For Regulation S Certificates

  

6 For IAI Certificates

 

    	A-17-3

    	 

    
 

 

Association, as Master Servicer and Special Servicer. 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.

 

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 of each month, commencing in June 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, allocable 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 (excluding the CCRE Strip) 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 Whole Loan, 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 

 

    	A-17-4

    	 

    
 

 

each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-17-5

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-17-6

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-17-7

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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 R Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, 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 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-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

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC30, CLASS S

 

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 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 UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

    	A-18-1

    	 

    
 

 

GS MORTGAGE SECURITIES TRUST 2015-GC30

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC30, CLASS S

	 	 	 
	
Percentage Interest: [     ]%

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

	 	  

	 	 	 
	
CUSIP:    36250GAG01

 U04023AD62

 36250GAH83

	 	  
	 	 	 
	
ISIN:        US36250GAG014

 USU04023AD605

 US36250GAH836

	 	  
	  	 	  
	
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 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. 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 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National 

 

 

1 For Rule 144A Certificates

  

2 For Regulation S Certificates

  

3 For IAI Certificates

  

4 For Rule 144A Certificates

  

5 For Regulation S Certificates

  

6 For IAI Certificates

 

    	A-18-2

    	 

    
 

 

Association, as Master Servicer and Special Servicer. 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 beneficial ownership of Excess Interest and the Excess Interest Distribution Account. Each holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

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 of each month, commencing in June 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, allocable to the Class S 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 S 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, Excess Interest actually collected 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 (excluding the CCRE Strip) 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 Whole Loan, only to the extent of the Trust’s 

 

    	A-18-3

    	 

    
 

 

interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Whole Loan, 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 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 Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the 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 and the SMC Guaranty 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 or any Custodial 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 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 or any Serviced Companion Loan Holder;

 

	
  

	
(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 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 or Serviced Companion Loan Holder, 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 

 

    	A-18-4

    	 

    
 

 

	
  

	
 

	
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 or, if applicable, any Serviced Companion Loan Holder, (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 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 or, if applicable any Serviced Companion Loan Holder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and

 

	
  

	
(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 or, if applicable, any Serviced Companion Loan Holder;

 

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 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 Trustee is requesting an amendment for the benefit of the Certificateholders, then such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial 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 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-18-5

    	 

    
 

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans (or Serviced Whole Loan, if applicable) which are required to be distributed on a Certificate of any Class without the consent of the Holder of that Certificate or that are required to be distributed to any holder of a Serviced Companion Loan without the consent of that holder;

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment or remove the requirement to obtain the consent of any Serviced Companion Loan Holder without the consent of the Holders of all Certificates of that Class then outstanding or the consent of each Serviced Companion Loan Holder, as applicable;

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or a 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 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% Percentage Interest of the Controlling Class may effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and Master Servicer (whereupon the Master Servicer shall notify the 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 Whole Loans, subject to certain rights of the related Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by the Trust Fund (or, with respect to the Non-Serviced Mortgage Loans, by the trust created under the applicable Other Pooling and Servicing Agreement) 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 made by such party, 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-18-6

    	 

    
 

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class, 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 Holder of a Class R Certificate representing greater than a 50% Percentage Interest in such Class, may also effect such termination as provided above if such party first notifies the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notifies the Certificate Administrator (who shall notify each of the Controlling Class Representative, each Certifying Certificateholder and the Master Servicer) 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 Certificate Administrator and the Trustee created hereby with respect to the Certificates and the Mortgage Loans and the 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 Companion Loan Holders in the month in which the final Distribution Date occurs) shall terminate immediately following the earlier to occur of (i) the purchase by the Holders of the Controlling Class, the Special Servicer, the Master Servicer or the 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 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 thereby 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-18-7

    	 

    
 

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

	 	 	 	 
	 	 	
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

Dated:  ______________

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: ______________

	 	 	 	 
	 	 	

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Authorized Signatory

 

    	A-18-8

    	 

    
 

 

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 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 S Certificate of the entire Percentage Interest represented by the within Class S Certificates to the above-named Assignee(s) and to deliver such Class S Certificate to the following address:

 

Date: _________________

	 	 
	 	
Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-18-9

    	 

    
 

 

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-18-10

    	 

    
 

 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    	  

    	 

    
 

 

 

 

 

 

 

GC30 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Address

	  	
City

	  	
State

	  	
Zip Code

	  	
Cut-Off Date Balance ($)

	  	
Mortgage Loan Rate (%)

	
1

	  	
1

	  	
7N6445

	  	
Dallas Market Center

	  	
2050 and 2100 North Stemmons Freeway

	  	
Dallas

	  	
Texas

	  	
75207

	  	
130,000,000

	  	
4.09750%

	
2

	  	
2

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	  	  	  	  	  	  	  	  	
123,000,000

	  	
3.90850%

	
2.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	
1000 Second Avenue

	  	
Seattle

	  	
Washington

	  	
98104

	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	
2901 Third Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	
3101 Western Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	
300 Elliott Avenue West

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	
3131 Elliott Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	
2615 Fourth Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	
190 Queen Anne Avenue North

	  	
Seattle

	  	
Washington

	  	
98109

	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	
200 First Avenue West

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	
18 West Mercer Street

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
Worthington Renaissance Fort Worth

	  	
200 Main Street

	  	
Fort Worth

	  	
Texas

	  	
76102

	  	
85,000,000

	  	
3.66250%

	
4

	  	
3

	  	
8363

	  	
Courtyard by Marriott Portfolio

	  	  	  	  	  	  	  	  	  	
84,450,000

	  	
3.69000%

	
4.01

	  	  	  	
8363-1

	  	
Courtyard Larkspur Landing Marin County

	  	
2500 Larkspur Landing Circle

	  	
Larkspur

	  	
California

	  	
94939

	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
Courtyard San Mateo Foster City

	  	
550 Shell Boulevard

	  	
Foster City

	  	
California

	  	
94404

	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
Courtyard San Jose Cupertino

	  	
10605 North Wolfe Road

	  	
Cupertino

	  	
California

	  	
95014

	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
Courtyard Boulder

	  	
4710 Pearl East Circle

	  	
Boulder

	  	
Colorado

	  	
80301

	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
Courtyard Los Angeles Hacienda Heights

	  	
1905 South Azusa Avenue

	  	
Hacienda Heights

	  	
California

	  	
91745

	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
Courtyard Seattle South Center

	  	
400 Andover Park West

	  	
Tukwila

	  	
Washington

	  	
98188

	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
Courtyard Rye

	  	
631 Midland Avenue

	  	
Rye

	  	
New York

	  	
10580

	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
Courtyard Nashville Airport

	  	
2508 Elm Hill Pike

	  	
Nashville

	  	
Tennessee

	  	
37214

	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	
2633 Sepulveda Boulevard

	  	
Torrance

	  	
California

	  	
90505

	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
Courtyard St. Louis Creve Coeur

	  	
828 North New Ballas Court

	  	
Creve Coeur

	  	
Missouri

	  	
63141

	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
Courtyard Portland Beaverton

	  	
8500 Southwest Nimbus Avenue

	  	
Beaverton

	  	
Oregon

	  	
97008

	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
Courtyard Palm Springs

	  	
1300 East Tahquitz Canyon Way

	  	
Palm Springs

	  	
California

	  	
92262

	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
Courtyard Charlotte South Park

	  	
6023 Park South Drive

	  	
Charlotte

	  	
North Carolina

	  	
28210

	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
Courtyard Norwalk

	  	
474 Main Avenue

	  	
Norwalk

	  	
Connecticut

	  	
06851

	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
Courtyard Detroit Metro Airport

	  	
30653 Flynn Drive

	  	
Romulus

	  	
Michigan

	  	
48174

	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
Courtyard Chicago Waukegan Gurnee

	  	
3800 Northpoint Boulevard

	  	
Waukegan

	  	
Illinois

	  	
60085

	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
Courtyard Atlanta Perimeter Center

	  	
6250 Peachtree Dunwoody Road

	  	
Atlanta

	  	
Georgia

	  	
30328

	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
Courtyard Denver Tech Center

	  	
6565 South Boston Street

	  	
Greenwood Village

	  	
Colorado

	  	
80111

	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
Courtyard Ft. Lauderdale Plantation

	  	
7780 Southwest 6th Street

	  	
Plantation

	  	
Florida

	  	
33324

	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
Courtyard Lincroft Red Bank

	  	
245 Half Mile Road

	  	
Red Bank

	  	
New Jersey

	  	
07701

	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
Courtyard Chicago Highland Park

	  	
1505 Lake Cook Road

	  	
Highland Park

	  	
Illinois

	  	
60035

	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
Courtyard Raleigh Cary

	  	
102 Edinburgh Drive South

	  	
Cary

	  	
North Carolina

	  	
27511

	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
Courtyard Charlottesville North

	  	
638 Hillsdale Drive

	  	
Charlottesville

	  	
Virginia

	  	
22901

	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
Courtyard Detroit Livonia

	  	
17200 North Laurel Park Drive

	  	
Livonia

	  	
Michigan

	  	
48152

	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
Courtyard Birmingham Homewood

	  	
500 Shades Creek Parkway

	  	
Homewood

	  	
Alabama

	  	
35209

	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
Courtyard West Palm Beach

	  	
600 Northpoint Parkway

	  	
West Palm Beach

	  	
Florida

	  	
33407

	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
Courtyard New Haven Wallingford

	  	
600 Northrop Road

	  	
Wallingford

	  	
Connecticut

	  	
06492

	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
Courtyard Chicago Oakbrook Terrace

	  	
6 Transam Plaza Drive

	  	
Oakbrook Terrace

	  	
Illinois

	  	
60181

	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
Courtyard Kansas City Overland Park Metcalf

	  	
11301 Metcalf Avenue

	  	
Overland Park

	  	
Kansas

	  	
66210

	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
Courtyard Boston Andover

	  	
10 Campanelli Drive

	  	
Andover

	  	
Massachusetts

	  	
01810

	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
Courtyard Minneapolis St Paul Airport

	  	
1352 Northland Drive

	  	
Mendota Heights

	  	
Minnesota

	  	
55120

	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
Courtyard Dallas Plano Parkway

	  	
4901 West Plano Parkway

	  	
Plano

	  	
Texas

	  	
75093

	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
Courtyard Bakersfield

	  	
3601 Marriott Drive

	  	
Bakersfield

	  	
California

	  	
93308

	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
Courtyard Denver Stapleton

	  	
7415 East 41st Avenue

	  	
Denver

	  	
Colorado

	  	
80216

	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
Courtyard Rockford

	  	
7676 East State Street

	  	
Rockford

	  	
Illinois

	  	
61108

	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
Courtyard Greenville Haywood Mall

	  	
70 Orchard Park Drive

	  	
Greenville

	  	
South Carolina

	  	
29615

	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
Courtyard Chicago Lincolnshire

	  	
505 Milwaukee Avenue

	  	
Lincolnshire

	  	
Illinois

	  	
60069

	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
Courtyard Indianapolis Castleton

	  	
8670 Allisonville Road

	  	
Indianapolis

	  	
Indiana

	  	
46250

	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
Courtyard St. Louis Westport Plaza

	  	
11888 Westline Industrial Drive

	  	
St. Louis

	  	
Missouri

	  	
63146

	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
Courtyard San Antonio Downtown Market Square

	  	
600 South Santa Rosa Avenue

	  	
San Antonio

	  	
Texas

	  	
78204

	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
Courtyard Silver Spring North

	  	
12521 Prosperity Drive

	  	
Silver Spring

	  	
Maryland

	  	
20904

	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
Courtyard Lexington North

	  	
775 Newtown Court

	  	
Lexington

	  	
Kentucky

	  	
40511

	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
Courtyard Tampa Westshore

	  	
3805 West Cypress Street

	  	
Tampa

	  	
Florida

	  	
33607

	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
Courtyard Chicago Deerfield

	  	
800 Lake Cook Road

	  	
Deerfield

	  	
Illinois

	  	
60015

	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
Courtyard St. Petersburg Clearwater

	  	
3131 Executive Drive

	  	
Clearwater

	  	
Florida

	  	
33762

	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
Courtyard Toledo Airport Holland

	  	
1435 East Mall Drive

	  	
Holland

	  	
Ohio

	  	
43528

	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
Courtyard Phoenix Mesa

	  	
1221 South Westwood

	  	
Mesa

	  	
Arizona

	  	
85210

	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
Courtyard Atlanta Airport South

	  	
2050 Sullivan Road

	  	
College Park

	  	
Georgia

	  	
30337

	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
Courtyard Oklahoma City Airport

	  	
4301 Highline Boulevard

	  	
Oklahoma City

	  	
Oklahoma

	  	
73108

	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
Courtyard Memphis Airport

	  	
1780 Noncannah Boulevard

	  	
Memphis

	  	
Tennessee

	  	
38132

	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
Courtyard Annapolis

	  	
2559 Riva Road

	  	
Annapolis

	  	
Maryland

	  	
21401

	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
Courtyard Manassas

	  	
10701 Battleview Parkway

	  	
Manassas

	  	
Virginia

	  	
20109

	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
Courtyard Little Rock

	  	
10900 Financial Centre Parkway

	  	
Little Rock

	  	
Arkansas

	  	
72211

	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
Courtyard Ft. Myers

	  	
4455 Metro Parkway

	  	
Fort Myers

	  	
Florida

	  	
33916

	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
Courtyard Atlanta Gwinnett Mall

	  	
3550 Venture Parkway

	  	
Duluth

	  	
Georgia

	  	
30096

	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
Courtyard Chicago Arlington Heights South

	  	
100 West Algonquin Road

	  	
Arlington Heights

	  	
Illinois

	  	
60005

	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
Courtyard Dallas Richardson at Spring Valley

	  	
1000 South Sherman Street

	  	
Richardson

	  	
Texas

	  	
75081

	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
Courtyard Huntsville

	  	
4804 University Drive Northwest

	  	
Huntsville

	  	
Alabama

	  	
35816

	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
Courtyard Birmingham Hoover

	  	
1824 Montgomery Highway South

	  	
Hoover

	  	
Alabama

	  	
35244

	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
Courtyard Phoenix North Metrocenter

	  	
9631 North Black Canyon Highway

	  	
Phoenix

	  	
Arizona

	  	
85021

	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
Courtyard Tucson Airport

	  	
2505 East Executive Drive

	  	
Tucson

	  	
Arizona

	  	
85756

	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
Courtyard Dayton South Mall

	  	
100 Prestige Place

	  	
Miamisburg

	  	
Ohio

	  	
45342

	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
Courtyard Philadelphia Devon

	  	
762 West Lancaster Avenue

	  	
Wayne

	  	
Pennsylvania

	  	
19087

	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
Courtyard Fresno

	  	
140 East Shaw Avenue

	  	
Fresno

	  	
California

	  	
93710

	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
Courtyard Poughkeepsie

	  	
2641 South Road

	  	
Poughkeepsie

	  	
New York

	  	
12601

	  	  	  	  
	
5

	  	  	  	
8370

	  	
Bank of America Plaza

	  	
800 Market Street

	  	
St. Louis

	  	
Missouri

	  	
63101

	  	
50,950,000

	  	
3.91000%

	
6

	  	  	  	
9A1OB8

	  	
Bakery Living

	  	
6480 Living Place

	  	
Pittsburgh

	  	
Pennsylvania

	  	
15206

	  	
33,250,000

	  	
4.43550%

	
7

	  	
4

	  	
MC00278E5

	  	
Midwest Multifamily Portfolio

	  	  	  	  	  	  	  	  	  	
28,095,000

	  	
4.17000%

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
Sunnydale Estates

	  	
5834 North Yermo Drive

	  	
Toledo

	  	
Ohio

	  	
43613

	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
Georgetown Village

	  	
3045 Ilger Avenue

	  	
Toledo

	  	
Ohio

	  	
43606

	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
Hunters Ridge

	  	
3406 Gibraltar Heights Drive

	  	
Toledo

	  	
Ohio

	  	
43609

	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
Miracle Manor

	  	
5055 Jamieson Drive

	  	
Toledo

	  	
Ohio

	  	
43613

	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
Abbey Run

	  	
3355 West Alexis Road

	  	
Toledo

	  	
Ohio

	  	
43623

	  	  	  	  

 

    	  

    	 

    
 

 

GC30 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Address

	  	
City

	  	
State

	  	
Zip Code

	  	
Cut-Off Date Balance ($)

	  	
Mortgage Loan Rate (%)

	
8

	  	  	  	
1

	  	
Hilton Scotts Valley

	  	
6001 La Madrona Drive

	  	
Scotts Valley

	  	
California

	  	
95060

	  	
26,954,272

	  	
4.66100%

	
9

	  	  	  	
8412

	  	
311 California Street

	  	
311 California Street

	  	
San Francisco

	  	
California

	  	
94104

	  	
25,000,000

	  	
3.92000%

	
10

	  	  	  	
8436

	  	
Northern Lights Shopping Center

	  	
3349-3561 Cleveland Avenue

	  	
Columbus

	  	
Ohio

	  	
43224

	  	
25,000,000

	  	
3.84000%

	
11

	  	  	  	
8411

	  	
1035 Market Street

	  	
1035 Market Street

	  	
San Francisco

	  	
California

	  	
94103

	  	
24,500,000

	  	
4.05000%

	
12

	  	
5

	  	
8049

	  	
170 Broadway

	  	
170 Broadway

	  	
New York

	  	
New York

	  	
10012

	  	
20,000,000

	  	
4.15000%

	
13

	  	  	  	
8341

	  	
Hampton Inn - Albany

	  	
25 Chapel Street

	  	
Albany

	  	
New York

	  	
12210

	  	
19,200,000

	  	
4.20000%

	
14

	  	  	  	
8429

	  	
132-40 Metropolitan Avenue

	  	
132-40 Metropolitan Avenue

	  	
Jamaica

	  	
New York

	  	
11418

	  	
18,000,000

	  	
4.13000%

	
15

	  	  	  	
7N34K6

	  	
Hampton Inn & Suites Destin

	  	
1625 Scenic Highway 98 East

	  	
Destin

	  	
Florida

	  	
32541

	  	
17,973,756

	  	
3.93350%

	
16

	  	  	  	
8396

	  	
Ocean Dorado

	  	
1830-1850 Ocean Avenue

	  	
San Francisco

	  	
California

	  	
94112

	  	
16,500,000

	  	
3.92000%

	
17

	  	  	  	
8437

	  	
Century Park West Apartments

	  	
7250 Arbor Vista Drive

	  	
Douglasville

	  	
Georgia

	  	
30134

	  	
16,200,000

	  	
3.87000%

	
18

	  	  	  	  	  	
ART Florida & Ohio MF Portfolio I

	  	  	  	  	  	  	  	  	  	
15,000,000

	  	
4.25600%

	
18.01

	  	  	  	  	  	
High Points

	  	
6611 Trichel Lane

	  	
New Port Richey

	  	
Florida

	  	
34653

	  	  	  	  
	
18.02

	  	  	  	  	  	
Daniel Court

	  	
640 Daniel Court

	  	
Cincinnati

	  	
Ohio

	  	
45244

	  	  	  	  
	
18.03

	  	  	  	  	  	
Blueberry Hill

	  	
33230 Ryan Drive

	  	
Leesburg

	  	
Florida

	  	
34788

	  	  	  	  
	
18.04

	  	  	  	  	  	
Manchester

	  	
2900 Coronet Lane

	  	
Jacksonville

	  	
Florida

	  	
32207

	  	  	  	  
	
18.05

	  	  	  	  	  	
Hickory Mill

	  	
2767 Hickory Mill Drive

	  	
Hilliard

	  	
Ohio

	  	
43026

	  	  	  	  
	
19

	  	  	  	  	  	
Aria on L

	  	
300 L Street Northeast

	  	
Washington

	  	
District of Columbia

	  	
20002

	  	
13,700,000

	  	
4.18000%

	
20

	  	  	  	  	  	
River Drive III

	  	
611 River Drive

	  	
Elmwood Park

	  	
New Jersey

	  	
07407

	  	
13,400,000

	  	
4.33000%

	
21

	  	  	  	
8008

	  	
Clinton Place Apartments

	  	
42566 Clinton Place Drive

	  	
Clinton Township

	  	
Michigan

	  	
48038

	  	
13,380,000

	  	
4.17000%

	
22

	  	  	  	
7N32E2

	  	
Plaza de Santa Fe

	  	
16950 & 16956 Via de Santa Fe and 6037 & 6041 La Flecha

	  	
Rancho Santa Fe

	  	
California

	  	
92091

	  	
13,000,000

	  	
4.24000%

	
23

	  	  	  	
8112

	  	
EZ Storage Marina Del Rey

	  	
12901 Culver Boulevard

	  	
Los Angeles

	  	
California

	  	
90066

	  	
13,000,000

	  	
3.69000%

	
24

	  	  	  	
8287

	  	
Cottages at Hefner

	  	
1301 West Hefner Road

	  	
Oklahoma City

	  	
Oklahoma

	  	
73114

	  	
12,800,000

	  	
4.23000%

	
25

	  	
6

	  	
MC0027BC5

	  	
Bavarian Woods

	  	
154 Bavarian Street

	  	
Middletown

	  	
Ohio

	  	
45044

	  	
12,130,000

	  	
4.12000%

	
26

	  	  	  	
2

	  	
Crossroads Marketplace

	  	
3045, 3055 and 3065 Columbia Boulevard

	  	
Titusville

	  	
Florida

	  	
32780

	  	
12,000,000

	  	
4.42000%

	
27

	  	  	  	
8377

	  	
Lowe’s Multi State Portfolio

	  	  	  	  	  	  	  	  	  	
11,400,000

	  	
4.00000%

	
27.01

	  	  	  	
8377-1

	  	
Lowe’s Middletown OH

	  	
3125 Towne Boulevard

	  	
Middletown

	  	
Ohio

	  	
45044

	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
Lowe’s Terre Haute IN

	  	
4701 South US Highway 41

	  	
Terre Haute

	  	
Indiana

	  	
47802

	  	  	  	  
	
28

	  	  	  	
8292

	  	
Century Lake Apartments

	  	
51 Bishopsgate Drive

	  	
Cincinnati

	  	
Ohio

	  	
45246

	  	
11,200,000

	  	
4.07000%

	
29

	  	  	  	
8350

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
110 James Drive East

	  	
Saint Rose

	  	
Louisiana

	  	
70087

	  	
11,100,000

	  	
4.06000%

	
30

	  	  	  	
8389

	  	
River Drive Apartments

	  	
1420 Gregory Street

	  	
Ypsilanti

	  	
Michigan

	  	
48197

	  	
11,000,000

	  	
4.06000%

	
31

	  	  	  	
MC0027E65

	  	
Ishihama Portfolio

	  	  	  	  	  	  	  	  	  	
10,928,562

	  	
4.70000%

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
Walgreens Jefferson

	  	
132 East Broadway Boulevard

	  	
Jefferson

	  	
Tennessee

	  	
37760

	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
Town Center Square

	  	
10950 East Foothill Boulevard

	  	
Rancho Cucamonga

	  	
California

	  	
91730

	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
Sunset Station

	  	
545 Marks Street

	  	
Henderson

	  	
Nevada

	  	
89014

	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
Arby’s Portfolio - Saginaw, MI

	  	
4905 Bay Road

	  	
Saginaw

	  	
Michigan

	  	
48604

	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
Arby’s Portfolio - Port Huron, MI

	  	
1331 24th Street

	  	
Port Huron

	  	
Michigan

	  	
48060

	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
5909 Ranchester Drive

	  	
Houston

	  	
Texas

	  	
77036

	  	
10,890,000

	  	
4.19000%

	
33

	  	  	  	
8334

	  	
Germantown Plaza

	  	
2015 Exeter Road

	  	
Germantown

	  	
Tennessee

	  	
38138

	  	
10,762,500

	  	
4.20000%

	
34

	  	  	  	
MC00248E2

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	  	  	  	  	  	  	  	  	
10,500,000

	  	
4.19000%

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
Sun Blossom Gardens

	  	
5900 Ranchester Drive

	  	
Houston

	  	
Texas

	  	
77036

	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
The Westbriar

	  	
2530 Briar Ridge Drive

	  	
Houston

	  	
Texas

	  	
77057

	  	  	  	  
	
35

	  	  	  	
3

	  	
Westridge Self Storage

	  	
155 Westridge Parkway

	  	
McDonough

	  	
Georgia

	  	
30253

	  	
6,000,000

	  	
4.37000%

	
36

	  	  	  	
4

	  	
Highway 92 Self Storage

	  	
3595 Hiram Douglasville Highway

	  	
Hiram

	  	
Georgia

	  	
30141

	  	
3,800,000

	  	
4.37000%

	
37

	  	  	  	
MC0028753

	  	
Brays Village Apartments

	  	
4400 Boone Road

	  	
Houston

	  	
Texas

	  	
77072

	  	
9,500,000

	  	
4.48000%

	
38

	  	  	  	  	  	
Copley Center

	  	
140 East Golf Road 241

	  	
Schaumburg

	  	
Illinois

	  	
60173

	  	
8,150,000

	  	
4.22850%

	
39

	  	  	  	
MC0027896

	  	
GSL Portfolio

	  	  	  	  	  	  	  	  	  	
8,000,000

	  	
4.11000%

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
Clinton Drive

	  	
7202-7222 Clinton Drive

	  	
Houston

	  	
Texas

	  	
77020

	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
1700 South Sam Houston Parkway West

	  	
1700 South Sam Houston Parkway West

	  	
Houston

	  	
Texas

	  	
77047

	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
801 Georgia Avenue

	  	
801 Georgia Avenue

	  	
Deer Park

	  	
Texas

	  	
77536

	  	  	  	  
	
40

	  	  	  	  	  	
New Boston Village Retail

	  	
4490 Gallia Street

	  	
New Boston

	  	
Ohio

	  	
45662

	  	
7,976,847

	  	
4.43000%

	
41

	  	  	  	
7N3EO7

	  	
Timberhills Shopping Center

	  	
1005-1071 Mono Way

	  	
Sonora

	  	
California

	  	
95370

	  	
7,900,000

	  	
3.75200%

	
42

	  	  	  	
7N2TC9

	  	
Crestwood Whitewood Apartments Portfolio

	  	  	  	  	  	  	  	  	  	
7,790,120

	  	
4.71300%

	
42.01

	  	  	  	
7N2TC9-1

	  	
Crestwood Apartments

	  	
5909 and 5910 Royalgate Drive

	  	
San Antonio

	  	
Texas

	  	
78242

	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
Whitewood Apartments

	  	
200 Whitewood Drive

	  	
San Antonio

	  	
Texas

	  	
78242

	  	  	  	  
	
43

	  	  	  	
8332

	  	
Serenity Apartments at Silver Springs

	  	
3480 Northeast 48th Terrace

	  	
Silver Springs

	  	
Florida

	  	
34488

	  	
7,677,210

	  	
4.41000%

	
44

	  	  	  	
7N7MU5

	  	
Traditions at Slate Ridge

	  	
1929 Opal Street

	  	
Reynoldsburg

	  	
Ohio

	  	
43068

	  	
7,500,000

	  	
4.08050%

	
45

	  	  	  	  	  	
Chadwick & Grayson

	  	
5029 Corporate Woods Drive

	  	
Virginia Beach

	  	
Virginia

	  	
23462

	  	
7,489,813

	  	
4.32900%

	
46

	  	  	  	  	  	
Wesleyan Park Plaza

	  	
2650 Frederica Street

	  	
Owensboro

	  	
Kentucky

	  	
42301

	  	
7,489,574

	  	
4.20000%

	
47

	  	  	  	
8298

	  	
Glendora Marketplace

	  	
1331 South Lone Hill Avenue

	  	
Glendora

	  	
California

	  	
91740

	  	
7,200,000

	  	
3.94000%

	
48

	  	  	  	
7N6882

	  	
At Home and Dollar Tree

	  	
1509 and 1517 Sams Circle

	  	
Chesapeake

	  	
Virginia

	  	
23320

	  	
7,100,000

	  	
3.85000%

	
49

	  	  	  	  	  	
City Lofts

	  	
1406 Richmond Road

	  	
Williamsburg

	  	
Virginia

	  	
23185

	  	
6,800,000

	  	
4.09550%

	
50

	  	  	  	  	  	
Stony Brook MHP

	  	
1 West Overlook Street

	  	
Orangeville

	  	
Pennsylvania

	  	
17859

	  	
6,700,000

	  	
4.12450%

	
51

	  	  	  	  	  	
Diagonal Marketplace

	  	
980, 1020 and 1100 Ken Platt Boulevard

	  	
Longmont

	  	
Colorado

	  	
80501

	  	
6,500,000

	  	
4.65000%

	
52

	  	  	  	
MC0026625

	  	
6001 Stonewood Drive

	  	
6001 Stonewood Drive

	  	
Wexford

	  	
Pennsylvania

	  	
15090

	  	
6,500,000

	  	
4.26550%

	
53

	  	  	  	
5

	  	
Shops of Walterboro

	  	
2098 Bells Highway

	  	
Walterboro

	  	
South Carolina

	  	
29488

	  	
6,250,000

	  	
4.22800%

	
54

	  	  	  	
6

	  	
Joshua Village Shopping Center

	  	
57554 29 Palms Highway

	  	
Yucca Valley

	  	
California

	  	
92284

	  	
6,000,000

	  	
4.31000%

	
55

	  	  	  	  	  	
Club Commons II

	  	
52 and 70 Commons Circle

	  	
Snowmass Village

	  	
Colorado

	  	
81615

	  	
5,900,000

	  	
4.10000%

	
56

	  	  	  	
7

	  	
Pocalla Springs Apartments

	  	
119 Putter Drive and 119 Pocotaligo Drive

	  	
Sumter

	  	
South Carolina

	  	
29150

	  	
5,892,510

	  	
4.70100%

	
57

	  	  	  	  	  	
Alex City Marketplace

	  	
935 Market Place

	  	
Alexander City

	  	
Alabama

	  	
35010

	  	
5,750,000

	  	
3.95400%

	
58

	  	  	  	
7N32D4

	  	
Midtown Village

	  	
860 Parris Island Gateway

	  	
Beaufort

	  	
South Carolina

	  	
29906

	  	
5,700,000

	  	
4.06450%

	
59

	  	  	  	  	  	
Butler Square

	  	
201, 207-275 West Butler Road

	  	
Mauldin

	  	
South Carolina

	  	
29662

	  	
5,640,000

	  	
3.89700%

	
60

	  	  	  	
8

	  	
Lansing East Self Storage

	  	
2591 Jolly Road

	  	
Okemos

	  	
Michigan

	  	
48864

	  	
5,620,000

	  	
4.18700%

	
61

	  	  	  	  	  	
San Clemente Retail

	  	
3600A North Capital of Texas Highway

	  	
Austin

	  	
Texas

	  	
78746

	  	
5,392,704

	  	
4.35850%

	
62

	  	  	  	
9

	  	
Vidalia Central Shopping Center

	  	
3181 East 1st Street

	  	
Vidalia

	  	
Georgia

	  	
30474

	  	
5,350,000

	  	
4.25000%

	
63

	  	  	  	
10

	  	
Orion Self Storage

	  	
1745 Waldon Road

	  	
Lake Orion

	  	
Michigan

	  	
48359

	  	
5,225,000

	  	
4.18700%

	
64

	  	  	  	
7N3459

	  	
Southwood Village Shopping Center

	  	
201 West Arrowood Road

	  	
Charlotte

	  	
North Carolina

	  	
28217

	  	
5,025,000

	  	
4.02900%

	
65

	  	  	  	
11

	  	
Novi Self Storage

	  	
24985 Haggerty Road

	  	
Novi

	  	
Michigan

	  	
48375

	  	
5,025,000

	  	
4.18700%

	
66

	  	  	  	
8374

	  	
Metrocenter Retail

	  	
10240 North 27th Avenue, 10459 North 28th Drive, 2751 West North Lane, 2745 and 2755 West Peoria Avenue and 10223, 10225, 10227 and 10235 North Metro Parkway East

	  	
Phoenix

	  	
Arizona

	  	
85051, 85029

	  	
5,000,000

	  	
4.00000%

	
67

	  	  	  	
598WM0

	  	
Hampton Inn Niceville

	  	
4400 Ansley Drive

	  	
Niceville

	  	
Florida

	  	
32578

	  	
4,993,479

	  	
4.55300%

	
68

	  	  	  	
12

	  	
Albemarle Square

	  	
9009 Albemarle Road

	  	
Charlotte

	  	
North Carolina

	  	
28227

	  	
4,993,136

	  	
4.27000%

	
69

	  	  	  	
13

	  	
Clark Street Industrial

	  	
2627 Clark Street

	  	
Detroit

	  	
Michigan

	  	
48210

	  	
4,694,862

	  	
4.63400%

	
70

	  	  	  	  	  	
Pheasant Run Apartments

	  	
1500 North Towne Commons Boulevard

	  	
Fenton

	  	
Michigan

	  	
48430

	  	
4,650,000

	  	
4.40000%

	
71

	  	  	  	  	  	
Ruschmeyer’s Montauk

	  	
161 Second House Road

	  	
Montauk

	  	
New York

	  	
11954

	  	
4,500,000

	  	
4.91350%

	
72

	  	  	  	
8391

	  	
Wyndham Hill Apartments

	  	
1210 West Stadium Boulevard

	  	
Ann Arbor

	  	
Michigan

	  	
48103

	  	
4,400,000

	  	
4.22000%

	
73

	  	  	  	
8093

	  	
Food Lion - Ocean View

	  	
1100 Southwest Sabbath Home Road

	  	
Holden Beach

	  	
North Carolina

	  	
28462

	  	
4,272,000

	  	
4.25000%

	
74

	  	  	  	
14

	  	
Southland Village Shopping Center

	  	
111 Southland Village

	  	
Troy

	  	
Alabama

	  	
36079

	  	
4,194,335

	  	
4.36800%

	
75

	  	  	  	
15

	  	
306-308 East 149th Street

	  	
306-308 East 149th Street

	  	
Bronx

	  	
New York

	  	
10451

	  	
4,069,619

	  	
4.48500%

	
76

	  	  	  	
16

	  	
Northside Indy Medical Center

	  	
2020 West 86th Street

	  	
Indianapolis

	  	
Indiana

	  	
46260

	  	
3,969,718

	  	
4.45000%

	
77

	  	  	  	  	  	
North View Manor MHP

	  	
34 Cranes Gap Road

	  	
Carlisle

	  	
Pennsylvania

	  	
17013

	  	
3,800,000

	  	
4.12450%

	
78

	  	  	  	
8092

	  	
Food Lion - Circle Plaza

	  	
306 Main Street

	  	
Newton Grove

	  	
North Carolina

	  	
28366

	  	
3,450,000

	  	
4.25000%

	
79

	  	  	  	
8352

	  	
Glenridge Point Shopping Center

	  	
860 Johnson Ferry Road

	  	
Atlanta

	  	
Georgia

	  	
30342

	  	
3,302,000

	  	
4.01000%

	
80

	  	  	  	
MC0026211

	  	
Village Place Apartments

	  	
1100 Milburn Avenue

	  	
Odessa

	  	
Texas

	  	
79761

	  	
3,245,438

	  	
5.05000%

	
81

	  	  	  	
MC0027C75

	  	
Country Hills Estates

	  	
4900-5000 East Henrietta Road

	  	
Henrietta

	  	
New York

	  	
14467

	  	
3,050,000

	  	
4.17000%

	
82

	  	  	  	
8333

	  	
4600 Sheridan Street

	  	
4600 Sheridan Street

	  	
Hollywood

	  	
Florida

	  	
33021

	  	
3,000,000

	  	
3.93000%

	
83

	  	  	  	
7827

	  	
Roaring Fork Mobile Home Park

	  	
101 Emma Road

	  	
Basalt

	  	
Colorado

	  	
81621

	  	
2,995,941

	  	
4.35000%

	
84

	  	  	  	
MC0023150

	  	
Kimberly Square

	  	
951 South Main Street

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	
2,800,000

	  	
4.62000%

	
85

	  	  	  	
17

	  	
Ypsilanti Self Storage

	  	
521 Tyler Road

	  	
Ypsilanti

	  	
Michigan

	  	
48198

	  	
2,630,000

	  	
4.18700%

	
86

	  	  	  	
18

	  	
North Lake Tahoe Self Storage

	  	
590 National Avenue

	  	
Tahoe Vista

	  	
California

	  	
96148

	  	
2,350,000

	  	
4.61000%

	
87

	  	  	  	
7N3F16

	  	
Walgreens Cary

	  	
2323 Northwest Maynard Road

	  	
Cary

	  	
North Carolina

	  	
27513

	  	
2,300,000

	  	
4.33650%

	
88

	  	  	  	
19

	  	
Lansing West Self Storage

	  	
2685 Eaton Rapids Road

	  	
Lansing

	  	
Michigan

	  	
48911

	  	
1,305,000

	  	
4.18700%

	
89

	  	  	  	
8392

	  	
Forest Avenue Apartments

	  	
324 and 404 West Forest Avenue

	  	
Ypsilanti

	  	
Michigan

	  	
48197

	  	
1,198,379

	  	
4.36000%

 

    	  

    	 

    
 

GC30 Mortgage Loan Schedule

 

	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Remaining Term To 

Maturity (Mos.)

	  	
Maturity Date

	  	
Remaining Amortization 

Term (Mos.)

	  	
Servicing Fee Rate 

(%)

	  	
Subservicing Fee Rate 

(%)

	  	
Mortgage Loan 

Seller

	  	
Crossed Group

	  	
ARD (Yes / No)

	
1

	  	
1

	  	
7N6445

	  	
Dallas Market Center

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00500%

	  	
GSMC

	  	
NAP

	  	
No

	
2

	  	
2

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	
119

	  	
4/6/2025

	  	
0

	  	
0.00250%

	  	
0.00250%

	  	
GSMC

	  	
NAP

	  	
No

	
2.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
Worthington Renaissance Fort Worth

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
4

	  	
3

	  	
8363

	  	
Courtyard by Marriott Portfolio

	  	
59

	  	
4/6/2020

	  	
0

	  	
0.00250%

	  	
0.00250%

	  	
CGMRC

	  	
NAP

	  	
No

	
4.01

	  	  	  	
8363-1

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
5

	  	  	  	
8370

	  	
Bank of America Plaza

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
6

	  	  	  	
9A1OB8

	  	
Bakery Living

	  	
113

	  	
10/6/2024

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
GSMC

	  	
NAP

	  	
No

	
7

	  	
4

	  	
MC00278E5

	  	
Midwest Multifamily Portfolio

	  	
119

	  	
4/6/2025

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
Yes

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  

 

    	  

    	 

    
 

 

GC30 Mortgage Loan Schedule

 

	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Remaining Term To 

Maturity (Mos.)

	  	
Maturity Date

	  	
Remaining Amortization 

Term (Mos.)

	  	
Servicing Fee Rate 

(%)

	  	
Subservicing Fee Rate 

(%)

	  	
Mortgage Loan 

Seller

	  	
Crossed Group

	  	
ARD (Yes / No)

	
8

	  	  	  	
1

	  	
Hilton Scotts Valley

	  	
118

	  	
3/6/2025

	  	
358

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
9

	  	  	  	
8412

	  	
311 California Street

	  	
119

	  	
4/6/2025

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
10

	  	  	  	
8436

	  	
Northern Lights Shopping Center

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
11

	  	  	  	
8411

	  	
1035 Market Street

	  	
59

	  	
4/6/2020

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
12

	  	
5

	  	
8049

	  	
170 Broadway

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00250%

	  	
0.00250%

	  	
CGMRC

	  	
NAP

	  	
No

	
13

	  	  	  	
8341

	  	
Hampton Inn - Albany

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
14

	  	  	  	
8429

	  	
132-40 Metropolitan Avenue

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
15

	  	  	  	
7N34K6

	  	
Hampton Inn & Suites Destin

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
16

	  	  	  	
8396

	  	
Ocean Dorado

	  	
119

	  	
4/6/2025

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
17

	  	  	  	
8437

	  	
Century Park West Apartments

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00250%

	  	
0.03000%

	  	
CGMRC

	  	
NAP

	  	
No

	
18

	  	  	  	  	  	
ART Florida & Ohio MF Portfolio I

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
18.01

	  	  	  	  	  	
High Points

	  	  	  	  	  	  	  	  	  	  	  	
CCRE

	  	  	  	  
	
18.02

	  	  	  	  	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  	  	
CCRE

	  	  	  	  
	
18.03

	  	  	  	  	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  	  	
CCRE

	  	  	  	  
	
18.04

	  	  	  	  	  	
Manchester

	  	  	  	  	  	  	  	  	  	  	  	
CCRE

	  	  	  	  
	
18.05

	  	  	  	  	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  	  	
CCRE

	  	  	  	  
	
19

	  	  	  	  	  	
Aria on L

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
20

	  	  	  	  	  	
River Drive III

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
21

	  	  	  	
8008

	  	
Clinton Place Apartments

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00250%

	  	
0.05000%

	  	
CGMRC

	  	
NAP

	  	
No

	
22

	  	  	  	
7N32E2

	  	
Plaza de Santa Fe

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
23

	  	  	  	
8112

	  	
EZ Storage Marina Del Rey

	  	
120

	  	
5/6/2025

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
24

	  	  	  	
8287

	  	
Cottages at Hefner

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00250%

	  	
0.05000%

	  	
CGMRC

	  	
NAP

	  	
No

	
25

	  	
6

	  	
MC0027BC5

	  	
Bavarian Woods

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
Yes

	
26

	  	  	  	
2

	  	
Crossroads Marketplace

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
27

	  	  	  	
8377

	  	
Lowe’s Multi State Portfolio

	  	
120

	  	
5/6/2025

	  	
300

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
27.01

	  	  	  	
8377-1

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  	  	
CGMRC

	  	  	  	  
	
28

	  	  	  	
8292

	  	
Century Lake Apartments

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.03000%

	  	
CGMRC

	  	
NAP

	  	
No

	
29

	  	  	  	
8350

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
30

	  	  	  	
8389

	  	
River Drive Apartments

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
31

	  	  	  	
MC0027E65

	  	
Ishihama Portfolio

	  	
118

	  	
3/6/2025

	  	
358

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
33

	  	  	  	
8334

	  	
Germantown Plaza

	  	
59

	  	
4/6/2020

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
34

	  	  	  	
MC00248E2

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
35

	  	  	  	
3

	  	
Westridge Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
Group A

	  	
No

	
36

	  	  	  	
4

	  	
Highway 92 Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
Group A

	  	
No

	
37

	  	  	  	
MC0028753

	  	
Brays Village Apartments

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
38

	  	  	  	  	  	
Copley Center

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
39

	  	  	  	
MC0027896

	  	
GSL Portfolio

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  	  	
MC-FiveMile

	  	  	  	  
	
40

	  	  	  	  	  	
New Boston Village Retail

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
41

	  	  	  	
7N3EO7

	  	
Timberhills Shopping Center

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
42

	  	  	  	
7N2TC9

	  	
Crestwood Whitewood Apartments Portfolio

	  	
59

	  	
4/6/2020

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
42.01

	  	  	  	
7N2TC9-1

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  	  	
GSMC

	  	  	  	  
	
43

	  	  	  	
8332

	  	
Serenity Apartments at Silver Springs

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
44

	  	  	  	
7N7MU5

	  	
Traditions at Slate Ridge

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.04000%

	  	
GSMC

	  	
NAP

	  	
No

	
45

	  	  	  	  	  	
Chadwick & Grayson

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
46

	  	  	  	  	  	
Wesleyan Park Plaza

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
47

	  	  	  	
8298

	  	
Glendora Marketplace

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
48

	  	  	  	
7N6882

	  	
At Home and Dollar Tree

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00250%

	  	
0.05000%

	  	
GSMC

	  	
NAP

	  	
No

	
49

	  	  	  	  	  	
City Lofts

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
50

	  	  	  	  	  	
Stony Brook MHP

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00250%

	  	
0.07000%

	  	
CCRE

	  	
NAP

	  	
No

	
51

	  	  	  	  	  	
Diagonal Marketplace

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
52

	  	  	  	
MC0026625

	  	
6001 Stonewood Drive

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
53

	  	  	  	
5

	  	
Shops of Walterboro

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
54

	  	  	  	
6

	  	
Joshua Village Shopping Center

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.04000%

	  	
SMF I

	  	
NAP

	  	
No

	
55

	  	  	  	  	  	
Club Commons II

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
56

	  	  	  	
7

	  	
Pocalla Springs Apartments

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
57

	  	  	  	  	  	
Alex City Marketplace

	  	
119

	  	
4/6/2025

	  	
0

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
58

	  	  	  	
7N32D4

	  	
Midtown Village

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
59

	  	  	  	  	  	
Butler Square

	  	
120

	  	
5/6/2025

	  	
0

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
60

	  	  	  	
8

	  	
Lansing East Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
61

	  	  	  	  	  	
San Clemente Retail

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
62

	  	  	  	
9

	  	
Vidalia Central Shopping Center

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
63

	  	  	  	
10

	  	
Orion Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
64

	  	  	  	
7N3459

	  	
Southwood Village Shopping Center

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
65

	  	  	  	
11

	  	
Novi Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
66

	  	  	  	
8374

	  	
Metrocenter Retail

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
67

	  	  	  	
598WM0

	  	
Hampton Inn Niceville

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
68

	  	  	  	
12

	  	
Albemarle Square

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
69

	  	  	  	
13

	  	
Clark Street Industrial

	  	
130

	  	
3/6/2026

	  	
130

	  	
0.00250%

	  	
0.05000%

	  	
SMF I

	  	
NAP

	  	
No

	
70

	  	  	  	  	  	
Pheasant Run Apartments

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
71

	  	  	  	  	  	
Ruschmeyer’s Montauk

	  	
60

	  	
5/6/2020

	  	
300

	  	
0.00500%

	  	
0.02000%

	  	
CCRE

	  	
NAP

	  	
No

	
72

	  	  	  	
8391

	  	
Wyndham Hill Apartments

	  	
119

	  	
4/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
73

	  	  	  	
8093

	  	
Food Lion - Ocean View

	  	
120

	  	
5/6/2025

	  	
240

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
74

	  	  	  	
14

	  	
Southland Village Shopping Center

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
75

	  	  	  	
15

	  	
306-308 East 149th Street

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
76

	  	  	  	
16

	  	
Northside Indy Medical Center

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.04000%

	  	
SMF I

	  	
NAP

	  	
No

	
77

	  	  	  	  	  	
North View Manor MHP

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00250%

	  	
0.07000%

	  	
CCRE

	  	
NAP

	  	
No

	
78

	  	  	  	
8092

	  	
Food Lion - Circle Plaza

	  	
120

	  	
5/6/2025

	  	
240

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
79

	  	  	  	
8352

	  	
Glenridge Point Shopping Center

	  	
120

	  	
5/6/2025

	  	
300

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
80

	  	  	  	
MC0026211

	  	
Village Place Apartments

	  	
59

	  	
4/6/2020

	  	
329

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
81

	  	  	  	
MC0027C75

	  	
Country Hills Estates

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
82

	  	  	  	
8333

	  	
4600 Sheridan Street

	  	
120

	  	
5/6/2025

	  	
0

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
83

	  	  	  	
7827

	  	
Roaring Fork Mobile Home Park

	  	
59

	  	
4/6/2020

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

	
84

	  	  	  	
MC0023150

	  	
Kimberly Square

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
MC-FiveMile

	  	
NAP

	  	
No

	
85

	  	  	  	
17

	  	
Ypsilanti Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
86

	  	  	  	
18

	  	
North Lake Tahoe Self Storage

	  	
120

	  	
5/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
87

	  	  	  	
7N3F16

	  	
Walgreens Cary

	  	
120

	  	
5/6/2025

	  	
240

	  	
0.00500%

	  	
0.00000%

	  	
GSMC

	  	
NAP

	  	
No

	
88

	  	  	  	
19

	  	
Lansing West Self Storage

	  	
118

	  	
3/6/2025

	  	
360

	  	
0.00500%

	  	
0.00000%

	  	
SMF I

	  	
NAP

	  	
No

	
89

	  	  	  	
8392

	  	
Forest Avenue Apartments

	  	
119

	  	
4/6/2025

	  	
359

	  	
0.00500%

	  	
0.00000%

	  	
CGMRC

	  	
NAP

	  	
No

    	  

    	 

    
 

 

GC30 Mortgage Loan Schedule

	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Final Maturity Date

	  	
Revised Rate

	  	
Companion Loan 

Flag

	  	
Companion Loan 

Cut-off Balance

	  	
Companion Loan 

Interest Rate

	  	
Companion Loan 

Remaining Term To 

Maturity / ARD 

(Mos.)

	  	
Companion Loan 

Maturity Date / ARD

	  	
Companion Loan 

Remaining 

Amortization Term 

(Mos.)

	
1

	  	
1

	  	
7N6445

	  	
Dallas Market Center

	  	  	  	  	  	
Yes

	  	
129,000,000

	  	
4.09750%

	  	
120

	  	
5/6/2025

	  	
360

	
2

	  	
2

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	  	  	  	  	
Yes

	  	
222,000,000

	  	
3.90850%

	  	
119

	  	
4/6/2025

	  	
0

	
2.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
Worthington Renaissance Fort Worth

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4

	  	
3

	  	
8363

	  	
Courtyard by Marriott Portfolio

	  	  	  	  	  	
Yes

	  	
585,550,000

	  	
3.69000%

	  	
59

	  	
4/6/2020

	  	
0

	
4.01

	  	  	  	
8363-1

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
5

	  	  	  	
8370

	  	
Bank of America Plaza

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
6

	  	  	  	
9A1OB8

	  	
Bakery Living

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7

	  	
4

	  	
MC00278E5

	  	
Midwest Multifamily Portfolio

	  	
4/6/2045

	  	
See footnote

	  	  	  	  	  	  	  	  	  	  	  	  
	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

GC30 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan 

Number

	  	
Property Name

	  	
Final Maturity Date

	  	
Revised Rate

	  	
Companion Loan 

Flag

	  	
Companion Loan 

Cut-off Balance

	  	
Companion Loan 

Interest Rate

	  	
Companion Loan 

Remaining Term To 

Maturity / ARD 

(Mos.)

	  	
Companion Loan 

Maturity Date / ARD

	  	
Companion Loan 

Remaining 

Amortization Term 

(Mos.)

	
8

	  	  	  	
1

	  	
Hilton Scotts Valley

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
9

	  	  	  	
8412

	  	
311 California Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
10

	  	  	  	
8436

	  	
Northern Lights Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11

	  	  	  	
8411

	  	
1035 Market Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	
5

	  	
8049

	  	
170 Broadway

	  	  	  	  	  	
Yes

	  	
50,000,000

	  	
4.15000%

	  	
119

	  	
4/6/2025

	  	
360

	
13

	  	  	  	
8341

	  	
Hampton Inn - Albany

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
8429

	  	
132-40 Metropolitan Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
15

	  	  	  	
7N34K6

	  	
Hampton Inn & Suites Destin

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
16

	  	  	  	
8396

	  	
Ocean Dorado

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
17

	  	  	  	
8437

	  	
Century Park West Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18

	  	  	  	  	  	
ART Florida & Ohio MF Portfolio I

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18.01

	  	  	  	  	  	
High Points

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
Manchester

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
Aria on L

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
20

	  	  	  	  	  	
River Drive III

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
21

	  	  	  	
8008

	  	
Clinton Place Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
22

	  	  	  	
7N32E2

	  	
Plaza de Santa Fe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23

	  	  	  	
8112

	  	
EZ Storage Marina Del Rey

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	
8287

	  	
Cottages at Hefner

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	
6

	  	
MC0027BC5

	  	
Bavarian Woods

	  	
4/6/2045

	  	
See footnote

	  	  	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	
2

	  	
Crossroads Marketplace

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
27

	  	  	  	
8377

	  	
Lowe’s Multi State Portfolio

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
27.01

	  	  	  	
8377-1

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
Century Lake Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
29

	  	  	  	
8350

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
30

	  	  	  	
8389

	  	
River Drive Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31

	  	  	  	
MC0027E65

	  	
Ishihama Portfolio

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
Birney Portfolio - Sun Blossom Mountain

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
33

	  	  	  	
8334

	  	
Germantown Plaza

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
34

	  	  	  	
MC00248E2

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
Westridge Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
36

	  	  	  	
4

	  	
Highway 92 Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
37

	  	  	  	
MC0028753

	  	
Brays Village Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
38

	  	  	  	  	  	
Copley Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39

	  	  	  	
MC0027896

	  	
GSL Portfolio

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
New Boston Village Retail

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
7N3EO7

	  	
Timberhills Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42

	  	  	  	
7N2TC9

	  	
Crestwood Whitewood Apartments Portfolio

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.01

	  	  	  	
7N2TC9-1

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
Serenity Apartments at Silver Springs

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
44

	  	  	  	
7N7MU5

	  	
Traditions at Slate Ridge

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
45

	  	  	  	  	  	
Chadwick & Grayson

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
46

	  	  	  	  	  	
Wesleyan Park Plaza

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
47

	  	  	  	
8298

	  	
Glendora Marketplace

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
48

	  	  	  	
7N6882

	  	
At Home and Dollar Tree

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
49

	  	  	  	  	  	
City Lofts

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
50

	  	  	  	  	  	
Stony Brook MHP

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
51

	  	  	  	  	  	
Diagonal Marketplace

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
52

	  	  	  	
MC0026625

	  	
6001 Stonewood Drive

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
53

	  	  	  	
5

	  	
Shops of Walterboro

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
54

	  	  	  	
6

	  	
Joshua Village Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
55

	  	  	  	  	  	
Club Commons II

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
56

	  	  	  	
7

	  	
Pocalla Springs Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
57

	  	  	  	  	  	
Alex City Marketplace

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
58

	  	  	  	
7N32D4

	  	
Midtown Village

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
59

	  	  	  	  	  	
Butler Square

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
60

	  	  	  	
8

	  	
Lansing East Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
61

	  	  	  	  	  	
San Clemente Retail

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
62

	  	  	  	
9

	  	
Vidalia Central Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
63

	  	  	  	
10

	  	
Orion Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
64

	  	  	  	
7N3459

	  	
Southwood Village Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
65

	  	  	  	
11

	  	
Novi Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
66

	  	  	  	
8374

	  	
Metrocenter Retail

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
67

	  	  	  	
598WM0

	  	
Hampton Inn Niceville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
68

	  	  	  	
12

	  	
Albemarle Square

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
69

	  	  	  	
13

	  	
Clark Street Industrial

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
70

	  	  	  	  	  	
Pheasant Run Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
71

	  	  	  	  	  	
Ruschmeyer’s Montauk

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
72

	  	  	  	
8391

	  	
Wyndham Hill Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
73

	  	  	  	
8093

	  	
Food Lion - Ocean View

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
74

	  	  	  	
14

	  	
Southland Village Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
75

	  	  	  	
15

	  	
306-308 East 149th Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
76

	  	  	  	
16

	  	
Northside Indy Medical Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
77

	  	  	  	  	  	
North View Manor MHP

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
78

	  	  	  	
8092

	  	
Food Lion - Circle Plaza

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
79

	  	  	  	
8352

	  	
Glenridge Point Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
80

	  	  	  	
MC0026211

	  	
Village Place Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
81

	  	  	  	
MC0027C75

	  	
Country Hills Estates

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
82

	  	  	  	
8333

	  	
4600 Sheridan Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
83

	  	  	  	
7827

	  	
Roaring Fork Mobile Home Park

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
84

	  	  	  	
MC0023150

	  	
Kimberly Square

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
85

	  	  	  	
17

	  	
Ypsilanti Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
86

	  	  	  	
18

	  	
North Lake Tahoe Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
87

	  	  	  	
7N3F16

	  	
Walgreens Cary

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
88

	  	  	  	
19

	  	
Lansing West Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
89

	  	  	  	
8392

	  	
Forest Avenue Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  

	
1

	  	
The Cut-off Date Balance of $130,000,000 represents the note A-1 of a $259,000,000 whole loan evidenced by two pari passu notes. The companion loan has a principal balance of $129,000,000 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/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $259,000,000.

	
2

	  	
The Cut-off Date Balance of $123,000,000 represents note A-2 of a $345,000,000 whole loan evidenced by three pari passu notes. Note A-1, with a Cut-off Date Balance of $125,000,000 was contributed to CGCMT 2015-GC29. One remaining companion loan with a Cut-off Date Balance of $97,000,000 that is held outside the issuing entity and is expected to be contributed to a future securitization. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate cut-off date principal balance of $345,000,000.  The rate (0.00250%) listed as the “Subservicing Fee Rate” for the Selig Office Portfolio mortgage loan reflects the servicing fee rate payable to the CGCMT 2014-GC29 master servicer.

	
3

	  	
The Cut-off Date Balance of $84,450,000 represent the Note A-2C of a $670,000,000 million whole loan evidenced by four pari passu notes with both an aggregate original principal balance and aggregate Cut-off Date Balance of $315,000,000 million and one subordinate note with both an original principal balance and a Cut-off Date Balance of $355,000,000. The note A-1, which has an outstanding principal balance as of Cut-off Date of $33,500,000 and the note A-2A, which has an outstanding principal balance as of Cut-off Date of $100,000,000, are held outside of the Issuing Entity and have been contributed to the COMM 2015-CCRE23 transaction. The note A-2B, which has an outstanding principal balance as of Cut-off Date of $97,050,000, is currently held by German American Capital Corporation and  is expected to be contributed to a future securitization transaction.  The Courtyard by Marriott Portfolio Junior Loan, which is evidenced by the Note B with an outstanding principal balance as of Cut-off Date of $355,000,000, has been contributed to the COMM 2015-CCRE23 transaction. The Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $315,000,000.  The rate (0.00250%) listed as the “Subservicing Fee Rate” for the Courtyard by Marriott Portfolio mortgage loan reflects the servicing fee rate payable to the COMM 2015-CCRE23 master servicer.

	
4

	  	
The Mortgage Loan is structured with an Anticipated Repayment Date of April 6, 2025 with an implied extension option of up to 20 years, where interest will accrue at a rate equal to the greater of (i) 4.00000% per annum above the Initial interest rate and (ii) 6.00000% per annum above the then-current United States Dollar swap spread.

	
5

	  	
The Cut-off Date Balance of $20,000,000 represents the note A-2 of a $70,000,000 whole loan evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date, is held outside the issuing entity and was contributed to the CGCMT 2015-GC29 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $70,000,000.  The rate (0.00250%) listed as the “Subservicing Fee Rate” for the 170 Broadway mortgage loan reflects the servicing fee rate payable to the CGCMT 2014-GC29 master servicer.

	
6

	  	
The Mortgage Loan is structured with an Anticipated Repayment Date of April 6, 2025 with an implied extension option of up to 20 years, where interest will accrue at a rate equal to the greater of (i) 4.00000% per annum above the Initial interest rate and (ii) 6.00000% per annum above the then-current United States Dollar swap spread.

 

    	  

    	 

    
 

 

 

 

 

 

 

EXHIBIT C

 

FORM OF REQUEST FOR RELEASE

(for Trustee/Custodian/Certificate Administrator)

 

Loan Information:

 

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Custodian/Trustee

Name: __________________

Address:                      __________________

    __________________

    __________________

Custodian/Trustee Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________

__________________

 

	
Certificates:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [____]

 

The undersigned [Master Servicer][Special Servicer][Other Master Servicer][Other Special Servicer] hereby acknowledges that it has received from U.S. Bank National Association, as Custodian, for the Holders of GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer.

 

( )           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.

 

    	Exhibit 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][Other Master Servicer][Other Special Servicer] hereby acknowledges and agrees as follows:

 

(i)           The [Master Servicer][Special Servicer][Other Master Servicer][Other 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][Other Master Servicer][Other 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][Other Master Servicer][Other 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][Other Master Servicer][Other 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][Other Master Servicer][Other Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer][Special Servicer][Other Master Servicer][Other Special Servicer] shall keep the Documents and any proceeds separate and distinct from all other property in the [Master Servicer][Special Servicer][Other Master Servicer][Other Special Servicer]’s possession, custody or control.

 

    	Exhibit C-2

    	 

    
 

 

	 	 	

[                      ]

	 	 	 	 
	 	 	
By:

	 
	 	 	 	
Name:

	 	 	 	
Title:

	 	 	 	 
	 	 	Dated:

 

    	Exhibit C-3

    	 

    
 

 

EXHIBIT D

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    	Exhibit D-1

    	 

    
 

 

 

 

 

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

	 	 	 	 	 	 	 	 	 	 
	 	DATES	 	ADMINISTRATOR	 
	 	
Payment Date:

	

Jun 12, 2015

	
First Payment Date:

	

Jun 12, 2015

	 	 	 	 	 
	 	
Prior Payment:

	 	
Closing Date:

	May 29, 2015	 	 	
Name:

	
 

	 
	 	
Next Payment:

	

Jul 10, 2015

	
Rated Final Distribution Date:

	
May 12, 2050

	 	 	
Title:

	
 

	 
	 	
Record Date:

	

May 29, 2015

	 	 	 	 	 	 	 
	Determination Date:	

Jun 08, 2015

	 	 	 	 	
Address:

	
 190 South LaSalle St. 7th Fl.

	 
	 	 	 	 	 	 	 	

 Chicago, IL 60603

	 
	 	
TABLE OF CONTENTS

	 	 	 	 
	 	
Payment Detail

	
Page 1

	 	 	
Phone:

	
 

	 
	 	
Factor Detail

	
Page 3

	 	 	
Email:

	
 

	 
	 	
Principal Detail

	
Page 4

	 	 	
Website:

	
 www.usbank.com/abs

	 
	 	
Interest Detail

	
Page 5

	 	 	 	 
	 	
Reconciliation of Funds

	
Page 6

	 	 	
PARTIES TO THE TRANSACTION

	 
	 	

Additional Loan Detail

	
Page 7

	 	 	 	 	 
	 	

Historical Loan Modification Report

	
Page 9

	 	 	
Sponsor:

	
 Goldman Sachs Mortgage Company

	 
	 	

Bond/Collateral  Realized Loss Reconciliation

	
Page 10

	 	 	
Sponsor:

	

 Citigroup Global Markets Realty Corp.

	 
	 	

Historical Delinquency & Liquidation Summary

	
Page 11

	 	 	
Sponsor:

	
 Cantor Commercial Real Estate Lending, L.P.

	 
	 	

REO Additional Detail

	
Page 12

	 	 	
Sponsor:

	
 Starwood Mortgage Funding I LLC

	 
	 	

REO Status Report

	
Page 14

	 	 	
Sponsor:

	
 MC-Five Mile Commercial Mortgage Finance LLC

	 
	 	

Historical Liquidation Loss Loan Detail

	
Page 15

	 	 	
Depositor: 

	
 GS Mortgage Securities Corporation II

	 
	 	

Interest Adjustment Reconciliation

	
Page 16

	 	 	

Trustee: 

	

 U.S. Bank National Association

	 
	 	

Appraisal Reduction Report

	
Page 17

	 	 	
Certificate Administrator: 

	

 U.S. Bank National Association

	 
	 	

Loan Level Detail

	
Page 18

	 	 	
Custodian: 

	

 U.S. Bank National Association

	 
	 	

Material Breaches and Document Defects

	
Page 19

	 	 	Master Servicer:	
 Midland Loan Services, A Division of

	 
	 	

Mortgage Loan Characteristics

	
Page 20

	 	 	 	 PNC National Bank National Association	 
	 	

Delinquency Loan Detail

	
Page 21

	 	 	Special Servicer:	
 Midland Loan Services, A Division of

	 
	 	 	 	 	 	 	 PNC National Bank National Association 	 
	 	 	 	 	 	Operating Advisor:	 Trimont Real Estate Advisors, Inc.	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 
	 	
This report contains, or is based on, information furnished to U.S. Bank Global Corporate Trust Services (“U.S. Bank”) by one or more third parties (e.g. Servicers, Master Servicer, etc.), and U.S. Bank has not independently verified information received from any such third party.

		 
	 	 	 	 

 

 

  

D-1

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

PAYMENT DETAIL

	 	 	
Initial

	
Beginning

	
Principal

	
Interest

	
Total

	
Collateral

	
Ending

	
Exchangeable 

	 	

Pass-Through

	
Class Certificate

	
Class Certificate

	
Distribution

	
Distribution

	
Distribution

	

Support

	
Class Certificate

	
Percent  

	

Class

	
Rate

	
Balance

	
Balance

	
Amount

	
Amount

	
Amount

	

Deficit

	
Balance

	
Outstanding  

	
A-1

	 	 	 	 	 	 	 	 	 
	
A-2

	 	 	 	 	 	 	 	 	 
	
A-3

	 	 	 	 	 	 	 	 	 
	A-4	 	 	 	 	 	 	 	 	 
	 A-AB	 	 	 	 	 	 	 	 	 
	X-A	 	 	 	 	 	 	 	 	 
	X-B	 	 	 	 	 	 	 	 	 
	
A-S

	 	 	 	 	 	 	 	 	 
	B	 	 	 	 	 	 	 	 	 
	 PEZ	 	 	 	 	 	 	 	 	 
	C	 	 	 	 	 	 	 	 	 
	
D

	 	 	 	 	 	 	 	 	 
	X-D	 	 	 	 	 	 	 	 	 
	E	 	 	 	 	 	 	 	 	 
	
F

	 	 	 	 	 	 	 	 	 
	G	 	 	 	 	 	 	 	 	 
	S	 	 	 	 	 	 	 	 	 
	R	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
Totals: 

 

	 	 	 	 	 	 	 	 	 

 

 

  

D-2

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

Payment Detail (Exchange Certificates)

 

	 	 	
Initial

	
Beginning

	
Principal

	
Interest

	
Total

	
Collateral

	
Ending

	
Exchanged  

	 	
Pass-Through

	
Class Certificate

	
Class Certificate

	
Distribution

	
Distribution

	
Distribution

	

Support

	
Class Certificate

	
Percent  

	
Class

	
Rate

	
Balance

	
Balance

	
Amount

	
Amount

	
Amount

	

Deficit

	
Balance

	
Outstanding

	

A-S

	 	 	 	 	 	 	 	 	 
	
B

	 	 	 	 	 	 	 	 	 
	
PEZ

	 	 	 	 	 	 	 	 	 
	

C

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
 

	 	 	 	 	 	 	 	 	 
	
 

	 	 	 	 	 	 	 	 	 
	
 

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	
  

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
Totals: 

 

	 	 	 	 	 	 	 	 	 

   

  

 

D-3

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

FACTOR DETAIL

 

	 	
  

	
Beginning

	

Principal

	
Interest

	

Total

	
  

	

Ending  

	 	
  

	

Class Certificate

	

Distribution

	

Distribution

	

Distribution

	

Realized

	

Class Certificate  

	
Class

	

Cusip

	

Balance

	

Amount

	

Amount

	

Amount

	

Loss

	

Balance  

	

A-1

A-2

A-3

A-4

 A-AB

X-A

X-B

A-S

B

PEZ

C

D

X-D

E

F

G

S

R

 

 

 

 

 

 

	 	 	 	 	 	 	 

 

  

 

  

D-4

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

PRINCIPAL DETAIL

 

	 	
  

	
  

	

  

	

 

	

 Additoinal 

	
  

	

Cumulative  

	 	

Beginning

	

Scheduled

	

Unscheduled

	

Realized 

	

Trust Fund 

	

Ending

	

Realized  

	
Class

	

Balance

	

Principal

	

Principal

	

Loss

	

Expenses

	

Balance

	

Loss  

	

A-1

A-2

A-3

A-4

A-AB

A-S

B

PEZ

C

D

E

F

G

 

 

 

 

 

 

 

 

 

 

 

 

	 	 	 	 	 	 	 
	
Totals:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

 

 

  

D-5

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

INTEREST DETAIL

	 	

Accrued

	

Net Prepay

	

  

	

Current

	

  

	

 

	

Total Interest

	

Cumulative  

	 	

Certificate

	

Interest

	

Interest

	

Interest

	

Excess

	

Yield Maintenance

	

Distribution

	

Unpaid Interest  

	
Class

	

Interest

	

Shortfall

	

Adjustment

	

Shortfalls

	

Interest

	

Charges

	

Amount

	

Shortfall 

	

A-1

A-2

A-3

A-4

A-AB

X-A

X-B

A-S

B

PEZ

C

D

X-D

E

F

G

S

R

 

 

 

 

 

 

 

 

	 	 	 	 	 	 	 	 
	
Totals:

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

  

D-6

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

RECONCILIATION OF FUNDS

 

	
  

Funds Collection

	
Funds Distribution

	 	
Interest

	 	 	 	 	
Fees

	 	 	 
	 	
Scheduled Interest

	 	 	 	 	
Master Servicing Fee

	 	 	 
	 	
Interest Adjustments

	 	 	 	 	

Certificate Administrator Fee

	 	 	 
	 	
Deferred Interest

	 	 	 	 	

Trustee

	 	 	 
	 	
Net Prepayment Shortfall

	 	 	 	 	

Custodian

	 	 
	 	
Net Prepayment Interest Excess

	 	 	 	 	

CREFC License Fee

	 	 	 
	 	
Interest Reserve (Deposit)/Withdrawal

	 	 	 	 	

Operating Advisor Fee

	 	 	 
	 	Interest Collections	 	 	 	 	
Special Servicing Fee

	 	 	 
	 	
 

	 	 	 	 	

Workout Fee

	 	 	 
	 	 	 	 	 	 	

Liquidation Fee

	 	 	 
	 	 	 	 	 	 	

Special Serv Fee plus Adj.

	 	 	 
	 	 	 	 	 	 	

Miscellaneous Fee

	 	 	 
	 	
Principal

	 	 	 	 	

Fee Distributions

	 	 	 
	 	
Scheduled Principal

	 	 	 	 	 	 	 	 
	 	
Unscheduled Principal

	 	 	 	 	 	 	 	 
	 	
Principal Adjustments

	 	 	 	 	
Additional Trust Fund Expenses

	 	 	 
	 	
Principal Collections

	 	 	 	 	
Reimbursed for Interest on Advances

	 	 	 
	 	 	 	 	 	 	
Net ASER Amount

	 	 	 
	 	 	 	 	 	 	
Non-Recoverable Advances

	 	 	 
	 	 	 	 	 	 	
Other Expenses or Shortfalls

	 	 	 
	 	
Other

	 	 	 	 	
Additional Trust Fund Expenses

	 	 	 
	 	
Yield Maintenance

	 	 	 	 	 	 	 	 
	 	
Prepayment Premium

	 	 	 	 	
Payments to Certificateholders

	 	 	 
	 	
Other Collections

	 	 	 	 	
Interest Distribution

	 	 	 
	 	 	 	 	 	 	
Principal Distribution

	 	 	 
	 	 	 	 	 	 	
Yield Maintenance

	 	 	 
	 	 	 	 	 	 	
Prepayment Premium

	 	 	 
	 	 	 	 	 	 	
Payments to Certificateholders

	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	
Total Collections

	 	 	 	 	
Total Distribution

	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

 

 

D-7

 

  

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

ADDITIONAL LOAN DETAIL

	  	  	  	  	  	  	  
	  	
Mortgage Loan Stated Principal Balance

	  	
P&I Advances:

	  	  
	  	  	  	  	
Total

	  
	  	
Beginning Principal Balance

	  	
P & I Advances

	  	  
	  	
Ending Principal Balance

	  	
Miscellaneous Advances

	  	  
	  	
% of Cut-Off Date Principal Balance

	  	
Outstanding P & I Advances

	  	  
	  	  	  	  	  	  
	  	  	  	
Disclosable Special Servicer Fees

	  
	  	  	  	
Commission

	  	  
	  	  	  	
Brokerage Fee

	  	  
	  	
Ending Loan Count

	  	
Rebate

	  	  
	  	  	  	
Shared Fee

	  	  
	  	  	  	
Other

	  	  
	  	  	  	  	  	  
	  	
Weighted Average Remaining Term to Maturity

	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
Excess Liquidation Proceeds Account

	  
	  	
Weighted Average Mortgage Rate

	  	  	
Beg Balance

	
(Withdraw)/Dep

	
End Balance

	  	  	  	  	  	  
	  	
Controlling Class:

	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
Specially Serviced Loans that are not Delinquent

	  	  	  	  	
Count

	
Balance

	  
	  	
Controlling Class Representative:

	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
Aggregate Realized Loss in Related Collection Period

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
Agg Add’l Trust Expenses in Related Collection Period

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  

 

 

 

 

D-8

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

ADDITIONAL LOAN DETAIL

	 	 
	
Mortgage Loans As to Which Related Mortgagor

	Mortgage Loan Repurchased, Substituted For Or Otherwise
	
Is Subject Or Is Expected To Be Subject To Bankruptcy Proceedings

	Liquidated Or Disposed During Related Collection Period
	 	 
	
Stated Principal

	Amount of AnyPortion Included
	  	
Count

	
Balance

	  	  	
Loan ID

	
Liq Proceeds

	
in Avail Funds

	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	
Totals:

	  	  	  	
Totals:

	  	  	  	  

 

 

 

 

D-9

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

HISTORICAL LOAN MODIFICATION REPORT

	 	 	 	 	 	 	 
	 	Ending	

Ending

	
 

	

  

	
  

	

  

	 	Principal	Unpaid	 	 	 	 
	
Loan ID

	Balance	Balance	Comments	 	 	 
	
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 	 	 	 	 	 
	
Totals: 

  

	 	 	 	 	 	 

* Pending information provided by Servicer

 

 

 

  

D-10

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

BOND/COLLATERAL REALIZED LOSS RECONCILIATION

  

	

Loan ID 

	

Period

	

Beginning

Bal of Loan

at Liquidation

	

Aggregate

Realized Loss

on Loans

	

Prior

Real’d Loss

Appl’d to Cert

	

Amt Covered

by OC/other

Credit Support

	

Int (Shortage)/

Excess Appl’d

to Real’d Loss

	

Mod Adj/

Appraisal

Reduction Adj

	

Addt’l (Recov)

Exp Appl’d

to Real’d Loss

	

Real’d Loss

Appl’d to Cert

to Date

	

Recov of   

Real’d Loss   

Paid as Cash   

	

(Recov)/Real’d

Loss Appl’d to

to Cert Int

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Totals: 	 	 	 
	 

 

 

 

 

D-11

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

HISTORICAL DELINQUENCY & LIQUIDATION SUMMARY

  

	 	 	
  

30 Days Delinq

	 	
60 Days Delinq

	 	
90+ Days Delinq

	 	
Bankruptcy

	 	
Foreclosure

	 	
REO

	 	
Prepayments

	
Month

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	
Count

	 	
Balance

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

  

 

D-12

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

REO ADDITIONAL DETAIL

  

	
Mortgage Property That Became REO Property During Related Prepayment Period

  

	 	

Loan ID

	  

Stated Principal 

Balance

	

Unpaid Principal

Balance

	

Most Recent

Appraisal Value

	

Date Appraisal 

Performed

	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
  

  

	
Totals:

	 	 	 	 	 

 

 

  

  

D-13

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

REO ADDITIONAL DETAIL

  

	

REO Property Sold Or Disposed During Related Prepayment Period

  

	 	

Loan ID

	

Liq Proceeds 

and Other

Amounts Rec’d

	

Portion of Liq 

Proceeds in

Available Funds

	

Balance of 

of Excess Liq 

Proceeds Acct

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	    	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
  

  

	
Totals:

	 	 	 	 

 

 

  

  

D-14

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

REO STATUS REPORT

  

	
 Loan ID

	 	
State

	 	
City

	 	
Book Value

	 	
Ending

Sched Loan

Amount

	 	
REO Date

	 	
Total

Exposure

	 	
Appraisal

Value

	 	
Appraisal

Date

	
Date Asset Exp

to be Resolved

or Foreclosed

	 	
REO Revenue

and Other

Amounts

	 	
Type*  

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Totals:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

D-15

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

HISTORICAL LIQUIDATION LOSS LOAN DETAIL

  

	
 Loan ID

	 	
Liquidation

Month

	 	
Liquidation/

Prepayment

Code*

	 	
Current Beginning

Scheduled

Balance

	 	
Most Recent

Value**

	 	
Net Proceeds

Received on

Liquidation

	 	
Liquidation

Expense

	 	
Net Proceeds

Available for

Distribution

	 	
Realized Loss  

to Trust  

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Totals:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	 	 	
  

  

 

D-16

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

INTEREST ADJUSTMENT RECONCILIATION

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 Loan ID

	
Curr Ending

Scheduled

Balance

	
Spec Serv

Fee Amt

plus Adj

	
Liquidation

Fee Amount

	
Workout

Fee Amount

	
Most Recent

Net ASER

Amount

	
Prepayment

Int (Excess)/

Shortfall

	
Non-Recov

(Scheduled

Interest)

	
Reimbursed

Interest on Advances

	
Mod Int Rate

(Reduction)/

Excess

	
Reimbursement of

Advances to Servicer

	
Other  

Shortfalls/  

(Refunds)  

	
Curr Month

	 	
Outstanding

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Totals:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

  

 

D-17

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

APPRAISAL REDUCTION REPORT

  

	
 Loan ID

	
Property Name

	
Paid-Through

Date

	
ARA (Appraisal

Reduction Amt)

	
ARA Date

	
Most Recent

Value

	
Most Recent

Valuation Date

	
Most Recent

Net ASER

Amount

	
Cumulative  

ASER Amount  

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
Totals:

	

	 	 	 	 	 	 	 

 

 

 

  

  

D-18

  

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

 

LOAN LEVEL DETAIL

  

	 	 	 	 	 	 	
End 

	 	 	 	 	 	 	 	 	
Yield 

	 	 
	 	
Property

	
Transfer

	 	
Maturity

	
Neg Am

	
Schedule 

	
Note

	
Sched 

	
Prepay 

	
Prepay

	
Paid Thru

	
Prepay 

	
Loan

	
Interest

	
Maint 

	PFY   	Operating  
	
Loan ID

	
Type

	
Date

	
State

	
Date

	
(Y/N)

	
Balance 

	
Rate

	
P&I 

	
Adj 

	
Date

	
Date

	
Premium 

	
Status**

	
Payment

	
Charges 

	DSCR   	Stmnt 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals: 	 	 	 
	 	 	 	 

 

 

  

 

D-19

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

MATERIAL BREACHES AND DOCUMENT DEFECTS

  

	 	 	
  

	 	 	 
	
  

	 	

Ending Principal

	
Material

	
Date

	 
	
 Loan ID

	 	
Balance

	
Breach Date

	
Received Notice

	
Description

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

  

 

D-20

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

MORTGAGE LOAN CHARACTERISTICS

  

	 	 	
  

	 	 	 
	 	 	 	 	 
	 	
  

	

  

	

  

	

  

	
 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
  

	 	 	 
	 	 	
  

	
  

	
  

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	
  

	
  

	
  

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
  

	 	 	 
	 	
  

	
  

	
  

	
  

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
  

	 	 	 
	 	 	
  

	
  

	
  

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
  

	 	 	 
	 	 	
  

	
  

	
  

	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

  

 

D-21

 

 

		 	 
	
GS Mortgage Securities Trust 2015-GC30

	 
	

Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	
June 2015

  

DELINQUENT LOAN DETAIL  

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	  	 	
Current

	 	
Outstanding

	  	
Outstanding

	 	
Loan

	 	
Special

	 	  	 	  	 	  	 	
Resolution

	  	 	
Paid Thru

	 	
P&I

	 	
P&I

	  	
Servicing

	 	
Status

	 	
Servicer

	 	
Foreclosure

	 	
Bankruptcy

	 	
Reo

	 	
Strategy

	
Loan ID

	 	
Date

	 	
Advances**

	 	
Advances***

	 	
Advances

	 	
Code*

	 	
Transfer Date

	 	
Date

	 	
Date

	 	
Date

	 	
Code(1)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
 

 

 

 

 

 

 

 

 

 

 

	 	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	  	 	  	  	  	  	  	  
	  	 	Resolution Strategy Code (1)
	
*   Loan Status: A = Payment not received but still in grace period; B = Late Payment but less than 30 days delinquent; 0 = Current, 1 = 30 -59 Days Delinquent; 2 = 60 - 89 Days Delinquent; 3 = 90+ Days Delinquent; 4 = Performing Matured Ballon; 5 = Non Performing Matured Balloon

	 	
1 -

	
Modification

	
6 -

	
DPO

	
10 -

	
Deed in Lieu of

	 	
2 -

	
Foreclosure

	
7 -

	
REO

	  	
Foreclosure

	 	
3 -

	
Bankruptcy

	
8 -

	
Resolved

	
11 -

	
Full Payoff

	
** Current advances are not provided but are derived from information received from the Servicer

	 	
4 -

	
Extension

	
9 -

	
Pending Return to

	
12 -

	
Reps and Warranties

	
***Outstanding P&I Advances include the current period P&I Advances and may include Servicer Advances

	 	
5 -

	
Note Sale

	  	
Master Servicer

	
13 -

	
Other or TBD

	 	 	 	 	 	 	 	 

 

 

 

  

D-22

  

 

 

 

 

 

 

 

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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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;

 

 

*      Select appropriate depository.

 

    	Exhibit 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 and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;

 

(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: GS Mortgage Securities Corporation II

 

 

**      Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit 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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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;

 

    	Exhibit 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 and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] *

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;

 

(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: GS Mortgage Securities Corporation II

 

 

*      Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

**    Select (i) or (ii), as applicable.

    	Exhibit 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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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.

 

    	Exhibit 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: GS Mortgage Securities Corporation II

    	Exhibit 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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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.

 

    	Exhibit 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.

 

    	Exhibit 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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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;

 

 

*      Select appropriate depository.

 

    	Exhibit I-1

    	 

    
 

 

[(2)         at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)         the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)           no directed selling efforts 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: GS Mortgage Securities Corporation II.

 

**      Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit I-2

    	 

    
 

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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, (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;

 

    	Exhibit J-1

    	 

    
 

 

[(2)         at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed and believes that the transferee was outside the United States;]*

 

[(2)         the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] *

 

(3)          no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; 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: GS Mortgage Securities Corporation II.

 

*      Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

**    Select (i) or (ii), as applicable.

    	Exhibit 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)

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 commenced or threatened in connection with which this certificate is or would be relevant, we

 

    	Exhibit K-1

    	 

    
 

 

irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	
By:

	 
	 	 	
Name:

	 	 	
Title:

 

Dated: _______

 

cc: GS Mortgage Securities Corporation II.

 

    	Exhibit 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

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

	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 made under Section 860D of the Internal Revenue Code of 1986 (the “Code”).

 

3.             The Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States, 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

 

    	Exihibit L-1-1

    	 

    
 

 

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:

 

o            The present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum of:

 

(i)            the present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

    	Exihibit L-1-2

    	 

    
 

 

(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.

 

o            The transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)            the Purchaser is an “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)           at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)          the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)          the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

o            None of the above.

 

9.            The Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.           The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by such Certificate.

 

    	Exihibit L-1-3

    	 

    
 

 

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.

 

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:

 

    	Exihibit L-1-4

    	 

    
 

 

On this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

	 	 
	 	
NOTARY PUBLIC in and for the

	 	
State of _______________

	 	 
	
[SEAL]

	 	 

 

My Commission expires:

	 	 
	 	 

 

    	Exihibit L-1-5

    	 

    
 

 

EXHIBIT L-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, 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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 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 

 

    	Exihibit L-2-1

    	 

    
 

 

the future. The Transferor understands that the transfer of the Residual Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	
(Transferor)

	 	 	 
	 	
By:

	 
	 	 	
Name:

	 	 	
Title:

 

    	Exihibit L-2-2

    	 

    
 

 

EXHIBIT L-3

 

FORM OF TRANSFEREE LETTER

 

[Date]

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

U.S. Bank National Association

as Trustee

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attention: GSMC 2015-GC30

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

[Transferor]

[______]

[______]

Attention: [______]

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	 

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”) proposes to purchase [$_____________ initial Certificate Principal Amount] [$_____________ initial Notional Amount] [_____% Percentage Interest] of GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass Through Certificates, Series 2015-GC30, Class [_], CUSIP No. [____] (the “Certificates”), issued pursuant to that certain Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

    	Exihibit L-3-1

    	 

    
 

 

In connection with such transfer, the Purchaser hereby represents and warrants to you that with respect to the Class E, Class F, Class G, Class R and Class S Certificates, the Purchaser is not and will not be (i) a retirement plan or other employee benefit plan or arrangement, including an individual retirement account or a Keogh plan, which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law (“Similar Law”) that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”), or (ii) a collective investment fund, the assets of which are considered Plan assets under the U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA or for purposes of Similar Law, an insurance company using 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 any such Plan, other than (with respect to any transfer of a Class E, Class F or Class G Certificate) an insurance company using assets of its general account under circumstances whereby such purchase and the subsequent holding of Certificate(s) by such insurance company would be exempt from the prohibited transaction provisions of ERISA and Section 4975 of the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 or, as applicable, would not constitute a non-exempt violation of Similar Law.

 

    	Exihibit L-3-2

    	 

    
 

 

IN WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, ____.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	[INSERT NAME OF PURCHASER]
	 	 	 
	 	
By:

	 
	 	 	
Name:

	 	 	
Title:

 

    	Exihibit L-3-3

    	 

    
 

 

EXHIBIT L-4

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

[Date]

 

U.S. Bank National Association,

as Certificate Registrar

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GS 2015-GC30

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30, Class [__]

	 

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, on behalf of the holders of Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Certificates”) in connection with the transfer by [ ] (the “Seller”) to the undersigned (the “Purchaser”) of $_____ aggregate [Certificate Balance][Notional Amount] of Class [ ] Certificates [representing a [ ]% Percentage Interest in the related Class], in certificated fully registered form (such registered interest, the “Certificate”). 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:

 

[For Institutional Accredited Investors only]             1.           The Purchaser is an institutional “accredited investor” (an “Institutional Accredited Investor”, i.e., an entity meeting the requirements of Rule 501 (a)(1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the economic risk of our or its investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each of which is an Institutional Accredited Investor) 

 

    	Exhibit L-4-1

    	 

    
 

 

as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For Qualified Institutional Buyers only]              1.           The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.           The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for resale to (i) “qualified institutional buyers” in transactions complying with Rule 144A, 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 Certificate (and any subsequent Non-Book Entry Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted transactions) as expressed herein.

 

3.           The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from such registration or qualification is available.

 

4.           The Purchaser has reviewed the applicable Offering Circular dated May 18, 2015, relating to the Certificates (the “Offering Circular”) and the agreements and other materials referred to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.           The Purchaser hereby undertakes to be bound by the terms and conditions of the 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 Certificate, except in compliance with Section 5.03 of the Pooling and Servicing Agreement.

 

    	Exhibit L-4-2

    	 

    
 

 

7.           Check one of the following:

 

o          The Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

o          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 Certificate(s). The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8BEN-E (or successor form), which identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original issue discount on the 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 updated IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or IRS Forms W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications as the Certificate 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).

 

Please make all payments due on the Certificates:**

 

(a)           by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

Account number:____________________________

 

Institution:_________________________________

 

(b)           by mailing a check or draft to the following address:

 

 

**      Please select (a) or (b).

 

    	Exhibit L-4-3

    	 

    
 

 

	 	
 

 

	 	
 

 

	 	
 

 

	 	 	 
	 	
Very truly yours,

 

[INSERT NAME OF PURCHASER]

 

	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

Dated: ________________, 20__

 

    	Exhibit L-4-4

    	 

    
 

 

EXHIBIT M-1

 

FORM OF INVESTOR CERTIFICATION FOR OBTAINING INFORMATION AND NOTICES

 

[Date]

 

[U.S. Bank National Association,

190 South LaSalle Street, 7th Floor, Mail Code: MK IL SL7C

Chicago, Illinois 60603

Attention: GSMS 2015-GC30]

 

[Midland Loan Services, a Division of PNC Bank,

National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head]

	
Attention:

	
Corporate Trust Services (CMBS) - GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates Series 2015-GC30

	 

 

In accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee (the “Trustee”), Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned is a [[certificateholder][beneficial owner][prospective purchaser] of the Class ___ Certificates][Companion Loan Holder (as defined in the Agreement)][the Controlling Class Representative].

 

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 of 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 

 

1 Only required for a certificateholder, a beneficial owner or  a prospective purchaser.

 

    	Exhibit M-1-1

    	 

    
 

 

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 Master Servicer or Certificate Administrator, as applicable, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part, unless required to do so by law.

 

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 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][Companion Loan Holder][Controlling Class Representative]

 

	 	 	
By:

	 	 	 	
 

	 	 	
Name:

	 	
 

 

	 	 	
Title:

	 	 	
 

 

	 	 	
Company:

	
 

 

 

    	Exhibit M-1-2

    	 

    
 

 

	 	 	 	 	 
	 	 	
Phone:

	 	 

 

    	Exhibit M-1-3

    	 

    
 

 

EXHIBIT M-2

 

FORM OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS

 

[Date]

 

U.S. Bank National Association,

190 South LaSalle Street, 7th Floor, Mail Code: MK IL SL7C

Chicago, Illinois 60603

Attention: GSMS 2015-GC30

	
Attention:

	
Corporate Trust Services (CMBS) - GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates Series 2015-GC30

 

In accordance with the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee (the “Trustee”), Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, 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 Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor.

 

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 Certificate Administrator or the Operating Advisor.

 

	
  

	
___

	
The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, 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 Trustee, the Certificate Administrator or the Operating Advisor, as applicable.

 

    	Exhibit M-2-1

    	 

    
 

 

	
  

	
___

	
The undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, 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 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 date certified.

	 	 	 	 	 	 	 
	 	 	

[Certificateholder][Beneficial Owner]

	 	 	
By:

	 	 	 	
 

 

	 	 	
Name:

	 	
 

 

	 	 	
Title:

	 	 	
 

 

	 	 	
Company:

	
 

 

	 	 	
Phone:

	 	
 

 

 

    	Exhibit M-2-2

    	 

    
 

 

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 cmbstransactions@usbank.com.

 

In connection with the GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates Series 2015-GC30 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned is an employee or agent of Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Markit Group Limited or Thomson Reuters, a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.usbank.com/abs 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 www.usbank.com/abs is for its own use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent of the Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s 17g-5 Website shall also be applicable to information obtained from www.usbank.com/abs.

 

4.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer.

 

BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit M-3-1

    	 

    
 

 

	 	 	 	 	 	 	 
	 	 	

[                                         ]

	 	 	
By:

	 	 	 	
 

 

	 	 	
Name:

	 	
 

 

	 	 	
Title:

	 	 	
 

 

	 	 	
Company:

	
 

 

	 	 	
Phone:

	 	
 

 

 

    	Exhibit M-3-2

    	 

    
 

 

EXHIBIT M-4

 

FORM OF CONFIDENTIALITY AGREEMENT

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

[U.S. Bank National Association,

190 South LaSalle Street, 7th Floor, Mail Code: MK IL SL7C

Chicago, Illinois 60603

Attention: GSMC 2015-GC30]

 

[Midland Loan Services, a Division of PNC Bank,

National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head]

 

	
Attention:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

Ladies and Gentlemen:

 

In connection with the GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Certificates”), we acknowledge that we will be furnished by Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and 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 Controlling Class Representative with respect to the above-referenced Certificates and the related Mortgage Loans and will not disclose such Information to any Person or entity other than (i) our Representatives, (ii) our auditors and regulators and (iii) any Person or entity 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 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 

 

    	Exhibit M-4-1

    	 

    
 

 

subject; and such Information will not, without the prior written consent of the Master Servicer or Special Servicer, as applicable, 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 May 1, 2015 (the “Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer.

 

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:

	
GS Mortgage Securities Corporation II

	
  

	
Trustee

 

    	Exhibit M-4-2

    	 

    
 

 

EXHIBIT N

CUSTODIAN CERTIFICATION

[DATE]

 

[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

 

	
  

	
Re:

	
Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	 

 

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 a Non-Serviced Mortgage Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Whole Loan) 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 or the Custodian with respect to such Mortgage Loan have been reviewed by the undersigned or the Custodian on behalf of 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.

 

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.

 

    	Exhibit N-1

    	 

    
 

 

	 	 	 
	 	
U.S. Bank National Association, as Custodian

 

	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

    	Exhibit N-2

    	 

    
 

 

SCHEDULE OF EXCEPTIONS

 

[            ]

 

    	Exhibit 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

	
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

	
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

 

1 The servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.

 

    	Exhibit O-1

    	 

    
 

 

	 	 	 	 
	 	
SERVICING CRITERIA

	 	
APPLICABLE

SERVICING

CRITERIA

	
Reference

	
Criteria

	 	 
	
1122(d)(2)(v)

	
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.

	 	
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 (with respect to (A) and (B))

	
1122(d)(3)(ii)

	
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

	 	
Certificate Administrator

	
1122(d)(3)(iii)

	
Disbursements made to an investor are posted within two business days to the 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 Servicer’s records with respect to an obligor’s unpaid principal balance.

	 	
Master Servicer

 

    	Exhibit O-2

    	 

    
 

 

	 	 	 	 
	 	
SERVICING CRITERIA

	 	
APPLICABLE

SERVICING

CRITERIA

	
Reference

	
Criteria

	 	 
	
1122(d)(4)(vi)

	
Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

	 	
Master Servicer

Special Servicer

	
1122(d)(4)(vii)

	
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

	 	
Special Servicer

Operating Advisor

	
1122(d)(4)(viii)

	
Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

	 	
Master Servicer

Special Servicer

	
1122(d)(4)(ix)

	
Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.

	 	
Master Servicer

	
1122(d)(4)(x)

	
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.

	 	
Master Servicer

	
1122(d)(4)(xi)

	
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

	 	
Master Servicer

	
1122(d)(4)(xii)

	
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	 	
Master Servicer

	
1122(d)(4)(xiii)

	
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

	 	
Master Servicer

	
1122(d)(4)(xiv)

	
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

	 	
Master Servicer

	
1122(d)(4)(xv)

	
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

	 	
N/A

 

At all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Exhibit O-3

    	 

    
 

 

EXHIBIT P

 

SUPPLEMENTAL SERVICER SCHEDULE

 

    	Exhibit P-1

    	 

    
 

 

 

 

 

 

 

 

	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Borrower Name

	  	
General Property 

Type

	  	
Original Balance ($)

	  	
Origination Date

	  	
Original Amortization 

Term (Mos.)

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
WTC-Trade Mart 2015, L.P.

	  	
Mixed Use

	  	
$130,000,000

	  	
42,123

	  	
360

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
Selig Holdings Company L.L.C.

	  	  	  	
$123,000,000

	  	
42,082

	  	
0

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	
Office

	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	
Office

	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	
Office

	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	
Office

	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	
Office

	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	
Office

	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	
Office

	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	
Office

	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	
Office

	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
DRH Worthington Owner Limited Partnership

	  	
Hospitality

	  	
$85,000,000

	  	
42,108

	  	
360

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
CBM Two Hotels LP and C2 Land, L.P.

	  	  	  	
$84,450,000

	  	
42,094

	  	
0

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	
Hospitality

	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
St. Louis BOA Plaza, LLC

	  	
Office

	  	
$50,950,000

	  	
42,102

	  	
360

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
Bakery Square 2 Living Holdings Parcel A, L.P.

	  	
Multifamily

	  	
$33,250,000

	  	
41,906

	  	
360

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
Georgetown Village I Owner LLC, Georgetown Village II Owner LLC, Georgetown Village III Owner LLC, Georgetown Village IV Owner LLC, Sunnydale Estates Property Owner LLC, Hunters Ridge Property Owner LLC, Miracle Manor Property Owner LLC and Toledo Properties Owner LLC

	  	  	  	
$28,095,000

	  	
42,076

	  	
0

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	
Multifamily

	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Borrower Name

	  	
General Property 

Type

	  	
Original Balance ($)

	  	
Origination Date

	  	
Original Amortization 

Term (Mos.)

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
A7PP HSV LLC

	  	
Hospitality

	  	
$27,020,000

	  	
42,069

	  	
360

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
311 California Street, LLC

	  	
Mixed Use

	  	
$25,000,000

	  	
42,095

	  	
0

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
Northern Lights Improvements, LLC

	  	
Retail

	  	
$25,000,000

	  	
42,121

	  	
360

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
1035 Market Street, LLC

	  	
Mixed Use

	  	
$24,500,000

	  	
42,095

	  	
0

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
170 Broadway Retail Owner, LLC

	  	
Retail

	  	
$20,000,000

	  	
42,074

	  	
360

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
Albany Downtown Hotel Partners, LLC

	  	
Hospitality

	  	
$19,200,000

	  	
42,115

	  	
360

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
Syracuse Fund II LLC

	  	
Retail

	  	
$18,000,000

	  	
42,116

	  	
360

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
Destin Pink Hotel, LLC

	  	
Hospitality

	  	
$18,000,000

	  	
42,096

	  	
360

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
1830-1850 Ocean Avenue, LLC

	  	
Retail

	  	
$16,500,000

	  	
42,095

	  	
0

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
Park West Novi LLC and Park West Lansing East LLC

	  	
Multifamily

	  	
$16,200,000

	  	
42,088

	  	
360

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
Manchester Apartments, LLC, High Points Apartments, LLC, Blueberry Hill Apartments, LLC, Hickory Mill Apartments of Columbus, LLC and Daniel Court Apartments of Clermont County, LLC

	  	  	  	
$15,000,000

	  	
42,094

	  	
360

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
A&W 300 L Street, LLC

	  	
Multifamily

	  	
$13,700,000

	  	
42,103

	  	
360

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
LKD-3, L.L.C.

	  	
Office

	  	
$13,400,000

	  	
42,115

	  	
360

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
Clinton Place LLC

	  	
Multifamily

	  	
$13,380,000

	  	
42,100

	  	
360

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
SJM Owner, LLC

	  	
Mixed Use

	  	
$13,000,000

	  	
42,095

	  	
360

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
E-Z Storage-Marina 2, L.P. and E-Z Storage-Marina, L.P.

	  	
Self Storage

	  	
$13,000,000

	  	
42,118

	  	
0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
The Cottages@Hefner Rd., LLC

	  	
Multifamily

	  	
$12,800,000

	  	
42,090

	  	
360

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
Bavarian Woods Owner LLC

	  	
Multifamily

	  	
$12,130,000

	  	
42,076

	  	
360

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
BM Crossroads, LLC

	  	
Retail

	  	
$12,000,000

	  	
42,103

	  	
360

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
GS Terre Haute LLC and GS Middletown LLC

	  	  	  	
$11,400,000

	  	
42,115

	  	
300

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	
Retail

	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	
Retail

	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
New 22-26 Associates, LLC, Century Lake Apartments, LLC, New Ridgewood Century, LLC, New Silhoff Greenbrier Century, LLC, New OEP Century LLC and New Century Gardens, LLC

	  	
Multifamily

	  	
$11,200,000

	  	
42,101

	  	
360

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
WSC NOLA LLC

	  	
Hospitality

	  	
$11,100,000

	  	
42,062

	  	
360

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
River Drive Properties, L.L.C.

	  	
Multifamily

	  	
$11,000,000

	  	
42,094

	  	
360

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
Malcai Interstate Properties, LLC

	  	  	  	
$10,955,000

	  	
42,059

	  	
360

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	
Retail

	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	
Retail

	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	
Retail

	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	
Retail

	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	
Retail

	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
SunBlossom Mountain, LLC

	  	
Multifamily

	  	
$10,890,000

	  	
42,117

	  	
360

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
Farmex Rail LLC

	  	
Retail

	  	
$10,762,500

	  	
42,082

	  	
360

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
Sunblossom Gardens, LLC and Sunblossom At Briargrove, LLC

	  	  	  	
$10,500,000

	  	
42,117

	  	
360

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
Storage Xxtra Westridge Pkwy, LLC

	  	
Self Storage

	  	
$6,000,000

	  	
42,062

	  	
360

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
Storage Xxtra Hwy 92, LLC

	  	
Self Storage

	  	
$3,800,000

	  	
42,062

	  	
360

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
Adhi-Sakthi Limited Partnership

	  	
Multifamily

	  	
$9,500,000

	  	
42,108

	  	
360

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
Core Copley, LLC

	  	
Retail

	  	
$8,150,000

	  	
42,124

	  	
360

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
GSL Partners Sub Twelve, L.P.

	  	  	  	
$8,000,000

	  	
42,116

	  	
360

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	
Industrial

	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	
Industrial

	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	
Industrial

	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
DLD Two, LLC

	  	
Retail

	  	
$7,987,500

	  	
42,086

	  	
360

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
RI Timberhills, LLC

	  	
Retail

	  	
$7,900,000

	  	
42,107

	  	
360

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
Anca Property Investments, LLC

	  	  	  	
$7,800,000

	  	
42,089

	  	
360

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	
Multifamily

	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
Cenizo Ventures Florida, LLC

	  	
Multifamily

	  	
$7,687,500

	  	
42,079

	  	
360

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
The Traditions at Slate Ridge III, LLC

	  	
Multifamily

	  	
$7,500,000

	  	
42,116

	  	
360

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
5041 Corporate Woods LLC

	  	
Office

	  	
$7,500,000

	  	
42,095

	  	
360

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
Hocker Developments Holdings, Inc.

	  	
Retail

	  	
$7,500,000

	  	
42,094

	  	
360

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
Glendora Lone Hill, LLC

	  	
Retail

	  	
$7,200,000

	  	
42,068

	  	
360

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
TKC XXXIX, LLC

	  	
Retail

	  	
$7,100,000

	  	
42,122

	  	
360

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
DAG-DOR LLC

	  	
Multifamily

	  	
$6,800,000

	  	
42,095

	  	
360

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
Stony Brook Management, LLC

	  	
Manufactured Housing

	  	
$6,700,000

	  	
42,122

	  	
360

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
Starboard Diagonal DST

	  	
Retail

	  	
$6,500,000

	  	
42,104

	  	
360

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
Western PA Real Estate Partners, L.P.

	  	
Office

	  	
$6,500,000

	  	
42,069

	  	
360

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
Walterboro/SAV, LLC, Monroeville/SAV, LLC, Hinesville Shopping Center, LLC, Paul J. Cranman/Crosspointe II, LLC and Herman L. Cranman/Crosspointe II, LLC

	  	
Retail

	  	
$6,250,000

	  	
42,110

	  	
360

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
NetREIT Yucca Valley 2, LLC

	  	
Retail

	  	
$6,000,000

	  	
42,088

	  	
360

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
Club Commons II Owner LLC

	  	
Multifamily

	  	
$5,900,000

	  	
42,111

	  	
360

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
Lakewood Apartments SC, LLC

	  	
Multifamily

	  	
$5,900,000

	  	
42,072

	  	
360

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
WHLR-Alex City Marketplace LLC

	  	
Retail

	  	
$5,750,000

	  	
42,094

	  	
0

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
ACI Midtown Shopping Center, LLC, McKnight Midtown Shopping Center, LLC, Harvin Midtown, LLC, Harvin Two Midtown Shopping Center, LLC, DFK Midtown Shopping Center, LLC, SFB Midtown Shopping Center, LLC and Faulkner Midtown Shopping Center, LLC

	  	
Retail

	  	
$5,700,000

	  	
42,115

	  	
360

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
WHLR - Butler Square, LLC

	  	
Retail

	  	
$5,640,000

	  	
42,109

	  	
0

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
Jolly Road Self Storage, LLC

	  	
Self Storage

	  	
$5,620,000

	  	
42,066

	  	
360

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
SC Building A, LLC

	  	
Retail

	  	
$5,400,000

	  	
42,095

	  	
360

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
Vidalia Central/SAV, LLC

	  	
Retail

	  	
$5,350,000

	  	
42,095

	  	
360

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
Waldon Road Self Storage, LLC

	  	
Self Storage

	  	
$5,225,000

	  	
42,066

	  	
360

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
557 Realty LLC

	  	
Retail

	  	
$5,025,000

	  	
42,115

	  	
360

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
Haggerty Road Self Storage, LLC

	  	
Self Storage

	  	
$5,025,000

	  	
42,066

	  	
360

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
Reddy Ventures, LLC

	  	
Retail

	  	
$5,000,000

	  	
42,118

	  	
360

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
Oikon Hotels Niceville, LLC

	  	
Hospitality

	  	
$5,000,000

	  	
42,089

	  	
360

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
Albemarle Square Investment Group, LLC

	  	
Retail

	  	
$5,000,000

	  	
42,090

	  	
360

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
Clark Street Redevelopment One, L.L.C.

	  	
Industrial

	  	
$4,750,000

	  	
42,066

	  	
132

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
Fenton Pheasant Run Apartments, LLC

	  	
Multifamily

	  	
$4,650,000

	  	
42,116

	  	
360

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
Ruschmeyer’s Owner LLC

	  	
Hospitality

	  	
$4,500,000

	  	
42,125

	  	
300

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
Wyndham Hill Properties, LLC

	  	
Multifamily

	  	
$4,400,000

	  	
42,094

	  	
360

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
Ocean View Commons I, LLC

	  	
Retail

	  	
$4,272,000

	  	
42,104

	  	
240

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
Sharp Southland Village, LLC

	  	
Retail

	  	
$4,200,000

	  	
42,090

	  	
360

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
306-308 East 149th St. LLC

	  	
Mixed Use

	  	
$4,075,000

	  	
42,074

	  	
360

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
Ceraon 3002, LLC

	  	
Office

	  	
$3,975,000

	  	
42,094

	  	
360

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
North View Manor, LLC

	  	
Manufactured Housing

	  	
$3,800,000

	  	
42,122

	  	
360

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
Circle Plaza Single Asset, LLC

	  	
Retail

	  	
$3,450,000

	  	
42,104

	  	
240

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
Kerker Properties Glenridge, LLC, JRS Glenridge, LLC and CJJB Glenridge, LLC

	  	
Retail

	  	
$3,302,000

	  	
42,104

	  	
300

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
ATS Odessa II, LLC

	  	
Multifamily

	  	
$3,250,000

	  	
42,076

	  	
330

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
Country Hill Estates Limited Liability Company

	  	
Multifamily

	  	
$3,050,000

	  	
42,118

	  	
360

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
Israel Sheridan Wells LLC

	  	
Mixed Use

	  	
$3,000,000

	  	
42,110

	  	
0

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
AEI Roaring Fork, LLC

	  	
Manufactured Housing

	  	
$3,000,000

	  	
42,076

	  	
360

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
Action Nicholasville, LLC

	  	
Retail

	  	
$2,800,000

	  	
42,123

	  	
360

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
Tyler Road Self Storage, LLC

	  	
Self Storage

	  	
$2,630,000

	  	
42,066

	  	
360

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
North Tahoe Storage Holdings, LP

	  	
Self Storage

	  	
$2,350,000

	  	
42,103

	  	
360

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
CP-Harrison & Maynard, LLC

	  	
Retail

	  	
$2,300,000

	  	
42,109

	  	
240

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
Eaton Rapids Road Self Storage, LLC

	  	
Self Storage

	  	
$1,305,000

	  	
42,066

	  	
360

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
JTK Holdings, LLC

	  	
Multifamily

	  	
$1,200,000

	  	
42,094

	  	
360

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Remaining Amortization 

Term (Mos.)

	  	
Carve-out Guarantor

	  	
Letter of Credit

	  	
Upfront RE Tax Reserve ($)

	  	
Ongoing RE Tax Reserve ($)

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
360

	  	
Dallas Market Center Financial, L.L.C.

	  	
No

	  	
$439,167

	  	
$87,833

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
0

	  	
Selig Family Holdings, LLC and Martin Selig

	  	
No

	  	
$255,019

	  	
$255,019

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
360

	  	
DiamondRock Hospitality Limited Partnership

	  	
No

	  	
$0

	  	
$0

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
0

	  	
CBM Joint Venture Limited Partnership

	  	
No

	  	
$0

	  	
$985,000

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
360

	  	
Rao Yalamanchili

	  	
No

	  	
$896,487

	  	
$128,070

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
360

	  	
Todd E. Reidbord and Gregg M. Perelman

	  	
No

	  	
$15,055

	  	
$2,151

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
0

	  	
Jared Kushner

	  	
No

	  	
$187,669

	  	
$46,917

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Remaining Amortization 

Term (Mos.)

	  	
Carve-out Guarantor

	  	
Letter of Credit

	  	
Upfront RE Tax Reserve ($)

	  	
Ongoing RE Tax Reserve ($)

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
358

	  	
Craig A. Spencer

	  	
No

	  	
$69,373

	  	
$34,686

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
0

	  	
Scott J. Seligman

	  	
No

	  	
$213,045

	  	
$30,435

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
360

	  	
Adam Ifshin

	  	
No

	  	
$407,840

	  	
$67,973

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
0

	  	
Scott J. Seligman

	  	
No

	  	
$134,466

	  	
$19,209

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
360

	  	
PPF Retail, LLC and Crown Atlantic Retail I, LLC

	  	
No

	  	
$43,213

	  	
$8,643

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
360

	  	
Rakesh Chauhan, Manoj Chauhan and Andy Chopra

	  	
No

	  	
$312,232

	  	
$62,446

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
360

	  	
Richard Chera

	  	
No

	  	
$172,218

	  	
$28,703

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
359

	  	
Robert G. Schaedle, III and Phillip H. McNeill, Sr.

	  	
No

	  	
$4,728

	  	
$1,576

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
0

	  	
Seligman & Associates, Inc.

	  	
No

	  	
$106,231

	  	
$15,176

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
360

	  	
Maurice Pogoda and The Maurice Pogoda Trust Under Maurice Pogoda Trust Agreement Dated September 4th, 1992, As Amended and Restated on December 24th, 2013

	  	
No

	  	
$154,408

	  	
$22,058

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
360

	  	
Arbor Realty SR, Inc.

	  	
No

	  	
$98,250

	  	
$18,750

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
360

	  	
Kevin D. Ash and Richard E. Ward II

	  	
No

	  	
$33,636

	  	
$7,475

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
360

	  	
Bernard Langan

	  	
No

	  	
$61,874

	  	
$24,750

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
360

	  	
Andrew Hayman and Sheldon Yellen

	  	
No

	  	
$110,533

	  	
$15,790

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
360

	  	
Susan N. Woolley and The Susan Naomi Woolley Family Trust Dated October 22, 2003

	  	
No

	  	
$10,533

	  	
$5,267

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
0

	  	
Michael E. Greenhut, Darolyn G. Greenhut, Calvin B. Gross, Marilyn B. Gross and James E. Greenhut

	  	
No

	  	
$0

	  	
$0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
360

	  	
Mark Spradlin

	  	
No

	  	
$30,389

	  	
$15,194

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
360

	  	
Jared Kushner

	  	
No

	  	
$59,290

	  	
$14,822

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
360

	  	
Edward R. Burillo

	  	
No

	  	
$110,540

	  	
$18,423

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
300

	  	
Gary Solomon

	  	
No

	  	
$0

	  	
$0

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
360

	  	
BCRE-Brack Capital Real Estate Investments N.V.

	  	
No

	  	
$128,540

	  	
$25,708

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
360

	  	
Vamsikrishna Bonthala and Sheenal Patel

	  	
No

	  	
$44,684

	  	
$11,171

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
360

	  	
Andrew F. Copp, Anne Marie Copp, James R Schmunk and Kristen D. Schmunk

	  	
No

	  	
$220,544

	  	
$22,054

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
358

	  	
Masao Ishihama

	  	
No

	  	
$14,275

	  	
$4,758

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
360

	  	
Leeshan Birney and James Birney

	  	
No

	  	
$108,158

	  	
$21,632

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
360

	  	
Amy Stevens and David Weinstein

	  	
No

	  	
$59,189

	  	
$19,730

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
360

	  	
Leeshan Birney and James Birney

	  	
No

	  	
$88,759

	  	
$17,752

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
360

	  	
Fred D. Rickman, Jr. and Tracy E.D. Spencer

	  	
No

	  	
$38,117

	  	
$6,353

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
360

	  	
Fred D. Rickman, Jr. and Tracy E.D. Spencer

	  	
No

	  	
$22,025

	  	
$3,671

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
360

	  	
Chowdary Yalamanchili

	  	
No

	  	
$66,636

	  	
$13,327

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
360

	  	
Adam D. Firsel

	  	
No

	  	
$141,667

	  	
$28,333

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
360

	  	
Welcome Real Estate Service, LLC

	  	
No

	  	
$64,049

	  	
$12,810

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
359

	  	
Larry W. Wills

	  	
No

	  	
$16,091

	  	
$5,364

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
360

	  	
Read Seven, LLC

	  	
No

	  	
$10,897

	  	
$5,449

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
359

	  	
Petrisor Anca and Emanuela Anca

	  	
No

	  	
$73,351

	  	
$18,338

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
359

	  	
Eric H. Coe

	  	
No

	  	
$111,458

	  	
$15,923

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
360

	  	
Preferred Real Estate Investments V, LLC

	  	
No

	  	
$119,246

	  	
$20,471

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
359

	  	
Michael Kanoff and Sylvia Kanoff

	  	
No

	  	
$37,501

	  	
$7,500

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
359

	  	
David E. Hocker

	  	
No

	  	
$41,667

	  	
$8,333

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
360

	  	
Storm Properties, Inc.

	  	
No

	  	
$21,944

	  	
$7,315

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
360

	  	
Graeme M. Keith, Keith Real Estate Associates, LLC, Graeme M. Keith, Jr., Kenneth R. Beuley, David A. Hanby and Elizabeth T. Jagielski

	  	
No

	  	
$0

	  	
$8,854

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
360

	  	
Yoav Dagan and Dore Friedman

	  	
No

	  	
$9,794

	  	
$3,491

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
360

	  	
Frank T. Perano

	  	
No

	  	
$39,833

	  	
$5,333

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
360

	  	
William H. Winn

	  	
No

	  	
$11,417

	  	
$11,417

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
360

	  	
Glenn A. Buterbaugh and Joseph E. Imbriglia

	  	
No

	  	
$20,956

	  	
$10,478

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
360

	  	
David Garfunkel

	  	
No

	  	
$52,593

	  	
$10,519

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
360

	  	
NetREIT, Inc.

	  	
No

	  	
$6,965

	  	
$6,965

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
360

	  	
The Related Companies, L.P.

	  	
No

	  	
$2,917

	  	
$1,458

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
359

	  	
KJJ Trust, Arthur H. Berg Revocable Trust, Arthur H. Berg and John Berg

	  	
No

	  	
$62,044

	  	
$15,511

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
0

	  	
Wheeler REIT, L.P.

	  	
No

	  	
$42,890

	  	
$6,127

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
360

	  	
James A. Black, Jr., Arthur R. Tyler, Brantley E. White, Thomas White III, Rick Hopkins, Thomas H. Faulkner, Rebecca L. Harvin, Rebecca Harvin Woltz and French R. McKnight, Jr.

	  	
No

	  	
$34,333

	  	
$6,867

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
0

	  	
Wheeler REIT, L.P.

	  	
No

	  	
$59,296

	  	
$11,859

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
360

	  	
Kurt E. O’Brien

	  	
No

	  	
$10,596

	  	
$5,298

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
359

	  	
Richard S. Hill, D. Kent Lance Jr. and Richard E. Anderson

	  	
No

	  	
$55,307

	  	
$13,827

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
360

	  	
David Garfunkel

	  	
No

	  	
$23,126

	  	
$3,304

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
360

	  	
Kurt E. O’Brien

	  	
No

	  	
$18,103

	  	
$4,526

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
360

	  	
Shlomo Bistritzky

	  	
No

	  	
$31,854

	  	
$6,371

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
360

	  	
Kurt E. O’Brien

	  	
No

	  	
$15,804

	  	
$3,951

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
360

	  	
Girija Reddy

	  	
No

	  	
$31,218

	  	
$0

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
359

	  	
Warren D. Beason and Arlington Private Equity Fund II, LLC

	  	
No

	  	
$6,956

	  	
$3,478

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
359

	  	
Michael E. Calandra and Richard Allen Schneider

	  	
No

	  	
$27,931

	  	
$5,586

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
130

	  	
Farbman Family, LLC

	  	
No

	  	
$76,434

	  	
$12,739

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
360

	  	
Alphonse M. Santino

	  	
No

	  	
$65,920

	  	
$9,417

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
300

	  	
Ventoux Holdings LLC

	  	
No

	  	
$2,333

	  	
$2,333

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
360

	  	
Andrew F. Copp, Anne Marie Copp, James R. Schmunk and Kristen D. Schmunk

	  	
No

	  	
$72,161

	  	
$9,020

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
240

	  	
Warren G. Bailey and Brenda G. Bailey

	  	
No

	  	
$19,077

	  	
$1,908

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
359

	  	
Samuel W. Sharp

	  	
No

	  	
$15,099

	  	
$2,516

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
359

	  	
Son Dinh Tran

	  	
No

	  	
$22,725

	  	
$6,280

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
359

	  	
Jim Small

	  	
No

	  	
$23,767

	  	
$3,961

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
360

	  	
Frank T. Perano

	  	
No

	  	
$52,500

	  	
$6,388

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
240

	  	
Warren G. Bailey and Brenda G. Bailey

	  	
No

	  	
$27,469

	  	
$2,747

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
300

	  	
Jeffrey B. Kerker and Jan R. Saperstein

	  	
No

	  	
$24,261

	  	
$3,033

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
329

	  	
Ezra Birnbaum, Aaron P. Gorin and David Y. Silberman

	  	
No

	  	
$11,138

	  	
$3,713

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
360

	  	
Robert C. Morgan and Peter J. Landers

	  	
No

	  	
$31,995

	  	
$7,999

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
0

	  	
Kenneth Israel

	  	
No

	  	
$76,185

	  	
$9,523

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
359

	  	
Joshua Perttula and Adam Bass

	  	
No

	  	
$1,609

	  	
$1,609

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
360

	  	
Archie Graham Helton

	  	
No

	  	
$16,513

	  	
$2,359

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
360

	  	
Kurt E. O’Brien

	  	
No

	  	
$19,679

	  	
$3,280

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
360

	  	
Kelly Gallacher and Matthew McConkie

	  	
No

	  	
$10,725

	  	
$2,681

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
240

	  	
Thomas D. Calcote

	  	
No

	  	
$0

	  	
$0

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
360

	  	
Kurt E. O’Brien

	  	
No

	  	
$4,224

	  	
$2,112

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
359

	  	
James R. Schmunk and Kristen D. Schmunk

	  	
No

	  	
$38,490

	  	
$3,849

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront Insurance Reserve ($)

	  	
Ongoing Insurance Reserve ($)

	  	
Upfront Replacement Reserve ($)

	  	
Ongoing Replacement Reserve ($)

	  	
Replacement Reserve Caps ($)

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
$47,500

	  	
$0

	  	
$910,580

	  	
$0

	  	
$910,580

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$33,989

	  	
$0

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
$94,411

	  	
$15,735

	  	
$0

	  	
$27,834

	  	
$0

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
$32,010

	  	
$6,402

	  	
$0

	  	
$3,625

	  	
$0

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
$104,816

	  	
$20,963

	  	
$0

	  	
$24,480

	  	
$0

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront Insurance Reserve ($)

	  	
Ongoing Insurance Reserve ($)

	  	
Upfront Replacement Reserve ($)

	  	
Ongoing Replacement Reserve ($)

	  	
Replacement Reserve Caps ($)

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
$26,724

	  	
$6,449

	  	
$0

	  	
$16,599

	  	
$0

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
$2,548

	  	
$2,548

	  	
$90,000

	  	
$1,486

	  	
$0

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
$0

	  	
$3,053

	  	
$0

	  	
$8,823

	  	
$211,749

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
$2,911

	  	
$2,911

	  	
$0

	  	
$1,247

	  	
$0

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
$0

	  	
$0

	  	
$24,200

	  	
$0

	  	
$0

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
$19,459

	  	
$9,730

	  	
$0

	  	
$20,335

	  	
$250,000

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
$22,005

	  	
$3,668

	  	
$0

	  	
$601

	  	
$0

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
$0

	  	
$0

	  	
$0

	  	
$8,877

	  	
$0

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
$1,584

	  	
$1,584

	  	
$0

	  	
$663

	  	
$0

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
$10,937

	  	
$5,469

	  	
$0

	  	
$5,208

	  	
$187,500

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
$24,377

	  	
$4,875

	  	
$0

	  	
$11,478

	  	
$0

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
$11,656

	  	
$1,943

	  	
$0

	  	
$1,500

	  	
$0

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
$14,857

	  	
$1,486

	  	
$0

	  	
$1,966

	  	
$0

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
$21,325

	  	
$3,554

	  	
$0

	  	
$4,343

	  	
$0

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
$15,895

	  	
$1,766

	  	
$0

	  	
$625

	  	
$0

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
$46,937

	  	
$7,823

	  	
$0

	  	
$5,333

	  	
$192,000

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
$25,971

	  	
$5,194

	  	
$0

	  	
$6,475

	  	
$0

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
$11,682

	  	
$5,841

	  	
$0

	  	
$1,402

	  	
$0

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
$9,508

	  	
$792

	  	
$0

	  	
$2,883

	  	
$0

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
$26,803

	  	
$4,467

	  	
$0

	  	
$4,667

	  	
$0

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
$39,550

	  	
$13,183

	  	
$0

	  	
$14,411

	  	
$0

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
$0

	  	
$0

	  	
$200,000

	  	
$6,348

	  	
$0

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
$3,130

	  	
$1,528

	  	
$0

	  	
$704

	  	
$0

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
$87,072

	  	
$9,675

	  	
$0

	  	
$9,650

	  	
$0

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
$9,349

	  	
$2,337

	  	
$0

	  	
$1,715

	  	
$0

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
$66,328

	  	
$11,055

	  	
$0

	  	
$9,500

	  	
$0

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$1,156

	  	
$50,000

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$1,179

	  	
$50,000

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
$66,440

	  	
$9,491

	  	
$0

	  	
$6,550

	  	
$0

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
$3,281

	  	
$1,094

	  	
$104,600

	  	
$1,099

	  	
$0

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
$11,399

	  	
$2,280

	  	
$0

	  	
$1,741

	  	
$0

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
$5,942

	  	
$990

	  	
$0

	  	
$1,017

	  	
$0

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
$0

	  	
$0

	  	
$27,457

	  	
$7,075

	  	
$0

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
$12,057

	  	
$6,028

	  	
$0

	  	
$6,415

	  	
$0

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
$0

	  	
$0

	  	
$0

	  	
$1,813

	  	
$70,000

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
$4,756

	  	
$1,189

	  	
$0

	  	
$2,022

	  	
$0

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
$6,475

	  	
$3,238

	  	
$0

	  	
$2,021

	  	
$0

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
$0

	  	
$313

	  	
$0

	  	
$441

	  	
$0

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
$1,992

	  	
$332

	  	
$0

	  	
$2,067

	  	
$49,600

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
$4,658

	  	
$2,329

	  	
$68,975

	  	
$2,250

	  	
$0

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
$587

	  	
$0

	  	
$0

	  	
$653

	  	
$0

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
$2,015

	  	
$1,007

	  	
$20,000

	  	
$722

	  	
$0

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
$8,769

	  	
$1,461

	  	
$0

	  	
$821

	  	
$0

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
$12,643

	  	
$1,827

	  	
$0

	  	
$0

	  	
$0

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
$25,321

	  	
$2,451

	  	
$0

	  	
$1,945

	  	
$115,000

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
$2,561

	  	
$854

	  	
$0

	  	
$900

	  	
$0

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
$56,292

	  	
$5,117

	  	
$0

	  	
$5,500

	  	
$0

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
$10,503

	  	
$2,101

	  	
$100,000

	  	
$2,463

	  	
$0

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
$0

	  	
$0

	  	
$0

	  	
$2,221

	  	
$79,939

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
$12,061

	  	
$2,010

	  	
$0

	  	
$3,777

	  	
$0

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
$532

	  	
$532

	  	
$0

	  	
$731

	  	
$0

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
$1,326

	  	
$663

	  	
$0

	  	
$531

	  	
$0

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
$10,403

	  	
$969

	  	
$0

	  	
$0

	  	
$0

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
$517

	  	
$517

	  	
$0

	  	
$732

	  	
$0

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
$10,799

	  	
$900

	  	
$0

	  	
$1,442

	  	
$0

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
$5,099

	  	
$2,888

	  	
$0

	  	
$667

	  	
$0

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
$2,741

	  	
$0

	  	
$0

	  	
$753

	  	
$0

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
$53,636

	  	
$4,470

	  	
$0

	  	
$6,630

	  	
$0

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
$10,550

	  	
$1,030

	  	
$0

	  	
$990

	  	
$36,000

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
$9,737

	  	
$1,391

	  	
$0

	  	
$2,808

	  	
$0

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
$13,866

	  	
$0

	  	
$0

	  	
$4,770

	  	
$0

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
$25,298

	  	
$5,060

	  	
$0

	  	
1/12th of 6% of the annual gross room revenues

	  	
$0

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
$0

	  	
$0

	  	
$100,000

	  	
$0

	  	
$39,600

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
$24,977

	  	
$2,081

	  	
$0

	  	
$1,125

	  	
$0

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
$24,500

	  	
$2,722

	  	
$0

	  	
$1,306

	  	
$47,023

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
$2,911

	  	
$970

	  	
$0

	  	
$285

	  	
$0

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
$1,438

	  	
$719

	  	
$0

	  	
$1,048

	  	
$0

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
$98

	  	
$0

	  	
$0

	  	
$330

	  	
$0

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
$21,767

	  	
$1,814

	  	
$0

	  	
$1,337

	  	
$0

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
$4,005

	  	
$667

	  	
$0

	  	
$294

	  	
$0

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
$23,679

	  	
$2,153

	  	
$0

	  	
$2,917

	  	
$0

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
$4,707

	  	
$785

	  	
$73,260

	  	
$0

	  	
$73,260

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
$12,849

	  	
$4,283

	  	
$50,000

	  	
$0

	  	
$50,000

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
$7,151

	  	
$715

	  	
$0

	  	
$234

	  	
$0

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
$3,877

	  	
$969

	  	
$105,000

	  	
$1,083

	  	
$0

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
$244

	  	
$244

	  	
$0

	  	
$525

	  	
$0

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
$554

	  	
$277

	  	
$0

	  	
$148

	  	
$0

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
$154

	  	
$154

	  	
$0

	  	
$252

	  	
$0

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
$6,767

	  	
$967

	  	
$15,000

	  	
$780

	  	
$18,720

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront TI/LC Reserve ($)

	  	
Ongoing TI/LC Reserve ($)

	  	
TI/LC Caps ($)

	  	
Upfront Debt Service Reserve ($)

	  	
Ongoing Debt Service Reserve ($)

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
$1,500,000

	  	
$0

	  	
$1,500,000

	  	
$0

	  	
$0

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
$0

	  	
$203,932

	  	
$0

	  	
$0

	  	
$0

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
$0

	  	
$25,000

	  	
$4,000,000

	  	
$0

	  	
$0

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront TI/LC Reserve ($)

	  	
Ongoing TI/LC Reserve ($)

	  	
TI/LC Caps ($)

	  	
Upfront Debt Service Reserve ($)

	  	
Ongoing Debt Service Reserve ($)

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
$200,000

	  	
$11,892

	  	
$500,000

	  	
$0

	  	
$0

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
$0

	  	
$14,244

	  	
$341,853

	  	
$0

	  	
$0

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
$0

	  	
$11,246

	  	
$500,000

	  	
$0

	  	
$0

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
$0

	  	
$4,934

	  	
$500,000

	  	
$0

	  	
$0

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
$250,000

	  	
$4,025

	  	
$0

	  	
$0

	  	
$0

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
$0

	  	
$4,167

	  	
$100,000

	  	
$0

	  	
$0

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
$0

	  	
$20,833

	  	
$0

	  	
$0

	  	
$0

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
$0

	  	
$2,120

	  	
$0

	  	
$0

	  	
$0

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
$0

	  	
$5,671

	  	
$0

	  	
$0

	  	
$0

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
$13,967

	  	
$2,746

	  	
$0

	  	
$0

	  	
$0

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
$125,000

	  	
$0

	  	
$125,000

	  	
$0

	  	
$0

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
$300,000

	  	
$5,084

	  	
$0

	  	
$0

	  	
$0

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
$400,000

	  	
$0

	  	
$400,000

	  	
$0

	  	
$0

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
$0

	  	
$6,736

	  	
$0

	  	
$0

	  	
$0

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
$0

	  	
$2,269

	  	
$75,000

	  	
$0

	  	
$0

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
$0

	  	
$3,617

	  	
$400,000

	  	
$0

	  	
$0

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
$100,000

	  	
$2,556

	  	
$0

	  	
$0

	  	
$0

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
$0

	  	
$2,083

	  	
$125,000

	  	
$0

	  	
$0

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
$150,000

	  	
$4,444

	  	
$350,000

	  	
$0

	  	
$0

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
$740,000

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
$85,000

	  	
$5,912

	  	
$0

	  	
$0

	  	
$0

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
$0

	  	
$3,525

	  	
$126,909

	  	
$0

	  	
$0

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
$0

	  	
$3,433

	  	
$150,000

	  	
$0

	  	
$0

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
$0

	  	
$1,857

	  	
$67,000

	  	
$0

	  	
$0

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
$50,000

	  	
$3,007

	  	
$350,000

	  	
$0

	  	
$0

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
$0

	  	
$2,500

	  	
$120,000

	  	
$0

	  	
$0

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
$100,000

	  	
$0

	  	
$150,000

	  	
$0

	  	
$0

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
$0

	  	
$2,251

	  	
$200,000

	  	
$0

	  	
$0

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
$50,000

	  	
$1,858

	  	
$0

	  	
$0

	  	
$0

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
$50,000

	  	
$3,483

	  	
$150,000

	  	
$0

	  	
$0

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
$0

	  	
$2,141

	  	
$0

	  	
$0

	  	
$0

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
$350,000

	  	
$0

	  	
$350,000

	  	
$0

	  	
$0

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
$50,000

	  	
$2,248

	  	
$0

	  	
$0

	  	
$0

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
$100,000

	  	
$0

	  	
$100,000

	  	
$0

	  	
$0

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
$105,768

	  	
$0

	  	
$105,768

	  	
$0

	  	
$0

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
$0

	  	
$4,061

	  	
$120,000

	  	
$0

	  	
$0

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	  	
$0

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan Seller

	  	
Property Name

	  	
Upfront Deferred Maintenance Reserve 

($)

	  	
Ongoing Deferred Maintenance 

Reserve ($)

	  	
Upfront Environmental Reserve 

($)

	  	
Ongoing Environmental 

Reserve ($)

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
$337,524

	  	
$0

	  	
$0

	  	
$0

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
$409,063

	  	
$0

	  	
$504,100

	  	
$0

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
$275,000

	  	
$0

	  	
$0

	  	
$0

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
$63,239

	  	
$0

	  	
$0

	  	
$0

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
GC30 Supplemental Servicer Schedule

	  	  	  	  	  	  	  
	
Control

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront Deferred Maintenance Reserve 

($)

	  	
Ongoing Deferred Maintenance 

Reserve ($)

	  	
Upfront Environmental Reserve 

($)

	  	
Ongoing Environmental 

Reserve ($)

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
$6,000

	  	
$0

	  	
$0

	  	
$0

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
$1,240,813

	  	
$0

	  	
$0

	  	
$0

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
$0

	  	
$0

	  	
$62,500

	  	
$0

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
$11,875

	  	
$0

	  	
$0

	  	
$0

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
$6,250

	  	
$0

	  	
$0

	  	
$0

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
$6,500

	  	
$0

	  	
$0

	  	
$0

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
$177,850

	  	
$0

	  	
$0

	  	
$0

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
$4,500

	  	
$0

	  	
$0

	  	
$0

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
$0

	  	
$0

	  	
$75,000

	  	
$0

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
$21,250

	  	
$0

	  	
$0

	  	
$0

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
$0

	  	
$0

	  	
$10,500

	  	
$0

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
$12,500

	  	
$0

	  	
$0

	  	
$0

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
$31,000

	  	
$0

	  	
$0

	  	
$0

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
$12,750

	  	
$0

	  	
$0

	  	
$0

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
$47,338

	  	
$0

	  	
$30,125

	  	
$0

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
$466,563

	  	
$0

	  	
$0

	  	
$0

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
$86,998

	  	
$0

	  	
$0

	  	
$0

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
$326,750

	  	
$0

	  	
$0

	  	
$0

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
$625

	  	
$0

	  	
$0

	  	
$0

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
$1,875

	  	
$0

	  	
$0

	  	
$0

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
$106,211

	  	
$0

	  	
$0

	  	
$0

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
$24,055

	  	
$0

	  	
$0

	  	
$0

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
$139,543

	  	
$0

	  	
$400

	  	
$0

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
$9,000

	  	
$0

	  	
$0

	  	
$0

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
$0

	  	
$0

	  	
$8,250

	  	
$0

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
$9,390

	  	
$0

	  	
$0

	  	
$0

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
$9,264

	  	
$0

	  	
$0

	  	
$0

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
$3,750

	  	
$0

	  	
$0

	  	
$0

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
$26,750

	  	
$0

	  	
$0

	  	
$0

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
$556,813

	  	
$0

	  	
$0

	  	
$0

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
$134,625

	  	
$0

	  	
$0

	  	
$0

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
$25,609

	  	
$0

	  	
$0

	  	
$0

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
$28,750

	  	
$0

	  	
$0

	  	
$0

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
$49,485

	  	
$0

	  	
$0

	  	
$0

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
$46,375

	  	
$0

	  	
$0

	  	
$0

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
$616,043

	  	
$0

	  	
$0

	  	
$0

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
$41,950

	  	
$0

	  	
$0

	  	
$0

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
$30,602

	  	
$0

	  	
$0

	  	
$0

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
$12,650

	  	
$0

	  	
$0

	  	
$0

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
$0

	  	
$0

	  	
$1,200

	  	
$0

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
$10,281

	  	
$0

	  	
$0

	  	
$0

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
$7,640

	  	
$0

	  	
$0

	  	
$0

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
$16,250

	  	
$0

	  	
$0

	  	
$0

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
$161,875

	  	
$0

	  	
$0

	  	
$0

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
$23,940

	  	
$0

	  	
$0

	  	
$0

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
$42,350

	  	
$0

	  	
$0

	  	
$0

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
$30,250

	  	
$0

	  	
$0

	  	
$0

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
$83,250

	  	
$0

	  	
$0

	  	
$0

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
$0

	  	
$0

	  	
$0

	  	
$0

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
$7,688

	  	
$0

	  	
$3,125

	  	
$0

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront Other Reserve ($)

	  	
Ongoing Other Reserve ($)

	  	
Other Reserve Description

	  	
Grace Period- Default

	  	
Grace Period- Late 

Fee

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
$0

	  	
$0

	  	
 

	  	
5 days grace, one time only

	  	
5 days grace, one time only

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
$7,278,662

	  	
$0

	  	
Unexecuted Lease Holdback ($3,900,807); Unfunded Obligations ($3,377,855)

	  	
0

	  	
0

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
$40,400

	  	
$0

	  	
Ground Rent Reserve

	  	
3 days grace, once per trailing 12-month period

	  	
3 days grace, once per trailing 12-month period

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
$381,372

	  	
$0

	  	
Ralcorp Free Rent Reserve

	  	
0

	  	
0

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Upfront Other Reserve ($)

	  	
Ongoing Other Reserve ($)

	  	
Other Reserve Description

	  	
Grace Period- Default

	  	
Grace Period- Late 

Fee

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
$6,575,000

	  	
$0

	  	
PIP Reserve ($6,275,000); Seasonality Reserve ($300,000)

	  	
0

	  	
0

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
$399,060

	  	
$0

	  	
Rogers Joseph Allowance Reserve

	  	
0

	  	
0

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
$675,000

	  	
$0

	  	
Shoppers World Reserve ($350,000); Sears Leasing Reserve ($325,000)

	  	
0

	  	
5

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
$40,000

	  	
$0

	  	
SF Mixology Reserve

	  	
0

	  	
0

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
$5,379

	  	
$0

	  	
Condo Assessment Reserve

	  	
0

	  	
0

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
$2,424,430

	  	
$0

	  	
PIP Reserve

	  	
0

	  	
0

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
$212,083

	  	
$0

	  	
Facade Reserve ($120,450); New TCO Reserve ($44,000); ILK Reserve ($20,833); Subway Reserve ($16,800); BOA Reserve ($10,000)

	  	
0

	  	
0

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
$540,000

	  	
$0

	  	
Target Free Rent Reserve

	  	
0

	  	
0

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
$1,391,481

	  	
$0

	  	
Fourth Floor Space Reserve ($600,000); Free Rent Reserve ($564,016.34); Spencer Savings Bank TI Reserve ($227,465)

	  	
0

	  	
0

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
$34,853

	  	
$0

	  	
Unfunded Obligations ($34,853.08)

	  	
0

	  	
0

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
$800,250

	  	
$0

	  	
PIP Reserve

	  	
0

	  	
0

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
$113,610

	  	
$0

	  	
TI Allowance Reserve

	  	
0

	  	
0

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
$3,410

	  	
$0

	  	
Free Rent Reserve

	  	
0

	  	
0

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
$140,312

	  	
$0

	  	
Salata Reserve

	  	
0

	  	
0

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
$0

	  	
$0

	  	  	  	
0

	  	
10

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
$137,550

	  	
$0

	  	
Rue 21 TI/LC Reserve ($100,000); Free Rent Reserve ($37,550)

	  	
0

	  	
0

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
$250,000

	  	
$0

	  	
Parking Repair Reserve

	  	
0

	  	
0

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
$6,700

	  	
$0

	  	
Unfunded Obligations Reserve

	  	
0

	  	
0

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
$6,777

	  	
$0

	  	
Dollar Tree Reserve

	  	
0

	  	
0

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
$84,000

	  	
$0

	  	
Kory Wallin TI Reserve

	  	
0

	  	
0

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
$170,000

	  	
$0

	  	
Seasonality Reserve

	  	
0

	  	
0

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
$270,400

	  	
$0

	  	
Kay Jewelers/Nails 4 You Space Buildout Reserve: ($135,400); Leasing Holdback Reserve ($110,000); Kay Jewelers TI/LC Reserve ($25,000)

	  	
0

	  	
0

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
$0

	  	
$0

	  	
 

	  	
0

	  	
0

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
$1,200,000

	  	
$0

	  	
PIP Reserve

	  	
0

	  	
0

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
$0

	  	
$0

	  	
Yearly Seasonality Reserve of $40,000 (Beginning July 2015)

	  	
0

	  	
0

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
$250,000

	  	
$0

	  	
Rent Reserve

	  	
0

	  	
0

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
$288,125

	  	
$0

	  	
Property Improvement Reserve

	  	
0

	  	
0

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
$100,000

	  	
$0

	  	
Twice as Nice Rent Reserve

	  	
0

	  	
0

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
$0

	  	
$8,333

	  	
Monthly Ground Rent Reserve

	  	
0

	  	
15

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
$0

	  	
$0

	  	  	  	
0

	  	
0

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Residual Value 

Insurance

	  	
Lease Enhancement 

Insurance

	  	
Environmental 

Insurance

	  	
O&M Required

	  	
Cash Management

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
In Place

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
No

	  	
No

	  	
No

	  	
Various

	  	
In Place

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
In Place

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
No

	  	
No

	  	
Various

	  	
ACM & LBP

	  	
Springing

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	
No

	  	
No

	  	
Yes

	  	
ACM & LBP

	  	  

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Residual Value 

Insurance

	  	
Lease Enhancement 

Insurance

	  	
Environmental 

Insurance

	  	
O&M Required

	  	
Cash Management

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
No

	  	
No

	  	
No

	  	
Various

	  	
Springing

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	
No

	  	
No

	  	
No

	  	
None

	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
No

	  	
No

	  	
No

	  	
Various

	  	
Springing

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	
No

	  	
No

	  	
No

	  	
LBP

	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
No

	  	
No

	  	
Yes

	  	
ACM & LBP

	  	
Springing

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
No

	  	
No

	  	
No

	  	
ACM & Above Ground Storage Tank

	  	
Springing

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
None

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
No

	  	
No

	  	
Yes

	  	
None

	  	
Springing

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
No

	  	
No

	  	
No

	  	
ACM, Mold & LBP

	  	
Springing

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
None

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Lockbox

	  	
 Units, Pads, Rooms, Sq Ft, 

Beds

	  	
Unit Description

	  	
Monthly Debt Service ($) 

(1)

	  	
Interest Accrual 

Method

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
Hard

	  	
                               3,101,772

	  	
SF

	  	
$627,969

	  	
Actual/360

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
Hard

	  	
                               1,631,457

	  	
SF

	  	
$406,185

	  	
Actual/360

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	
                                  447,792

	  	
SF

	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	
                                  269,862

	  	
SF

	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	
                                  187,035

	  	
SF

	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	
                                  226,159

	  	
SF

	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	
                                  189,849

	  	
SF

	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	
                                  124,276

	  	
SF

	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	
                                    84,582

	  	
SF

	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	
                                    66,470

	  	
SF

	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	
                                    35,432

	  	
SF

	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
Hard

	  	
                                        504

	  	
Rooms

	  	
$389,440

	  	
Actual/360

	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
Hard

	  	
                                     9,590

	  	
Rooms

	  	
$263,290

	  	
Actual/360

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	
                                        147

	  	
Rooms

	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	
                                        150

	  	
Rooms

	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	
                                        154

	  	
Rooms

	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	
                                        155

	  	
Rooms

	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	
                                        150

	  	
Rooms

	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	
                                        140

	  	
Rooms

	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	
                                        147

	  	
Rooms

	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	
                                        147

	  	
Rooms

	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	
                                        131

	  	
Rooms

	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	
                                        144

	  	
Rooms

	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	
                                        145

	  	
Rooms

	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	
                                        147

	  	
Rooms

	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	
                                        153

	  	
Rooms

	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	
                                        146

	  	
Rooms

	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	
                                        149

	  	
Rooms

	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
Hard

	  	
                                  742,244

	  	
SF

	  	
$240,607

	  	
Actual/360

	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
Springing

	  	
                                        174

	  	
Units

	  	
$167,201

	  	
Actual/360

	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
Springing

	  	
                                     1,099

	  	
Units

	  	
$98,986

	  	
Actual/360

	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	
                                        266

	  	
Units

	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	
                                        304

	  	
Units

	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	
                                        251

	  	
Units

	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	
                                        196

	  	
Units

	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	
                                          82

	  	
Units

	  	  	  	  

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Lockbox

	  	
 Units, Pads, Rooms, Sq Ft, 

Beds

	  	
Unit Description

	  	
Monthly Debt Service ($) 

(1)

	  	
Interest Accrual 

Method

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
Hard

	  	
                                        174

	  	
Rooms

	  	
$139,503

	  	
Actual/360

	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
Hard

	  	
                                    89,196

	  	
SF

	  	
$82,801

	  	
Actual/360

	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
Hard

	  	
                                  341,853

	  	
SF

	  	
$117,059

	  	
Actual/360

	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
Hard

	  	
                                    99,728

	  	
SF

	  	
$83,836

	  	
Actual/360

	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
Hard

	  	
                                    16,134

	  	
SF

	  	
$97,221

	  	
Actual/360

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
Springing

	  	
                                        165

	  	
Rooms

	  	
$93,891

	  	
Actual/360

	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
Hard

	  	
                                    36,072

	  	
SF

	  	
$87,289

	  	
Actual/360

	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
Springing

	  	
                                        130

	  	
Rooms

	  	
$85,246

	  	
Actual/360

	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
Hard

	  	
                                    53,004

	  	
SF

	  	
$54,649

	  	
Actual/360

	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
Springing

	  	
                                        250

	  	
Units

	  	
$76,132

	  	
Actual/360

	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
Soft

	  	
                                        415

	  	
Units

	  	
$73,844

	  	
Actual/360

	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	
                                          95

	  	
Units

	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	
                                        114

	  	
Units

	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	
                                          68

	  	
Units

	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	
                                          78

	  	
Units

	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	
                                          60

	  	
Units

	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
Soft

	  	
                                          60

	  	
Units

	  	
$66,836

	  	
Actual/360

	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
Hard

	  	
                                    96,593

	  	
SF

	  	
$66,549

	  	
Actual/360

	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
Springing

	  	
                                        202

	  	
Units

	  	
$65,196

	  	
Actual/360

	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
Springing

	  	
                                    25,615

	  	
SF

	  	
$63,876

	  	
Actual/360

	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
Springing

	  	
                                    99,867

	  	
SF

	  	
$40,530

	  	
Actual/360

	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
Springing

	  	
                                        256

	  	
Units

	  	
$62,819

	  	
Actual/360

	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
Springing

	  	
                                        259

	  	
Units

	  	
$58,753

	  	
Actual/360

	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
Springing

	  	
                                    84,130

	  	
SF

	  	
$60,233

	  	
Actual/360

	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
Hard

	  	
                                  230,659

	  	
SF

	  	
$60,173

	  	
Actual/360

	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	
                                  126,400

	  	
SF

	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	
                                  104,259

	  	
SF

	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
Springing

	  	
                                        224

	  	
Units

	  	
$53,923

	  	
Actual/360

	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
Hard

	  	
                                        134

	  	
Rooms

	  	
$53,378

	  	
Actual/360

	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
Springing

	  	
                                        277

	  	
Units

	  	
$52,897

	  	
Actual/360

	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
Hard

	  	
                                    42,835

	  	
SF

	  	
$56,817

	  	
Actual/360

	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	
                                    14,550

	  	
SF

	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	
                                    15,760

	  	
SF

	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	
                                     7,402

	  	
SF

	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	
                                     2,759

	  	
SF

	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	
                                     2,364

	  	
SF

	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
Springing

	  	
                                        386

	  	
Units

	  	
$53,190

	  	
Actual/360

	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
Hard

	  	
                                  137,181

	  	
SF

	  	
$52,630

	  	
Actual/360

	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
Springing

	  	
                                        380

	  	
Units

	  	
$51,286

	  	
Actual/360

	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	
                                        308

	  	
Units

	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	
                                          72

	  	
Units

	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
None

	  	
                                    92,475

	  	
SF

	  	
$29,939

	  	
Actual/360

	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
None

	  	
                                    94,350

	  	
SF

	  	
$18,962

	  	
Actual/360

	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
Soft

	  	
                                        262

	  	
Units

	  	
$48,022

	  	
Actual/360

	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
Hard

	  	
                                    65,913

	  	
SF

	  	
$39,991

	  	
Actual/360

	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
Springing

	  	
                                  177,661

	  	
SF

	  	
$38,702

	  	
Actual/360

	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	
                                  120,000

	  	
SF

	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	
                                    36,600

	  	
SF

	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	
                                    21,061

	  	
SF

	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
Springing

	  	
                                    61,011

	  	
SF

	  	
$40,140

	  	
Actual/360

	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
Springing

	  	
                                  102,407

	  	
SF

	  	
$36,595

	  	
Actual/360

	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
Soft

	  	
                                        283

	  	
Units

	  	
$40,515

	  	
Actual/360

	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	
                                        153

	  	
Units

	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	
                                        130

	  	
Units

	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
Springing

	  	
                                        268

	  	
Units

	  	
$38,541

	  	
Actual/360

	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
None

	  	
                                          87

	  	
Units

	  	
$36,155

	  	
Actual/360

	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
Springing

	  	
                                  105,475

	  	
SF

	  	
$37,243

	  	
Actual/360

	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
Hard

	  	
                                  161,669

	  	
SF

	  	
$36,676

	  	
Actual/360

	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
Hard

	  	
                                    22,046

	  	
SF

	  	
$34,125

	  	
Actual/360

	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
Springing

	  	
                                  124,000

	  	
SF

	  	
$33,285

	  	
Actual/360

	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
Springing

	  	
                                          90

	  	
Units

	  	
$32,840

	  	
Actual/360

	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
Soft

	  	
                                        200

	  	
Pads

	  	
$32,470

	  	
Actual/360

	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
Hard

	  	
                                    36,080

	  	
SF

	  	
$33,516

	  	
Actual/360

	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
Springing

	  	
                                    44,772

	  	
SF

	  	
$32,035

	  	
Actual/360

	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
Springing

	  	
                                    53,330

	  	
SF

	  	
$30,666

	  	
Actual/360

	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
Springing

	  	
                                    97,250

	  	
SF

	  	
$29,728

	  	
Actual/360

	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
Soft

	  	
                                          36

	  	
Units

	  	
$28,509

	  	
Actual/360

	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
None

	  	
                                        176

	  	
Units

	  	
$30,603

	  	
Actual/360

	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
Springing

	  	
                                  147,791

	  	
SF

	  	
$19,209

	  	
Actual/360

	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
Hard

	  	
                                    68,324

	  	
SF

	  	
$27,425

	  	
Actual/360

	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
Springing

	  	
                                    82,400

	  	
SF

	  	
$18,570

	  	
Actual/360

	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
None

	  	
                                    87,662

	  	
SF

	  	
$27,440

	  	
Actual/360

	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
Hard

	  	
                                    31,832

	  	
SF

	  	
$26,909

	  	
Actual/360

	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
Springing

	  	
                                    45,096

	  	
SF

	  	
$26,319

	  	
Actual/360

	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
None

	  	
                                    87,820

	  	
SF

	  	
$25,512

	  	
Actual/360

	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
Springing

	  	
                                    60,722

	  	
SF

	  	
$24,074

	  	
Actual/360

	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
None

	  	
                                    79,976

	  	
SF

	  	
$24,535

	  	
Actual/360

	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
Springing

	  	
                                    60,253

	  	
SF

	  	
$23,871

	  	
Actual/360

	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
Springing

	  	
                                          56

	  	
Rooms

	  	
$25,492

	  	
Actual/360

	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
Springing

	  	
                                    54,019

	  	
SF

	  	
$24,656

	  	
Actual/360

	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
Hard

	  	
                                  147,000

	  	
SF

	  	
$46,165

	  	
Actual/360

	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
Soft

	  	
                                        170

	  	
Units

	  	
$23,285

	  	
Actual/360

	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
Hard

	  	
                                          19

	  	
Rooms

	  	
$26,080

	  	
Actual/360

	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
Springing

	  	
                                          72

	  	
Units

	  	
$21,568

	  	
Actual/360

	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
Springing

	  	
                                    45,000

	  	
SF

	  	
$26,454

	  	
Actual/360

	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
Springing

	  	
                                  104,496

	  	
SF

	  	
$20,953

	  	
Actual/360

	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
Soft Springing

	  	
                                    17,125

	  	
SF

	  	
$20,611

	  	
Actual/360

	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
Springing

	  	
                                    46,559

	  	
SF

	  	
$20,023

	  	
Actual/360

	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
Soft

	  	
                                        106

	  	
Pads

	  	
$18,416

	  	
Actual/360

	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
Springing

	  	
                                    53,493

	  	
SF

	  	
$21,364

	  	
Actual/360

	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
Springing

	  	
                                    16,029

	  	
SF

	  	
$17,447

	  	
Actual/360

	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
Springing

	  	
                                        100

	  	
Units

	  	
$18,239

	  	
Actual/360

	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
Springing

	  	
                                          66

	  	
Units

	  	
$14,862

	  	
Actual/360

	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
Springing

	  	
                                    26,253

	  	
SF

	  	
$9,961

	  	
Actual/360

	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
Springing

	  	
                                          51

	  	
Pads

	  	
$14,934

	  	
Actual/360

	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
Springing

	  	
                                    64,977

	  	
SF

	  	
$14,388

	  	
Actual/360

	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
None

	  	
                                    39,387

	  	
SF

	  	
$12,841

	  	
Actual/360

	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
Springing

	  	
                                    17,695

	  	
SF

	  	
$12,061

	  	
Actual/360

	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
None

	  	
                                    14,560

	  	
SF

	  	
$14,349

	  	
Actual/360

	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
None

	  	
                                    30,175

	  	
SF

	  	
$6,372

	  	
Actual/360

	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
Springing

	  	
                                          36

	  	
Units

	  	
$5,981

	  	
Actual/360

    	  

    	 

    
 

	
GC30 Supplemental Servicer Schedule

	
Control

 

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Administrative Fee Rate (%) 

(2)

	  	
Ground Lease Y/N

	  	
Overlapping Fee 

Interest?

	  	
Prepayment Provision (3)

	  	
Companion Loan 

Flag

	  	
Companion Loan 

Monthly Debt Service ($)

	  	
Companion Loan Interest 

Accrual Method

	
1

	  	
1, 2

	  	
7N6445

	  	
GSMC

	  	
Dallas Market Center

	  	
0.01460%

	  	
No

	  	
Yes

	  	
Lockout/24_Defeasance/92_0%/4

	  	
Yes

	  	
$623,138.83

	  	
Actual/360

	
2

	  	
3, 4

	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/25_Defeasance/91_0%/4

	  	
Yes

	  	
$733,115.18

	  	
Actual/360

	
2.01

	  	  	  	
7NA2C0-1

	  	
GSMC

	  	
1000 Second Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.02

	  	  	  	
7NA2C0-2

	  	
GSMC

	  	
2901 Third Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.03

	  	  	  	
7NA2C0-3

	  	
GSMC

	  	
3101 Western Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.04

	  	  	  	
7NA2C0-4

	  	
GSMC

	  	
300 Elliott Avenue West

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.05

	  	  	  	
7NA2C0-5

	  	
GSMC

	  	
3131 Elliott Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.06

	  	  	  	
7NA2C0-6

	  	
GSMC

	  	
2615 Fourth Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.07

	  	  	  	
7NA2C0-7

	  	
GSMC

	  	
190 Queen Anne Avenue North

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.08

	  	  	  	
7NA2C0-8

	  	
GSMC

	  	
200 First Avenue West

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
2.09

	  	  	  	
7NA2C0-9

	  	
GSMC

	  	
18 West Mercer Street

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
3

	  	  	  	
7N2FN0

	  	
GSMC

	  	
Worthington Renaissance Fort Worth

	  	
0.00960%

	  	
Yes

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
4

	  	
5, 6

	  	
8363

	  	
CGMRC

	  	
Courtyard by Marriott Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/25_Defeasance/30_0%/5

	  	
Yes

	  	
$1,825,574.11

	  	
Actual/360

	
4.01

	  	  	  	
8363-1

	  	
CGMRC

	  	
Courtyard Larkspur Landing Marin County

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.02

	  	  	  	
8363-2

	  	
CGMRC

	  	
Courtyard San Mateo Foster City

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.03

	  	  	  	
8363-3

	  	
CGMRC

	  	
Courtyard San Jose Cupertino

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.04

	  	  	  	
8363-4

	  	
CGMRC

	  	
Courtyard Boulder

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.05

	  	  	  	
8363-5

	  	
CGMRC

	  	
Courtyard Los Angeles Hacienda Heights

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.06

	  	  	  	
8363-6

	  	
CGMRC

	  	
Courtyard Seattle South Center

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.07

	  	  	  	
8363-7

	  	
CGMRC

	  	
Courtyard Rye

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.08

	  	  	  	
8363-8

	  	
CGMRC

	  	
Courtyard Nashville Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.09

	  	  	  	
8363-9

	  	
CGMRC

	  	
Courtyard Los Angeles Torrance Palos Verdes

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.10

	  	  	  	
8363-10

	  	
CGMRC

	  	
Courtyard St. Louis Creve Coeur

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.11

	  	  	  	
8363-11

	  	
CGMRC

	  	
Courtyard Portland Beaverton

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.12

	  	  	  	
8363-12

	  	
CGMRC

	  	
Courtyard Palm Springs

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.13

	  	  	  	
8363-13

	  	
CGMRC

	  	
Courtyard Charlotte South Park

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.14

	  	  	  	
8363-16

	  	
CGMRC

	  	
Courtyard Norwalk

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.15

	  	  	  	
8363-14

	  	
CGMRC

	  	
Courtyard Detroit Metro Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.16

	  	  	  	
8363-18

	  	
CGMRC

	  	
Courtyard Chicago Waukegan Gurnee

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.17

	  	  	  	
8363-20

	  	
CGMRC

	  	
Courtyard Atlanta Perimeter Center

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.18

	  	  	  	
8363-17

	  	
CGMRC

	  	
Courtyard Denver Tech Center

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.19

	  	  	  	
8363-19

	  	
CGMRC

	  	
Courtyard Ft. Lauderdale Plantation

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.20

	  	  	  	
8363-21

	  	
CGMRC

	  	
Courtyard Lincroft Red Bank

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.21

	  	  	  	
8363-22

	  	
CGMRC

	  	
Courtyard Chicago Highland Park

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.22

	  	  	  	
8363-23

	  	
CGMRC

	  	
Courtyard Raleigh Cary

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.23

	  	  	  	
8363-24

	  	
CGMRC

	  	
Courtyard Charlottesville North

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.24

	  	  	  	
8363-28

	  	
CGMRC

	  	
Courtyard Detroit Livonia

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.25

	  	  	  	
8363-25

	  	
CGMRC

	  	
Courtyard Birmingham Homewood

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.26

	  	  	  	
8363-26

	  	
CGMRC

	  	
Courtyard West Palm Beach

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.27

	  	  	  	
8363-27

	  	
CGMRC

	  	
Courtyard New Haven Wallingford

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.28

	  	  	  	
8363-29

	  	
CGMRC

	  	
Courtyard Chicago Oakbrook Terrace

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.29

	  	  	  	
8363-30

	  	
CGMRC

	  	
Courtyard Kansas City Overland Park Metcalf

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.30

	  	  	  	
8363-31

	  	
CGMRC

	  	
Courtyard Boston Andover

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.31

	  	  	  	
8363-32

	  	
CGMRC

	  	
Courtyard Minneapolis St Paul Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.32

	  	  	  	
8363-33

	  	
CGMRC

	  	
Courtyard Dallas Plano Parkway

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.33

	  	  	  	
8363-34

	  	
CGMRC

	  	
Courtyard Bakersfield

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.34

	  	  	  	
8363-35

	  	
CGMRC

	  	
Courtyard Denver Stapleton

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.35

	  	  	  	
8363-36

	  	
CGMRC

	  	
Courtyard Rockford

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.36

	  	  	  	
8363-43

	  	
CGMRC

	  	
Courtyard Greenville Haywood Mall

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.37

	  	  	  	
8363-38

	  	
CGMRC

	  	
Courtyard Chicago Lincolnshire

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.38

	  	  	  	
8363-39

	  	
CGMRC

	  	
Courtyard Indianapolis Castleton

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.39

	  	  	  	
8363-40

	  	
CGMRC

	  	
Courtyard St. Louis Westport Plaza

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.40

	  	  	  	
8363-41

	  	
CGMRC

	  	
Courtyard San Antonio Downtown Market Square

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.41

	  	  	  	
8363-37

	  	
CGMRC

	  	
Courtyard Silver Spring North

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.42

	  	  	  	
8363-42

	  	
CGMRC

	  	
Courtyard Lexington North

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.43

	  	  	  	
8363-44

	  	
CGMRC

	  	
Courtyard Tampa Westshore

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.44

	  	  	  	
8363-46

	  	
CGMRC

	  	
Courtyard Chicago Deerfield

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.45

	  	  	  	
8363-47

	  	
CGMRC

	  	
Courtyard St. Petersburg Clearwater

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.46

	  	  	  	
8363-48

	  	
CGMRC

	  	
Courtyard Toledo Airport Holland

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.47

	  	  	  	
8363-49

	  	
CGMRC

	  	
Courtyard Phoenix Mesa

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.48

	  	  	  	
8363-50

	  	
CGMRC

	  	
Courtyard Atlanta Airport South

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.49

	  	  	  	
8363-51

	  	
CGMRC

	  	
Courtyard Oklahoma City Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.50

	  	  	  	
8363-52

	  	
CGMRC

	  	
Courtyard Memphis Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.51

	  	  	  	
8363-45

	  	
CGMRC

	  	
Courtyard Annapolis

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.52

	  	  	  	
8363-53

	  	
CGMRC

	  	
Courtyard Manassas

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.53

	  	  	  	
8363-55

	  	
CGMRC

	  	
Courtyard Little Rock

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.54

	  	  	  	
8363-57

	  	
CGMRC

	  	
Courtyard Ft. Myers

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.55

	  	  	  	
8363-56

	  	
CGMRC

	  	
Courtyard Atlanta Gwinnett Mall

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.56

	  	  	  	
8363-59

	  	
CGMRC

	  	
Courtyard Chicago Arlington Heights South

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
4.57

	  	  	  	
8363-61

	  	
CGMRC

	  	
Courtyard Dallas Richardson at Spring Valley

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.58

	  	  	  	
8363-54

	  	
CGMRC

	  	
Courtyard Huntsville

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.59

	  	  	  	
8363-62

	  	
CGMRC

	  	
Courtyard Birmingham Hoover

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.60

	  	  	  	
8363-64

	  	
CGMRC

	  	
Courtyard Phoenix North Metrocenter

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.61

	  	  	  	
8363-65

	  	
CGMRC

	  	
Courtyard Tucson Airport

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.62

	  	  	  	
8363-63

	  	
CGMRC

	  	
Courtyard Dayton South Mall

	  	  	  	
No

	  	
Yes

	  	  	  	  	  	  	  	  
	
4.63

	  	  	  	
8363-15

	  	
CGMRC

	  	
Courtyard Philadelphia Devon

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.64

	  	  	  	
8363-58

	  	
CGMRC

	  	
Courtyard Fresno

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
4.65

	  	  	  	
8363-60

	  	
CGMRC

	  	
Courtyard Poughkeepsie

	  	  	  	
Yes

	  	
No

	  	  	  	  	  	  	  	  
	
5

	  	
7, 8, 9

	  	
8370

	  	
CGMRC

	  	
Bank of America Plaza

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
6

	  	  	  	
9A1OB8

	  	
GSMC

	  	
Bakery Living

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/31_Defeasance/85_0%/4

	  	  	  	  	  	  
	
7

	  	
10

	  	
MC00278E5

	  	
MC-FiveMile

	  	
Midwest Multifamily Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
7.01

	  	  	  	
MC00278E5 - MC0027D09

	  	
MC-FiveMile

	  	
Sunnydale Estates

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
7.02

	  	  	  	
MC00278E5 - MC0027CF7

	  	
MC-FiveMile

	  	
Georgetown Village

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
7.03

	  	  	  	
MC00278E5 - MC0027CE0

	  	
MC-FiveMile

	  	
Hunters Ridge

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
7.04

	  	  	  	
MC00278E5 - MC0027D25

	  	
MC-FiveMile

	  	
Miracle Manor

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
7.05

	  	  	  	
MC00278E5 - MC0027D17

	  	
MC-FiveMile

	  	
Abbey Run

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  

 

    	  

    	 

    
 

 

	
GC30 Supplemental Servicer Schedule

	
Control

	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Mortgage Loan 

Seller

	  	
Property Name

	  	
Administrative Fee Rate (%) 

(2)

	  	
Ground Lease Y/N

	  	
Overlapping Fee 

Interest?

	  	
Prepayment Provision (3)

	  	
Companion Loan 

Flag

	  	
Companion Loan 

Monthly Debt Service ($)

	  	
Companion Loan Interest 

Accrual Method

	
8

	  	
11, 12

	  	
1

	  	
SMF I

	  	
Hilton Scotts Valley

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
9

	  	  	  	
8412

	  	
CGMRC

	  	
311 California Street

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
10

	  	
13

	  	
8436

	  	
CGMRC

	  	
Northern Lights Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
11

	  	  	  	
8411

	  	
CGMRC

	  	
1035 Market Street

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/31_0%/4

	  	  	  	  	  	  
	
12

	  	
14

	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/89_0%/6

	  	
Yes

	  	
$243,051.66

	  	
Actual/360

	
13

	  	
15, 16, 17

	  	
8341

	  	
CGMRC

	  	
Hampton Inn - Albany

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_>YM or 1%/92_0%/4

	  	  	  	  	  	  
	
14

	  	
18

	  	
8429

	  	
CGMRC

	  	
132-40 Metropolitan Avenue

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
15

	  	
19

	  	
7N34K6

	  	
GSMC

	  	
Hampton Inn & Suites Destin

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
16

	  	  	  	
8396

	  	
CGMRC

	  	
Ocean Dorado

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
17

	  	  	  	
8437

	  	
CGMRC

	  	
Century Park West Apartments

	  	
0.03710%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
18

	  	  	  	  	  	
CCRE

	  	
ART Florida & Ohio MF Portfolio I

	  	
0.02960%

	  	  	  	  	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
18.01

	  	  	  	  	  	
CCRE

	  	
High Points

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
18.02

	  	  	  	  	  	
CCRE

	  	
Daniel Court

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
18.03

	  	  	  	  	  	
CCRE

	  	
Blueberry Hill

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
18.04

	  	  	  	  	  	
CCRE

	  	
Manchester

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
18.05

	  	  	  	  	  	
CCRE

	  	
Hickory Mill

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CCRE

	  	
Aria on L

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
20

	  	  	  	  	  	
CCRE

	  	
River Drive III

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
21

	  	  	  	
8008

	  	
CGMRC

	  	
Clinton Place Apartments

	  	
0.05710%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
22

	  	  	  	
7N32E2

	  	
GSMC

	  	
Plaza de Santa Fe

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
23

	  	  	  	
8112

	  	
CGMRC

	  	
EZ Storage Marina Del Rey

	  	
0.00960%

	  	
No

	  	
Yes

	  	
Lockout/24_Defeasance/89_0%/7

	  	  	  	  	  	  
	
24

	  	  	  	
8287

	  	
CGMRC

	  	
Cottages at Hefner

	  	
0.05710%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

	  	  	  	  	  	  
	
25

	  	
20

	  	
MC0027BC5

	  	
MC-FiveMile

	  	
Bavarian Woods

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
26

	  	
21

	  	
2

	  	
SMF I

	  	
Crossroads Marketplace

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
27

	  	  	  	
8377

	  	
CGMRC

	  	
Lowe’s Multi State Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
27.01

	  	  	  	
8377-1

	  	
CGMRC

	  	
Lowe’s Middletown OH

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
27.02

	  	  	  	
8377-2

	  	
CGMRC

	  	
Lowe’s Terre Haute IN

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
28

	  	  	  	
8292

	  	
CGMRC

	  	
Century Lake Apartments

	  	
0.03960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
29

	  	  	  	
8350

	  	
CGMRC

	  	
Holiday Inn Express & Suites - New Orleans Airport South

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	  	  	  	  	  	  
	
30

	  	
22

	  	
8389

	  	
CGMRC

	  	
River Drive Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_>YM or 1%/91_0%/4

	  	  	  	  	  	  
	
31

	  	
23

	  	
MC0027E65

	  	
MC-FiveMile

	  	
Ishihama Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/26_Defeasance/90_0%/4

	  	  	  	  	  	  
	
31.01

	  	  	  	
MC0027E65 - MC0027ED0

	  	
MC-FiveMile

	  	
Walgreens Jefferson

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
31.02

	  	  	  	
MC0027E65 - MC0027E73

	  	
MC-FiveMile

	  	
Town Center Square

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
31.03

	  	  	  	
MC0027E65 - MC0027E81

	  	
MC-FiveMile

	  	
Sunset Station

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
31.04

	  	  	  	
MC0027E65 - MC0027EA6

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Saginaw, MI

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
31.05

	  	  	  	
MC0027E65 - MC0027EB4

	  	
MC-FiveMile

	  	
Arby’s Portfolio - Port Huron, MI

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
32

	  	  	  	
MC0024901

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Mountain

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
33

	  	  	  	
8334

	  	
CGMRC

	  	
Germantown Plaza

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/32_0%/3

	  	  	  	  	  	  
	
34

	  	  	  	
MC00248E2

	  	
MC-FiveMile

	  	
Birney Portfolio - Sun Blossom Gardens & The Westbriar

	  	
0.00960%

	  	  	  	  	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
34.01

	  	  	  	
MC00248E2 - MC00248F9

	  	
MC-FiveMile

	  	
Sun Blossom Gardens

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
34.02

	  	  	  	
MC00248E2 - MC0024935

	  	
MC-FiveMile

	  	
The Westbriar

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
35

	  	  	  	
3

	  	
SMF I

	  	
Westridge Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	  	  	  	  	  	  
	
36

	  	  	  	
4

	  	
SMF I

	  	
Highway 92 Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	  	  	  	  	  	  
	
37

	  	  	  	
MC0028753

	  	
MC-FiveMile

	  	
Brays Village Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/91_0%/5

	  	  	  	  	  	  
	
38

	  	  	  	  	  	
CCRE

	  	
Copley Center

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
39

	  	  	  	
MC0027896

	  	
MC-FiveMile

	  	
GSL Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
39.01

	  	  	  	
MC0027896 - MC0028555

	  	
MC-FiveMile

	  	
Clinton Drive

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
39.02

	  	  	  	
MC0027896 - MC0028548

	  	
MC-FiveMile

	  	
1700 South Sam Houston Parkway West

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
39.03

	  	  	  	
MC0027896 - MC0028563

	  	
MC-FiveMile

	  	
801 Georgia Avenue

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	
CCRE

	  	
New Boston Village Retail

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
41

	  	  	  	
7N3EO7

	  	
GSMC

	  	
Timberhills Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
42

	  	  	  	
7N2TC9

	  	
GSMC

	  	
Crestwood Whitewood Apartments Portfolio

	  	
0.00960%

	  	  	  	  	  	
Lockout/25_Defeasance/28_0%/7

	  	  	  	  	  	  
	
42.01

	  	  	  	
7N2TC9-1

	  	
GSMC

	  	
Crestwood Apartments

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
7N2TC9-2

	  	
GSMC

	  	
Whitewood Apartments

	  	  	  	
No

	  	
No

	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8332

	  	
CGMRC

	  	
Serenity Apartments at Silver Springs

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

	  	  	  	  	  	  
	
44

	  	  	  	
7N7MU5

	  	
GSMC

	  	
Traditions at Slate Ridge

	  	
0.04960%

	  	
No

	  	
No

	  	
Lockout/6_>YM or 1%/109_0%/5

	  	  	  	  	  	  
	
45

	  	  	  	  	  	
CCRE

	  	
Chadwick & Grayson

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
46

	  	  	  	  	  	
CCRE

	  	
Wesleyan Park Plaza

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/90_0%/5

	  	  	  	  	  	  
	
47

	  	  	  	
8298

	  	
CGMRC

	  	
Glendora Marketplace

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/91_0%/3

	  	  	  	  	  	  
	
48

	  	
24

	  	
7N6882

	  	
GSMC

	  	
At Home and Dollar Tree

	  	
0.05710%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
49

	  	  	  	  	  	
CCRE

	  	
City Lofts

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
50

	  	  	  	  	  	
CCRE

	  	
Stony Brook MHP

	  	
0.07710%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
51

	  	
25

	  	  	  	
CCRE

	  	
Diagonal Marketplace

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
52

	  	  	  	
MC0026625

	  	
MC-FiveMile

	  	
6001 Stonewood Drive

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	  	  	  	  	  	  
	
53

	  	
26

	  	
5

	  	
SMF I

	  	
Shops of Walterboro

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
54

	  	  	  	
6

	  	
SMF I

	  	
Joshua Village Shopping Center

	  	
0.04960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
55

	  	  	  	  	  	
CCRE

	  	
Club Commons II

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/90_0%/6

	  	  	  	  	  	  
	
56

	  	  	  	
7

	  	
SMF I

	  	
Pocalla Springs Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
57

	  	  	  	  	  	
CCRE

	  	
Alex City Marketplace

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
58

	  	  	  	
7N32D4

	  	
GSMC

	  	
Midtown Village

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
59

	  	
27, 28

	  	  	  	
CCRE

	  	
Butler Square

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/91_0%/5

	  	  	  	  	  	  
	
60

	  	  	  	
8

	  	
SMF I

	  	
Lansing East Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
61

	  	  	  	  	  	
CCRE

	  	
San Clemente Retail

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/90_0%/5

	  	  	  	  	  	  
	
62

	  	
29

	  	
9

	  	
SMF I

	  	
Vidalia Central Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
63

	  	  	  	
10

	  	
SMF I

	  	
Orion Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
64

	  	  	  	
7N3459

	  	
GSMC

	  	
Southwood Village Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/91_0%/5

	  	  	  	  	  	  
	
65

	  	  	  	
11

	  	
SMF I

	  	
Novi Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
66

	  	  	  	
8374

	  	
CGMRC

	  	
Metrocenter Retail

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
67

	  	
30

	  	
598WM0

	  	
GSMC

	  	
Hampton Inn Niceville

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
68

	  	  	  	
12

	  	
SMF I

	  	
Albemarle Square

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
69

	  	  	  	
13

	  	
SMF I

	  	
Clark Street Industrial

	  	
0.05710%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/90_0%/16

	  	  	  	  	  	  
	
70

	  	  	  	  	  	
CCRE

	  	
Pheasant Run Apartments

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
71

	  	
31, 32

	  	  	  	
CCRE

	  	
Ruschmeyer’s Montauk

	  	
0.02960%

	  	
No

	  	
No

	  	
Lockout/13_>YM or 1%/11_Defeasance or >YM or 1%/33_0%/3

	  	  	  	  	  	  
	
72

	  	
33

	  	
8391

	  	
CGMRC

	  	
Wyndham Hill Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_>YM or 1%/91_0%/4

	  	  	  	  	  	  
	
73

	  	  	  	
8093

	  	
CGMRC

	  	
Food Lion - Ocean View

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
74

	  	  	  	
14

	  	
SMF I

	  	
Southland Village Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
75

	  	  	  	
15

	  	
SMF I

	  	
306-308 East 149th Street

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
76

	  	  	  	
16

	  	
SMF I

	  	
Northside Indy Medical Center

	  	
0.04960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	  	  	  	  	  	  
	
77

	  	  	  	  	  	
CCRE

	  	
North View Manor MHP

	  	
0.07710%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	  	  	  	  	  	  
	
78

	  	  	  	
8092

	  	
CGMRC

	  	
Food Lion - Circle Plaza

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
79

	  	  	  	
8352

	  	
CGMRC

	  	
Glenridge Point Shopping Center

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
80

	  	  	  	
MC0026211

	  	
MC-FiveMile

	  	
Village Place Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/31_0%/4

	  	  	  	  	  	  
	
81

	  	  	  	
MC0027C75

	  	
MC-FiveMile

	  	
Country Hills Estates

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
82

	  	  	  	
8333

	  	
CGMRC

	  	
4600 Sheridan Street

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
83

	  	  	  	
7827

	  	
CGMRC

	  	
Roaring Fork Mobile Home Park

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_Defeasance/32_0%/3

	  	  	  	  	  	  
	
84

	  	  	  	
MC0023150

	  	
MC-FiveMile

	  	
Kimberly Square

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_>YM or 1%/92_0%/4

	  	  	  	  	  	  
	
85

	  	  	  	
17

	  	
SMF I

	  	
Ypsilanti Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
86

	  	  	  	
18

	  	
SMF I

	  	
North Lake Tahoe Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
87

	  	  	  	
7N3F16

	  	
GSMC

	  	
Walgreens Cary

	  	
0.00960%

	  	
Yes

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	  	  	  	  	  	  
	
88

	  	  	  	
19

	  	
SMF I

	  	
Lansing West Self Storage

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	  	  	  	  	  	  
	
89

	  	
34

	  	
8392

	  	
CGMRC

	  	
Forest Avenue Apartments

	  	
0.00960%

	  	
No

	  	
No

	  	
Lockout/25_>YM or 1%/91_0%/4

	  	  	  	  	  	  

	
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 $130,000,000 represents the note A-1 of a $259,000,000 whole loan evidenced by two pari passu notes. The companion loan has a principal balance of $129,000,000 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/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $259,000,000.

	
2

	  	
The lockout period will be at least 24 payment dates beginning with and including the first payment date of June 6, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 24 payment dates is based on the expected GSMS 2015-GC30 securitization closing date in May 2015. The actual lockout period may be longer.

	
3

	  	
The Cut-off Date Balance of $123,000,000 represents note A-2 of a $345,000,000 whole loan evidenced by three pari passu notes. Note A-1, with a Cut-off Date Balance of $125,000,000 was contributed to CGCMT 2015-GC29. One remaining companion loan with a Cut-off Date Balance of $97,000,000 that is held outside the issuing entity and is expected to be contributed to a future securitization. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate cut-off date principal balance of $345,000,000.

	
4

	  	
The lockout period will be at least 25 payment dates beginning with and including the first payment date of May 6, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 25 payment dates is based on the expected GSMS 2015-GC30 securitization closing date in May 2015. The actual lockout period may be longer.

	
5

	  	
The Cut-off Date Balance of $84,450,000 represent the Note A-2C of a $670,000,000 million whole loan evidenced by four pari passu notes with both an aggregate original principal balance and aggregate Cut-off Date Balance of $315,000,000 million and one subordinate note with both an original principal balance and a Cut-off Date Balance of $355,000,000. The note A-1, which has an outstanding principal balance as of Cut-off Date of $33,500,000 and the note A-2A, which has an outstanding principal balance as of Cut-off Date of $100,000,000, are held outside of the Issuing Entity and have been contributed to the COMM 2015-CCRE23 transaction. The note A-2B, which has an outstanding principal balance as of Cut-off Date of $97,050,000, is currently held by German American Capital Corporation and  is expected to be contributed to a future securitization transaction.  The Courtyard by Marriott Portfolio Junior Loan, which is evidenced by the Note B with an outstanding principal balance as of Cut-off Date of $355,000,000, has been contributed to the COMM 2015-CCRE23 transaction. The Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $315,000,000.

	
6

	  	
The lockout period will be at least 25 payments beginning with and including the first payment date of May 6, 2015. Defeasance of the full $670,000,000 Courtyard by Marriott Portfolio Whole Loan (other than the non-pooled Note A-1 which permits prepayment in connection with a property release after a 13 month lockout period from loan closing) is permitted after the date that is earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu companion loan and (ii) March 31, 2018. For the purposes of this free writing prospectus, the assumed lockout period of 25 months is based on the expected GSMS 2015-GC30 securitization closing date in May 2015. The actual lockout period may be longer.

	
7

	  	
The Ongoing Replacement Reserve will decrease to $24,742 from June 6, 2018 through June 6, 2021. The Ongoing Replacement Reserve will then decrease again to $18,556 beginning on (and including) the monthly payment date on June 6, 2021 and continuing until the mortgage loan’s maturity date.

	
8

	  	
The Ongoing TI/LC Reserve will increase from $25,000 to $90,000 beginning on the monthly payment date on June 6, 2020 and continuing until the mortgage loan’s maturity date.

	
9

	  	
Provided no Trigger Period exists, the TI/LC Reserve Cap will be reduced to $1,000,000 upon the earlier to occur of February 1, 2023 or the date where all leasing reserve cap reduction conditions have been satisfied.

	
10

	  	
The Mortgage Loan is structured with an Anticipated Repayment Date of April 6, 2025 with an implied extension option of up to 20 years, where interest will accrue at a rate equal to the greater of (i) 4.00000% per annum above the Initial interest rate and (ii) 6.00000% per annum above the then-current United States Dollar swap spread.

	
11

	  	
On each monthly due date up to and including the due date in March 2017, the borrower is required to fund the FF&E reserve in an amount equal to one-twelfth of 2% of annual gross revenue, initially equal to $16,599. On each monthly due date beginning in April 2017, the borrower is required to fund the FF&E reserve in an amount equal to one-twelfth of 4% of annual gross revenue.

	
12

	  	
On each due date occurring in the months of May, June, July and August of each year, the borrower is required to deposit an amount equal to $75,000 into the seasonality reserve, which can be used to cover debt service payments on the due dates in November, December and January of each year, so long as the funds therein are below the cap of $300,000. The seasonality reserve will be terminated and the balance released to the borrower if the Hilton Scotts Valley Mortgaged Property has generated cash flows sufficient to maintain a debt service coverage ratio (based on the trailing 12 calendar months and as determined by lender) of at least 1.00x for every calendar month for two consecutive calendar years.

	
13

	  	
The Ongoing Replacement Reserve of $8,823 will be funded from the Origination Date through and including the Due Date occurring in December 2021. Thereafter, the Ongoing Replacement Reserve is required to be $4,276 per month, capped at an amount equal to 24 times the then current replacement reserve monthly deposit (which is currently $211,749) and replenished as used.

	
14

	  	
The Cut-off Date Balance of $20,000,000 represents the note A-2 of a $70,000,000 whole loan evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date, is held outside the issuing entity and was contributed to the CGCMT 2015-GC29 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $70,000,000.

	
15

	  	
The Ongoing Replacement Reserve shall be $20,335 from the first monthly payment date through and including the monthly payment date in December 2015 and thereafter adjusted and determined by lender annually on the Monthly Payment Date beginning in January 2016 and on the monthly payment date occurring in each subsequent January for the remainder of the loan term.

	
16

	  	
Provided no Trigger Period is continuing, Replacement Reserve’s are capped at $250,000 prior to June 6, 2018. Beginning on June 6, 2018 and continuing for the remainder of the loan term, there will be no cap on the Replacement Reserves.

	
17

	  	
On August 6, 2015 the borrower is required to deposit $60,500 into the Seasonality Reserve account. Beginning on August 6, 2016 and continuing for each monthly payment date in August for the remainder of the loan, the borrower is required to deposit 110% the greater of (i) the approved budgeted amounts necessary to pay debt service, fund deposits for all reserve accounts and pay operating and approved extraordinary expenses  for the upcoming November, December and January and (ii) the actual amount of costs incurred to pay debt service, fund deposits for all reserve accounts and pay operating and approved extraordinary expenses for the prior November, December and January based on the T-12 operating statements.

	
18

	  	
From and after the due date in June 2017, an Ongoing TI/LC Reserve of $3,006 will be collected.

	
19

	  	
The Ongoing Replacement Reserve will be an FF&E reserve in an amount equal to (i) approximately $8,877 during May 2015 through April 2016; (ii) during May 2016 through April 2017, the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) one-twelfth of 2% of the operating income of the property for the previous 12-month period as determined annually on the last day of April; (iii) during May 2017 through April 2019, the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) one-twelfth of 3% of the operating income of the property for the previous 12-month period as determined annually on the last day of April; and (iv) thereafter, the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) one-twelfth of 4% of the operating income of the property for the previous 12-month period as determined annually on the last day of April.

	
20

	  	
The Mortgage Loan is structured with an Anticipated Repayment Date of April 6, 2025 with an implied extension option of up to 20 years, where interest will accrue at a rate equal to the greater of (i) 4.00000% per annum above the Initial interest rate and (ii) 6.00000% per annum above the then-current United States Dollar swap spread.

	
21

	  	
The Borrower is required to deposit $20,833 monthly into the TI/LC reserve up to and including the payment date occurring in May 2017. Commencing on the payment date occurring in June 2017, the Borrower will be required to deposit $5,258 monthly for the remainder of the term of the Crossroads Marketplace Mortgage Loan.

	
22

	  	
Upon receipt of evidence of completion of the roof repairs noted in the PCA report, Replacement Reserves are subject to a cap equal to $152,350.

	
23

	  	
The Insurance Escrow is applicable to all insurance premiums for the Town Center Square and Sunset Station Mortgaged Properties, but only for liability premiums for the Arby’s Portfolio – Saginaw, MI, Arby’s Portfolio – Port Huron, MI, and Walgreens Mortgaged Properties.

	
24

	  	
Ongoing TI/LC Reserves are (i) for the Due Dates occurring in June 2015 through May 2017, $3,616.67, and (ii) for each subsequent Due Date, $5,683.33.

	
25

	  	
Within 120 days of the funding of the Mortgage Loan, the Borrower is required to deposit $50,000 into the TI/LC reserve account.

	
26

	  	
The Borrower is required to deposit $4,444 monthly into a joint TI/LC/CapEx reserve up to and including the payment date occurring in May 2018. Commencing on the payment date occurring in June 2018, the Borrower will be required to deposit $2,222 monthly for the remainder of the term of the Shops of Walterboro Mortgage Loan.

	
27

	  	
The Ongoing Replacement Reserve monthly deposit will go from $3,776.67 to $755.34 after the 24th payment date of the loan.

	
28

	  	
The TI/LC Caps can be waived among certain conditions including, but not limited to Event of Default, occupancy, debt yield and debt service coverage ratio falling below certain levels as defined in the loan agreement.

	
29

	  	
The Borrower is required to deposit $3,007 monthly into a joint TI/LC/CapEx reserve up to and including the payment date occurring in April 2018. Commencing on the payment date occurring in May 2018, the Borrower will be required to deposit $1,879 monthly for the remainder of the term of the Vidalia Central Shopping Center Mortgage Loan.

	
30

	  	
The Ongoing Replacement Reserve will be an FF&E reserve in an amount equal to (i) $6,630.38 for the Payment Dates occurring in May 2015 through April 2016 and (ii) thereafter the greater of (a) the monthly amount required to be reserved pursuant to the Franchise Agreement for the replacement of FF&E or (b) one-twelfth (1/12th) of 4% of the Operating Income of the Property for the previous twelve (12) month period as determined on the anniversary of the last day of the calendar month in which the Closing Date occurs.

	
31

	  	
The Borrower has the one time right after 13 payments and before the open payment date to payoff the Mortgage Loan in full using yield maintenance instead of defeasing the debt.

	
32

	  	
A seasonality reserve of $40,000 will be deposited in July and for each August and September, a deposit of 1.10 multiplied by (i) the sum of  the monthly debt service for that given month and all reserve funds for that given month less $40,000 and dividing that total by two. The reserve can be used to cover any debt service or reserve shortfalls from October to June.

	
33

	  	
Upon receipt of evidence of completion of the roof repairs noted in the PCA report, Replacement Reserves are subject to a cap equal to $39,600.

	
34

	  	
Upon receipt of evidence of completion of the roof repairs noted in the PCA report, Replacement Reserves are subject to a cap equal to $18,720.

 

    	  

    	 

    
 

 

 

 

 

EXHIBIT Q

 

LIST OF AUTHORIZED REPRESENTATIVES OF THE DEPOSITOR

 

The following Person shall be the Authorized Representative of the Depositor until such time as such Person notifies the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, and the Custodian in writing of the identity of a successor Authorized Representative of the Depositor:

 

Leah Nivison

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Phone number: (212) 357-2702

Telecopy number: (212) 428-1439

E-mail address: gs-cmbs17g5surveillance@gs.com

 

    	Exhibit 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: GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

Operating Advisor: [                              ]

Special Servicer: [                              ]

Controlling Class Representative: [                              ]

 

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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, 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 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].

 

1This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.  The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

    	Exhibit R-1

    	 

    
 

 

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 what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the Special Servicer.

 

(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].

 

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

 

    	Exhibit R-2

    	 

    
 

 

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 Controlling Class Representative’s discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative 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:

	 

 

    	Exhibit R-3

    	 

    
 

 

EXHIBIT S

 

SUBSERVICING AGREEMENTS

 

	
Mortgage Loan/Property Name

	
Sub-Servicer Name

	
Century Park West Apartments

	
Berkadia Commercial Mortgage LLC (cashiering)

	
Clinton Place Apartments

	
Berkadia Commercial Mortgage LLC (cashiering)

	
Cottages at Hefner

	
Berkadia Commercial Mortgage LLC (cashiering)

	
Stony Brook MHP

	
Berkeley Point Capital LLC (cashiering)

	
North View Manor MHP

	
Berkeley Point Capital LLC (cashiering)

	
Clark Street Industrial

	
Bernard Financial Corporation d/b/a Bernard Financial Servicing Group (cashiering)

	
At Home and Dollar Tree

	
Grandbridge Real Estate Capital LLC (cashiering)

	
Traditions at Slate Ridge

	
Bellwether Enterprise Real Estate Capital, LLC (non-cashiering)

	
Century Lake Apartments

	
GEMSA Loan Services, L.P. (non-cashiering)

	
Dallas Market Center

	
Holliday Fenoglio Fowler, L.P. (non-cashiering)

	
Bakery Living

	
Holliday Fenoglio Fowler, L.P. (non-cashiering)

	
Joshua Village Shopping Center

	
NorthMarq Capital, LLC (non-cashiering)

	
Northside Indy Medical Center

	
NorthMarq Capital, LLC (non-cashiering)

	
ART Florida & Ohio MF Portfolio I

	
Berkeley Point Capital LLC (non-cashiering)

	
Aria on L

	
Berkeley Point Capital LLC (non-cashiering)

	
River Drive III

	
Berkeley Point Capital LLC (non-cashiering)

	
Copley Center

	
Berkeley Point Capital LLC (non-cashiering)

	
New Boston Village Retail

	
Berkeley Point Capital LLC (non-cashiering)

	
Chadwick & Grayson

	
Berkeley Point Capital LLC (non-cashiering)

	
Wesleyan Park Plaza

	
Berkeley Point Capital LLC (non-cashiering)

	
City Lofts

	
Berkeley Point Capital LLC (non-cashiering)

	
Diagonal Marketplace

	
Berkeley Point Capital LLC (non-cashiering)

	
Club Commons II

	
Berkeley Point Capital LLC (non-cashiering)

	
Alex City Marketplace

	
Berkeley Point Capital LLC (non-cashiering)

	
Butler Square

	
Berkeley Point Capital LLC (non-cashiering)

	
San Clemente Retail

	
Berkeley Point Capital LLC (non-cashiering)

	
Pheasant Run Apartments

	
Berkeley Point Capital LLC (non-cashiering)

	
Ruschmeyer’s Montauk

	
Berkeley Point Capital LLC (non-cashiering)

 

    	Exhibit S-1

    	 

    
 

 

EXHIBIT T

FORM OF RECOMMENDATION OF SPECIAL SERVICER TERMINATION

U.S. Bank National Association

	
  

	
as Trustee

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attention: GSMC 2015-GC30

 

U.S. Bank National Association

	
  

	
as Certificate Administrator

190 South LaSalle Street, 7th Floor, Mail Code: MK IL SL7C

Chicago, Illinois 60603

Attention: GSMC 2015-GC30

Midland Loan Services, a Division of PNC Bank,

National Association,

	
  

	
as Special Servicer

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice 

President – Division Head

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, on behalf of the holders of GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Certificates”) regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

Based upon our review of the Special Servicer’s operational practices conducted pursuant to and in accordance with the Pooling and Servicing Agreement, it is our assessment that [________], in its current capacity as Special Servicer, is not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors support our assessment: [________].

 

    	Exhibit T-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,

 

	 	
[The Operating Advisor]

	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

Dated:

 

    	Exhibit T-2

    	 

    
 

 

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 10.03 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such information is relevant for Exchange Act reporting purposes, any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the case of net operating income, 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 GS 2015-GC30 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)

as to non-Specially Serviced Loans)

Special Servicer

(only with respect to Item 1121(a)(12)

as to Specially Serviced Loans)

	 
	
Item 2: Legal Proceedings

 

per Item 1117 of Regulation AB

	 	
(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Master Servicer and the Special Servicer as to the Trust (in the case of the Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) 

	 

 

    	Exhibit U-1

    	 

    
 

 

	 	 	
party relating to a Mortgage Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)

	 
	
Item 3: Sale of Securities and Use of Proceeds

	 	
Depositor

	 
	
Item 4: Defaults Upon Senior Securities

	 	
Certificate Administrator

Trustee

	 
	
Item 5: Submission of Matters to a Vote of Security Holders

	 	
Certificate Administrator

	 
	
Item 6: Significant Obligors of Pool Assets

	 	
Master Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

Special Servicer (as to REO Properties)

	 
	
Item 7: Significant Enhancement Provider Information

	 	
Depositor

	 
	
Item 8: Other Information

	 	
Any party responsible for disclosure items on Form 8-K to the extent of such items

	 
	
Item 9: Exhibits

	 	
Certificate Administrator (as to the Distribution Date Statement)

Depositor

	 
	  	 	  	 

 

    	Exhibit 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 10.04 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, and any Other Depositor and Other Exchange Act Reporting Party to which such 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 Item 1112(b) 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 GS 2015-GC30 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-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 as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator 

 

    	Exhibit V-1

    	 

    
 

 

	 	 	
and 1100(d)(1) party relating to a Mortgage Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)

	
Additional Item:

Disclosure per Item 1119 of Regulation AB

	 	
(i) All parties to the 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 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 Certificate Administrator, the Master Servicer or a sub-servicer described in 1108(a)(3)), (ii) the Depositor (as to the Trust), (iii) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to a Mortgage Loan sold by such Sponsor to the Depositor, (iv) the Depositor as to the enhancement or support provider, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)

	
Additional Item:

Disclosure per Item 1112(b) of Regulation AB

	 	
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

	  	 	  

 

    	Exhibit V-2

    	 

    
 

 

EXHIBIT W

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA EMAIL TO CMBSTRANSACTIONS@USBANK.COM AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

U.S. Bank National Association,

as Certificate Registrar

190 South LaSalle Street, 7th Floor, Mail Code: MK IL SL7C

Chicago, Illinois 60603

Attention: GSMS 2015-GC30

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, 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: [                        ].

 

    	Exhibit W-1

    	 

    
 

 

	 	 	 
	 	

[NAME OF PARTY],

as [role]

	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

    	Exhibit W-2

    	 

    
 

 

EXHIBIT X

 

FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

	 	
 Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Trust”), issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

I, [identifying the certifying individual], certify that:

 

	
1.

	
I have reviewed this annual report on Form 10-K, and all reports on Form 10-D required to be filed in respect of period covered by this annual report on Form 10-K, of the Trust (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 master servicer and the special servicer 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.

 

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Other Master Servicer][Other Special Servicer][Certificate Administrator][Trustee]

 

    	Exhibit X-1

    	 

    
 

 

	Date:	 	 	 
	 	 	 	 
	 	 	 	 
	
[Signature] 

[Title]

	 	 

 

    	Exhibit X-2

    	 

    
 

 

EXHIBIT Y-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

	 	
 Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Trust”), issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

I, [identifying the certifying individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to GS Mortgage Securities Corporation II 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 10.08 and Section 10.09 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:	 	 	 

 

[                                      ]

 

    	Exhibit Y-1-1

    	 

    
 

 

	
By:

	 	 	 
	 	[Name]	 	 

 

    	Exhibit Y-1-2

    	 

    
 

 

EXHIBIT Y-2

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER

 

	 	
 Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Trust”), issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

I, [identify the certifying individual], a [title] of [MASTER SERVICER], certify to GS Mortgage Securities Corporation II 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 upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required under Section 10.07 of the Pooling and Servicing Agreement with respect to the Master Servicer, and except as disclosed in such 

 

    	Exhibit Y-2-1

    	 

    
 

 

compliance statement delivered by the Master Servicer under Section 10.07 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 10.08 and Section 10.09 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]	 	 

 

    	Exhibit Y-2-2

    	 

    
 

 

EXHIBIT Y-3

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER

 

	 	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Trust”), issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

I, [identify the certifying individual], a [title] of [SPECIAL SERVICER], certify to GS Mortgage Securities Corporation II 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 10.07 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 10.07 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

 

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 10.08 and 

 

    	Exhibit Y-3-1

    	 

    
 

 

Section 10.09 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

	Date:	 	 	 

 

[                                      ]

 

	
By:

	 	 	 
	
[Name]

[Title]

	 	 

 

    	Exhibit Y-3-2

    	 

    
 

 

EXHIBIT Y-4

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR

 

	 	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 (the “Trust”), issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer

	 

 

I, [identify the certifying individual], a [title] of [OPERATING ADVISOR], certify to GS Mortgage Securities Corporation II 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 10.05 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, or an officer under my supervision, am 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 10.08 and Section 10.09 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

    	Exhibit Y-4-1

    	 

    
 

 

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]

[Title]

	 	 

 

    	Exhibit Y-4-2

    	 

    
 

 

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 10.06 of the Pooling and Servicing Agreement to disclose 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, 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 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 GS 2015-GC30 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 8-K

	 	 	
Party Responsible

	
Item 1.01- Entry into a Material Definitive Agreement

	 	 	
Master Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing Agreement) is a party)

Depositor

	
Item 1.02- Termination of a Material Definitive Agreement

	 	 	
Master Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which the Depositor (and no 

 

    	Exhibit Z-1

    	 

    
 

 

	 	 	 	
other party to the Pooling and Servicing Agreement) is a party)

Depositor

	
Item 1.03- Bankruptcy or Receivership

	 	 	
Depositor

Each Sponsor as to itself

	
Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

	 	 	
Depositor

Certificate Administrator

	
Item 3.03- Material Modification to Rights of Security Holders

	 	 	
Certificate Administrator

	
Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

	 	 	
Depositor

	
Item 6.01- ABS Informational and Computational Material

	 	 	
Depositor

	
Item 6.02- Change of 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 External Support

	 	 	
Depositor

Certificate Administrator

	
Item 6.04- Failure to Make a Required Distribution

	 	 	
Certificate Administrator

	
Item 6.05- Securities Act Updating Disclosure

	 	 	
Depositor

	
Item 7.01- Regulation FD Disclosure

	 	 	
Depositor

	
Item 8.01

	 	 	
Depositor

	
Item 9.01

	 	 	
Depositor

 

    	Exhibit Z-2

    	 

    
 

 

EXHIBIT AA-1

 

FORM OF POWER OF ATTORNEY FOR MASTER SERVICER

RECORDING REQUESTED BY:

{insert address}

 

	
SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

U.S. Bank National Association, a national banking association organized and existing under the laws of the United States and having an office at 190 S. La Salle Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association, (“Master Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through any officer appointed by the [Board of Directors] of Master Servicer, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (7) below; provided however, that the documents described below may only be executed and delivered by such Attorney-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, on behalf of the GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 Trust, and no power is granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association.

This Limited Power of Attorney is being issued in connection with Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”) held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

1.           Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of the trustee serving under a deed of

 

    	AA-1-1

    	 

    
 

 

 trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

2.           Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Master Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

3.           Transact business of any kind regarding the Loans and the Properties.

4.           Obtain an interest in the Mortgage Loans, Properties and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of a promissory note or performance of any obligation or agreement.

5.           Execute, complete, indorse or file bonds, notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Mortgagors and/or the Property, including but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements, management agreements, listing agreements, purchase and sale agreements, non-disturbance and attornment agreements, leasing agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds and associated instruments, if any, conveying the Property, in the interest of the Trustee.

6.           Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release or amend letters of credit as Property securing the Loans.

7.           Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Master Servicer’s duties and responsibilities under the Agreement.

The undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of [date].

This appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

    	AA-1-2

    	 

    
 

 

The Master Servicer hereby agrees to indemnify and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents by reason or result of the misuse of this Limited Power of Attorney by the Master Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of U.S. Bank National Association, as Trustee under the Agreement.

This Limited Power of Attorney may not be assigned by the Master Servicer without the consent of U.S. Bank National Association.

This Limited Power of Attorney is effective as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, (b) the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal of the Master Servicer as master servicer of the Trust.

Witness my hand and seal this      day of          , 20[ ].

	 	 	 	 
	
NO CORPORATE SEAL

	 	
U.S. Bank National Association, as Trustee, for GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	 	 	 	 
	
 

	 	
By: 

	 
	Witness:	 	 	, Vice President  
	 	 	By:	 
	Witness:  	 	 	, Vice President  
	 	 	 	 
	Attest:      	
,Trust Officer

	 	 	 

 

    	AA-1-3

    	 

    
 

 

CORPORATE ACKNOWLEDGMENT

State of Illinois

County of Cook

On this day of , 20[ ], before me, the undersigned, a Notary Public in and for said County and State, personally appeared , and , personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President, Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

WITNESS my hand and official seal.

	 	 	 	 
	Signature:	 	 	 
	 	 	 	 
	My commission expires:  	 	Document drafted by
	 	 	 	U.S. Bank National Association, as Trustee

 

    	AA-1-4

    	 

    
 

                                            

EXHIBIT AA-2

 

FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER

RECORDING REQUESTED BY:

{insert address}

 

	
SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

U.S. Bank National Association, a national banking association organized and existing under the laws of the United States and having an office at 190 S. La Salle Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association, (“Special Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through any officer appointed by the [Board of Directors] of Special Servicer, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (11) below; provided however, that the documents described below may only be executed and delivered by such Attorney-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated as of May 1, 2015 (the “Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer (in such capacity, the “Master Servicer”) and Special Servicer, on behalf of the GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 Trust, and no power is granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association.

This Limited Power of Attorney is being issued in connection with Special Servicer’s responsibilities to service certain mortgage loans (the “Loans”) held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

1.           Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of the trustee serving under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-

 

    	Exhibit AA-2-1

    	 

    
 

 

judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

2.           Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Special Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

3.           Transact business of any kind regarding the Loans and the Mortgaged Properties.

4.           Obtain an interest in the Mortgage Loans, Mortgaged Properties and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of a promissory note or performance of any obligation or agreement.

5.           Execute, complete, indorse or file bonds, notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Mortgagors and/or the Property, including but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements, management agreements, listing agreements, purchase and sale agreements, non-disturbance and attornment agreements, leasing agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds and associated instruments, if any, conveying the Property, in the interest of the Trustee.

6.           Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release or amend letters of credit as Property securing the Loans.

7.           Execute any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

8.           Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities under the Agreement.

9.           Subordinate the lien of a mortgage, deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the execution or requests to the trustees to accomplish the same.

10.         Convey the Property to the mortgage insurer, or close the title to the Property to be acquired as real estate owned, or convey title to real estate owned property (“REO Property”).

 

    	Exhibit AA-2-2

    	 

    
 

 

11.         Execute and deliver the following documentation with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation: listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions; and any and all documents necessary to effect the transfer of REO Property.

The undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of [date].

This appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

The Special Servicer hereby agrees to indemnify and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents by reason or result of the misuse of this Limited Power of Attorney by the Special Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of U.S. Bank National Association, as Trustee under the Agreement.

This Limited Power of Attorney may not be assigned by the Special Servicer without the consent of U.S. Bank National Association.

This Limited Power of Attorney is effective as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, (b) the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal of the Special Servicer as special servicer of the Trust.

Witness my hand and seal this        day of            , 20[ ].

	 	 	 
	
NO CORPORATE SEAL

	 	
U.S. Bank National Association, as Trustee, for GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

	 	 	 	 
	
 

	 	
By: 

	 
	Witness:	 	 	, Vice President  
	 	 	By:	 
	Witness:  	 	 	, Vice President  

 

    	Exhibit AA-2-3

    	 

    
 

 

	 	 	 
	Attest:      	
,Trust Officer

	 

 

    	Exhibit AA-2-4

    	 

    
 

 

CORPORATE ACKNOWLEDGMENT

State of Illinois

County of Cook

On this       day of           , 20[ ], before me, the undersigned, a Notary Public in and for said County and State, personally appeared           ,          and          , personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President, Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

WITNESS my hand and official seal.

	 	 	 	 
	Signature:	 	 	 
	 	 	 	 
	My commission expires:  	 	Document drafted by
	 	 	 	U.S. Bank National Association, as Trustee

 

    	Exhibit AA-2-5

    	 

    
 

 

EXHIBIT BB

 

CLASS A-AB SCHEDULED PRINCIPAL BALANCE

	 	 	  	 	 	 	  
	

Distribution

Date

	 	
Balance

	 	

Distribution

Date

	 	
Balance

	
6/10/2015

	 	
$81,051,000.00

	 	
6/10/2020

	 	
$79,677,869.00

	
7/10/2015

	 	
$81,051,000.00

	 	
7/10/2020

	 	
$78,205,617.69

	
8/10/2015

	 	
$81,051,000.00

	 	
8/10/2020

	 	
$76,822,829.39

	
9/10/2015

	 	
$81,051,000.00

	 	
9/10/2020

	 	
$75,435,117.19

	
10/10/2015

	 	
$81,051,000.00

	 	
10/10/2020

	 	
$73,948,244.49

	
11/10/2015

	 	
$81,051,000.00

	 	
11/10/2020

	 	
$72,550,295.13

	
12/10/2015

	 	
$81,051,000.00

	 	
12/10/2020

	 	
$71,053,480.07

	
1/10/2016

	 	
$81,051,000.00

	 	
1/10/2021

	 	
$69,645,221.40

	
2/10/2016

	 	
$81,051,000.00

	 	
2/10/2021

	 	
$68,231,947.76

	
3/10/2016

	 	
$81,051,000.00

	 	
3/10/2021

	 	
$66,533,466.73

	
4/10/2016

	 	
$81,051,000.00

	 	
4/10/2021

	 	
$65,109,108.69

	
5/10/2016

	 	
$81,051,000.00

	 	
5/10/2021

	 	
$63,586,645.46

	
6/10/2016

	 	
$81,051,000.00

	 	
6/10/2021

	 	
$62,151,791.96

	
7/10/2016

	 	
$81,051,000.00

	 	
7/10/2021

	 	
$60,619,135.50

	
8/10/2016

	 	
$81,051,000.00

	 	
8/10/2021

	 	
$59,173,712.55

	
9/10/2016

	 	
$81,051,000.00

	 	
9/10/2021

	 	
$57,723,141.74

	
10/10/2016

	 	
$81,051,000.00

	 	
10/10/2021

	 	
$56,175,220.60

	
11/10/2016

	 	
$81,051,000.00

	 	
11/10/2021

	 	
$54,713,969.55

	
12/10/2016

	 	
$81,051,000.00

	 	
12/10/2021

	 	
$53,155,675.73

	
1/10/2017

	 	
$81,051,000.00

	 	
1/10/2022

	 	
$51,683,669.16

	
2/10/2017

	 	
$81,051,000.00

	 	
2/10/2022

	 	
$50,206,419.66

	
3/10/2017

	 	
$81,051,000.00

	 	
3/10/2022

	 	
$48,449,947.34

	
4/10/2017

	 	
$81,051,000.00

	 	
4/10/2022

	 	
$46,961,177.27

	
5/10/2017

	 	
$81,051,000.00

	 	
5/10/2022

	 	
$45,376,156.89

	
6/10/2017

	 	
$81,051,000.00

	 	
6/10/2022

	 	
$43,876,437.28

	
7/10/2017

	 	
$81,051,000.00

	 	
7/10/2022

	 	
$42,280,782.68

	
8/10/2017

	 	
$81,051,000.00

	 	
8/10/2022

	 	
$40,770,036.35

	
9/10/2017

	 	
$81,051,000.00

	 	
9/10/2022

	 	
$39,253,908.53

	
10/10/2017

	 	
$81,051,000.00

	 	
10/10/2022

	 	
$37,642,318.22

	
11/10/2017

	 	
$81,051,000.00

	 	
11/10/2022

	 	
$36,115,047.99

	
12/10/2017

	 	
$81,051,000.00

	 	
12/10/2022

	 	
$34,492,636.14

	
1/10/2018

	 	
$81,051,000.00

	 	
1/10/2023

	 	
$32,954,144.95

	
2/10/2018

	 	
$81,051,000.00

	 	
2/10/2023

	 	
$31,410,173.04

	
3/10/2018

	 	
$81,051,000.00

	 	
3/10/2023

	 	
$29,593,219.76

	
4/10/2018

	 	
$81,051,000.00

	 	
4/10/2023

	 	
$28,037,272.31

	
5/10/2018

	 	
$81,051,000.00

	 	
5/10/2023

	 	
$26,387,009.03

	
6/10/2018

	 	
$81,051,000.00

	 	
6/10/2023

	 	
$24,819,638.40

	
7/10/2018

	 	
$81,051,000.00

	 	
7/10/2023

	 	
$23,158,280.89

	
8/10/2018

	 	
$81,051,000.00

	 	
8/10/2023

	 	
$21,579,406.54

	
9/10/2018

	 	
$81,051,000.00

	 	
9/10/2023

	 	
$19,994,907.01

	
10/10/2018

	 	
$81,051,000.00

	 	
10/10/2023

	 	
$18,316,913.85

	
11/10/2018

	 	
$81,051,000.00

	 	
11/10/2023

	 	
$16,720,789.81

	
12/10/2018

	 	
$81,051,000.00

	 	
12/10/2023

	 	
$15,031,506.89

	
1/10/2019

	 	
$81,051,000.00

	 	
1/10/2024

	 	
$13,423,676.38

	
2/10/2019

	 	
$81,051,000.00

	 	
2/10/2024

	 	
$11,810,117.10

	
3/10/2019

	 	
$81,051,000.00

	 	
3/10/2024

	 	
$10,016,993.44

	
4/10/2019

	 	
$81,051,000.00

	 	
4/10/2024

	 	
$8,391,294.39

	
5/10/2019

	 	
$81,051,000.00

	 	
5/10/2024

	 	
$6,673,288.09

	
6/10/2019

	 	
$81,051,000.00

	 	
6/10/2024

	 	
$5,035,673.99

	
7/10/2019

	 	
$81,051,000.00

	 	
7/10/2024

	 	
$3,306,095.75

	
8/10/2019

	 	
$81,051,000.00

	 	
8/10/2024

	 	
$1,656,482.58

	
9/10/2019

	 	
$81,051,000.00

	 	
9/10/2024

	 	
$991.15

	
10/10/2019

	 	
$81,051,000.00

	 	
10/10/2024

	 	
$0.00

	
11/10/2019

	 	
$81,051,000.00

	 	
and thereafter

	 	  
	
12/10/2019

	 	
$81,051,000.00

	 	  	 	  
	
1/10/2020

	 	
$81,051,000.00

	 	  	 	  
	
2/10/2020

	 	
$81,051,000.00

	 	  	 	  
	
3/10/2020

	 	
$81,051,000.00

	 	  	 	  
	
4/10/2020

	 	
$81,051,000.00

	 	  	 	  
	
5/10/2020

	 	
$81,050,526.24

	 	  	 	  

    	Exhibit BB-1

    	 

    
 

EXHIBIT CC-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 Securities Act or any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities laws.

 

    	Exhibit CC-1-1

    	 

    
 

 

	 	 	 
	 	
Very truly yours,

	 	 	 
	
 

	
By: 

	 
	 	 	Name: 
	 	 	Title:

 

    	Exhibit CC-1-2

    	 

    
 

 

EXHIBIT CC-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

Midland Loan Services, a Division of PNC Bank,

National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

 

Attention: Executive Vice President – Division Head

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

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 May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer. 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 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 

 

    	Exhibit CC-2-1

    	 

    
 

 

substantially in the form attached as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of Midland Loan Services, a Division of PNC Bank, National Association and the Depositor have 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.

 

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 

 

    	Exhibit CC-2-2

    	 

    
 

 

violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives (collectively, “Representatives”) not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than the Transferee’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law, court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such Person or has become generally available to the public other than as a result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives may provide all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only if, such other Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such other Persons’ auditors, legal counsel and regulators.

 

8.           The Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the 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

 

    	Exhibit 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

	
  

	
Fax number: (212) 553-0300

 

	
  

	
Kroll Bond Rating Agency, Inc.

	
  

	
845 Third Avenue, 4th Floor

	
  

	
New York, New York 10022

	
  

	
Attention: CMBS Surveillance

	
  

	
Fax number: (646) 731-2395

 

	
  

	
Morningstar Credit Ratings, LLC

	
  

	
220 Gibraltar Road, Suite 300

	
  

	
Horsham, Pennsylvania 19044

	
  

	
Attention: CMBS Surveillance

	
  

	
E-mail: cmbsratings@morningstar.com

 

	
From:

	
Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as Master Servicer (the “Master Servicer”) under the Pooling and Servicing Agreement dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer.

 

	
Date:

	
____________, 20___

 

	
Re:

	
____________ Commercial Mortgage Pass-Through Certificates, Series 2015-GC30 Mortgage Loan (the “Mortgage Loan”) heretofore secured by real property known as ____________.

 

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 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 

 

    	Exhibit DD-1

    	 

    
 

 

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 Mortgage Loan or the defeasance transaction:

 

1.           The Mortgagor has consummated a defeasance of the Mortgage Loan of the type checked below:**

 

	
  

	
____ a full defeasance of the entire outstanding principal balance ($____________) of the Mortgage Loan; or

 

	
  

	
____ a partial defeasance of a portion ($____________) of the Mortgage Loan that represents ___% of the entire principal balance of the Mortgage Loan($____________).

 

2.           The defeasance was consummated on ____________, 20__.

 

3.           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:

 

4.           In accordance with the Loan Documents, the defeasance occurred such that:

 

	
  

	
____ Promissory Notes A and B were defeased simultaneously in their entirety; or

 

	
  

	
____ Promissory Note B was paid off in full.]

 

5.           To the knowledge of the Master Servicer any other debt related to the 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].

 

6.           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 (“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) 

 

    	Exhibit DD-2

    	 

    
 

 

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.

 

7.           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 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”).

 

8.           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 Paying Agent’s Monthly Certificateholder Report 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.

 

9.           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 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).

 

    	Exhibit DD-3

    	 

    
 

 

10.           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 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”).

 

11.           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 Scheduled Payments including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date), (ii) 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 Scheduled 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 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.

 

12.           The Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not cause the Trust to fail to qualify as a REMIC for purpose of the Internal Revenue 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.

 

13.           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 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.

 

14.           The outstanding principal balance of the Mortgage Loan immediately before the defeasance was less than $35,000,000 and less than 5% of the aggregate certificate balance of the Certificates as of the date of the Current Report. The Mortgage Loan is not one of the ten (10) largest loans in the Pool as of the date of the Current Report.

 

15.           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.

 

    	Exhibit DD-4

    	 

    
 

 

16.           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:

 

    	Exhibit DD-5

    	 

    
 

 

EXHIBIT A

 

Exceptions

 

    	Exhibit 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].

 

    	Exhibit 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].

 

    	Exhibit DD-8

    	 

    
 

 

EXHIBIT EE

 

FORM OF NOTICE OF EXCHANGE OF THE EXCHANGEABLE CERTIFICATES

 

[Date]

 

[Certificateholder Letterhead]

 

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor, Mail Code: MK-IL-SL7C

Chicago, Illinois 60603

Attention: GSMS 2015-GC30

U.S. Bank National Association

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services – GSMS 2015-GC30

 

	
  

	
Re:

	
GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

Ladies and Gentlemen:

 

Pursuant to the terms of the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, 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.

[[If Applicable] Our Depository participant number is [________].]

 

    	Exhibit EE-1

    	 

    
 

 

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]

 

    	Exhibit EE-2

    	 

    
 

 

EXHIBIT FF

 

FORM OF NOTICE REGARDING

NON-SERVICED MORTGAGE LOAN

 

[Date]

	
[Other Trustee]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	
[Other Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	 	 
	
[Other Master Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	
[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	 	 
	
[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	  

 

	
  

	
Re:

	
[Other Securitization Trust]

	 

 

Ladies and Gentlemen:

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”), by and among [_____], as Depositor, [_____], as Certificate Administrator and as Trustee, [_____], as Operating Advisor, [_____], as Master Servicer, and [_____], as Special Servicer. Capitalized terms used but not defined herein shall have the meanings given to them in the Other Pooling and Servicing Agreement.

 

The undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “GC30 PSA”), by and among GS Mortgage Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “GC30 Master Servicer”) and as special servicer (the “GC30 Special Servicer”), Trimont Real Estate Advisors, Inc., as operating advisor, U.S. Bank National Association, as certificate administrator (the “GC30 Certificate Administrator”) and as trustee (the “GC30 Trustee”), pursuant to which the GS Mortgage Securities Trust 2015-GC30 (the “GC30 Trust”) was established and the [Selig Office Portfolio][Courtyard by Marriott Portfolio][170 Broadway] Companion Loan was transferred to the GC30 Trust as of May 29, 2015 (the “Closing Date”).

 

    	Exhibit FF-1

    	 

    
 

 

The undersigned hereby notifies you that, as of the Closing Date:

 

1.           U.S. Bank National Association, as trustee under the GC30 PSA, is the holder of the [Selig Office Portfolio][Courtyard by Marriott Portfolio][170 Broadway] Companion Loan.

 

2.           You are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC30 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC30 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of the [Selig Office Portfolio][Courtyard by Marriott Portfolio][170 Broadway] Companion Loan, under the [Other Pooling and Servicing Agreement], and the [Selig Office Portfolio][Courtyard by Marriott Portfolio][170 Broadway] Companion Loan Co-Lender Agreement, as applicable.

 

3.           The contact information for the GC30 Trustee, the GC30 Certificate Administrator, the GC30 Master Servicer, the GC30 Special Servicer, and the Companion Loan Holder Representative with respect to the [Selig Office Portfolio][Courtyard by Marriott Portfolio][170 Broadway] Companion Loan are as follows:

	 	 	 
	
GC30 Trustee:

 

	  	
U.S. Bank National Association

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attn: GSMC 2015-GC30

	 	 	 
	
GC30 Certificate Administrator:

	  	
U.S. Bank National Association

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attn: Bondholder Services GSMC 2015-GC30

	 	 	 
	
GC30 Master Servicer:

	  	
Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attn: Executive Vice President – Division Head

	 	 	 
	
GC30 Special Servicer:

	  	
Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attn: Executive Vice President – Division Head

	 	 	 
	
the [Selig Office 

Portfolio][Courtyard by 

Marriott Portfolio][170 

Broadway] Companion Loan

	  	
DoubleLine Capital, LP

333 S. Grand Avenue, 18th Floor

Los Angeles, California 90071

Attn: CMBS Group

 

    	Exhibit FF-2

    	 

    
 

 

4.           The GC30 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.

 

5.           A copy of an executed version of the GC30 PSA will be available upon request.

	 	 	 	 
	 	Very truly yours,
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit FF-3

    	 

    
 

 

EXHIBIT GG

FORM OF NOTICE REGARDING MEZZANINE LOAN DEFAULT

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attention: GSMC 2015-GC30

 

Attention: CMBS – GS Mortgage Securities Trust 2015-GC30, Commercial Mortgage Pass-Through Certificates, Series 2015-GC30

 

In accordance with the definition of “Investor Certification” in the Pooling and Servicing Agreement, dated as of May 1, 2015 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, U.S. Bank National Association, as Certificate Administrator and Trustee, Trimont Real Estate Advisors, Inc., as Operating Advisor, and Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer, with respect to the above-referenced certificates, the undersigned hereby notifies you that it has received notice that the following Mezzanine Lender has accelerated the Mezzanine Loan secured by equity interests in the Mortgagor identified below and/or have commenced foreclosure proceedings against the related mezzanine collateral:

 

	
Mezzanine Lender

	
Mortgagor Name

	
Mortgaged Property Name

	
[_______]

	
[_______]

	
[_______]

 

As set forth in the Pooling and Servicing 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 Pooling and Servicing Agreement.

	 	 	 
	 	

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

	 	 	 
	 	Name:
	 	Title:

 

    	Exhibit GG-1

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